iShares U.S. Oil & Gas Exploration & Production ETF (BATS: IEO)

最新ニュース iShares U.S. Oil & Gas Exploration & Production ETF (BATS:IEO)

iShares U.S. Oil & Gas Exploration & Production ETF

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The Fund seeks to track the investment results of the Dow Jones U.S. Select Oil Exploration & Production Index the Underlying Index, which measures the performance of the oil exploration and production sector of the U.S. equity market, as defined by S&P Dow Jones Indices LLC; the Index Provider or SPDJI. The Underlying Index may include large, mid or small capitalization companies.

Conocophillips Hldg Co

Eog Resources Inc

Marathon Petroleum Corp.

Phillips 66

Valero Energy Corp.

Hess Corp.

Diamondback Energy, Inc.

Devon Energy Co

Eqt Corp

Coterra Energy Inc

iShares US Oil & Gas Exploration & Production ETF

Marathon Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>) shares are trading higher on Wednesday. Scotiabank analyst Paul. Y. Cheng, with a Sector Outperform rating and a $170 price target, shared views on third-quarter<a target="_blank" href="https://www.benzinga.com/quote/MPC/analyst-ratings" rel="noreferrer noopener"> results reported yesterday</a>.
On Tuesday, Marathon Petroleum reported revenue of $35.4 billion, topping estimates. Adjusted EPS<a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/41744366/marathon-petroleum-q3-earnings-outpaces-expectations-powers-up-shareholder-rewards-more" rel="noreferrer noopener"> was $1.87 vs. $0.98 expected</a>.
Marathon Petroleum expects&nbsp;fourth-quarter Refining operating costs per barrel of&nbsp;$5.50 and&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">Refinery throughputs of 2,880 mbpd</a>.&nbsp;
The analyst expects results to positively impact near-term share price performance, with refining operations performing strongly. Throughput, unit cost, margin capture, and turnaround expenses all exceeded expectations.
Cheng notes robust commercial operations and efficient turnaround execution were key contributors to the beat.
This marks the second consecutive quarter of better-than-expected margin capture, which could renew the shares&#8217; momentum, adds the analyst.
However, Cheng says that the fourth-quarter outlook is weaker than anticipated, with throughput outlook below their previous estimate of 2,970 mbbl/d.
The Mid-Con region is expected to underperform relative to their expectations, adds the analyst.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and&nbsp;VanEck Oil Refiners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>).
Price Action: MPC shares are up 3.49% at $154.78 at the last check Wednesday.
Photo by Ground Picture on Shutterstock
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CRAK

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

Marathon's Q3 Performance Surges Above Forecasts, But Analyst Flags Caution On Mid-Con Outlook For Q4

