Occidental Petroleum profit slumps 83% on lower energy prices
Occidental Petroleum Corp on Wednesday reported an 83% slump...
Occidental Petroleum Corp on Wednesday reported an 83% slump in second-quarter profit, hit by lower oil and gas prices.
The company said the average realized price for oil fell to $73.59 per barrel for the April-June quarter from last year's $107.72 per barrel.
Occidental, one of the largest oil and gas producers in the U.S., said net income attributable to common stockholders stood at $605 million, or $0.63 per share, for the three months ended June 30, compared with $3.55 billion, or $3.47 per share, a year ago.
Saudis to extend oil-production cutback by further month
(Reuters) - Saudi Arabia will extend a voluntary oil output cut of one million barrels...
(Reuters) - Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, the state news agency SPA said on Thursday.
The agency cited an official source at the Ministry of Energy as saying the cut can be "extended, or extended and deepened".
The kingdom's production for September will be approximately 9 million barrels per day (bpd), the source said.
S&P futures vs fair value: -17.00. Nasdaq futures vs fair value: -100.00. The S&P 500 futures...
S&P futures vs fair value: -17.00. Nasdaq futures vs fair value: -100.00.
The S&P 500 futures are down 17 points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 100 points and are trading 0.6% below fair value. The Dow Jones Industrial Average futures are down 99 points and are trading 0.2% below fair value.
Productivity rose 3.7% in the preliminary Q2 reading (Brieing.com consensus 1.7%) following a 2.1% decline in the prior reading. Unit labor costs rose 1.6% in the preliminary Q2 reading (Briefing.com consensus 2.7%) following a 4.2% increase in the prior reading.
Weekly initial jobless claims totaled 227,000 (Briefing.com consensus 225,000) following last week's count of 221,000. Continuing claims came in at 1.7 million following last week's revised total of 1.679 million (from 1.690 million).
US crude oil stocks saw a far bigger than expected draw in the...
US crude oil stocks saw a far bigger than expected draw in the week to 28 July, with the Energy Information Administration (EIA) saying privately held inventories fell 17 million barrels over the week to their lowest levels since the start of the year.
Weekly figures from the EIA’s closely watched Petroleum Status Report on Wednesday showed the largest weekly drop in crude stocks on record.
All of that fall came from privately held inventories, which were down to 439.8 million barrels last week, which left available supply at its lowest level since early January, according to the EIA’s analysis.
The week’s move exceeded even a surprise 15.4-million-barrel draw seen in API figures overnight, as well as a more modest 1.37 million barrels average analysts polled by Reuters, had given prior to both reports.
Kimmeridge Closes $1B Fund for Unconventional North American Assets
Kimmeridge Energy Management Co., an energy alternative asset...
Kimmeridge Energy Management Co., an energy alternative asset manager, closed a $1 billion fund for the acquisition and development of unconventional assets in North America.
The company said its new fund is 25% larger than the last fund it raised in 2019. Funds of this size have become extremely rare in the last five years. Kimmeridge said its new Fund VI is supported by institutional investors including endowments, foundations, public pensions, family offices and sovereign wealth funds.
Kimmeridge was founded in 2012 and has more than $5 billion of limited partner commitments across 10 funds. It has offices in New York City and Denver, Colorado.
