earnings season – Oil & Gas 360

Booming shale production lifts Exxon, Chevron forecasts as oil and gas earning season kicks off

February 5, 2024

World Oil (Bloomberg) – Exxon Mobil Corp. and Chevron Corp. surpassed earnings forecasts as bigger-than-expected oil output from shale fields helped cushion the blow from weakening crude prices. Exxon rose as much as 1.6% in New York and Chevron climbed 2.8%. Exxon’s outsized result also was aided by a $1.14 billion boost from unsettled derivatives and record fuel production at

Analysis: High energy prices could sink U.S. stocks during earnings season

June 23, 2022

Nasdaq NEW YORK – Sky-high oil prices pose yet another obstacle to U.S. corporate earnings, and some on Wall Street are worried this could sink stock prices even deeper into the red. Brent crude LCOc1 has surged nearly 40% since the start of the year and stands at $110.73 per barrel as tight inventories, rising demand and the war in Ukraine

Earnings season kicks off soon and results could be better than feared

October 1, 2020

CNBC Earnings season kicks off in a couple weeks, and here’s why it may be better than expected. The S&P 500 is down 4% for the month, the first down month since March, but investors are expecting big things from corporate earnings reports, which begin Oct. 13 when JPMorgan releases results. “September has been a rough month for global equities,” Earnings Scout’s Nick

Occidental Announces -Andrew Gould Elected to Occidental Board of Directors Oil & Gas 360

Oxy Lowers Production Guidance on Legacy Anadarko Assets

August 14, 2019

From The Houston Chronicle With Occidental Petroleum finalizing its $38 billion acquisition of Anadarko Petroleum last week, Oxy is now lowering its oil and gas production guidance for the legacy Anadarko assets. For the rest of this year, Oxy said Anadarko’s assets will see lower production volumes by at least a couple of percentage points than anticipated because of pipeline

Magellan Midstream Prices $500 Million Debt Offering Due 2050

August 9, 2019

By Tyler Losier, Energy Reporter, Oil & Gas 360 Magellan Midstream prices $500 million of its 3.950% senior notes due 2050 Magellan Midstream Partners LP (stock ticker: MMP), based out of Tulsa, Oklahoma, has priced $500 million of its 3.950% senior notes due 2050 at 99.910% of par to yield 3.955% to maturity. Proceeds from the offering, after deducting underwriting

Marathon Oil Profit Jumps 50% on Higher U.S. Shale Production

August 7, 2019

From Reuters Marathon Oil Corp (MRO.N) reported a 50% jump in quarterly adjusted profit on Wednesday, as higher U.S. shale output countered lower realized crude prices and production costs fell. The company, like many other U.S. oil producers, is extracting more crude from its wells in the prolific shale basins against the backdrop of pressure to cut back on spending

Ithaca Energy Acquires Chevron North Sea Limited for $2 Billion - Oil & Gas 360

Exxon Mobil Profit Sinks, Chevron Rises as Both Boost Output

August 2, 2019

From Reuters Weaker second-quarter refining and chemicals profits offset surging U.S. shale production at U.S. oil majors Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), the two reported on Friday. Exxon’s topped analysts’ reduced estimates for the quarter but net fell 21% from a year earlier, its third quarter in a row of weaker year-over-year profit, despite a near doubling

Occidental and Ecopetrol Team Up in the Midland

August 1, 2019

By Tyler Losier, Energy Reporter, Oil & Gas 360 Occidental Petroleum and Ecopetrol S.A. form joint venture in the Midland Basin Occidental Petroleum Corporation (stock ticker: OXY), the fourth largest public E&P by market capitalization, has formed a joint venture (JV) with Colombia-based Ecopetrol S.A. (stock ticker: EC) to develop 97,000 net acres of Occidental’s Midland Basin properties, subject to

Oxy Earnings Dip 25%; Anadarko Megadeal Likely to Close Aug. 8

August 1, 2019

From The Houston Chronicle Occidental Petroleum reported a $635 million quarterly profit that dipped 25 percent from the year prior, but the focus still remains on Oxy’s $38 billion acquisition of Anadarko Petroleum that could close in August. Houston-based Oxy said it plans to close the Anadarko deal next week after the scheduled Aug. 8 vote of Anadarko shareholders to

Occidental Petroleum Profit Falls on Low Gas Prices, Derivative Contracts

July 31, 2019

From Reuters Occidental Petroleum Corp, which is battling activist investor Carl Icahn over its $38 billion purchase of Anadarko Petroleum, reported a 14% fall in core profit on Wednesday, as higher crude prices and volumes were offset by adjustments to derivatives contracts and lower natural gas prices. Core income fell to $729 million, or 97 cents per share, in the

GE’s Baker Hughes Beats Estimates on International Demand, LNG Drilling

July 31, 2019

From Reuters General Electric Co’s oilfield services arm, Baker Hughes, beat quarterly profit estimates on Wednesday, driven by higher LNG drilling and demand for its oilfield services in international markets, sending its shares up nearly 6%. Revenue in the oilfield services segment, which constitutes a majority of the company’s operations, rose 14% to $3.26 billion in the second quarter, led

Seven Generations Energy Releases Second Quarter Earnings

July 31, 2019

Seven Generations Energy Delivers $355 Million of Adjusted Funds Flow, $1.00 Per Share, and $44 Million of Free Cash Flow in the Second Quarter Of 2019

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