Sempra Energy reported today the launch of LNG project at Port Arthur Texas. The project is 70%-owned by SRE’s subsidiary, Sempra Infrastructure Partners, LP (Sempra Infrastructure). The company reached a positive final investment decision (FID) for the development, construction and operation of the Port Arthur LNG Phase 1 project in Jefferson County, Texas. ConocoPhillips in a joint venture with Sempra through an affiliate of COP acquired the other 30%, as a non-controlling interest in the project, Highlights Sempra Infrastructure closed … Continue reading “Sempra Energy Finalizes ConocoPhillips JV and Launches Port Arthur LNG Project”
Oil and Gasoline Outlook In a Mad, Mad World
Oil prices have been volatile for quite a while now. WTI futures fell -4.24% on the week, Brent fell -3.95%, gasoline fell -3.98% and heating oil fell -5.32%. On the anniversary of Russia’s invasion of Ukraine we take a look at oil at what is going on and influencing it. Oil prices continue to trade back and forth between geopolitical risks and massive builds from low refinery usage due to maintenance. Futures have been ignoring large US builds and have … Continue reading “Oil and Gasoline Outlook In a Mad, Mad World”
Devon Energy Earnings Lower Than Expected with Higher Capex, Record Free Cash Flow
Shale play Devon Energy reported fourth quarter earnings after the market that missed Wall Street estimates and declined from a year ago. DVN guided for flat production in Q1. For the full year, the company forecast production of 643K-663K boe/day, and capital spending of $3.6B-$3.8B, above the $3.4B analyst consensus estimate. $DVN stock fell 7% in after hours on the news. Devon Energy Corp NYSE: DVN Devon reports with other key Shale names with footprints in the main shale basins the … Continue reading “Devon Energy Earnings Lower Than Expected with Higher Capex, Record Free Cash Flow”
Exxon Mobil Benefits from Countercyclical Investments Delivering Record Annual Profit
Energy giant ExxonMobil, the largest U.S. oil company, reported better than expected fourth-quarter earnings Tuesday but revenue fell short of estimates. Revenue rose to $95.429 billion from $84.965 billion a year ago, below the $97.345 billion FactSet consensus. XOM delivered its highest-ever annual profit in 2022 fueled by surging oil prices to resurrect it as one of America’s most profitable companies and erase billions of dollars of losses incurred during the pandemic. Exxon reaped the benefits of its countercyclical investments … Continue reading “Exxon Mobil Benefits from Countercyclical Investments Delivering Record Annual Profit”
Oil Service Giant Baker Hughes Received Record Orders of $8.0 Billion in Fourth Quarter
Energy services company Baker Hughes reported weaker than expected fourth quarter earnings on Monday before the market open. However, $BKR said it had record orders of $8.0 billion for the fourth quarter. Baker Hughes reported fourth-quarter net income of $182 million, or 18 cents a share. On an adjusted basis, BKR earned 38 cents a share, up from 25 cents a share a year before. Last quarter the company reported a loss of $17 million for the second-straight quarterly loss … Continue reading “Oil Service Giant Baker Hughes Received Record Orders of $8.0 Billion in Fourth Quarter”
Phillips 66 Profits Soared as Refineries Run at Record Capacity Despite Crack Spread Falling
Houston based oil refiner Phillips 66 $PSX on Tuesday reported better than expected third quarter earnings of $5.4 billion compared with $402 million during the same period last year. Tight refining market supported high gasoline prices with refineries running at record levels this year, strong export demand amid a squeezed supply due to Russia’s invasion of Ukraine and plant closings. The composite global market crack actually fell 22% from $46.72 in the second quarter to $36.29 per barrel in the … Continue reading “Phillips 66 Profits Soared as Refineries Run at Record Capacity Despite Crack Spread Falling”
Exxon Mobil Delivers Record Profits Sending XOM Shares to All Time Highs
Energy giant ExxonMobil, the largest U.S. oil company, reported better than expected third-quarter earnings Friday and raised their dividend to reward shareholders. $XOM was boosted by rising oil-equivalent production, higher realized energy prices, strong refining margins and cost cuts. XOM’s third quarter profit was $19.66 billion up from $17.9 billion, its highest ever. The Covid crisis had primed the company for survival and efficiency and as such benefit from lucrative refining. Fellow American Oil giant Chevron posted Q3 net income … Continue reading “Exxon Mobil Delivers Record Profits Sending XOM Shares to All Time Highs”
Ahead of Earnings ExxonMobil Announce Two New Discoveries Offshore Guyana
Energy giant ExxonMobil, the largest U.S. oil company, announced Wednesday two new discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana. XOM has made over 30 discoveries on the block since 2015. ExxonMobil reports its third-quarter profit earnings before the market open Friday. $XOM has been boosted by rising oil and fuel production, higher energy prices and cost cuts. After the news XOM traded up at $107.40 +1.52 or 1.44% just short of it’s all time … Continue reading “Ahead of Earnings ExxonMobil Announce Two New Discoveries Offshore Guyana”
Oil Service Giant Baker Hughes says Main Challenges are in the Rearview Mirror
Energy services company Baker Hughes reported stronger than expected third quarter earnings on Wednesday before the market open. The company still reported a loss of $17 million for the three-months for the second-straight quarterly loss this year after making $72 million in the first three months. The company took large charges after pulling out of Russia after the Ukraine invasion. $BKR shares were up 6.2% at $25.67 after the release. Updated: Peers Halliburton reported Tuesday and Schlumberger reported Friday. Baker … Continue reading “Oil Service Giant Baker Hughes says Main Challenges are in the Rearview Mirror”
KeyBanc Capital Markets Initiated Coverage on Basket of Material and Energy Stocks
Analyst firm KeyBanc Capital Markets initiated a slew of energy, materials and energy service provider stocks Tuesday before the market. The move comes after Earnings season has been completed and US oil prices are trading at lows from January, before the Russian invasion of Ukraine. KeyBanc Capital Markets Coverage Initiated Black Stone Minerals (BSM) initiated with an Overweight at KeyBanc Capital Markets; tgt $22 Brigham Minerals (MNRL) initiated with a Sector Weight at KeyBanc Capital Markets Callon Petroleum (CPE) initiated … Continue reading “KeyBanc Capital Markets Initiated Coverage on Basket of Material and Energy Stocks”