Marathon Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>) shares are trading higher after its&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n41740316/marathon-petroleum-corp-reports-third-quarter-2024-results" rel="noreferrer noopener">third-quarter results</a>.
Total revenues and other income of&nbsp;$35.4 billion&nbsp;topped the consensus of&nbsp;$32.8 billion.
Adjusted EBITDA was&nbsp;$2.49 billion&nbsp;for the quarter, compared with&nbsp;$5.71 billion in prior year quarter. Refining operating costs per barrel were&nbsp;$5.30&nbsp;versus&nbsp;$5.14&nbsp;a year ago.&nbsp;
Read: <a target="_blank" href="https://www.benzinga.com/news/24/11/41725310/marathon-petroleum-q3-earnings-preview-can-strong-sales-volume-offset-rising-costs" rel="noreferrer noopener">Marathon Petroleum Q3 Earnings Preview: Can Strong Sales Volume Offset Rising Costs?</a>
Refining &amp; Marketing refined product sales volume for the quarter was 3,685 mbpd&nbsp;(vs. 3,596 mbpd a year ago); Crude oil capacity utilization was&nbsp;94% (flat year over year).&nbsp;&nbsp;
Refining&nbsp;&amp; Marketing segment adjusted EBITDA declined to&nbsp;$1.053 billion from&nbsp;$4.373 billion a year ago due to lower market crack spreads.
Adjusted EPS for the quarter was&nbsp;$1.87,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">above the consensus of&nbsp;$0.98</a>.
As of September-end, Marathon Petroleum had&nbsp;$5.1&nbsp;billion&nbsp;of&nbsp;cash, cash equivalents,&nbsp;and&nbsp;short-term investments and&nbsp;$5 billion&nbsp;available&nbsp;on&nbsp;its bank revolving credit facility.
In the&nbsp;third quarter, the company returned around&nbsp;$3.0&nbsp;billion&nbsp;to shareholders, including&nbsp;$2.7&nbsp;billion&nbsp;in share repurchases and&nbsp;$273&nbsp;million&nbsp;in dividends. Through&nbsp;October 31, the company bought back an additional&nbsp;$0.5 billion&nbsp;of shares.
Additionally, the company&#8217;s board approved an incremental&nbsp;$5 billion&nbsp;share repurchase authorization. With the addition of this new authorization, Marathon Petroleum has&nbsp;$8.5 billion&nbsp;available under its share repurchase authorizations.&nbsp;
On&nbsp;October 30, the company increased its quarterly dividend to&nbsp;$0.91&nbsp;per share. The dividend is payable&nbsp;on December 10 to shareholders of record on&nbsp;November 20.&nbsp;&nbsp;&nbsp;
Outlook: Marathon Petroleum expects&nbsp;fourth-quarter Refining operating costs per barrel of&nbsp;$5.50 and&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">Refinery throughputs of 2,880 mbpd</a>.&nbsp;
Marathon Petroleum owns the general partner and majority limited partner interest in&nbsp;MPLX LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPLX#NYSE">MPLX</a>), which reported&nbsp;third-quarter earnings per limited partner unit of&nbsp;$1.01, missing the consensus of&nbsp;$1.07, and revenues&nbsp;of&nbsp;$2.97 billion,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n41740434/mplx-lp-reports-third-quarter-2024-financial-results" rel="noreferrer noopener">missing the consensus of&nbsp;$3.09 billion</a>.&nbsp;MPLX returned&nbsp;$949 million of capital to unitholders in the quarter.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and&nbsp;VanEck Oil Refiners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>).
Price Action: MPC shares are up 2.80% at $149.00 premarket at the last check Tuesday.
Photo via Shutterstock
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</ul>

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Marathon Petroleum Q3 Earnings: Outpaces Expectations, Powers Up Shareholder Rewards & More

Analysts expressed views on ConocoPhillips&#8217; (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) <a target="_blank" href="https://www.benzinga.com//node/41653155" rel="noreferrer noopener">mixed third-quarter results.</a>
On Thursday, ConocoPhillips reported an adjusted EPS of $1.78, beating estimates; revenue of $13.6 billion vs. $14 billion expected.
The company boosted its quarterly dividend by 34% to $0.78/share. The company raised the&nbsp;outlook&nbsp;for FY24 production to 1.94-1.95 <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">MMBOED (from 1.93 to 1.94 MMBOED)</a>.
Truist Securities analyst Neal Dingmann expects pro forma FCF to rise substantially due to strong organic performance and additional cash flow from Marathon Oil. The analyst reiterated the <a href="https://www.benzinga.com/quote/cop/analyst-ratings">Buy rating and $138 price target on COP.</a>
With stable prices, ConocoPhillips could potentially repurchase nearly all shares issued to MRO within 6-7 quarters, assuming the dividend remains steady and debt repayment is deprioritized, given the company&#8217;s strong balance sheet, adds the analyst.
The analyst says that ConocoPhillips&#8217; FCF is anticipated to be driven by a balanced portfolio, including Lower 48 activities, LNG projects, and Alaskan operations.
Dingmann revised EBITDAX estimates to $24.988 billion (from $24.719 billion) vs. consensus of $24.443 billion for 2024 and $33.208 billion (from $33.745 billion) vs. estimate of $27.939 billion for 2025.
Scotiabank analyst Paul Y.Cheng expects ConocoPhillips&#8217; (Sector Perform, $115 price target) third-quarter 2024 results to positively influence its near-term share price performance.
The analyst estimates adjusted EPS of $7.40 and EBITDA of $22.912 billion in 2024.
Investors can gain exposure to the COP stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: COP shares are down 1.66% at $107.71&nbsp;at the last check Thursday.
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</ul>

