Oil Wrap: USO Rises, Petrobras Wavers; Saudi Strikes

YPF SA's stock hit a 52-week high of $57.57, with a 1-year return of 111% and year-to-date gains of 56%. The company reported strong Q2 2026 earnings, exceeding estimates, with revenue of $6.57B and adjusted earnings of $3.07 per share. HSBC upgraded YPF to Buy with a $60 price target, citing high refining margins and lower crude prices.

Petrobras and Sempra Infrastructure (SRE) signed a 20-year LNG supply agreement for 0.8 mtpa, starting from the Port Arthur LNG Terminal in Texas. The deal aims to reduce Petrobras' exposure to market volatility and strengthen its gas portfolio. Sempra Infrastructure is a subsidiary of Sempra, a publicly traded company.

Ecopetrol's acting president, Juan Carlos Hurtado Parra, resigned on 14 September following a board demand, triggered by a newspaper report about a recording. Camilo Barco, the CFO, became interim president. The board acted swiftly, and the market showed minimal reaction. Ecopetrol's market cap is $36.49B, with a revenue of $125.67T. Barco opposes selling Ecopetrol's stake in ISA, a proposal by former finance minister Mauricio Cárdenas.

YPF's CEO said the company is near signing 2-3 LNG contracts, with a final investment decision targeted for November. The $24B project involves 2 floating units with 12M tonnes/year capacity, fed by a 527km pipeline from Vaca Muerta. YPF holds 36%, Eni 32%, and XRG 32%.

Sempra Infrastructure signed a 20-year LNG supply deal with Petrobras for 800,000 tonnes per year, sourced from its Port Arthur LNG Phase 2 project in Texas. The agreement adds Petrobras as Sempra's first South American LNG customer. Port Arthur Phase 2, with a $14 billion estimated cost, is set to add 13 million tonnes per annum of liquefaction capacity and begin operations in 2030-2031. Sempra has previously secured LNG agreements with ConocoPhillips, JERA, and EQT for Phase 2.

Sempra Infrastructure (SRE) signed a 20-year LNG supply deal with Petrobras for 0.8 million tonnes per year. The LNG will come from Sempra's Port Arthur LNG Phase 2 project in Texas, expected to start operations in 2030-2031. This is Sempra's first South American customer.