Exxon Mobil shares jump after earnings and revenue blow past consensus estimates
Exxon Mobil Corp. shares ...
Exxon Mobil Corp. shares XOM, +1.17% surged 2.5% in premarket trade Friday after the oil giant blew past earnings estimates for the second quarter amid high oil prices and higher production. The company posted a record net income of $17.850 billion, or $4.21 a share, for the quarter, more than three times the $4.690 billion, or $1.10, posted in the year-earlier period. The previous record net income came in the second quarter of 2012 at $15.91 billion. Adjusted per-share earnings came to $4.14, ahead of the $3.94 FactSet consensus. Revenue soared to $115.681 billion from $67.742 billion a year ago, also well ahead of the $111.302 billion FactSet consensus. The company said it increased Permian oil and gas production by about 130,000 oil-equivalent barrels a day and refining throughput by 180,000 barrels per day compared with the first half of 2021 to address a recovery in demand. Capex totaled $9.5 billion for the first half, on track with full-year guidance. Shares have gained 51% in the year to date, while the Dow Jones Industrial Average DJIA, +1.03% has fallen 10%.
EIA reports a smaller-than-expected weekly rise in U.S. supplies
The U.S. Energy...
The U.S. Energy Information Administration reported on Thursday that domestic natural-gas supplies rose by 15 billion cubic feet for the week ended July 22. That compared to an average forecast for an increase of 25 billion cubic feet from analysts polled by S&P Global Commodity Insights. Total working gas stocks in storage stand at 2.416 trillion cubic feet, down 293 billion cubic feet from a year ago and 345 billion cubic feet below the five-year average, the government said. Following the data, September natural gas NGU22, -4.33% was down 15.5 cents, or 1.8%, at $8.399 per million British thermal units.
MarketWatch: Dow, S&P 500 notch highest close 🔥 in about 7 weeks as earnings ramp up
U.S. stocks finished higher Thursday, extending a rally that lifted the S&P 500 and Dow to their...
U.S. stocks finished higher Thursday, extending a rally that lifted the S&P 500 and Dow to their highest close in roughly seven weeks, according to FactSet data. The Dow Jones Industrial Average DJIA, 1.03% climbed roughly 330 points, or 1%, ending near 32,526. The S&P 500 index SPX, 1.21% gained 1.2% to book its highest finish since June 8, according to FactSet. The Nasdaq Composite Index COMP, 1.08% ended 1.1% higher. Stocks have been advancing since the Federal Reserve on Wednesday fired off a second, extra-large interest rate increase of 75 basis points as it works to tame inflation at its highest in 41 years. Fed Chair Jerome Powell also the pace of hikes could slow "at some point," while playing up the potential to avoid a U.S. recession despite weaker economic data.
Diversified Energy Acquires ConocoPhillips Midcon Assets for $240 Million
Diversified Energy Co. Plc agreed to acquire Midcontinent assets from ConocoPhillips...
Diversified Energy Co. Plc agreed to acquire Midcontinent assets from ConocoPhillips Co. for $240 million, further bolstering Diversified’s central regional focus area.
“Building on our success in Appalachia, we are excited to increase our holdings within the central region that position us to drive greater synergies and unlock additional shareholder value through scale,” Diversified CEO Rusty Hutson Jr. commented in a company release on July 28.
The acquisition, which includes an interest in roughly 1,500 producing wells located in Oklahoma and Texas, represents Diversified’s sixth major acquisition within the central region and its second in the Midcontinent.
Germany just approved a $180 billion fund designed to reduce the nation's reliance on Russian energy supply
Germany's cabinet on Wednesday approved plans for roughly $180 billion in funding aimed...
Germany's cabinet on Wednesday approved plans for roughly $180 billion in funding aimed in part at reducing the country's reliance on Russian energy, as Moscow continues to cut gas flows into Europe. Germany's expansion of renewables is "even more topical and urgent" after Russia invaded Ukraine, Finance Minister Christian Lindner reportedly said.