OILT

ConocoPhillips-Marathon Synergy Will Boost Free Cash Flow And Stock Buyback: Analyst

ConocoPhillips&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) shares are trading higher after the company released&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41648660/conocophillips-announces-third-quarter-2024-results-increases-quarterly-ordinary-dividend-and-exis" rel="noreferrer noopener">third-quarter results</a>.
Here's a breakdown of the&nbsp;report.
<ul>
<li>Revenue of $13.604 billion missed the consensus of $14.018 billion</li>
<li>Adjusted EPS of $1.78<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">, beating the consensus of $1.64</a>. </li>
<li>Operating cash flow stood at $5.8 billion.</li>
<li>$2.9 billion of capital expenditures and investments funded.</li>
<li>$0.9 billion in ordinary dividends and VROC paid.</li>
<li>Repurchased $1.2 billion of shares.</li>
<li>Quarter ended with $7.1 billion in cash and short-term investments and $1.0 billion in long-term investments.</li>
</ul>
Dividend boost: ConocoPhillips raised the quarterly dividend per share by&nbsp;34%&nbsp;to&nbsp;$0.78,&nbsp;payable on December 2, 2024, to stockholders of record as of November 11, 2024.
The Board approved an increase to the company&#8217;s existing share repurchase authorization by up to&nbsp;$20 billion.
Production: The company produced 1,917 thousand barrels of oil equivalent per day (MBOED). That's an increase of 111 MBOED from the same period a year ago.
Lower 48 production averaged 1,147 MBOED, which includes 781 MBOED from the Permian, 246 MBOED from the Eagle Ford, and 107 MBOED from the Bakken assets.
The average realized price fell 10% Y/Y to&nbsp;$54.18 per barrel of oil equivalent (BOE).
<a target="_blank" href="https://static.conocophillips.com/files/resources/3q24-earnings-release-deck.pdf" rel="noreferrer noopener">Outlook</a>: ConocoPhillips projects&nbsp;third-quarter&nbsp;production of 1.99-2.03 million barrels of <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">oil equivalent per day (MMBOED)</a>.
The company raised the&nbsp;outlook&nbsp;for FY24 production to 1.94-1.95 MMBOED (from 1.93 to 1.94 MMBOED).
ConocoPhillips reiterated capital expenditures<a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40099637/mixed-bag-for-conocophillips-q3-production-gains-amidst-earnings-pressure" rel="noreferrer noopener"> guidance&nbsp;at about&nbsp;$11.5 billion</a>.
Ryan Lance, chairman and chief executive&nbsp;officer, said, &#8220;We still anticipate closing the planned acquisition of Marathon Oil this quarter and expect to significantly exceed our initial $500 million synergy guidance.&#8221;
Investors can gain exposure to the COP stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: COP shares are up 2.95% at $106.02 premarket at the last check Thursday.
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</ul>

