Diamondback Energy misses profit estimates on weaker gas prices
July 31 (Reuters) - U.S. shale oil producer Diamondback...
July 31 (Reuters) - U.S. shale oil producer Diamondback Energy(FANG.O) missed Wall Street estimates for second-quarter profit on Monday, as gas prices took a hit from easing supply concerns.
Natural gas prices have fallen nearly 63% from last year when Western sanctions on Russia after the Ukraine war crimped supplies.
Diamondback said its average unhedged realized prices for natural gas tumbled nearly 85% to 94 cents per million cubic feet, sending its shares down 1.7% after the bell.
The company's production rose 18.3% to 449,912 barrels of oil equivalent per day (boepd) for the reported quarter, boosted by its recently purchased oil and gas producers, Lario Permian and FireBird Energy.
A bipartisan group of US House representatives, led by Reps. Mike Carey, R-Ohio, and Vicente Gonzalez,...
A bipartisan group of US House representatives, led by Reps. Mike Carey, R-Ohio, and Vicente Gonzalez, D-Texas, have proposed legislation aimed at fixing provisions in the Inflation Reduction Actthat critics say disproportionately hurt oil and gas producers. The Promoting Domestic Energy Production Act would allow the industry to take a deduction for intangible drilling costsin line with comparable industries and could clear Congress later this year as part of a package of wider budgetary measures.
Benchmark U.S. crude oil for September delivery...
Benchmark U.S. crude oil for September delivery rose $1.22 to $81.80 a barrel Monday. Brent crude for September delivery rose 57 cents to $85.56 a barrel.
Wholesale gasoline for August delivery fell 3 cents $2.93 a gallon. August heating oilrose 3 cents to $2.99 a gallon. September natural gas fell 1 cent to $2.63 per 1,000 cubic feet.
Oil major Chevron has earmarked more than 6,000 well locations...
Oil major Chevron has earmarked more than 6,000 well locations that it says offer sufficient capacity to enable it to substantially increase its Permian production from its current level of 770,000 barrels of oil per day."Longer term, we've identified well over 6000 economic net well locations that support a plateau greater than 1 million barrels per day through the end of next decade," says chief executive Mike Wirth.
U.S. stocks finish higher as S&P 500, Nasdaq climb for 5th straight month
U.S. stocks finished higher on Monday, while the S&P 500...
U.S. stocks finished higher on Monday, while the S&P 500 and Nasdaq Composite capped off July by recording their fifth-straight month in the green — the longest winning streak in roughly two years for both indexes.
The S&P 500SPX gained 6.92 points, or 0.2%, to finish Monday at 4,589.15, according to preliminary closing data from FactSet. For the month of July, the large-cap index increased by 3%. The Nasdaq CompositeCOMP gained 29.37 points, or 0.2%, to 14,346.02, bringing its July advance to 2.2%. The Dow Jones Industrial Averagerose by DJIA 100.57 points, or 0.3%, to 35,559.86, notching a 4.8% increase for the month. In another notable move, The S&P 500 Information Technology Sectorgained 2.4% in July to rise for the 7th straight month, the longest such streak since August 2014.
