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• Russia 'steals 400,000 tons of grain' from Ukraine to spark famine warning
  On Wednesday, Ukraine accused Russia of stealing 400,000 tonnes of grain, threatening...
  On Wednesday, Ukraine accused Russia of stealing 400,000 tonnes of grain, threatening the supply chain of future harvests.  The grain has reportedly been taken from the areas of Zaporizhia, Kherson, Donetsk and Luhansk in the south-east.
  
  The Ukrainian defense ministry posted on Twitter: "At least 400,000 tons of grain were stolen by Russia in the occupied south of Ukraine. That's over 6,000 hoppers. Russian thieves are bringing death and famine to the world.
  
  "The actions of Russians are a crime not only against Ukraine but also against the food security of all mankind."
  
  
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• Russia's Oil Output Is Plummeting, And It May Never Recover
  Russian oil production is falling. In March, it ...
  Russian oil production is falling. In March, it shed half a million bpd, which by the end of April reached a full 1 million bpd, according to BP’s CEO, Bernard Looney. And this may well grow to 2 million bpd this month. These barrels may not be returning to the market any time soon.
  
  "We could potentially see the loss of more than 7 million barrels per day (bpd) of Russian oil and other liquids exports, resulting from current and future sanctions or other voluntary actions," the secretary-general of OPEC, Mohammed Barkindo, told the European Union last month.
  
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• Oil jumps $5 a barrel as EU nears ban on Russian oil
  Oil prices jumped on Wednesday, as the European Union, the world's largest trading bloc, spelled out...
  Oil prices jumped on Wednesday, as the European Union, the world's largest trading bloc, spelled out plans to phase out imports of Russian oil, raising concerns about further market tightness as those nations hunt for adequate supply.
  
  Brent crude futures settled up $5.17, or 4.9%, to $110.14 a barrel. West Texas Intermediate crude futures settled at $107.81 a barrel, up $5.40, or 5.3%.
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• Continental Resources Non-GAAP EPS of $2.65 beats by $0.22, revenue of $1.82B misses by $340M
  Continental Resources ...
  
  
  • Continental Resources press release (NYSE:CLR): Q1 Non-GAAP EPS of $2.65 beats by $0.22.
  
  
  • Revenue of $1.82B (+49.2% Y/Y) misses by $340M.
  
  
  • The company has updated its 2022 annual oil production guidance to 200 to 210 MBopd from 195 to 205 MBopd.
  
  
  • The company is also projecting a December 2022 oil production exit rate of approximately 220 to 230 MBopd. Additionally, the company has updated its 2022 annual natural gas production guidance to 1,100 MMcfpd to 1,200 MMcfpd from 1,040 to 1,140 MMcfpd.
  
  
  • To generate approximately $6.5B to $7B of cash flow from operations and $4.3B to $4.7B of free cash flow (non-GAAP) for FY2022. The company's full-year 2022 free cash flow projection equates to a 21% to 23% free cash flow yield (non-GAAP).
  
  
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• Seeking Alpha: Chesapeake Q1 results - exceeds expectations on earnings, cash flow and dividends
  Chesapeake Energy (CHK)...
  Chesapeake Energy (CHK) reported Q1 results after the close Wednesday, beating Street estimates, generating strong free cash flow, and lifting the shareholder payout to double-digit levels:
  

  
  
  • Earnings - the Company delivered $3.09 of adjusted earnings per share for the quarter, against Street estimates of $2.43.
  
  
  • Cash flow - Chesapeake (CHK) generated $532m in adjusted free cash flow during the quarter, the best result in Company history, and ~5.1% of its market cap.
  
  
  • Capital allocation - the board announced a variable-plus-base dividend of $2.34 per share (9.8% yield) and initiated a share repurchase program, buying in ~1% of shares outstanding during the quarter.
  
  
  • Guide - adjusted free cash flow guidance was increased 35% to $2.7b (midpoint) and represents a ~25% free cash flow yield.
  
  
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