ConocoPhillips Q3 Earnings: EPS Beat, Dividend Boost, Buyback Expansion & More

Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) shares are trading lower on Tuesday after it <a href="https://www.benzinga.com/pressreleases/24/10/b41595218/strong-portfolio-and-strategic-priorities-support-phillips-66-third-quarter-results" target="_blank" rel="noreferrer noopener">reported third-quarter FY24 results</a>.
Midstream segment adjusted pre-tax income stood at&nbsp;$672 million, vs. $753 million in the&nbsp;second quarter of FY24, owing to seasonal maintenance costs and lower equity earnings.
The Chemicals segment adjusted pre-tax income&nbsp;stood at&nbsp;$342 million versus&nbsp;$222 million in the prior quarter, led by higher margins and lower costs.
The Refining segment adjusted pre-tax income&nbsp;stood&nbsp;at&nbsp;$(67) million versus&nbsp;$302 million in the prior quarter due to weak realized margins on lower market crack spreads.
The Marketing&nbsp;and Specialties segment adjusted pre-tax income rose to&nbsp;$583 million from&nbsp;$415 million&nbsp;in the prior&nbsp;quarter on higher margins.
Adjusted EPS of&nbsp;$2.04 topped&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;$1.66</a>.
The company reported refining operations with&nbsp;94% crude capacity utilization and 87% clean product yield.
Phillips 66 reported operating cash flow, excluding working capital impacts, of&nbsp;$1.51 billion.&nbsp;
As of September 30, the company reported cash and cash equivalents of $1.6 billion, along with $5.3 billion in committed credit facility capacity.
Since July 2022, the company has distributed $12.5 billion through share repurchases and dividends and is on pace to achieve its $13 billion to $15 billion target by year-end.
Phillips 66 achieved&nbsp;$1.4 billion in run-rate cost savings in the quarter.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and&nbsp;VanEck Oil Refiners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>).
Price Action: PSX shares are down 1.75% at $126.63 at last check Tuesday.
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</ul>
Photo: Shutterstock

Phillips 66 Posts Strong Q3 Results With Marketing, Chemicals Driving Gains

On October 16, 2024, a <a target="_blank" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001534701/3df56b67-5120-4199-98ee-dbd923ca2748.pdf" rel="noreferrer noopener">jury</a> returned a verdict against Phillips 66 Company, a wholly owned subsidiary of Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>)<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">, in a lawsuit brought by </a><a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">Propel Fuels Inc</a><a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">.</a>
In the lawsuit, Propel Fuels alleged that Phillips 66 misappropriated trade secrets related to its renewable fuels business.
The jury awarded Propel Fuels $604.9 million in compensatory damages. The case is currently in the Superior Court of the State of California, Alameda County, and the Court has not yet entered a judgment, as several post-trial motions are still pending.
Phillips 66 Company, however, has denied any wrongdoing and intends to vigorously defend its position while evaluating all of its legal options.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, PSX stock has gained over 16% in the past year.
Also Read: <a target="_blank" href="https://benzinga.com/news/earnings/24/10/41377257/wall-street-poised-to-open-higher-as-tsmc-earnings-expected-to-kick-off-rally-in-tech-stocks-strate" rel="noreferrer noopener">Wall Street Poised To Open Higher As TSMC Earnings Expected To Kick Off Rally In Tech Stocks: Strategist Says AI Trade Will Have Legs Even In Case Of Recession In 2025</a>
Investors can gain exposure to the stock via&nbsp;VanEck Oil Refiners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>) and&nbsp;iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
In a press release yesterday, the firm announced plans to cease operations at its Los Angeles-area refinery in the fourth quarter of 2025 and will work with the state of California to supply fuel markets and meet <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41368058/phillips-66-provides-notice-of-its-plan-to-cease-operations-at-los-angeles-area-refinery" rel="noreferrer noopener">ongoing consumer demand.</a>
&#8220;We understand this decision has an impact on our employees, contractors and the broader community,&#8221; said Mark Lashier, chairman and CEO of Phillips 66. &#8220;We will work to help and support them through this transition.&#8221;
Approximately 600 employees and 300 contractors currently operate the Los Angeles-area refinery, the company said.
Price Action: PSX shares are trading higher by 0.16% to $132.52 premarket at last check Thursday.
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</ul>

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What's Going On With Phillips 66 Stock Today?

Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) shares are trading lower on Tuesday. On Monday, The company finalized an agreement to sell its 49% stake in Coop Mineraloel AG (CMA) to its Swiss joint venture partner for 1.06 billion <a href="https://www.benzinga.com/pressreleases/24/10/b41320726/phillips-66-announces-agreement-to-sell-interest-in-switzerland-based-joint-venture" target="_blank" rel="noreferrer noopener">Swiss francs (about $1.24 billion)</a>.
The deal includes a 1 billion Swiss franc sale price (around $1.17 billion) and a dividend of 60 million Swiss francs (roughly $70 million) for FY 2024, to be paid before or at closing.
The proceeds from the sale is expected to support Phillips 66&#8217;s strategic priorities, including shareholder returns.
The transaction requires approval from the Swiss Competition Commission and is expected to close in Q1 2025.
The sale price is subject to adjustments based on the dividend amount.
&#8220;This transaction marks significant progress in delivering on our commitment of over $3 billion in divestitures,&#8221; said Mark Lashier, chairman and CEO of Phillips 66.
The company plans to report third-quarter 2024 financial <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">results on Oct. 29</a>.
Investors can gain exposure to the stock via VanEck Oil Refiners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>) and iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: PSX shares are down 1.78% at $133.01 premarket at last check Tuesday.
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</ul>
Photo: Shutterstock

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Why Oil & Gas Company Phillips 66 Shares Are Falling On Tuesday?

Trump-Era White House national security advisor, John Bolton, has called on Israel to target Iran&#8217;s nuclear program, despite worldwide appeals for moderation following Iran&#8217;s recent missile attack.
What Happened: Bolton said on X on Monday, &#8220;The Israeli government should consider retaliating against Iran by going after its nuclear weapons program.&#8221;
&#8220;Iran having nuclear weapons directly threatens Israel&#8217;s national security as well as America&#8217;s.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The Israeli government should consider retaliating against Iran by going after its nuclear weapons program. Iran having nuclear weapons directly threatens Israel&#39;s national security as well as America&#39;s. <a href="https://t.co/Eld6ErQhn2">https://t.co/Eld6ErQhn2</a>
&mdash; John Bolton (@AmbJohnBolton) <a href="https://twitter.com/AmbJohnBolton/status/1845953227864658312?ref_src=twsrc%5Etfw">October 14, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
He shared an <a href="https://globalnews.ca/news/10808015/israel-iran-nuclear-program-john-bolton/">article</a> from Canada&#8217;s Global News in which he was quoted as saying, &#8220;I think that's the point where Israel can have the maximum impact, precisely by going after the nuclear weapons program.&#8221; The former U.S. official said that there was &#8220;no guarantee&#8221; that Israel would have another opportunity that was as good.
In an interview with Mercedes Stephenson on The West Block, Bolton underscored the need for Israel to prevent Iran&#8217;s next attack from involving a nuclear warhead, according to the report.
&#8220;If you're Israel, and you've seen in both the April attack from Iran and the Oct. 1 attack hundreds of ballistic missiles launched at you, you could have no confidence that the next time you see a ballistic missile coming from Iran, that under its nose cone it might not have a nuclear weapon.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/10/41303750/elon-musks-new-cybercab-does-not-have-stainless-steel-exterior-panels-like-cybertruck-despite-other?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s New Cybercab Does Not Have Stainless Steel Exterior Panels Like Cybertruck Despite Other Resemblances, Says Tesla Engineer: &#8216;Mass And Cost…Is Undesirable&#8217;</a>
Why It Matters: Bolton has previously <a href="https://www.benzinga.com/news/24/10/41199882/trump-era-nsa-john-bolton-calls-for-regime-change-in-iran-hope-israels-actions-are-beginning-of-the">advocated for regime change in Iran</a> and has criticized Iran&#8217;s role in attacks on Israeli civilians. His latest call for action comes after Israeli Prime Minister Benjamin Netanyahu <a href="https://www.benzinga.com/news/24/10/41321699/oil-prices-drop-after-netanyahu-says-israel-will-attack-military-not-oil-or-nuclear-targets-in-iran">expressed willingness to strike military targets</a> rather than oil or nuclear facilities in Iran. This decision was seen as a move to avoid political interference in the U.S. elections and to prevent a surge in energy prices.
However, experts have warned that any Israeli military action targeting Iranian facilities could <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41309234/israels-attack-on-iran-would-rattle-the-nerves-of-oil-market-says-expert">significantly impact global oil prices</a> and lead to potential disruptions in the energy markets. This adds another layer of complexity to the already tense geopolitical situation.
Notably oil prices fell on Monday after Netanyahu said that Israel will not target Iran&#8217;s oil or nuclear targets.At the time of writing WTI Crude November 2024 futures traded 2.9% lower at $71.70. ICE Brent Crude December 2024 futures were down 2.8% at $75.28.
The United States Oil Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) ended Monday lower by 2% at $75.93 while the iShares US Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) closed 1.1% lower at $96.03.
Image via Flickr/ Gage Skidmore
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Politics

