Occidental to cut debt and distribute cash, won't raise oil output
Occidental Petroleum Corp plans to use the bonanza from high oil and gas prices to accelerate...
Occidental Petroleum Corp plans to use the bonanza from high oil and gas prices to accelerate debt payments and cash distribution to shareholders but will not raise oil production, Chief Executive Vicki Hollub said on Wednesday.
Occidental on Tuesday posted higher than expected earnings in the second quarter but cut its 2022 output outlook for the main unconventional basin in the United States. Occidental said it wants to accelerate a three-year target to bring debt down to $15 billion, from more than $21 billion now. Investment targets were unchanged.
The company also said it resumed a buyback program after reaching its short-term debt reduction goals in the second quarter. With a cleaner balance sheet, the U.S. oil producer said it can now slightly raise dividends and sustain stock repurchases "over the next few years".
SandRidge Energy, Inc. saw improved earnings in the second quarter, reporting $53.7...
SandRidge Energy, Inc. saw improved earnings in the second quarter, reporting $53.7 million in generated adjusted EBITDA compared to $39.4 million in the first quarter of the year. Second quarter net income totaled $48.5 million or $1.32 per basic share while adjusted net income was $48.9 million and $1.33 per basic share.
Even though the company had no new completion activity in the second quarter, its production of 17.8 MBoed was consistent with the first quarter.
U.S. economy adds 528,000 jobs in July — doubling economists’ consensus forecast
The numbers The U.S. added a surprisingly strong 528,000 new jobs in July and the unemployment...
The numbers The U.S. added a surprisingly strong 528,000 new jobs in July and the unemployment rate fell to pre-pandemic levels in a muscle-flexing display for the economy, but the robust report could add to inflation worries and push interest rates even higher.
Economists polled by The Wall Street Journal had forecast 258,000 new jobs. The unemployment rate slipped to 3.5% from 3.6%, the government said Friday, matching the lowest rate since the late 1960s.
As crude drops below $90 a barrel, investors should bet on a steep drop in the oil price, Citi strategist says
Crude oil dropped below $90 a barrel for the first time this week since Russia invaded Ukraine...
Crude oil dropped below $90 a barrel for the first time this week since Russia invaded Ukraine - and one top strategist warned bigger price drops are on the horizon.
The drop in oil speaks to weakening gasoline demand in the US as recession fears mount, coupled with larger builds in US inventories that have elevated supply.
Speaking to CNBC Thursday, Ed Morse, global head of commodities research at Citi said: "It means the market is no longer expecting tightness ahead, it's expecting things to loosen up. It's supply purely playing against demand," he said.
More supply and less demand for oil typically mean prices would fall. "This is something that needs to concern companies while it is something very pleasant for consumers," Morse said.
Dow, S&P 500 end lower as investors await Friday's jobs report
U.S. stocks closed mostly lower on Thursday, ahead of the release of Friday's employment report...
U.S. stocks closed mostly lower on Thursday, ahead of the release of Friday's employment report for July, with investors hoping it will provide insights into whether America's roaring labor market is exhibiting signs of cooling. The Dow Jones Industrial Average DJIA, -0.26% fell about 85 points, or 0.3%, ending near 32,727, a day after all three major stock indexes booked their best daily climb in a week, according to Dow Jones Market Data. The S&P 500 index SPX, -0.08% shed 0.1% Thursday, while the Nasdaq Composite Index COMP, +0.41% rose 0.4%. Employment gains in July are expected to drop to 258,000 from 372,000 in the prior month, a poll of economists by The Wall Street Journal estimates. If so, it would mark the smallest increase since December 2021. While a potential U.S. economic downturn and layoffs in tech have been a focus, Meta Platforms Inc. META, +1.05%, the parent of Facebook, was seeing success on Thursday with its debut 4-part corporate bond deal.
