iHub News
2月前
Energy stocks rally worldwide as oil tops $100 amid renewed Hormuz concernsApril 13, 2026 5:18 AM
IH Market News
Global oil and gas equities moved higher on Monday as crude prices climbed back above $100 per barrel, following U.S. action to restrict maritime flows linked to Iran through the Strait of Hormuz after negotiations between Washington and Tehran broke down.Brent crude rose 7.3% to $102.16 per barrel by 08:35 GMT, while U.S. benchmark West Texas Intermediate jumped around 8% to $104.24. Both contracts had closed lower at the end of last week before reversing course.The rebound in oil prices lifted energy shares across major markets. In the U.S., ExxonMobil (NYSE:XOM) and Chevron (NYSE:CVX) each gained more than 2% in premarket trading, while ConocoPhillips (NYSE:COP) advanced 3.4% and Occidental Petroleum (NYSE:OXY) rose 3.1%.In Europe, BP plc (LSE:BP.) and Shell plc (LSE:SHEL) both added around 1.4%, while TotalEnergies (EU:TTE) edged up 1.3% and Repsol (BIT:1REP) gained about 2%.U.S. President Donald Trump said on Sunday that the Navy would initiate a blockade of the Strait of Hormuz, escalating tensions after prolonged talks with Iran failed to deliver an agreement and putting a fragile two-week ceasefire at risk. He also warned that fuel costs could remain elevated through the November midterm elections.U.S. Central Command confirmed that the measure would take effect at 10 a.m. ET on Monday, targeting maritime traffic linked to Iranian ports in the Arabian Gulf and Gulf of Oman. However, vessels passing through the Strait to or from non-Iranian ports would still be allowed to transit, according to CENTCOM.The development comes shortly after a ceasefire had briefly eased tensions, reopening shipping routes through the Strait and driving oil prices sharply lower last week before the latest rebound.Rabobank energy strategist Joe DeLaura had cautioned during last week’s decline that oil markets were underestimating risks, stating that futures prices were “far too optimistic” and that there remained “so much risk to the upside” not yet reflected.“There’s permanent production loss from the shut ins in Saudi, Kuwait, UAE and Iraq. Refinery and pipeline damage plus the physical restart times, on top of the backlog of 800+ tankers trapped on the west side of the Strait,” he told Investing.com.“Brent futures seem to have a floor around $90, and I think no ceasefire (no easy opening of a mined strait of Hormuz) means that futures will eventually have to start matching physical markets around $120-130/bbl (or more!).”ExxonMobil stock priceChevron stock priceConocoPhillips stock priceOccidental Petroleum stock priceBP stock price
Original: Energy stocks rally worldwide as oil tops $100 amid renewed Hormuz concerns
iHub News
3月前
Occidental reports oil discovery at Bandit prospect in Gulf of AmericaApril 9, 2026 9:56 AM
IH Market News
Occidental Petroleum Corp. (NYSE:OXY) said it has made an oil discovery at the Bandit prospect in the Gulf of America, about 125 miles south of the Louisiana coastline. The exploration well drilled in Green Canyon Block 680 encountered oil-bearing sands from the Miocene formation.Occidental operates the prospect with a 45.375% working interest. Chevron U.S.A. Inc. holds a 37.125% stake, while Woodside Energy owns the remaining 17.5%. The partners are currently assessing the discovery to determine potential development options.According to the company, the find could be developed through subsea tie-backs to a nearby Occidental-operated facility as well as other existing infrastructure in the region.“We believe this discovery demonstrates the continued importance of the Gulf of America as a strategic source of reliable domestic oil supply that supports long-term energy security,” said Jeff Simmons, Senior Vice President, Subsurface Technology and Chief Petrotechnical Officer.The announcement comes as Occidental continues to strengthen its presence in the Gulf of America. The company has not yet provided estimates for the size of the resource or a timeline for potential development at the Bandit prospect.Occidental is a Houston-based international energy company with operations primarily in the United States, the Middle East, and North Africa. The company is engaged in the production, marketing, and transportation of oil and natural gas.Occidental Petroleum stock price
