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”
Exxon Mobil Joins Shell and Chevron with Record Quarterly Profits
Energy giant ExxonMobil, the largest U.S. oil company, reported its second-quarter profit rose to $17.9 billion, its highest ever and nearly four times the same period a year ago. $XOM was boosted by rising oil and fuel production, higher energy prices and cost cuts. The Covid crisis had primed the company for survival and efficiency and as such benefit from lucrative refining. Fellow American Oil giant Chevron also posted a record profit Friday of $11.6 billion, up from $3.1 billion … Continue reading “Exxon Mobil Joins Shell and Chevron with Record Quarterly Profits”
Oil Service Giant Baker Hughes Losses Widen Hit by Russian Charges and Inflation
Energy services company Baker Hughes reported weaker than expected second quarter earnings on Wednesday before the market open. The cited inflation and its suspension of operations in Russia as reasons earnings were negatively impacted. Baker Hughes stock plunged to 25.32 −2.90 (-10.29%) on the result. Peers Halliburton reported Tuesday crushing estimates and predicted years of growth in demand for drilling and Schlumberger reports Friday. Baker Hughes: $BKR Reported Before Open Wednesday Baker Hughes (BKR) Q2 2022 Earnings and Revenues Miss … Continue reading “Oil Service Giant Baker Hughes Losses Widen Hit by Russian Charges and Inflation”
ExxonMobil Earnings Miss Lofty Expectations on Weather and Timing Impacts, Takes Charges of $3.4 billion on Russian Exit.
Oil giant ExxonMobil reported first quarter earnings Friday that missed lofty expectations on a quarter where oil and natural gas prices hit long term highs. The quarter included charges of $3.4 billion, or 79 cents a share, from $XOM’s exit of Russia. Exxon boosted its stock repurchase program to up to $30 billion through 2023. Chevron also reported today. ExxonMobil Inc. (NYSE: $XOM) Reported Earnings Before Open Friday $2.07 Missed $2.23 EPS and $90.50B Beat $82.8 billion revenue forecast Conference … Continue reading “ExxonMobil Earnings Miss Lofty Expectations on Weather and Timing Impacts, Takes Charges of $3.4 billion on Russian Exit.”
Occidental Petroleum Earnings Show the Difference a Year Makes with Oil Prices Up 85%
Occidental Petroleum reported better than expected fourth quarter earnings on Thursday from a year-ago loss on higher-than-forecast U.S. production and crude prices. $OXY is the biggest Permian Basin producer. ExxonMobil, Chevron and Diamondback reported earlier. Beyond The Survival Mode In The Oil Patch Guidance on exploration and production spending is key since oil prices collapsed and natural gas prices have continued to soar. Now with the change in shift in US politics and the COVID affect with the recent Russian attack … Continue reading “Occidental Petroleum Earnings Show the Difference a Year Makes with Oil Prices Up 85%”
ExxonMobil Delivers Big Earnings, Continues to Pay Down Debt as Oil and Gas Prices Surge
Oil giant ExxonMobil reported better than expected fourth quarter earnings Tuesday as oil and natural gas prices hit long term highs. Cash flow generation saw XOM pay down debt by an additional $9 billion, bringing the full-year reduction to $20 billion. Last week Chevron missed on production and gave a tempered near-term outlook. $XOM shares hit a new 52 week high after the release. ExxonMobil Inc. (NYSE: $XOM) Reported Earnings Before Open Tuesday $2.05 Beat $1.93 EPS and $85.00B Missed … Continue reading “ExxonMobil Delivers Big Earnings, Continues to Pay Down Debt as Oil and Gas Prices Surge”