By Arunima Kumar (Reuters) -Top U.S. refiner Marathon Petroleum beat first-quarter profit estimates on Tuesday, as demand for refined products remained at high levels and global fuel supplies tightened due to refinery maintenance activities and disruptions in Russia. The refiner also announced a $5 billion increase to its share repurchase authorization. Heavy refinery maintenance work […]
JUNEAU, Alaska (AP) — The Biden administration said Friday it will restrict new oil and gas leasing on 13 million acres (5.3 million hectares) of a federal petroleum reserve in Alaska to help protect wildlife such as caribou and polar bears as the Arctic continues to warm. The decision — part of an ongoing, yearslong […]
If you own a stake in Occidental Petroleum (NYSE: OXY), then you probably already know Warren Buffett’s also a fan. Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) owns nearly 244 million shares of the oil and gas giant… a position that’s been steadily added to since 2019 and is now worth a total of $14.5 billion. […]
Occidental Petroleum (NYSE: OXY) is reportedly exploring a sale of its stake in Western Midstream Partners (NYSE: WES). The oil giant owns nearly half of the master limited partnership (MLP). A sale would enable it to quickly repay the debt it will incur by acquiring CrownRock. Here’s a look at why Occidental wants to cash […]
(Reuters) -U.S. oil and gas producer Occidental Petroleum beat estimates for fourth-quarter profit on Wednesday, aided by higher production in the Permian basin and Rocky mountains. U.S. crude oil production has been on the rise, as companies focus on the most prospective sites and drilling efficiency. The company reported fourth-quarter production of 1.234 million barrels […]
The petroleum industry in Texas had an unusual year in 2023: it produced more crude oil and natural gas in the state’s history, but declining exploration and production indicators could be sending a different message about the future. The Texas Petro Index, a monthly measure of growth rates and cycles in the Texas upstream economy, […]
Berkshire Hathaway‘s (NYSE: BRK.A) (NYSE: BRK.B) 2022 re-entry into a position in oil giant Occidental Petroleum (NYSE: OXY) wasn’t exactly expected. But investors didn’t balk, either. Warren Buffett’s owned plenty of energy stocks in the past, after all, and there’s no denying the world remains dependent on crude oil. Buffett and his acolytes’ decision to […]
When Warren Buffett invests in a business, the market generally views it as a huge vote of support for that business. Occidental Petroleum (NYSE: OXY) can vouch for that claim following Berkshire Hathaway‘s investment in its stock. The Oracle of Omaha also provided pivotal support for the energy company’s acquisition of Anadarko Petroleum, which it […]
(Bloomberg) — APA Corp. agreed to acquire shale explorer Callon Petroleum Co. for $2.6 billion, the latest in a wave of deals reshaping the US oil landscape. Most Read from Bloomberg The all-stock transaction equates to $38.31 per share for Callon and has been unanimously approved by both boards of directors, the companies said in […]