Diamondback Energy Posts Higher Profit, Boosts Dividend by 20%
U.S. shale oil producer Diamondback Energy Inc. on Feb. 22 reported higher-than-expected...
U.S. shale oil producer Diamondback Energy Inc. on Feb. 22 reported higher-than-expected fourth-quarter profit and boosted its dividend to shareholders as fuel prices hit multi-year highs on stronger energy demand.
Global crude prices jumped more than 50% last year, rebounding from a pandemic-driven slump in demand. They averaged $80/bbl in the last three months of 2021, nearly double that of a year earlier.
Diamondback Energy said it would increase its annual dividend by 20% to $2.40 per share, mirroring rivals’ moves to increase shareholder returns as oil profits soar.
London-based oil and gas company Pantheon Resources has reached a total depth of 8,450...
London-based oil and gas company Pantheon Resources has reached a total depth of 8,450 feet at the Theta West #1 well on the Alaska North Slope - encountering 1,160 gross feet of a hydrocarbon-bearing reservoir.
The company informed in its update that the reservoir quality is superior to Talitha #A, with high-quality light oil encountered across the entire section.
Pantheon focuses on several large projects on the North Slope of Alaska where it has a 100 percent working interest in 153,000 highly prospective acres with potential for multi-billion barrels of oil recoverable.
Oil settles near 2014 high on Russia-Ukraine escalation
Oil edged close to $100 a barrel on Tuesday after Moscow ordered troops into two breakaway...
Oil edged close to $100 a barrel on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, but pared gains to end near 2014 highs following Western efforts to stop what they fear is the beginning of a full-scale Russian invasion.
Global benchmark Brent crude traded as high as $99.50 a barrel, its highest since September 2014, before settling at $96.84 with a $1.52, or 1.5%, gain.
U.S. West Texas Intermediate (WTI) crude also hit a seven-year high as it peaked at $96 a barrel, before ending at $92.35, $1.28, or 1.4%, higher from Friday. The U.S. market was closed on Monday for a public holiday. (Reuters)
Dow ends down over 480 points as Russia-Ukraine conflict escalates
The Dow industrials tumbled 500 points and the S&P 500 index on...
The Dow industrials tumbled 500 points and the S&P 500 index on Tuesday joined the Nasdaq Composite in correction territory, marking its first such decline since 2020, amid intensifying military tensions between Russia and Ukraine.
The S&P 500 indexSPX, -1.01% closed down 1% to finish at about 4,305, on a preliminary basis, landing the broad-market benchmark in correction for the first time since Feb. 27, 2020, according to Dow Jones Market Data.
The Dow Jones Industrial AverageDJIA, -1.42% fell 1.4% to around 33,597.
The Nasdaq Composite Index COMP, -1.23% closed down 1.2% to roughly 13,382.
BEAUMONT, Texas (Reuters) -Union workers locked out of their jobs at a Texas oil refinery for nearly...
BEAUMONT, Texas (Reuters) -Union workers locked out of their jobs at a Texas oil refinery for nearly 10 months voted on Monday to accept an Exxon Mobil Corp contract offer, ceding to a key company demand that it have the right to determine plant assignments.
About 600 United Steelworkers union members at the 369,024 barrel-per-day (bpd) refinery and Mobil 1 motor oil plant were locked out May 1 to preclude a wildcat strike, Exxon has said. The Beaumont, Texas, facility has continued to run since with managers and temporary workers.
Exxon said it was "thrilled" by the vote, adding employees would return to work "as soon as safely possible." The contract was made effective from Feb. 1, 2021.
