Energy Sector Finance

Marathon Petroleum has committed to purchase all output from two 150,000 barrels-per-day fractionators launching on the Gulf Coast in 2028-2029. The take-or-pay agreements represent a multi-billion dollar capital deployment strategy securing natural gas liquids processing capacity ahead of expected domestic production growth.

Canadian Natural Resources Limited has scheduled a new SAGD pad at its Kirby thermal in situ facility to begin production in 2027, part of a $6.425 billion capital program that underscores the company's long-horizon investment thesis in oil sands. The milestone reflects disciplined capital allocation as CNQ manages $17.2 billion in net debt while sustaining shareholder returns. Investors are watching how thermal expansion projects feed into the company's tiered free cash flow distribution framew