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• Occidental Petroleum Profit Tops Estimates Despite Lower Output
  Houston-based company Occidental Petroleum is the latest oil producer to benefit from...
  Houston-based company Occidental Petroleum is the latest oil producer to benefit from high commodity prices, despite lower production volumes. Fuel prices have jumped following sanctions on Russia over its invasion of Ukraine in February.
  
  Occidental’s plan to produce oil while it develops technology to tap carbon emissions from fossil fuels gained a renewed vote of confidence after Warren Buffett’s Berkshire Hathaway Inc. raised its stake in the company to about 15.2%.
  
  Occidental reported a $2.1 billion adjusted profit—or $2.12 per diluted share—above the $2.03 per share estimates.
  
  Occidental used some of the extra cash from oil sales to pay another $3.3 billion in debt. And confirmed its previous plan to cut debt to $20 billion in the short term.
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• API Reports Build in Crude Oil Inventories🛢
  The American Petroleum Institute (API) reported a build this week for crude oil of 1.618 million...
  The American Petroleum Institute (API) reported a build this week for crude oil of 1.618 million barrels, compared to analyst predictions of a 1.2 million barrel draw.
  
  U.S. crude inventories have shed some 73 million barrels since the start of 2021 and about 16 million barrels since the start of 2020, according to API data.
  
  In the week prior, the API reported a larger-than-expected draw in crude oil inventories of 3.479 million barrels after analysts had predicted a draw of 1.167 million barrels.
  
  Cushing saw a 92,000-barrel build this week. Cushing inventories rose to 28.829 million barrels as of April 29, according to EIA data—down from 59.2 million barrels at the start of 2021, and down from 37.3 million barrels at the end of 2021.
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• Enbridge, Humble form blue hydrogen partnership
  Pipeline operator Enbridge and Denver-based Humble Midstream have unveiled...
  Pipeline operator Enbridge and Denver-based Humble Midstream have unveiled plans to jointly develop a low-carbon blue hydrogen and ammonia production facility at the Enbridge Ingleside Energy Center near Corpus Christi, Texas, at an estimated cost of up to $3 billion. The facility could begin operations in 2026.
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• Snippets from Morning Brew
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  • Coinbase shares fell 15% after hours when it reported 27% lower revenue in Q1 than a year ago.
  
  
  • US gun homicides rose 35% in 2020 to their highest level in more than 25 years, according to the CDC.
  
  
  • Celebrity chef Mario Batali was acquitted of sexual misconduct at the end of a speedy trial.
  
  
  • Los Angeles told residents they can’t water their lawn more than two days a week (down from the current cap of three) due to the drought.
  
  
  • Hedge fund billionaire Ken Griffin paid $8 million for a seat on a Blue Origin flight to space at a charity auction. He’s donating the seat to an NYC teacher.
  
  

  
  
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• Crude prices slid for a 2nd straight day
  Crude oil prices took another beating in Tuesday’s trading as U.S. prices dropped under $100, the second...
  Crude oil prices took another beating in Tuesday’s trading as U.S. prices dropped under $100, the second day for a fall and the lowest level in two weeks.
  
  West Texas Intermediate crude for June delivery fell $3.33 to $99.76 a barrel on the New York Mercantile Exchange.
  
  Global benchmark Brent crude for July delivery tumbled $3.48 to $102.46 a barrel on ICE Futures Europe.
  
  June natural gas went up 36 cents to $7.39 per 1,000 cubic feet
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