Original: Occidental reports oil discovery at Bandit prospect in Gulf of America
iHub News
3月前
Energy shares slide as oil prices drop following Iran strike delayMarch 23, 2026 9:58 AM
IH Market News
Energy stocks moved lower on Monday after crude oil prices plunged by as much as 13% following President Donald Trump’s decision to delay planned military strikes targeting Iranian power plants and energy infrastructure.Shares of Occidental Petroleum (NYSE:OXY) declined 4%, while Devon Energy (NYSE:DVN) lost 2%. Chevron (NYSE:CVX) slipped 1%, and Exxon Mobil (NYSE:XOM) dropped 1.7%.Smaller energy producers posted sharper losses. Kosmos Energy (NYSE:KOS) sank 7%, Sable Offshore (NYSE:SOC) fell 6.6%, and CVR Energy (NYSE:CVI) slid 5%. Diamondback Energy (NASDAQ:FANG) edged down 1%, while APA Corporation (NASDAQ:APA) and Cheniere Energy (NYSE:LNG) each retreated 2%.The downturn followed Trump’s announcement that he had instructed the military to postpone strikes against Iran’s electricity infrastructure. Just days earlier, the president had warned that U.S. forces would target Iran’s power plants if Tehran failed to reopen the Strait of Hormuz within a 48-hour deadline.Iran later rejected claims that any discussions had taken place with Trump, according to a report from Fars News.The sharp fall in crude prices pressured energy stocks broadly, particularly companies with significant exposure to oil production and liquefied natural gas exports, which recorded the steepest declines.Occidental Petroleum stock priceDevon Energy stock priceChevron stock priceExxonMobil stock price
Original: Energy shares slide as oil prices drop following Iran strike delay
iHub News
4月前
Energy stocks advance as oil prices surge amid Middle East tensionsMarch 2, 2026 7:49 AM
IH Market News
Shares of U.S. energy companies moved higher in premarket trading on Monday, tracking a sharp rise in crude oil prices following an escalation of conflict in the Middle East.Brent crude futures jumped as much as 13% to $82.37 per barrel — their highest level since January 2025 — before easing back to $79.39 per barrel by 08:57 GMT. U.S. West Texas Intermediate (WTI) crude reached an intraday peak of $75.33, gaining more than 12% and marking its strongest level since June.Among major oil producers, Exxon Mobil (NYSE:XOM) climbed 5.9%, while Chevron (NYSE:CVX) rose 4.1%. Oilfield technology company Baker Hughes (NASDAQ:BKR) advanced 5.6%, and ConocoPhillips (NYSE:COP) gained 6.2%.Independent exploration and production firms also posted solid gains, with SM Energy (NYSE:SM), Occidental Petroleum (NYSE:OXY), Coterra Energy (NYSE:CTRA) and Devon Energy (NYSE:DVN) rising between 6% and 7.5%.Oilfield services providers Halliburton (NYSE:HAL) and SLB (NYSE:SLB) added 5.7% and 4.3%, respectively, as higher crude prices improved the outlook for energy-sector activity.ExxonMobil stock priceChevron stock priceBaker Hughes stock priceConocoPhillips stock priceSM Energy stock priceOccidental Petroleum stock priceCoterra Energy stock priceDevon Energy stock priceHalliburton stock priceSLB stock price
Original: Energy stocks advance as oil prices surge amid Middle East tensions
iHub News
4月前
Futures tumble and oil surges as Middle East conflict intensifies — what’s driving markets: Dow Jones, S&P, Nasdaq, Wall Street FuturesMarch 2, 2026 5:35 AM
IH Market News
U.S. equity futures pointed to steep losses after large-scale airstrikes carried out by the United States and Israel against Iran heightened fears of a broader regional conflict. The escalation pushed oil prices sharply higher and triggered a flight from risk assets toward traditional safe havens such as gold. Asian equities also declined, pressured by uncertainty surrounding artificial intelligence developments and their implications for the technology sector.
