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Asia Markets

US Equity Futures Nudge Higher Pre-Bell After S&P 500, Nasdaq Reach New Closing Highs

US equity futures were higher pre-bell Friday after the S&P 500 and Nasdaq Composite reached new closing highs to close out April amid a continued impasse in the Middle East.Dow Jones Industrial Average futures were 0.4% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were marginally higher.On Thursday, the S&P 500 rose 1% to close at 7,209.01, breaching the 7,200 mark for the first time, while Nasdaq increased 0.9% to close at 24,892.31, also a new closing record.US President Donald Trump has rejected Iran's latest offer, stating that the US naval blockade on the nation's ports will remain until the regime agrees to a deal that addresses US concerns about its nuclear program, according to an Axios report on Wednesday.Traders took note of the latest round of earnings, with energy majors Exxon Mobil (XOM) and Chevron (CVX) both reporting lower Q1 adjusted earnings but higher revenue.Oil prices were mixed, with front-month global benchmark North Sea Brent crude up 0.4% at $110.85 per barrel and US West Texas Intermediate crude 1.2% lower at $103.79 per barrel.The final Purchasing Managers' Manufacturing Index for April, due at 9:45 am ET, is seen coming in at 54.0, unchanged from its prior value, according to estimates compiled by Bloomberg.The April Institute for Supply Management's services index, due at 10 am ET, is projected at 53.2, versus 52.7 previously.In other world markets, Japan's Nikkei, Hong Kong's Hang Seng, China's Shanghai Composite, and Germany's DAX index were all closed due to public holidays. The UK's FTSE 100 was down 0.6% in Europe's early afternoon session.In equities, Roblox (RBLX) stock was down 24% after the company reported a wider Q1 loss and lower-than-expected revenue, as well as lowering its 2026 revenue outlook. Sandisk (SNDK) and Western Digital (WDC) shares dropped 4.6% and 8%, respectively, despite the companies posting fiscal Q3 earnings and revenue that surpassed analysts' consensus.On the winning side, Apple (AAPL) stock was up 3.6% after the company posted higher fiscal Q2 earnings and revenue that also beat analysts' estimates. Reddit (RDDT) shares were up 15% after the company reported higher Q1 earnings and revenue in addition to issuing better-than-expected Q2 revenue guidance.

Dow JonesNasdaq CompositeS&P 500$AAPL$CVX$RBLX$RDDT$SNDK$WDC$XOM
Research

Research Alert: Xom: A Q1 Beat Despite Middle East Disruption

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:XOM posted Q1 adjusted EPS of $1.16, beating consensus by $0.15, though upstream earnings declined to $5.7B from $6.8B in the prior year, primarily due to lower volumes from divestments and operational disruptions. One-time items of $0.93 mainly reflect mark-to-market accounting that should unwind over coming periods. The company continues advancing structural cost savings, reaching $15.6B or 78% of its $20B target by 2030, while Guyana achieved record production exceeding 900k gross barrels daily and Golden Pass LNG Train 1 reached first production. Management maintains full-year capex guidance of $27B-$29B and buyback guidance of $20B for 2026. XOM allocated $9.2B to shareholder returns versus $6.2B in capex during Q1, suggesting a reinvestment rate of only 43% if this pace continues. The quarterly dividend of $1.03 per share yields 2.7% annually, and we expect continued strong cash returns given the company's advantaged assets in Guyana and the Permian Basin.

$XOM
Japan

US Equity Futures Turn Mixed Pre-Bell After S&P 500, Nasdaq Reach New Closing Highs

US equity futures were mixed pre-bell Friday after the S&P 500 and Nasdaq Composite reached new closing highs to close out April amid a continued impasse in the Middle East.Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.2% lower.On Thursday, the S&P 500 rose 1% to close at 7,209.01, breaching the 7,200 mark for the first time, while Nasdaq increased 0.9% to close at 24,892.31, also a new closing record.US President Donald Trump has rejected Iran's latest offer, stating that the US naval blockade on the nation's ports will remain until the regime agrees to a deal that addresses US concerns about its nuclear program, according to an Axios report on Wednesday.Traders took note of the latest round of earnings, with energy majors Exxon Mobil (XOM) and Chevron (CVX) both reporting lower Q1 adjusted earnings but higher revenue.Oil prices were mixed, with front-month global benchmark North Sea Brent crude up 0.5% at $110.95 per barrel and US West Texas Intermediate crude 0.8% lower at $104.21 per barrel.The final Purchasing Managers' Manufacturing Index for April, due at 9:45 am ET, is seen coming in at 54.0, unchanged from its prior value, according to estimates compiled by Bloomberg.The April Institute for Supply Management's services index, due at 10 am ET, is projected at 53.2, versus 52.7 previously.

