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Big Oil Is Paying Out Years of Dividends in One Day

(Bloomberg) — Some oil and gas companies are flush with so much cash that they are paying out a full year’s worth of dividends in a single day — and sometimes more than that. While reporting second quarter results Thursday, ConocoPhillips informed investors that it will pay them $1.40 per share in a special dividend […]

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Revenge of Old World Economy as Big Oil’s Cash Flow Rivals Tech

(Bloomberg) — Exxon Mobil Corp.’s cash haul overtook that of Alphabet Inc. for the first time since 2018, proving the oil giant is back in the big league just a year after suffering one of the biggest activist shareholder upsets in corporate history. Exxon, which lost money for the first time in its history during […]

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Biggest Oil Stock ETF Sees Short Sellers Unwind Bets After Rout

(Bloomberg) — Money managers rolled back bets against the biggest exchange-traded fund focused on oil-company stocks, signaling speculation that the price of crude is at least temporarily bottoming out after sliding sharply since last month. Short sellers piled on to the $33 billion Energy Select Sector SPDR Fund (ticker XLE), the biggest ETF focused on […]

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Oil Creeps Up as Markets Tighten Before Double Dose of US Data

(Bloomberg) — Oil edged higher for a fourth day as shipments from key Libyan ports were suspended, the latest factor compounding market tightness. West Texas Intermediate edged above $113 a barrel after gaining over the previous three sessions. Libya’s state oil company has suspended shipments from two key eastern ports amid renewed disruption in the […]

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Conoco Sees Gas Volatility Lasting Years as it Invests in Qatar

(Bloomberg) –ConocoPhillips said volatility in global gas markets may last years, as it joined other Western energy firms by investing in a $29 billion project to boost Qatar’s exports of the fuel. The Houston-based company will buy a 3.1% holding in the North Field East project. Chief Executive Officer Ryan Lance announced the deal alongside […]

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Russia

Rare Ship-to-Ship Transfers Keep Oil Moving From Russia to China

(Bloomberg) — A logistically risky and costly transfer of crude between tankers at sea highlights the steps at least one Chinese buyer is willing to take to ensure the smooth flow of oil from eastern Russia to Asia. Buyers are using creative ways to maintain flows as more shipowners shun Russian oil due to the […]

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Oil Declines as Traders Weigh G-7 Crude Ban, Saudi Price Cuts

(Bloomberg) — Oil declined at the week’s open as investors weighed a pledge by the Group of Seven to ban imports of Russian crude against a cut in official prices by Saudi Arabia and China’s wave of energy-sapping lockdowns. West Texas Intermediate fell toward $109 a barrel after closing at a six-week high on Friday. […]

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Top Oil Stock To Buy This Week

Imperial Oil Limited engages in exploration, production, and sale of crude oil and natural gas in Canada. The company operates through three segments: Upstream, Downstream and Chemical segments. The Upstream segment explores for, and produces crude oil, natural gas, synthetic oil, and bitumen. IMO $52.7600 0.2500 % 0.4800 Imperial Oil Ltd Sector : Oils-Energy Industry […]

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Big Oil Spends on Investors, Not Output, Prolonging Crude Crunch

(Bloomberg) — Big Oil is raking in historic amounts of cash, but the windfall isn’t being invested in new production to help displace Russian oil and gas. Instead, executives are rewarding shareholders — setting the world up for an even tighter energy market in the years ahead. The West’s five biggest oil companies together earned […]

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Chevron to Ramp Up Output at Biggest U.S. Oil Field

(Bloomberg) — Chevron Corp. lifted its production target in North America’s biggest oil field in a sign that U.S. shale is responding to $100-a-barrel crude despite rising cost pressures and equipment shortages. Chevron will produce at least 15% more from the Permian Basin this year compared with 2021, for a total output of about about […]

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Berkshire Hathaway
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Warren Buffett

Buffett Kicks Off Annual Meeting With Boost to Chevron Stake

(Bloomberg) — Warren Buffett’s Berkshire Hathaway Inc., which contended for years with high valuations stifling deal prospects, is back on its stock-buying game. The conglomerate made roughly $41 billion of net purchases in the first quarter, including a boost to its Chevron Corp. stake that vaulted the investment into Berkshire’s top four common stock holdings. […]

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