John Bolton Says Israel Should Strike Iran By 'Going After Its Nuclear Weapons Program' — Tehran's Nukes Threaten America's Security

Oil prices continue to rise on Wednesday, adding to gains driven by potential supply disruptions in the Middle East and fresh warnings out of the Organization of the Petroleum Exporting Countries and its allies, <a href="https://www.benzinga.com/topic/oil">known as OPEC+</a>.
What To Know: Prince Abdulaziz bin Salman, the oil minister of Saudi Arabia, has warned that prices could fall to $50 per barrel if global oil producers don&#8217;t comply with production curbs, according to a <a href="https://www.wsj.com/business/energy-oil/saudi-minister-warns-of-50-oil-as-opec-members-flout-production-curbs-216dc070?mod=hp_lead_pos4">report</a> from the Wall Street Journal. 
The report indicates the Saudi oil minister&#8217;s comments are being viewed as a threat that Saudi Arabia is willing to start a pricing war to help maintain its market share.
Oil prices had been in decline before jumping this week amid <a href="https://www.benzinga.com/news/global/24/10/41126038/iran-attacks-israel-with-missiles-middle-east-tensions-escalates-s-p-500-stocks-bitcoin-fall-as-oil" target="_blank" rel="noreferrer noopener">rising Middle East tensions</a>. Iran launched an attack on Israel Tuesday following the recent killing of Hezbollah leader Hassan Nasrallah, reportedly firing between 100 and 200 missiles toward Israel.
Brent Crude futures, the international benchmark, climbed as much as 5% on Tuesday before pulling back and finishing the day up about 2.4%. Brent Crude futures were up 2.75%, trading around $75.50 at the time of writing Wednesday, while front-month&nbsp;WTI Crude futures were up 3.06%, hovering around $72. 
Saudi Arabia reportedly needs prices to be at least $85 per barrel in order to help fund its planned economic transformation. 
The rising tensions in the Middle East are also likely to push up prices of U.S. gasoline. According to an ABC News <a href="https://abcnews.go.com/Business/rising-oil-prices-after-iran-strike-increase-us/story?id=114394795">report</a>, drivers could see prices at the pump rise between 10 cents and 15 cents per gallon.
The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) was up 2.7% at $74.06 and the IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) was up 2.24% at $93.50 at last check. The SPDR Energy Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) was up 1.25% at $90.93 at the time of writing.
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41140501/exxon-mobil-chemed-las-vegas-sands-and-more-on-cnbcs-final-trades">Exxon Mobil, Chemed, Las Vegas Sands And More On CNBC&#8217;s &#8216;Final Trades&#8217;</a>
Here&#8217;s a look at some of the energy stocks making moves Wednesday morning:
<ul>
<li>Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) up 1.77% at $122.02.</li>
</ul>
<ul>
<li>Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) up 1.44% at $151.82.</li>
</ul>
<ul>
<li>ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) up 1.62% at $111.23.</li>
</ul>
<ul>
<li>Schlumberger N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) up 1.52% at $43.79.</li>
</ul>
<ul>
<li>Hess Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) up 1.75% at $141.39.</li>
</ul>
<ul>
<li>BP P.L.C. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) up 1.54% at $32.59.</li>
</ul>
<ul>
<li>Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) up 2.11% at $68.18.</li>
</ul>
Analysts React: OPEC is set to hold an online Joint Ministerial Monitoring Committee meeting on Wednesday that the market will be watching closely, Roth MKM analysts said in a note. OPEC members are expected to discuss whether to ease production curbs in December.
The Roth MKM analysts also highlighted oil inventory data that is positive for oil prices and noted that oil is likely to continue trading higher on Wednesday. 
Analysts at Truist Securities and Jefferies highlighted other opportunities given the elevated global threat environment. Jefferies highlighted opportunity in the tanker market as the Middle East conflict raises risk premiums on the energy market, and Truist analysts said they expect the intensifying conflict to ultimately translate into bookings and backlog growth for the U.S. defense industry overall.
Read Next:
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</ul>
Photo: Shutterstock.

