Alaska Oil Auction, ConocoPhillips Cost Cuts: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

PRODUCTION
U.S. to Auction Drilling Rights for Alaska Reserve in March - The Trump administration on Thursday said it would hold a sale of oil and gas drilling rights across 5.5 million acres of Alaska's National Petroleum Reserve on March 9. The sale is the first of at least five mandated by President Donald Trump's One Big Beautiful Bill Act, which he signed into law last year. The U.S. has not offered tracts in the Alaska reserve since 2019. (Reuters)

ConocoPhillips Targets $1 Billion in 2026 Cost Cuts - ConocoPhillips said on Thursday it aims to cut capital and operating costs by $1 billion in 2026, after the U.S. oil and gas producer missed Wall Street estimates for fourth-quarter profit due to weaker crude oil prices. ConocoPhillips received an average price of $42.46 per barrel of oil equivalent during the quarter, 19% lower than prices a year earlier, as it typically does not hedge its production. (Reuters)

CRUDE OIL
Shipping Schedules: Spain's Repsol Purchases 2 Million Barrels of Venezuelan Oil - About 2 million barrels of Venezuelan heavy crude oil are being sent to refineries owned by oil producer Repsol in Spain, following purchases the company negotiated with trading house Trafigura, according to shipping schedules seen by Reuters. Spain had not imported Venezuelan crude since the first quarter of last year before U.S. President Donald Trump revoked all authorizations for foreign companies to receive and carry oil from the U.S.-sanctioned country. (Reuters)

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).