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Oil prices erased earlier gains on Thursday during U.S. trading hours as a political standoff about the U.S. debt ceiling overshadowed a G7 finance leaders' meeting, raising jitters about a possible recession in the world's biggest oil consumer.
Natural gas futures are lower by 1% ahead of weekly inventory data.
First quarter earnings were posted by Tulsa’s Vital Energy, Inc. showing stronger oil production than predicted and nearly $114 million in net income from its operations in the Permian Basin.
The company reported oil and total production exceeded the high-end of its guidance, producing 38.5 thousand barrels of oil a day and 80.4 thousand barrels of oil equivalent a day.
Reported first-quarter net income was $113.9 million and cash flows from operating activities were $116.1 million. During the quarter, Vital generated consolidated EBITDAX of $214.2 million and a free cash flow of $3.9 million.
Source: OK Energy Today
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