Occidental Petroleum Extends Permian Basin JV through 2025
Occidental Petroleum Corp. said this week it will extend its joint venture (JV) in the...
Occidental Petroleum Corp. said this week it will extend its joint venture (JV) in the Permian Basin with Columbia’s Ecopetrol SA through the first quarter of 2015, with the Columbian company earning additional interest in the Delaware Basin.
Occidental President and CEO Vicki Hollub said on its second-quarter earnings call on Aug. 3 that the two companies would enhance their JV in the Midland and Delaware Basins to encompass 20,000 net acres.
The Ecopetrol JV includes 17,000 acres in the Texas Delaware that Hollub said would utilize Occidental’s infrastructure. In the Midland Basin, “Oxy will benefit from the opportunity to continue development with an extension to the capital carry through the end of this agreement in the first quarter of 2025.”
Benchmark U.S. crude oil for September delivery rose 47 cents to $89.01...
Benchmark U.S. crude oil for September delivery rose 47 cents to $89.01 a barrel Friday. Brent crude for October delivery rose 80 cents to $94.92 a barrel.
Wholesale gasoline for September delivery rose 7 cents to $2.86 a gallon. September heating oil fell 12 cents to $3.22 a gallon. September natural gas fell 6 cents to $8.06 per 1,000 cubic feet.
MarketWatch: U.S. stocks close mostly lower as robust July jobs report stokes worries over Fed rate hikes
U.S. stocks closed mostly lower Friday after a much stronger-than-expected reading on...
U.S. stocks closed mostly lower Friday after a much stronger-than-expected reading on July employment reinforced expectations for the Federal Reserve to keep aggressively raising interest rates in its bid to rein in inflation.
The Dow Jones Industrial Average DJIA rose 76.65 points, or 0.2%, to close at 32,803.47.
The S&P 500 SPX fell 6.75 points, or 0.2% to finish at 4,145.19.
The Nasdaq Composite COMP shed 63.03 points, or 0.5%, to end at 12,657.55.
For the week, the Dow edged down 0.1%, while the S&P 500 rose 0.4% and the technology-heavy Nasdaq gained 2.2%, according to FactSet data. The Nasdaq and S&P 500 each rose for a third straight week, while the Dow snapped two straight weeks of gains, according to Dow Jones Market Data.
ConocoPhillips earnings top $5 billion in latest blowout quarter for oil majors
ConocoPhillips said its second-quarter earnings more than doubled to $5.1 billion, or $3.96 per...
ConocoPhillips said its second-quarter earnings more than doubled to $5.1 billion, or $3.96 per share, up from $2.1 billion, or $1.55 a share, in the year-ago quarter. Excluding items, adjusted earnings were $3.91 a share in the latest quarter. The company beat the profit target of $3.86 a share, according to FactSet estimates. ConocoPhillips said it is adding $5 billion to its planned 2022 return of capital to bring the total to $15 billion. The oil company will pay both a third-quarter ordinary dividend of 46 cents per share and a fourth-quarter variable return of cash payment of $1.40 per share. Second-quarter production increased by 104 thousand barrels of oil equivalent per day (MBOED) to 1,692 MBOED, below the Wall Street target of 1,703.2 MBOED. The company said it expects third-quarter production of 1.7 to 1.76 million MBOED, compared to the Wall Street estimate of 1,743.6 MBOED.
Operators Urged to Brace for ‘Above-normal’ Atlantic Hurricane Season
As the Gulf of Mexico enters the peak months of the Atlantic hurricane season,...
As the Gulf of Mexico enters the peak months of the Atlantic hurricane season, the National Oceanic and Atmospheric Administration (NOAA) announced on Aug. 4 it expects above-average activity levels.
It’s been a quiet season so far, with only three named tropical storms forming. In its mid-season update to the May forecast, NOAA slightly reduced the number of named storms it’s predicting for the hurricane season, which runs from June 1 to Nov. 30.
In the Gulf of Mexico, there are an average of 30-40 rigs conducting drilling or other operations, more than 1,600 actively producing platforms, and thousands of offshore workers in the Gulf at any time, according to the Bureau of Safety and Environmental Enforcement (BSEE).