Dow JonesNasdaq CompositeS&P 500$CVX$XOM
US Markets

Stocks Mostly Up Pre-Bell as Investors Await More Corporate Earnings

The benchmark US stock measures were mostly pointing higher before the open Friday as investors await the week's final round of corporate earnings and track ongoing Middle East tensions, with no apparent signs of progress toward a peace deal between Washington and Tehran.The S&P 500 rose 0.1% and the Dow Jones Industrial Average added 0.2% in premarket activity, while the Nasdaq was off 0.1%. The indexes finished Thursday's trading session in the green, with the S&P 500 and Nasdaq logging new closing highs.Oil giants Exxon Mobil (XOM) and Chevron (CVX) are scheduled to release their latest quarterly results before the bell, along with Colgate-Palmolive (CL), Estee Lauder (EL), Moderna (MRNA), Magna International (MGA) and Newell Brands (NWL).Shares of Apple (AAPL) advanced 2.8% pre-bell as the iPhone maker's fiscal second-quarter results topped market estimates. Reddit (RDDT) climbed 16% after the social media platform recorded better-than-expected first-quarter results and issued an upbeat revenue outlook for the ongoing three-month period at the midpoint. Nvidia (NVDA) rebounded 0.4% following a 4.6% decline at the close of Thursday.President Donald Trump told reporters at the White House on Thursday that the US will maintain its naval blockade of Iranian ports, according to Bloomberg News. "Their economy is crashing, the blockade is incredible," Trump reportedly said. "So we'll see how long they hold out."Iran's new supreme leader, Mojtaba Khamenei, reportedly said Thursday that Iran will defend its nuclear and missile capabilities.West Texas Intermediate crude oil inclined 0.3% to $105.43 a barrel before the opening bell, while Brent increased 0.9% to $111.37.US economic growth fell short of Wall Street's expectations in the first quarter as spending slowed amid inflationary pressures, government data showed Thursday.Separate official data showed that inflation, as measured by the personal consumption expenditure price index, accelerated in March to the fastest pace since mid-2022 as the Middle East conflict sent energy prices soaring.Treasury yields were down in premarket action, with the two-year rate nudging 0.1 basis point lower to 3.88% and the 10-year rate decreasing 0.8 basis point to 4.38%.Friday's economic calendar has the final Purchasing Managers' manufacturing index for April at 9:45 am ET, followed by the Institute for Supply Management's manufacturing index for the same month at 10 am. The weekly Baker Hughes oil-and-gas rig count posts at 1 pm.Gold fell 1.1% to $4,578 per troy ounce, while bitcoin rose 1.1% to $77,248.

Dow JonesNasdaq CompositeS&P 500$AAPL$CL$CVX$EL$MGA$MRNA$NVDA$NWL$RDDT$XOM
Equities

Exxon Mobil Q1 Adjusted Earnings Fall, Revenue Rises

Exxon Mobil (XOM) reported Q1 adjusted earnings Friday of $1.16 per diluted share, down from $1.76 a year earlier.Analysts polled by FactSet expected $0.98.Revenue and other income for the quarter ended March 31 was $85.14 billion, compared with $83.13 billion a year earlier.Analysts polled by FactSet expected $81.13 billion.

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Oil & Energy

Chevron Upstream Gains Offset by Timing Impacts; Exxon Hit by Disruptions, RBC Says

