75.47 +0.48 (0.64%)
Pre-market: 6:12AM EDT
|Bid||0.00 x 3200|
|Ask||0.00 x 1000|
|Day's range||74.54 - 75.25|
|52-week range||64.65 - 87.36|
|Beta (3Y monthly)||1.15|
|PE ratio (TTM)||17.28|
|Earnings date||2 Aug 2019|
|Forward dividend & yield||3.48 (4.65%)|
|1y target est||83.86|
As oil prices get volatile, it's imperative to know integrated energy stocks' outlook. Analysts’ mean price targets for Chevron (CVX), Royal Dutch Shell (RDS.A), ExxonMobil (XOM), BP (BP), Total (TOT), and Suncor Energy (SU) suggest that SU has the highest upside potential of 36%. TOT and RDS.A follow with 32% and 29% upside potential. This […]
Production shut-in and loss of imports forced by Hurricane Barry led to the stockpile draw with the world's biggest oil consumer even as lower refinery crude runs capped the decline.
Jefferies has cut its target prices for integrated energy stocks ExxonMobil (XOM), Chevron (CVX), and Royal Dutch Shell (RDS.A).
European Union foreign ministers on Monday turned up the pressure on Turkey after approving an initial batch of sanctions against the country over its drilling for gas in waters where EU member Cyprus has exclusive economic rights.
The Zacks Analyst Blog Highlights: ConocoPhillips, Exxon Mobil, Royal Dutch Shell and Chevron
(Bloomberg) -- Exxon Mobil Corp.’s loss in a court case in Europe may translate into a gain for carbon prices in the continent’s emissions trading system.The European Union’s Court of Justice ruled that part of Exxon’s natural gas processing plant in Germany should be classified as an electricity generator, a decision that could result in a cut to its allocation of free pollution rights. Since 2013, utilities have to buy permits to pump out carbon dioxide while other industries get some or all of theirs for free.The June 20 ruling, if followed by EU governments, could mean about 3,000 factories that transfer heat or electricity to the public grid may no longer qualify for all of their allocated permits, according to analysts including Berenberg Bank’s Lawson Steele, who wrote a detailed report on the impact of the decision.“The unnerving aspect of this ruling is that this has been happening since 2013, so there’s a retrospective angle,” said Mark Lewis, global head of sustainability research at BNP Paribas SA’s asset management unit, who’s followed the market since it began. “It’s backfiring not just on Exxon, but on many companies receiving free allowances for power stations located at factories.”The ruling may drive up the cost of carbon, already trading at an 11-year high, depending on how nations react, said Bo Qin at BloombergNEF. And applying the ruling to previous years could have a significant impact, though the chance of that “appears to be very small,” said Trevor Sikorski, an Energy Aspects Ltd. analyst. Exxon said it was too soon to comment on the ruling.The European Commission wasn’t immediately available to comment on how the decision may change the way allowances are distributed.The EU’s Emissions Trading System hands out or auctions pollution permits for more than 12,000 facilities owned by utilities and industries, as well as airlines. The court’s decision, which could take months to put into action, may impact the 2020 allocation of allowances if the affected supply isn’t returned to the market, said Berenberg’s Steele.“Less free allocations equals more demand with no supply offset,” he said. There’s a chance that EU nations direct the wrongly allocated free allowances to other factories that request them rather than boost the size of auctions, he said.Carbon has jumped more than five-fold since May 2017, buoyed by EU regulations to reduce a surplus that had depressed prices for years. Reduced allocations of free allowances may mean more companies have to buy permits in the market.The court ruling stems from a case brought by Exxon, which was denied a request for additional permits on top of the 1.18 million tons of allowances it already received free for a gas plant in Germany, according to the ruling. A Berlin court now must determine whether the case can be closed or needs further discussion.The ruling's implication “is that not only Exxon, but also other companies have been receiving allowances for free that they should have been paying for,”' BNP's Lewis said. “I don’t see how a ruling by the court cannot lead to action to correct this mistake.”(Updates with comment in final three paragraphs.)To contact the author of this story: Mathew Carr in London at email@example.comTo contact the editor responsible for this story: Reed Landberg at firstname.lastname@example.org, Andrew ReiersonLars PaulssonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The value of McDermott's (MDR) latest FEED contract, which is expected within $1-$50 million, will be reflected in second-quarter 2019 backlog.
