Occidental Petroleum loss narrows as chemicals, oil exports gain
Occidental Petroleum Corp on Monday surpassed Wall Street expectations by reporting a smaller first-quarter...
Occidental Petroleum Corp on Monday surpassed Wall Street expectations by reporting a smaller first-quarter loss than a year ago, boosted by earnings from chemicals and oil exports.
The company benefited from a rebound in oil prices, up about 23% during the first quarter, as fuel demand recovered after being decimated last year by lockdowns to curb the spread of COVID-19.
The oil and gas producer reported an adjusted loss of $136 million, or 15 cents per share, for the March quarter, compared with a loss of $467 million, or 52 cents per share, in the first quarter of 2020.
Analysts had expected a loss of 33 cents per share, according to Refinitiv.
Energy stocks are poised for a lower start, weighed down by weakness in the underlying commodities while...
Energy stocks are poised for a lower start, weighed down by weakness in the underlying commodities while the major index futures dropped more than 1.5% as investors continued to rotate out of technology/growth and into economically sensitive sectors.
Oil prices fell about 1%, pressured by a decline in the broader equity markets which outweighed easing concerns of this weekend’s cyberattack on Colonial Pipeline and India’s spike in COVID cases. On the bullish side for crude, analysts are expecting data to show U.S. inventories fell by about 2.3 million barrels in the week to May 7, following an 8 million barrel drop the previous week. Separately, AAA data has the US average retail price of gasoline at a more than 6 year high of $2.985/gallon.
Oil prices moved slightly higher on Monday as traders assessed the impact of the closure of a vital U.S....
Oil prices moved slightly higher on Monday as traders assessed the impact of the closure of a vital U.S. fuel pipeline.
The West Texas Intermediate for June delivery added 2 cents to settle at 64.92 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased 4 cents to close at 68.32 dollars a barrel on the London ICE Futures Exchange.
Colonial Pipeline Cyber Attack Points To Larger Security Concerns
The cyber-terrorist group accused by the federal government of executing the attack initially tried to...
The cyber-terrorist group accused by the federal government of executing the attack initially tried to deflect blame to an offshoot group of cyber terrorists - sort of a subsidiary, apparently. Later, the group said it never thought Colonial would shut in the line and disrupt gasoline flowing all along the Atlantic seaboard, and promised that, in the future, its cyber terrorism efforts would be limited to “less controversial” targets. As if any of that obfuscation makes any of this any better at all.
EIA: February 2021 triggered largest monthly decline in US natural gas production
In February 2021, a record-breaking cold snap hit the lower 48 states in the US. Extreme winter weather...
In February 2021, a record-breaking cold snap hit the lower 48 states in the US. Extreme winter weather caused naturalgas production freeze-offs and higher electricity and commodity prices, especially in the top energy-consuming state, Texas. The cold snap affected naturalgas production and industrial sector consumption the most, which had the largest monthly declines on record, while residential sector consumption reached a record high.