Futures slide
U.S. stock futures dropped sharply on Monday as investors assessed the potential fallout from the joint U.S.-Israeli strikes on Iran and the risk that tensions could spread across the wider Middle East.As of 02:54 ET, Dow futures were down 733 points, or 1.5%, S&P 500 futures had fallen 104 points, also 1.5%, and Nasdaq 100 futures declined 463 points, or 1.9%.The coordinated strikes on Saturday targeted multiple locations across Iran and reportedly killed several senior Iranian officials, including Supreme Leader Ayatollah Ali Khamenei. U.S. President Donald Trump has called on Iranian opposition groups to overthrow the country’s long-standing governing system, although many senior U.S. officials remain doubtful that regime change is imminent, according to Reuters.Questions persist over how long Washington intends to remain engaged militarily. Trump told the New York Times that operations could continue for “four to five weeks.” He declined to outline a specific transition plan for Iran, stating he has “three very good choices” to lead the country but “won’t be revealing them now,” the New York Times reported.Iran responded with retaliatory strikes targeting locations across the Middle East, including energy-producing Gulf states. Media reports citing U.S. Central Command said three American service members were killed and five seriously injured, while Trump warned that additional casualties could occur.Signs of widening hostilities emerged as Israel struck Hezbollah targets in Lebanon, and the Wall Street Journal reported that at least one U.S. aircraft had been shot down in Kuwait.
Oil prices jump on supply fears
Oil markets rallied sharply following the escalation, amid concerns that Iran could attempt to block the Strait of Hormuz — a vital shipping route responsible for roughly one-fifth of global oil supply and about 20% of worldwide liquefied natural gas flows.By 03:24 ET, Brent crude futures had risen 10% to $80.14 per barrel, while U.S. West Texas Intermediate crude futures gained 9.3% to $73.26 per barrel.Although Tehran has not formally closed the strait, Reuters reported that shipping data shows tankers beginning to accumulate on both sides as operators grow wary of potential attacks or face difficulties securing insurance coverage.A sustained rise in oil prices could pose risks to the global economy by reigniting inflation pressures and weighing on consumer demand. If the conflict continues, prices for fuel, electricity and other energy-linked goods could increase further.“How sustained any spikes are depends on how long attacks persist,” analysts at ING said in a note to clients.“While it is still very early days and the situation is developing at a fast pace, it does not appear that this military action will be quick and short-lived,” like previous U.S.-Israeli attacks on Iran last year, they added.Some analysts cited by the New York Times noted that, despite the surge, oil prices remain within historical ranges. A prolonged global supply surplus is expected to partially offset price pressures, supported further by OPEC+ plans announced Sunday to modestly increase production next month.
Gold rallies as investors seek safety
Gold prices climbed as investors moved capital into safe-haven assets during the escalation.Spot gold rose 2.3% to $5,402.31 per ounce by 03:44 ET, while U.S. gold futures gained 3.3% to $5,418.09.“A regional spillover or disruption to energy supplies would materially boost gold through higher oil prices, increased inflation expectations and contained real yields,” the ING analysts said.Beyond geopolitical developments, markets are also preparing for a busy week of economic releases and corporate earnings. The February U.S. jobs report is due alongside results from Broadcom and Target during the first week of March.
Asian equities decline
Asian markets also moved lower, taking cues from Wall Street’s weaker finish on Friday as concerns around artificial intelligence and interest rate expectations weighed on U.S. technology stocks.Hong Kong’s Hang Seng index and Japan’s Nikkei 225 were among the region’s worst performers, falling 2.1% and 1.4%, respectively.In addition to geopolitical concerns, technology shares faced selling pressure amid uncertainty over how AI developments may reshape competitive dynamics within the sector. Software companies in particular experienced steep declines in February due to worries about intensified competition from AI-driven tools.
