Global upstream oil and gas companies could build up nearly $495 billion in additional cash in 2026 as Brent crude averages $91 a barrel, far above the roughly $60 a barrel many used for budgeting, Wood Mackenzie said. Despite the stronger-than-expected cash flow, companies have largely stuck to their existing capital spending and shareholder return plans. The report indicated there has been no meaningful lift in investment or payouts even with oil prices running well above initial assumptions.

S&P Global Ratings revised Freeport-McMoRan Inc.’s outlook to positive while affirming its 'BBB-' ratings, citing improved visibility around ownership and control of the Grasberg mine. The agency pointed to a memorandum of understanding with the Indonesian government that would extend the special mining license through the resource life and set Freeport’s ownership at about 37% starting in 2042. S&P said near-term operational constraints at Grasberg have delayed a full ramp-up to year-end 2027, but higher commodity price assumptions—$12,500/mt for copper for the remainder of 2026 through 2028—should help offset the disruption, according to S&P Global Ratings. The report also highlighted support from strong gold pricing and Freeport’s broader asset base, particularly in the Americas.