Chevron (CVX) and ExxonMobil (XOM) are to post Q1 results this week, with consensus EPS at $1.02 and $0.94, respectively, amid war-driven market volatility, RBC Capital Markets said in a Tuesday note.Chevron could report adjusted EPS of $1.02 per share versus RBC's $0.83 estimate, while cash flow from operations may reach $6.72 billion compared with $6.26 billion forecast, RBC said.The company's upstream segment may gain $1.6 billion to $2.2 billion from stronger commodity prices, while production could range between 3.8 million and 3.9 million barrels of oil equivalent per day, RBC added.Chevron faces negative downstream timing impacts of $2.7 billion to $3.7 billion after tax due to the Middle East conflict, although these effects should reverse over time, the note said.Chevron maintains limited exposure to the Middle East, with regional liquids accounting for just over 1% of output compared with 8% for Exxon and 11% to 19% for European peers, RBC said.RBC expects Chevron may raise its share buyback guidance above the current $10 billion to $20 billion range, with consensus estimating $3.7 billion for Q2 and $13.7 billion for the full year, it said.ExxonMobil could post adjusted EPS of $0.94 per share versus RBC's $1.17 estimate, while cash flow may total $10.62 billion compared with $14.45 billion forecast, RBC said.The company reported negative timing effects of $3.5 billion to $4.9 billion, equivalent to about $0.93 per share at the midpoint, which it expects to reverse over time, the note said.Exxon expects volume disruptions in the Middle East to reduce earnings by $400 million to $800 million, with an additional $600 million to $800 million impact tied to hedged cargoes, RBC added.Upstream production could decline about 6% sequentially, although tax regimes in the Middle East may limit the overall earnings impact, the note said.RBC said Exxon has greater regional exposure, with Qatar LNG accounting for about two-thirds of its global liquefied natural gas portfolio, thereby increasing sensitivity to disruptions.Investors are focusing on damage to Middle East assets, including two LNG trains in Qatar, which may take three to five years to return to full operations, RBC said.Refining margins remain a key uncertainty, with Exxon capturing only $0 to $400 million in uplift, lower than earlier expectations, the note added.RBC set a $220 price target for Chevron based on a 10x 2027 EV/DACF multiple, while Exxon carries a $180 target using an 11x multiple, reflecting relative valuation differences, it said.The firm maintained an Outperform rating on Chevron and a Sector Perform rating on ExxonMobil, citing differing exposure to geopolitical risks and earnings visibility, the note said.Price: $188.18, Change: $+3.40, Percent Change: +1.84%

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Equities

Morgan Stanley Adjusts Price Target on Exxon Mobil to $171 From $172, Maintains Overweight Rating

Exxon Mobil (XOM) has an average rating of overweight and mean price target of $165.35, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Commodities

US LNG Capacity Set to Top 30 Bcf/d by 2030 as Expansion Wave Accelerates

The US is poised to significantly expand its dominance in the global energy market as a massive wave of new liquefaction capacity is scheduled to come online through 2031, according to ananalysis, based on US Energy Information Administration data.US export facilities are currently operating at near-peak levels, with actual exports averaging around 18 billion cubic feet per day in March 2026. This exceeds the nominal baseload capacity of roughly 15.4 Bcf/d, as terminals often run above nameplate levels.In the remainder of 2026, the industry expects to add about 2 Bcf/d of new capacity, led by QatarEnergy and Exxon Mobil (XOM) as they ramp up the first two trains at Golden Pass, which will contribute nearly 1.4 Bcf/d.Cheniere Energy (LNG) is also completing the final units at its Corpus Christi Stage 3 expansion, adding 0.6 Bcf/d. These additions are projected to bring total US nominal capacity to around 17.5 Bcf/d by year-end.The expansion accelerates in 2027, with approximately 5.4 Bcf/d of new capacity scheduled to enter service. This includes the third train at Golden Pass, adding 0.7 Bcf/d, and Venture Global (VG) commissioning Plaquemines Phase 2 in Louisiana, contributing 1.1 Bcf/d.Later in the year, two major greenfield projects are set to come online: Sempra (SRE) bringing Port Arthur Phase 1 online at 1.6 Bcf/d and NextDecade starting up the Rio Grande facility with 1.4 Bcf/d.Additional permitted increases at Plaquemines LNG and Elba Island LNG total 0.6 Bcf/d. These developments are expected to lift US capacity to about 22.9 Bcf/d by the end of 2027.Momentum carries into 2028, with an additional 2 Bcf/d of capacity additions. NextDecade is expected to complete additional units at Rio Grande, adding 0.7 Bcf/d, while Venture Global's CP2 LNG Phase 1 is slated to contribute 1.3 Bcf/d. These projects are projected to raise total US export capacity to approximately 24.9 Bcf/d by year-end.The current construction cycle is expected to culminate between 2029 and 2031, followed by another wave of expansions.Woodside Energy (WDS) is expected to add 2.2 Bcf/d from its Louisiana LNG project, alongside further expansions including Port Arthur Phase 2 at 1.6 Bcf/d, Rio Grande at 1.4 Bcf/d, and additional Venture Global capacity of 0.6 Bcf/d.Upon completion, total US LNG export capacity is forecast to exceed 30 Bcf/d, solidifying the US role as the world's leading LNG supplier.

