Exxon says rising oil and gas prices will net it a Q2 windfall profit of at least $2.5 billion
Exxon Mobil Corp. said in a filing late Friday it expects a boost of at least...
Exxon Mobil Corp. said in a filing late Friday it expects a boost of at least $2.5 billion to its bottom line in the second quarter from rising prices for oil and gas, with billions more coming from higher margins for gasoline and other energy products.
Exxon XOM, +2.23% estimated between $1 billion and $1.4 billion over first-quarter profit due to crude-price changes and between $1.5 billion and $1.9 billion in changes in gas prices.
Changes in margins for energy products could bring between $4.4 billion and $4.6 billion in the quarter, plus between $700 million and $900 million from derivatives not yet settled, the company said in the filing. Maintenance expenses, seasonal natural gas demand drop and others items will offset some of that upbeat view.
Exxon stock rose 0.5% in the after-hours session Friday, after ending the regular trading day up 2.2%. So far this year, Exxon shares advanced 43%, contrasting with losses of around 20% for the S&P 500 index. SPX, +1.06%
Benchmark U.S. crude oil for August delivery rose $2.67 to $108.43 a barrel Friday....
Benchmark U.S. crude oil for August delivery rose $2.67 to $108.43 a barrel Friday. Brent crude for September delivery rose $2.60 to $111.63 a barrel.
Wholesale gasoline for August delivery rose 15 cents to $3.69 a gallon. August heating oil rose 11 cents to $3.94 a gallon. August natural gas rose 31 cents to $5.73 per 1,000 cubic feet.
MarketWatch: Dow climbs more than 300 points ahead of July 4 holiday🇺🇸
U.S. stocks closed higher Friday, shaking off earlier weakness that came after a disappointing...
U.S. stocks closed higher Friday, shaking off earlier weakness that came after a disappointing gauge of manufacturing activity underlined fears that aggressive monetary tightening by the Federal Reserve could lead to a sharp slowdown.
The Dow Jones Industrial Average DJIA, +1.05% rose 321.83 points, or 1%, to close at 31,097.26.
The S&P 500 SPX, +1.06% gained 39.95 points, or 1.1%, to finish at 3,825.33, snapping a four-day losing streak.
The Nasdaq Composite COMP, +0.90% rose 99.11 points, or 0.9%, to end at 11,127.85, also snapping four straight days of losses.
For the week, the Dow booked a 1.3% loss, while the S&P 500 fell 2.2% and the Nasdaq dropped 4.1%, according to FactSet data.
The US stock market just put up a worse first-half performance than the Patriots in ...
The US stock market just put up a worse first-half performance than the Patriots in Super Bowl LI.
The S&P’s drop of more than 21% was its biggest H1 plunge since 1970. Its second quarter was the worst since Q1 of 2020, when opera singers were giving rooftop concerts as Covid lockdowns canceled everything.
And while the S&P is floundering in the bear market, the Nasdaq, which is loaded with tech stocks, has taken an even bigger licking: It’s plunged more than 30% since its peak last November. Let’s highlight a few individual performances across the market…
Netflix: down 71% YTD (the worst performer in the S&P)
Coinbase: down 81%
Even megacaps like Meta (-52%), Amazon (-38%), and Apple (-25%) haven’t been spared.
Citizen Energy Sees ‘Dominant Footprint’ Following Latest Midcontinent Acquisition
Citizen Energy closed its first acquisition of 2022, giving the Tulsa, Okla.-based company...
Citizen Energy closed its first acquisition of 2022, giving the Tulsa, Okla.-based company what it called a “dominant Midcontinent footprint” by acquiring substantially all assets owned by Red Bluff Resources and Bricktown Energy.
The deal raises Warburg Pincus-backed Citizen’s average daily production by 18% to average production of 86,000 boe/d from more than 720 operated wells across the Anadarko Basin. The company will also hold 326,000 net acres, 98% HBP. Citizen’s projected next 12-month EBITDAX is expected to range between $750 million and $800 million, the company said in a June 29 press release.
A private company, Citizen said in the release it expects the acquisition to be “highly accretive to shareholder returns” and that it sets it on a trajectory to becoming one of the top private producers in the U.S.
