Energy stocks are set to open mostly higher, with surging...
Energy stocks are set to open mostly higher, with surging profits being reported across the sector, and large gains in oil and natural gas prices this morning underpinning the sector. A slew of earnings releases across the E&P, OFS, and driller groups reported last night and this morning were lifted by booming commodity prices, which have driven robust profits. The theme of passing through surplus cash flow to investors remained prevalent, with dividends boosted widely and share repurchase announcements both announced and increased.
ConocoPhillips, Shell, Pioneer Natural Resources, California Resources, and Chesapeake Energy were among those that either increased dividends and initiated or increased share repurchases.
Recent Completions Show Strong IP Rates in Oklahoma Wells
Drilling activity in Kingfisher County, Okla.,...
Drilling activity in Kingfisher County, Okla., has seen recent success, with Hinkle Oil & Gas generating production of over 1,000 barrels of oil per day from two wells drilled on a single pad. Meanwhile, Kodiak Oil & Gas recently drilled seven wells in Carter County, Okla., for the combined production of 406 barrels of oil per day.
EIA reports surprise jump in US crude oil supplies
US crude oil inventories climbed by 1.3 million...
US crude oil inventories climbed by 1.3 million barrels last week, compared with analyst expectations for a 200,000-barrel decline, the Energy Information Administration reported. Meanwhile, gasoline and distillate stockpiles slumped by 2.2 million barrels and 2.3 million barrels, respectively.
Oil stored at Cushing, Okla., the delivery point for U.S. stocks, increased by 1.4 million barrels from the previous week to 28.8 million barrels, the EIA said in its weekly report.
U.S. crude-oil production was unchanged from the previous week at 11.9 million barrels a day, according to the EIA.
While the amount of crude oil in storage in the U.S. increased in the past week, the Cushing...
While the amount of crude oil in storage in the U.S. increased in the past week, the Cushing hub in northern Oklahoma also reported a slight gain in crude.
The Cushing hub also saw a gain of 1.3 million barrels, rising from 27.5 million barrels on April 22 to 28.8 million barrels as of April 29. Nearly a month ago, storage at Cushing totaled 25.2 million barrels out of a total estimated capacity of about 77 million barrels.
One year ago, Cushing’s storage totaled 46.3 million barrels.
MDU Resources shelves proposed N.D. gas pipeline project
MDU Resources subsidiary WBI Energy has abandoned plans to build a natural gas pipeline from western...
MDU Resources subsidiary WBI Energy has abandoned plans to build a natural gas pipeline from western to eastern North Dakota, citing regulatory uncertainty, subdued demand and rising costs for anything from construction and labor to materials and land acquisition. In November, the state approved $150 million in federal coronavirus aid to fund the construction of a trans-state gas pipeline, but just one company had applied for the grant before the deadline closed on Monday.