$LNG$NEXT$SRE$VG$WDS$XOM
Commodities

Golden Pass LNG Ships First Cargo Amid Global Supply Strains, EIA Says

The Golden Pass LNG terminal shipped its first LNG cargo from Train 1, marking a key milestone for what is the 10th LNG export facility in the US, the US Energy Information Administration said on Thursday.The inaugural shipment departed on April 22, just 23 days after the facility achieved initial LNG production in March.The startup comes amid heightened geopolitical tensions affecting flows through the Strait of Hormuz, where disruptions have impacted over 10 billion cubic feet per day, roughly one-fifth of global gas supply.Golden Pass LNG is currently the only new US export terminal expected to begin shipments in 2026.The project, a 70:30 joint venture between QatarEnergy and ExxonMobil (XOM), reached a final investment decision in February 2019.Construction timelines were later extended after the lead contractor filed for Chapter 11 bankruptcy in 2024, forcing the developers to appoint a replacement to complete the project.The facility includes three liquefaction trains, each designed with a nominal capacity of 0.7 Bcf/d and a peak capacity of 0.8 Bcf/d. Once fully operational, the terminal will have a total nominal capacity of 2 Bcf/d and peak capacity of 2.4 Bcf/d.LNG plants often exceed nominal capacity in practice while remaining below peak thresholds.Upon completion, Golden Pass LNG is expected to rank as the third-largest US LNG export facility by nominal capacity, trailing Sabine Pass and Plaquemines LNG.The developers plan to bring Train 2 online in the second half of 2026, followed by Train 3 in the first half of 2027.Price: $149.74, Change: $+0.24, Percent Change: +0.16%

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Commodities

Golden Pass LNG Ships 1st Export Cargo From Texas Terminal

Golden Pass LNG, a joint venture between QatarEnergy and Exxon Mobil (XOM), launched its first liquefied natural gas export cargo on Wednesday from its terminal in Sabine Pass, Texas, the company said.This maiden voyage marks a critical step toward full commercial operations for one of North America's largest export facilities.The company noted that the construction and commissioning teams continue work on Trains 2 and 3, which will follow Train 1 into service once stable operations are established.At full capacity, the facility will export about 18 million tons of LNG annually.The massive infrastructure includes three liquefaction trains with a combined capacity of 18.1 million tons per year, five storage tanks holding 155,000 cubic meters each, and two marine berths capable of docking the world's largest LNG carriers.

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Sectors

Sector Update: Energy Stocks Advance Wednesday

Energy stocks gained Wednesday with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.2%.The Philadelphia Oil Service Sector Index climbed 1.8%, and the Dow Jones US Utilities Index shed 0.2%.Crude prices rose as Iran said it seized two container ships in the Strait of Hormuz, indicating heightened tensions even as President Donald Trump extended a ceasefire with Tehran.West Texas Intermediate crude oil rose 3.3% to $92.60 a barrel, and global benchmark Brent advanced 3.2% to $101.63 a barrel. Henry Hub natural gas futures gained 0.6% to $2.71 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 2.2 million barrels in the week ended Friday following a decrease of 5.1 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 1.9 million after a drop of 900,000 in the previous week, compared with a decrease of 2 million expected in a survey compiled by Bloomberg.In corporate news, GE Vernova (GEV) shares jumped 14% after the company reported a jump in Q1 earnings and revenue and raised its annual sales forecast.Exxon Mobil (XOM) is considering a sale of its Esso-branded gasoline station network in Hong Kong, with the assets valued at $500 million to $600 million, Bloomberg reported. Exxon shares added 0.7%.Spire (SR) agreed to sell its Mississippi local gas distribution business to Delta Utilities, which is backed by Bernhard Capital Partners, for $75 million. Spire shares fell 0.7%.The US Supreme Court on Wednesday rejected Enbridge's (ENB) motion to move a lawsuit seeking to halt the company's operation of the Line 5 pipeline from Michigan state court to federal court. Enbridge shares fell 0.1%.

