Permian Play Pioneer Natural Resources Earnings Higher but Misses on Revenue

Pioneer Natural Resources reported better than expected first quarter earnings after the close Wednesday. However, PXD missed estimates with revenue. Pioneer Natural Resources is pure Permian basin play and has been subject to takeover speculation from ExxonMobil in the past month. First quarter oil production averaged near the top end of guidance at 361,316 B/D and still expects full year production at 670,000 To 700,000 BOE/D. Pioneer is the largest oil producers in the Permian Basin and was conservative in … Continue reading “Permian Play Pioneer Natural Resources Earnings Higher but Misses on Revenue”

Oil Service Giant Baker Hughes Strongest Growth in LNG and New Energies Segments

Houston based energy services giant Baker Hughes reported stronger than expected first quarter earnings on Wednesday before the market open. BKR reported a a net profit of $576 million compared to a $72 million return for the same quarter of 2022 and a $182 million net profit in the previous quarter. Revenues were $5.7 billion for the first quarter of 2023, up 18% year-on-year. Orders were $7.6 billion were up 12% year-on-year in Q1. Growth was strongest in its liquefied … Continue reading “Oil Service Giant Baker Hughes Strongest Growth in LNG and New Energies Segments”

Exxon Mobil in Talks to Buy Shale Giant Pioneer Natural Resources

Energy giant ExxonMobil, the largest U.S. oil company, has held preliminary informal talks with U.S. fracking giant Pioneer Natural Resources Co. about a possible acquisition according to people familiar with the matter the WSJ reported Friday. Some of the people cautioned there is no formal process between Exxon and Pioneer. Exxon is in a cash rich position after it delivered its highest-ever annual profit in 2022 fueled by surging oil prices to resurrect it as one of America’s most profitable … Continue reading “Exxon Mobil in Talks to Buy Shale Giant Pioneer Natural Resources”

Sempra Energy Finalizes ConocoPhillips JV and Launches Port Arthur LNG Project

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”