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• Energy Sector Commentary for Monday
  The energy sector is set for a lower start, pressured by weakness in the...

  The energy sector is set for a lower start, pressured by weakness in the crude complex and the major market futures. U.S. stocks fell and the dollar held near record highs as concerns about economic growth lingered ahead of an expected U.S. rate hike this week and data showed COVID-19 lockdowns have slowed down China’s factory activity.

  
  

  WTI and Brent crude oil are down in early trading as concerns over weak economic growth in China overshadowed fears of a potential European ban on Russian crude which could increase supply constraints. As a result of ongoing COVID-19 lockdowns, China released data on Saturday showing that factory activity in the world's second-largest economy contracted for a second month to its lowest since February 2020.

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• Chevron lifts Permian growth guidance to 15%
  Chevron raised its Permian Basin...
  Chevron raised its Permian Basin operations growth forecast to 15% from 10% as the company continues to recover from the COVID-19 pandemic. In the last quarter, production in the Permian Basin grew to 692,000 barrels of oil equivalent per day and is expected to grow to 700,000 to 750,000 boe/d for all of 2022.
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• MarketWatch: Stocks open mostly higher; Nasdaq flat after worst month since 2008
  Stocks opened mostly higher Monday as investors await this week's Federal Reserve meeting, though the...
  Stocks opened mostly higher Monday as investors await this week's Federal Reserve meeting, though the Nasdaq Composite edged lower after turning in its worst monthly performance since 2008. The Dow Jones Industrial Average DJIA, -0.01% rose 77 points, or 0.2%, while the S&P 500 SPX, -0.14% edged up 0.1%. The Nasdaq COMP, 0.16% was down less than 0.1% at 12,334.
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• Devon Energy Q1 2022 Earnings Preview
  Devon Energy Inc. (NYSE:...
  Devon Energy Inc. (NYSE: DVN) is the country’s third-largest independent producer of oil and natural gas. The company’s stock has added about 188% to its share price over the past 12 months, thanks largely to a jump in crude oil prices that began in late September.
  
  Consensus estimates call for first-quarter revenue of $3.57 billion, which would be down 16.5% sequentially but up by 103% year over year. Adjusted EPS are forecast at $1.76, up 26.4% sequentially and 290% higher year over year. For the full 2022 fiscal year, Devon is forecast to post EPS of $8.05, up 128%, on revenue of $14.81 billion, up 21.3%.
  
  Analysts are unsurprisingly bullish on the stock, with 22 of 30 giving the shares a Buy or Strong Buy rating. Devon’s stock trades at 7.4 times expected 2022 EPS, 7.8 times estimated 2023 earnings of $7.66 and 9.1 times estimated 2024 earnings of $6.60 per share. The stock’s 52-week range is $23.02 to $65.45. Devon pays an annual dividend of $4.00 (yield of 6.68%). Total shareholder return for the past year was 165.9%.
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• US Total Rig Count Climbs Up By 3, Oklahoma Unchanged
  Baker Hughes reported the number of oil and gas drilling rigs active in the U.S. rose by 3 in the past...
  Baker Hughes reported the number of oil and gas drilling rigs active in the U.S. rose by 3 in the past week while Oklahoma’s count was unchanged.
  
  The latest Baker Hughes rig report showed Oklahoma has 51 rigs actively seeking oil and gas. The national count increased to 698. The gain included three more oil rigs for a total of 552 while the number of gas rigs was unchanged at 144.
  
  A year ago, the U.S. count was 440 and since then, there has been a gain of 258 rigs including 210 more oil rigs and 48 more gas rigs.
  
  Source: OK Energy Today
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