$ENB$GEV$SR$XOM
Sectors

Sector Update: Energy Stocks Rise Wednesday Afternoon

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1%.The Philadelphia Oil Service Sector Index was climbing 1.3%, and the Dow Jones US Utilities Index was up 0.2%.Crude prices rose Wednesday as Iran said it seized two container ships in the Strait of Hormuz, indicating heightened tensions even as President Donald Trump extended a ceasefire with Tehran. Iran's Islamic Revolutionary Guard Corps on Wednesday reportedly announced the seizure of two tankers attempting to cross the Strait of Hormuz, a key oil chokepoint. Trump extended a two-week ceasefire deal with Tehran late Tuesday, though he said the naval blockade of Iranian ports would continue.Front-month West Texas Intermediate crude oil was rising 3.9% to $93.12 a barrel, and the global benchmark Brent crude contract was advancing 3.5% to $101.88 a barrel. Henry Hub natural gas futures rose 1.1% to $2.73 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 2.2 million barrels in the week ended April 17 following a decrease of 5.1 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 1.9 million barrels after a 900,000-barrel decline in the previous week, compared with the 2-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, GE Vernova (GEV) shares jumped past 12% after it reported Wednesday a year-over-year jump in Q1 earnings and revenue, and raised its annual revenue forecast.Exxon Mobil (XOM) is considering a sale of its Esso-branded gas station network in Hong Kong, with the assets valued at about $500 million to $600 million, Bloomberg reported. Exxon shares added 0.4%.The US Supreme Court on Wednesday rejected Enbridge's (ENB) motion to move a lawsuit seeking to halt the company's operation of the Line 5 pipeline from Michigan state court to federal court. Enbridge shares were down 0.3%.

$ENB$GEV$XOM
Commodities

Saipem Wins $150 Million Early Work Order from ExxonMobil for Guyana's Longtail Project

Italian engineering and construction company, Saipem said Tuesday that it has received a limited notice to proceed valued at about $150 million from ExxonMobil (XOM) Guyana Limited for work on the Longtail development in the Stabroek Block offshore Guyana.The award covers early engineering and procurement activities for the subsea structures, umbilicals, risers and flowlines system, to be installed in waters approximately 1,750 meters deep.The LNTP enables Saipem to begin preliminary detailed engineering and procurement while the project awaits key approvals.Full execution of the engineering, procurement, construction and installation contract, including construction and offshore installation, remains contingent on government and regulatory clearances, as well as a final investment decision by ExxonMobil Guyana and its Stabroek Block partners.If sanctioned, the full contract is expected to run for around four years, with an estimated total value ranging from $750 million to $1.5 billion.Price: $148.65, Change: $+0.29, Percent Change: +0.20%

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Sectors

Sector Update: Energy Stocks Edge Higher Premarket Wednesday

Energy stocks were edging higher premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.3%.The United States Oil Fund (USO) was down 0.5% and The United States Natural Gas Fund (UNG) was 1.4% higher.Front-month US West Texas Intermediate crude oil was 2% higher at $91.43 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.8% to $100.22 per barrel, and natural gas futures were up 2% at $2.75 per 1 million British Thermal Units.Exxon Mobil (XOM) is considering a sale of its Esso-branded gas station network in Hong Kong, with the assets valued at about $500 million to $600 million, Bloomberg News reported, citing people familiar with the matter. Shares of Exxon Mobil were 0.1% higher pre-bell.Seadrill (SDRL) shares were up 0.2% after the company said it secured two offshore drilling contracts from LLOG Exploration, a subsidiary of Harbour Energy, adding about $260 million to its backlog.

$SDRL$UNG$USO$XLE$XOM
Sectors

Sector Update: Energy

Energy stocks were edging higher premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.2%.The United States Oil Fund (USO) was down 0.6% and the United States Natural Gas Fund (UNG) was 1.1% higher.Front-month US West Texas Intermediate crude oil was 1.5% higher at $91.03 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.5% to $99.96 per barrel, and natural gas futures were up 1.5% at $2.74 per 1 million British Thermal Units.Exxon Mobil (XOM) is considering a sale of its Esso-branded gas station network in Hong Kong, with the assets valued at about $500 million to $600 million, Bloomberg reported, citing people familiar with the matter. Shares of Exxon Mobil were 0.1% higher pre-bell.

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Equities

Market Chatter: Exxon Mobil Weighs Divestment of Hong Kong Fuel Retail Business

Exxon Mobil (XOM) is considering a sale of its Esso-branded gas station network in Hong Kong, with the assets valued at about $500 million to $600 million, Bloomberg reported Wednesday, citing people familiar with the matter.The move is part of Exxon's broader effort to streamline its global retail footprint as it reviews downstream assets in markets including France, New Zealand, and Hong Kong, the report said.Exxon Mobil didn't immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Equities

Scotiabank Adjusts Price Target on Exxon Mobil to $163 From $128, Maintains Sector Outperform Rating

Exxon Mobil (XOM) has an average rating of overweight and mean price target of $165.35, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$XOM
Commodities

