Tag Archives: Oil

The South American country of Guyana is undergoing rapid development as a result of a string of offshore oil discoveries by ExxonMobil, NYSE:XOM). Announcements by the company since 2017 have added more than 8 bn barrels of reserves, spread over 18 discoveries in the deep waters of that country. Thus far one FPSO has been ordered to serve the Liza Phase-1 subsea development with four separate drill centers and up to 30 wells. At peak production, Liza Phase-1 will pump out 220K BOEPD. Liza… Source link

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Thursday, June 9, 2022 Today’s newsletter is by Jared Blikre, a reporter focused on the markets on Yahoo Finance. Follow him on Twitter @SPYJared. ExxonMobil (XOM) surged to its first new high in eight years on Wednesday. Unfortunately, the Dow Jones Industrial Average (^DJI) isn’t benefiting from the oil major’s 70% gain this year. And neither are… Source link

Jim Cramer says oil is the ‘only dip that can be bought right now’ — here are 3 blue-chip energy stocks that also provide healthy yields as high as 7.8% With the market down double-digits in 2022, a lot of stocks seem to be on sale. But not all of the beaten-down names are worth buying at the moment, according to CNBC’s Jim Cramer. “I want to be kind to this market and tell you it’s the same old buy the dips game plan. But in reality, the only dip that can be bought right now, at… Source link

Another week, another record high for gas prices. And there seems to be no immediate relief in sight. The average price for regular unleaded gas surged by a quarter in the past week to a record $4.86 on Monday, AAA said. That’s up 59 cents more than a month ago, and $1.81 more than a year ago. “After a blistering week of gas prices jumping in nearly every town, city, state and area possible, more bad news is on the horizon,” said Patrick De Haan, head of petroleum analysis at GasBuddy…. Source link

While large tech companies are currently feeling the heat from regulators and Congress, over a century ago, the trustbusters had their sights on Big Oil. Around the turn of the twentieth century, Big Oil was John D. Rockefeller’s Standard Oil Trust. By 1904, the monopoly controlled 91% of the U.S. oil market and 85% of final sales. But it was in the early wildcat days of 1863 that Rockefeller first founded the company that would become synonymous with “black gold.” Through a web of… Source link

Here’s why Warren Buffett bought all the Occidental Petroleum shares he could, even with oil prices shooting past $100 Warren Buffett kept a lot of cash on hand in recent years. At the end of 2021, the cash pile at his holding company Berkshire Hathaway had grown to a near-record $146.7 billion. That shouldn’t come as a surprise. Buffett is a value investor, after all, and valuations were bloated in the U.S. stock market after significant rallies in 2020 and 2021. “We find little that… Source link

The European Council has officially adopted the EU sixth sanction package for Russia’s military invasion of Ukraine, according to the June 3 announcement and the official EU journal entry. As followed by bne IntelliNews, the EU leaders have agreed in principle to cut 90% of Russian oil imports… Source link

The European Council has officially adopted the EU sixth sanction package for Russia’s military invasion of Ukraine, according to the June 3 announcement and the official EU journal entry. As followed by bne IntelliNews, the EU leaders have agreed in principle to cut 90% of Russian oil imports… Source link

The European Council has officially adopted the EU sixth sanction package for Russia’s military invasion of Ukraine, according to the June 3 announcement and the official EU journal entry. As followed by bne IntelliNews, the EU leaders have agreed in principle to cut 90% of Russian oil imports… Source link

(Bloomberg) — Stocks in Asia fell Tuesday and Treasuries sold off across the curve as investors remain cautious about whether central banks can raise interest rates to rein in inflation without derailing growth. Oil gained after the European Union backed a push to ban some Russian oil. Most Read from Bloomberg Equities in Japan, Korea and Australia inched down while Hong Kong futures fell. US contracts opened higher in the first day of trading after the Memorial Day weekend. Yields on… Source link