Marathon Oil's stock jumps toward 3 1/2-year high as oil prices extend surge, and after credit rating upgrade
Shares of Marathon Oil Corp. ...
Shares of Marathon Oil Corp.MRO, 2.88% powered up 2.4% in afternoon trading Friday toward a 3 1/2-year high, as the oil and gas exploration and production company benefited from the spike up in oil prices to a 14-year high, and as the company's credit rating was put in a position to be lifted out of "junk" territory. Continuous crude oil futures shot up 7.3% to $115.51, the highest price seen since September 2008 as Russia's war on Ukraine intensified. Marathon's stock, which is on track for the highest close since Oct. 3, 2018, has soared 53.3% over the past three months, while the SPDR Energy Select Sector ETFXLE, 2.22% has rallied 35.5% and the S&P 500SPX, -1.29% has shed 5.0%.
Kingfisher county wells drilled by Hinkle Oil and Gas
Hinkle Oil & Gas Inc. filed completion reports this week on four Kingfisher...
Hinkle Oil & Gas Inc. filed completion reports this week on four Kingfisher County wells with total combined production of nearly 1,400 barrels of oil a day.
The Oklahoma City-based company reported that all of the wells were single-pad sites but closely aligned in adjacent sections of land. The Lincoln North Unit 44-5ho and the Lincoln North Unit 42-4ho are in adjacent sections located about 9 miles northeast of the town of Dover.
The energy sector opened with a higher start, supported by strength in the crude complex, but energy...
The energy sector opened with a higher start, supported by strength in the crude complex, but energy stocks are now mostly down 1 to 2% this morning. U.S. stock index futures are lower, even after a stronger than expected February jobs report.
WTI and Brent crude oil futures are up in early trading as supplies from top exporter Russia are disrupted by sanctions after its invasion of Ukraine. The European and Atlantic physical crude market has been brought to a near standstill by a jump in prices and differentials as well as extreme volatility following the invasion. Many European buyers have avoided Russian oil due to the fear of potential future Western sanctions but they haven't rushed to buy alternative grades because they have become overly expensive. In a sign the market is struggling, the Chinese state oil refiner Unipec this week put Angolan crude back on the market and was offering five cargoes. An estimated 8% of global supply has been disrupted in recent days and the shortfall may not be offset by the International Energy Agency's decision to release 60 million barrels from emergency reserves or a likely return of Iranian supply.