Berkshire Hathaway profit declines
Berkshire Hathaway (NYSE:BRK.B) reported on Saturday that fourth-quarter operating profit fell nearly 30% year on year, largely due to weaker insurance underwriting performance.In Warren Buffett’s final quarter as chief executive officer, insurance underwriting earnings more than halved to $1.56 billion, while insurance investment income declined nearly 25% to $3.07 billion.The conglomerate also recorded $4.5 billion in impairment charges related to investments in Kraft Heinz (NASDAQ:KHC) and Occidental Petroleum Corporation (NYSE:OXY).Operating earnings totaled $10.2 billion for the quarter ended December 31, compared with nearly $14.53 billion a year earlier.The results included the first shareholder letter written by Greg Abel, Buffett’s chosen successor, who acknowledged that Buffett — long regarded as one of the world’s most influential investors — was “obviously a hard act to follow.”Berkshire Hathaway stock priceKraft Heinz stock priceOccidental Petroleum stock price
Original: Futures tumble and oil surges as Middle East conflict intensifies — what’s driving markets: Dow Jones, S&P, Nasdaq, Wall Street Futures
Prudent Capitalist
1年前
Occidental Announces Further Progress on Debt Reduction
16:16:00 PM ET, 02/18/2025 - GlobeNewswire
Achieved near-term debt repayment target of $4.5 billion in the fourth quarter of 2024
Announced proceeds from $1.2 billion of divestitures signed in the first quarter of 2025 will go toward current year debt maturities
HOUSTON, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) today announced it achieved its near-term debt repayment target of $4.5 billion in the fourth quarter of 2024 and signed two agreements in the first quarter of 2025 to divest upstream assets to undisclosed buyers for a combined total of $1.2 billion.
The divestiture transactions, which are expected to close in the first quarter of 2025, include Rockies non-operated assets and Permian Basin assets not included in Occidental’s near-term development plan. The resulting proceeds will be applied to the company’s remaining 2025 debt maturities.
“We were pleased to reach the near-term deleveraging milestone in the fourth quarter of 2024, within five months of closing the CrownRock acquisition, and seven months ahead of our goal,” said President and CEO Vicki Hollub. “The transactions announced today continue to high grade our portfolio and accelerate the progress toward achieving both our medium-term balance sheet deleveraging target and shareholder return pathway.”
Occidental will continue to advance deleveraging via free cash flow and divestitures.
DiscoverGold
1年前
$OXY remains in a strong downtrend, with lower highs and lower lows. However, there's increasing buying pressure evident on the BX...
By: Peter DiCarlo | January 2, 2025
• $OXY remains in a strong downtrend, with lower highs and lower lows. However, there's increasing buying pressure evident on the BX.
Should the price break above this trend line and the BX continue to make higher highs, staying green, this might signal the beginning of a multi-month rally back up to $60.
We're still waiting for confirmation, so it's important to monitor this closely. This potential breakout could coincide with ongoing sell-offs in the S&P 500.
Read Full Story »»»
DiscoverGold
DiscoverGold
2年前
Berkshire Hathaway $BRK.B bought 19,792,770 shares of $OXY in 2024, worth a total value of over $703 million. Will his conviction pay off in 2025?...
By: TrendSpider | December 22, 2024
• Warren Buffett and Berkshire Hathaway $BRK.B bought 19,792,770 shares of $OXY in 2024, worth a total value of over $703 million.
Will his conviction pay off in 2025?
Read Full Story »»»
DiscoverGold
DiscoverGold
2年前
Occidental Petroleum (OXY) Stock Pops on Buffett Stake
By: Schaeffer's Investment Research | December 20, 2024
• Berkshire Hathaway bought up additional Occidental Petroleum shares
• The shares are rebounding from two-year lows
Shares of Occidental Petroleum Corp (NYSE:OXY) are up 4.4% at $47.36 at last glance, after Warren Buffett's Berkshire Hathaway (BRK) bought an addition 8.9 million shares in the energy producer. This is just one of the conglomerate's moves to buy stocks on the dip after the recent selloff, and Occidental is Berkshire's sixth-largest equity holding.
OXY has moved lower since breaking below support at the $50 level earlier this month, and yesterday hit a two-year low of $45.17. The stock's "oversold" condition could contribute to a rebound, per its 14-day relative strength index (RSI) of 17.5. Since the start of the year, the equity is down 21.1%.
Options traders appear to be betting on an upside as well. So far today, OXY has seen 49,000 calls exchanged -- triple the amount typically seen at this point -- in comparison to 7,653 puts. The expiring December 47 call is the most popular, followed by the 46.50 call in the same series, with positions being opened at both.
Read Full Story »»»
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