U.S. oil & gas rig count falls for first time in five weeks
U.S. energy firms this week cut the number...
U.S. energy firms this week cut the number of oil and natural gas rigs for the first time in five weeks even as crude production hit its highest in more than two years in response to tight worldwide supply and high prices.
The total U.S. oil and gas rig count, an early indicator of future output, fell by three to 750 in the week to July 1.
U.S. oil rigsrose one to 595 this week, their highest since March 2020, while gas rigs fell four to 153, in the biggest decline since August 2021.
Berkshire Hathaway buys 9.9 million more Occidental shares, has 17.4% stake
Warren Buffett's Berkshire Hathaway Inc said it has bought another 9.9 million shares...
Warren Buffett's Berkshire Hathaway Inc said it has bought another 9.9 million shares of Occidental Petroleum Corp, giving it a 17.4% stake in the oil company.
Berkshire paid about $582 million for the shares, which it bought between Wednesday and Friday, according to a Friday night filing with the U.S. Securities and Exchange Commission.
Buffett's company is Occidental's largest shareholder, now owning 163.4 million shares worth about $9.9 billion. Its stake is about 60% larger than that of Vanguard, the next largest shareholder, according to Refinitiv data.
Berkshire also owns warrants to buy another 83.9 million Occidental shares for $5 billion.
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.