(Bloomberg) -- Barry weakened to a tropical depression but was set to cause more life-threatening floods through Monday on its march northward. Dangerous flash floods were likely across parts of central Louisiana into far southwest Mississippi on Monday morning.The storm was 80 miles west-southwest of Little Rock, Arkansas, with sustained winds of 25 miles per hour, the National Hurricane Center said in a bulletin at 5 a.m. New York time. Although little change in the strength of the storm was forecast in the next 48 hours, flash flood warnings were in place for parts of southeast Texas through much of Louisiana, Mississippi and Arkansas, as well as parts of the mid-Mississippi Valley.A couple of tornadoes were possible on Monday from the Mid-South toward the Lower Ohio Valley, according to the bulletin. The storm was expected to continue moving north at about nine miles per hour during Monday, before turning northeast by Tuesday. A heavy band of rain was affecting areas of central Louisiana into far southwest Mississippi, with as much as 10 inches of rain expected through the morning hours.With the storm now firmly ashore, some producers in the Gulf of Mexico are preparing, or have begun, to re-staff their offshore crude and natural gas platforms. Exxon Mobil Corp. said it was returning workers to its three platforms where non-essential staff were evacuated, with “minimal production impact.” BHP Group expects to return workers to its two shut assets by Monday, while Enbridge Inc. plans to return crew to an offshore natural gas platform. Their offshore and onshore facilities would have to be inspected before they can restart.Oil PlatformsChevron Corp. said it already began restarting six crude oil platforms that it shut. The U.S. Gulf of Mexico accounts for 16% of total U.S. crude oil production and less than 3% of natural gas production, according to the Energy Department. Royal Dutch Shell Plc said it was still monitoring the situation and its assets in Auger, Salsa and Enchilada remain shut-in with production in the Mars Corridor curtailed, according to a statement Sunday on its website.Barry caused nearly 73% of crude oil production in the gulf to shut -- from 70% the day before, the Bureau of Safety and Environmental Enforcement said in an update. About 62% of natural gas production was also halted.Muted Agriculture ImpactAs for agricultural products such as sugar, the storm’s effect was limited as earlier forecasts of very heavy rainfall did not materialize, said Herman Waguespack, research director of American Sugar Cane League in Louisiana.“In the sugar industry, we didn’t get the rain that was forecast.” he said.“This storm is not going to be a major event for us.”U.S. Coast Guard has re-opened the Port of New Orleans in Louisiana to marine traffic but with some restrictions. Barry, which was briefly a Category 1 hurricane as it hit the Louisiana coast, had caused the Lower Mississippi River in New Orleans to shut Friday.Port of Fourchon, also in Louisiana, said it was assessing damage and clearing debris and power lines. Some roadways are now clear. This port serves more than 90% of the region’s deepwater oil production and acts as a land base for Louisiana Offshore Oil Port (LOOP). It had declared mandatory evacuations on Friday.Louisiana’s oil refineries, which account for about 18% of total U.S. operable refining capacity, were largely spared.RefineriesPhillips 66 said its Alliance refinery was being prepared for restart Monday, after shutting it Friday. PBF Energy Inc.’s Chalmette refinery reduced production rates slightly because Barry halted new deliveries of crude, according to people familiar with operations. Exxon Mobil said its refinery and chemical plant in Baton Rouge and a storage terminal in Sorrento, La., respectively were operating normally.Entergy Louisiana LLC, the main provider in the state with a total of 1.08 million customers, reported that 25,000 remained affected. About 23,000 out of Cleco Corp.’s nearly 285,000 customers were without power.The storm storm will cause about $800 million to $900 million in damage, Chuck Watson, a disaster modeler with Enki Research in Savannah, Georgia, said on Friday.(Updates with latest weather bulletin, number of homes affected.)\--With assistance from Ann Koh, Serene Cheong, Bill Lehane and Fred Pals.To contact the reporter on this story: Sheela Tobben in New York at email@example.comTo contact the editors responsible for this story: David Marino at firstname.lastname@example.org, James Ludden, John DeaneFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Phillips 66 was preparing on Sunday to begin a restart on Monday of its southeast Louisiana refinery, which was shut because of the threat of Tropical Storm Barry, the company said. Hurricane Barry weakened to a tropical storm as it made landfall in Louisiana on Saturday, after a westward shift that appeared to spare low-lying New Orleans from the massive flooding feared earlier this week. Five of seven other refineries in southeast Louisiana drenched by Barry's passage were still in operation on Sunday, said their owners and/or sources familiar with operations at the plants.
Tropical Storm Barry slowly moved on to the Louisiana coast and quickly weakened from hurricane strength on Saturday afternoon, leaving in its wake 70 percent of U.S. Gulf of Mexico oil production shut in, the U.S. government said. One refinery was taken out of production on Friday due to the threat of flooding, while seven others in southeastern Louisiana remain in operation on Saturday, the companies and sources familiar with plant operations said. The Louisiana Offshore Oil Port, the only U.S. location loading and offloading giant oil tankers, was operating normally on Saturday, a spokesman said.
Income investors love high-yield stocks, but you need to be on the lookout for dividend cuts. Here are some clues that there's trouble brewing.
While China's efforts to increase output may offset production decline from aging oilfields, it is not likely to reduce its dependence on foreign oil and gas imports.
Tropical Storm Barry is expected to bring heavy rain and cause dangerous flooding across southeastern Louisiana.
The Strait of Hormuz, where the BP-operated oil tanker was "harassed," is touted as the most important global passageway for transporting crude.
Gas production limits have become a sensitive issue in the Netherlands as the country tries to reduce production at its large Groningen gas field that has caused damaging earthquakes. Prosecution spokeswoman Marieke van der Moolen confirmed a report by regional broadcaster RTV Drente that investigations in several locations were ongoing and were taking place in collaboration with the country's State Supervisor of Mines. NAM NV, the joint venture between Royal Dutch Shell and ExxonMobil that operates the Groningen and other fields, said in a statement on Friday that production at smaller fields generally started at its maximum level and fell over several years until output dwindled and was halted.