US Shale Producers Coterra, Devon, Diamondback Top Wall Street Estimates
U.S. shale producers Devon Energy, Diamondback Energy and Coterra Energy...
U.S. shale producers Devon Energy, Diamondback Energy and Coterra Energy on May 2 reported sharp increases in profit that beat Wall Street estimates but held production plans steady as they stressed a focus on shareholder returns.
U.S. oil and gas producers are facing a windfall from higher energy prices, as Russia’s invasion of Ukraine has stoked global supply concerns and sent oil futures to their highest levels in years. On May 2, WTI was trading around $105/bbl.
Devon and Coterra reported more than a four-fold rise in quarterly income on May 2, while Diamondback's profit rose more than three-fold. All three increased their dividends.
Pemex Swings to Highest Profit in 18 Years Amid Oil Rally
(Bloomberg) Petroleos Mexicanos swung to a first-quarter profit of $6 billion, the highest...
(Bloomberg) Petroleos Mexicanos swung to a first-quarter profit of $6 billion, the highest in at least 18 years, as the company benefited from rallying oil prices and stabilizing crude output.
Pemex, as the state-run company is known, posted a net income of 122.7 billion pesos ($6 billion), the most since at least the first quarter of 2004, when Bloomberg began collecting the data
Pemex has stabilized oil production with increased extraction in shallow-water and offshore fields. First-quarter oil and condensate output rose by 0.23% compared to the previous quarter, to 1.755 million barrels a day. Output compared to the same period a year ago rose 2.3%..
Germany Looks to Rapidly Build LNG Import Terminals to Shift Away from Russian Gas
With the war in Ukraine raging on, German Vice Chancellor Robert Habeck is calling for a rapid buildout...
With the war in Ukraine raging on, German Vice Chancellor Robert Habeck is calling for a rapid buildout of liquefied natural gas (LNG) terminals to help the country source more gas from overseas suppliers and wean off Russian imports, which currently account for around a third of Germany’s natural gas.
Habeck has previously called for building new terminals at “Tesla speeds,” in reference to the Tesla Gigafactory in Berlin, which was erected in just two years. To meet that timeline, Tesla began construction before receiving every permit, an approach that Habeck is now championing for liquefied natural gas.
Devon Energy Reports First-Quarter 2022 Financial and Operational Results
Devon Energy Corp. (NYSE: ...
Devon Energy Corp. (NYSE: DVN) today reported financial and operational results for the first quarter of 2022.
Earnings - the Company reported $1.88 in adjusted earnings per share for the quarter, versus Street expectations for $1.76.
Cash flow - free cash flow reached a record of $1.3b in the quarter or 3.4% of Devon's (DVN) current market cap.
Capital allocation - management bumped the dividend 27% to $1.27 (8.7% yield), and expanded the share buyback program while retiring 1.1% of average diluted shares outstanding during the quarter.
Guidance - the Company made no change to capital or production guidance.
MarketWatch: Stocks stage a dramatic comeback Monday to end higher
Stocks rallied late Monday to end higher, dulling some of the pain of a brutal April selloff....
Stocks rallied late Monday to end higher, dulling some of the pain of a brutal April selloff. The Dow Jones Industrial Average DJIA, 0.26% rose about 86 points, or 0.3%, to end near 33,063, after tumbling to 32,449.87 at the session's low. The S&P 500 index SPX, 0.57% advanced 0.6% and the Nasdaq Composite Index COMP, 1.63% closed up 1.6%. The rally came despite the continued climb of the 10-year Treasury yield to 2.995% on Monday, the highest since November 30, 2018, according to Dow Jones Market Data. Rates volatility has been significant factor this year in dramatic bond-market losses, as well as the sharp decline in once highflying technology stocks. The upswing for equities also comes ahead of a two-day Federal Reserve policy meeting that kicks off Tuesday, with the central bank widely anticipated to raise its policy rate by 50 basis points at the end of the gathering on Wednesday.
