|Bid||72.25 x 1100|
|Ask||73.90 x 900|
|Day's Range||72.80 - 72.95|
|52 Week Range||62.47 - 87.67|
|Beta (3Y Monthly)||0.65|
|PE Ratio (TTM)||25.03|
|Earnings Date||Nov 5, 2018|
|Forward Dividend & Yield||3.12 (4.05%)|
|1y Target Est||95.50|
Upstream energy stocks saw massive profit-booking last week after rising for the fourth consecutive week. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP), which includes 56 upstream companies, fell 5.7% in the week. Last week’s decline can be attributed to the weakness in crude oil prices.
On October 15, US crude oil November futures closed ~$2 above the November 2019 futures. On October 8, the futures spread was at a premium of ~$2.2. On October 8–15, US crude oil November futures fell 3.4%.
The stock fell 6.1 percent to $72.24 on Monday, making it the worst performer in the S&P 500 Index, after Houston-based Occidental confirmed it will walk away from the 100,000-barrel-a-day Idd El-Shargi North Dome field next year when its 25-year lease expires. Occidental also plunged in August after announcing a $1.1 billion hike to its capital spending budget to keep pace with rivals and maintain its position as the biggest oil producer in the Permian Basin. For several years now, Occidental has sold foreign assets and invested less abroad in order to focus on the world’s fastest-growing major oil region in its own backyard.
The Dow Jones Industrial Average closed lower Monday—where it joined the Nasdaq and S&P 500—despite spending most of the day in positive territory. The Dow Jones Industrial Average lost 89.44 points, or 0.4%, to 25,250.55 on Monday, while the S&P 500 receded 0.6% to 2750.79, and the Nasdaq Composite dropped 0.9% to 7430.74. The numbers have been strong so far: As of last Friday, 29 S&P 500 companies have reported their third-quarter results, and 79% of them have topped analyst earnings estimates, according to Bank of America Merrill Lynch.
Stocks that moved substantially or traded heavily Monday: Harris Corp., up $18.38 to $173.25 The defense contractor said it will combine with competitor L3 Technologies in an all-stock deal. Autodesk Inc., ...
Futures rose 0.6 percent on Monday in New York as the U.S. and Saudi Arabia traded barbs over the fate of journalist Jamal Khashoggi. Prices retreated from a 1.9 percent gain earlier in the session after Trump suggested “rogue killers” may have been responsible for Khashoggi’s disappearance, dialing back the dispute between the world’s biggest economy and its largest oil exporter. “The market calmed when President Trump said the Saudi king had nothing to do with the missing journalist,” said Phil Flynn, senior market analyst at Price Futures Group.
The Nasdaq Composite was down 0.2%. With stocks divided at the start of the week, given relatively few fresh earnings reports and tech, the longtime market leader, in the red again, the big question on investors’ minds is obviously whether or not we’re in for another big dive—one that could be a bull killer. You don’t have to be the preeminent Proust scholar in the U.S. to have an idea of what’s happening here: The bull market is nine years old, and while the cage has been rattled a few times, we’ve been largely spared prolonged, painful drops.
“We have been honored to partner with Qatar Petroleum for more than 20 years on the development of the ISND field. 2018 Free Cash Flow (FCF) for ISND is estimated to be less than $300 million with production of 51,000 barrels of oil equivalent per day, prior to adjustment for foreign tax barrels. Occidental intends to have the production and cash flow from the ISND contract replaced in 2020 from its ongoing development program and reallocation of 2019 capital from ISND.
A San Antonio law firm had a hand in a Texas Supreme Court ruling that ended double taxation for an Ingleside marine terminal.
"We believe we need to do what’s necessary to reduce emissions, and we have the expertise to do it," CEO Vicki Hollub said during a keynote speech at Tudor, Pickering, Holt and Co.’s Energy Disruption Conference Oct. 10.
In the week ending October 5, upstream energy stocks rose for the fourth consecutive week. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP), which includes 56 upstream companies, rose 0.8% last week. XOP’s gains could be attributed to the rise in commodity prices. US natural gas rose 4.3% last week and ended at $3.14 per MMBtu (million British thermal units). Read Natural Gas Is at an Eight-Month High: What’s Next? for an update on natural gas.
Is the bromance between President Donald Trump and Russian leader Vladimir Putin losing its passion? It seemed that way when Putin recently shared his thoughts about rising oil prices and oil stocks in general. The Russian strongman agreed with Trump that prices have skyrocketed.
HOUSTON, Oct. 03, 2018 -- Occidental Petroleum Corporation (NYSE:OXY) will announce its third quarter 2018 financial results after close of market on Monday, November 5, 2018,.
In the week ending September 28, upstream energy stocks continued their winning streak for the third consecutive week. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP), which includes 56 upstream companies, rose 1.9% last week. Overall, XOP gained 2.2% last month. Last week, XOP’s gains were due to the rise in commodity prices and the narrowing of the WTI spreads.
While the oil-producing group resisted the president’s calls to push down prices, some of his other actions might just do the trick.
John Hofmeister, former president of Shell Oil Company, joins 'Closing Bell' to discuss the impact of the market sell-off on the energy sector.