US Active Rig Count Slips by 1 Week Over Week, US-Focused Service Firms Perform Strongly in Q1: RBC

Baker Hughes (BKR) US active land rig count fell by one week over week to 529, RBC Capital Markets said on Monday, while the US oil land rig count was flat at 397.The gas land rig count decreased by two in the week to 125, while miscellaneous rigs increased by one. The US oil land rig count fell by four month over month, while the gas land rig count fell by six over the same period.The Permian Basin's active rig count was flat over the week at 242. That region alone has 61% of the Lower 48 rigs and 46% of total land rigs in the US.US December production, based on EIA data, was 13.2 million barrels a day, rising 1% year over year, mainly driven by rising offshore production, which climbed 12% year over year.At the same time, land production decreased by an average 111,000 barrels per day as increases in New Mexico were partially offset by reductions elsewhere.Natural gas withdrawals in the US were 132 billion cubic feet per day, up 4% and supported by gains in Louisiana and New Mexico, RBC said.The three most active drillers in the Permian Basin are Helmerich & Payne (HP), with 88 rigs and 35% of the total, Patterson-UTI Energy (PTEN) with 31 rigs and Nabors Industries (NBR) with 27 rigs.The most active Permian operators are Exxon Mobil (XOM) with 34 rigs, Occidental (OXY) with 20 and ConocoPhillips (COP) with 16.In Haynesville, the rig count fell by 1 to 55 and the three most active drillers were Helmerich & Payne with 10 rigs, Independence Contract Drilling (ICD) with 9 and Precision Drilling (PD) with 8.WTI crude stocks fell by 5% week on week, RBC said.NOV (NOV) lowered its first quarter guidance due to financial impacts from disruption in the Middle East during March. Its updated EBITDA guidance is for $177 million,RBC has downgraded NOV to sector perform it said, noting less compelling risk/reward opportunity in its shares.Stocks in RBC's coverage universe within oil and gas services have risen by 36% this year with US-focused firms outperforming those with exposure in the Middle East.

$BKR$COP$HP$NOV$OXY$PTEN$XOM
Commodities

Golden Pass LNG Set for 1st Export as Tanker Reportedly Arrives in Texas

An LNG tanker has arrived at the Golden Pass export facility in Texas to load the plant's inaugural cargo of superchilled natural gas, marking a key milestone after construction delays, news outlets reported on Monday.The Al Qaiyyah LNG tanker, owned by QatarEnergy, reportedly docked at the terminal, according to ship-tracking data.Golden Pass did not immediately respond to a request for comment from.Golden Pass said on March 30 that it had produced its first liquefied natural gas. The first shipment is expected to be delivered to Italy, Reuters reported.QatarEnergy holds a 70% stake in the project, while Exxon Mobil (XOM) holds the remaining 30%.On Monday, the facility was processing about 400 million cubic feet of gas, roughly half the 800 MMcf/d of its first liquefaction train, according to data cited by media reports. Two additional trains remain under construction.Train 1 has a capacity of 6 million metric tons per year. Based on ownership stakes, QatarEnergy is expected to receive just over 4 million tons annually, while Exxon Mobil will take just under 2 million tons.A second LNG carrier, the HL Sea Eagle, chartered by Exxon Mobil, was in the Gulf of Mexico on Monday and appeared to be heading toward Golden Pass, indicating it could load a subsequent cargo.

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Oil & Energy

Iran War Erases $50 Billion in Global Oil Revenue, Reuters Analysis Says

The Iran war has inflicted a staggering $50 billion blow to global energy revenues in just 50 days, according to a Reuters analysis released on Friday.Since the conflict erupted at the end of February, more than 500 million barrels of crude and condensate have been removed from the global market, the report noted.According to the analysis, in March alone, Gulf Arab nations lost about 8 million barrels per day of production, a volume nearly equal to the combined output of oil giants Exxon Mobil (XOM) and Chevron (CVX).The impact on refined products has been equally severe. Jet fuel exports from Saudi Arabia, Qatar, the UAE, Kuwait, Bahrain, and Oman collapsed from 19.6 million barrels in February to just 4.1 million barrels for March and April combined, it said.Global onshore inventories have fallen by 45 million barrels in April alone, while total production outages remain at roughly 12 million b/d, as per the report.The physical restoration of the region's energy infrastructure is expected to be a multi-year endeavor, it added.Price: $185.61, Change: $+1.62, Percent Change: +0.88%

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