Sector ETFs

Commodities

Global

ETFs

SHEL

Oil Prices Spike, Energy Stocks Jump After Iran's Missile Attack On Israel: What Investors Need To Know

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/10/01/final-trades-exxon-chemed-las-vegas-sands-and-the-ieo.html">Halftime Report Final Trades</a>,&#8221; Joshua Brown of Ritholtz Wealth Management picked iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEO#NYSE">IEO</a>) saying oil stocks are his hedge against <a href="https://www.benzinga.com/news/global/24/10/41126038/iran-attacks-israel-with-missiles-middle-east-tensions-escalates-s-p-500-stocks-bitcoin-fall-as-oil">escalating conflict with Iran</a>.
Jim Lebenthal of Cerity Partners said Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) is having a great year and is 3% away from its all-time high.
Exxon Mobil&#8217;s asset sale deal with Seplat Energy in Nigeria could be approved soon. On Tuesday, Nigeria's President, Bola Ahmed Tinubu, said, "As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the <a href="https://www.benzinga.com/markets/equities/24/10/41120426/exxonmobils-1-28b-nigerian-asset-sale-deal-nears-completion">Petroleum Industry Act, PIA."</a> 
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Kari Firestone of Aureus Asset Management named Chemed Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHE#NYSE">CHE</a>) as her final trade.
Chemed will release financial results for the third quarter ended Sept. 30 on Tuesday, Oct. 29, after the closing bell on the New York Stock Exchange.
Stephanie Link of Hightower picked Las Vegas Sands Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LVS#NYSE">LVS</a>), a China play.
On Oct. 1, Wells Fargo analyst Daniel Politzer maintained Las Vegas Sands with an Overweight rating and raised the price target from $53 to $60.
Price Action:
<ul>
<li>iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF gained 2.2% during Tuesday's session.</li>
<li>Exxon Mobil shares gained 2.3% to settle at $119.93 on Tuesday.</li>
<li>Chemed shares fell 1.4% to close at $592.79 during Tuesday's session.</li>
<li>Las Vegas Sands shares gained 3% to close at $51.83 on Tuesday.</li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/09/41102060/jim-cramer-hand-picks-these-3-stocks-to-ride-the-crest-of-the-chinese-stimulus-frenzy">Jim Cramer Hand Picks These 3 Stocks To Ride The Crest Of The Chinese Stimulus Frenzy</a></li>
</ul>
Image: Shutterstock

Long Ideas

Media

Exxon Mobil, Chemed, Las Vegas Sands And More On CNBC's 'Final Trades'

CNBC Halftime Report Final Trades: Exxon Mobil, Chemed, Las Vegas Sands, iShares U.S. Oil & Gas Exploration & Production ETF

ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) extended the partnership with Uniper, securing up to 10 billion cubic meters of natural gas for Northwest Europe over the <a target="_blank" href="https://www.uniper.energy/news/uniper-and-conocophillips-extend-long-term-gas-supply-partnership-in-northwest-europe" rel="noreferrer noopener">next </a>ten years.
Uniper provides municipal utilities and industrial clients with a diverse gas portfolio, including pipeline gas, LNG, and storage. It is enhancing energy security in Europe while transitioning to greener options like hydrogen and biomethane for decarbonization.
Khoa Dao, CCO ConocoPhillips, stated, &#8220;This agreement will further advance our growing LNG portfolio marketing efforts and help to ensure placement of vital gas supply into Europe.&#8221;
Carsten Poppinga, CCO Uniper, said, &#8220;We are excited to announce this significant deal, which is not only a great success for Uniper but also of central importance to energy security. This deal aims to enable us to sustainably strengthen the supply of gas in Germany and Europe on a long-term basis.&#8221;
Last month, ConocoPhillips reported second-quarter FY24 adjusted EPS of $1.98, beating the consensus of $1.96 and revenue of $14.136 billion, <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40099637/mixed-bag-for-conocophillips-q3-production-gains-amidst-earnings-pressure" rel="noreferrer noopener">which missed expectations of $14.919 billion</a>.
The company expects FY24 production of 1.93 to 1.94 MMBOED and capital <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">expenditures guidance of about $11.5 billion</a>.
Investors can gain exposure to the COP stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>) and&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: COP shares are up 0.11% at $110.67 premarket at the last check Friday.
Read Next:
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<li><a href="https://www.benzinga.com/markets/asia/24/08/40553739/oil-prices-rally-as-middle-east-tensions-rise-libya-warns-of-potential-production-halt-10-energy-sto" target="_blank" rel="noreferrer noopener">Oil Prices Rally As Middle East Tensions Rise, Libya Warns Of Potential Production Halt: 10 Energy Stocks On The Move Monday</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Contracts

ConocoPhillips, Uniper Ink 10-Year Gas Supply Deal

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/09/17/final-trades-micron-the-ieo-and-the-iyr.html">Halftime Report Final Trades</a>,&#8221; Bill Baruch of Blue Line Capital named Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), saying all the <a href="https://www.benzinga.com/quote/MU/analyst-ratings">bad news is fleshed out</a>.
On Sept. 16, Morgan Stanley analyst Joseph Moore maintained Micron Technology with an Equal-Weight rating and lowered the price target from $140 to $100.
Micron on Tuesday announced the availability of the Crucial P310 2280 Gen4 NVMe solid-state drive (SSD) which expands Micron's P310 portfolio to address PCs, laptops and PlayStation 5. The company said a version with a heatsink will be released in the coming months, suited for use with PlayStation 5 and desktop gaming PCs.
"Micron's Crucial P310 2280 SSD delivers blazing fast gaming-level speeds, allowing users to do it all faster — from gaming to booting Windows to running multiple creative apps at the same time — without compromising on quality," said Jonathan Weech, senior director of product marketing for <a href="https://www.benzinga.com/news/24/09/40903705/whats-going-on-with-microns-stock">Micron's Commercial Products Group</a>.
Shannon Saccocia of NB Private Wealth picked iShares U.S. Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYR#NYSE">IYR</a>), saying rates are coming down.
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Josh Brown of Ritholtz Wealth Management named iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEO#NYSE">IEO</a>) as his final trade. The S&amp;P Energy sector is trading at 10 times forward earnings and one times sales.
Price Action:
<ul>
<li>Micron gained 1.8% to close at $88.73 during Tuesday's session.</li>
<li>iShares U.S. Real Estate ETF fell 0.8% on Tuesday.</li>
<li>iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF gained 1.8% during Tuesday's session.</li>
</ul>
Check This Out: 
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<li><a href="https://www.benzinga.com/24/09/40898216/cramer-hewlett-packard-is-a-very-inexpensive-stock-likes-this-big-tech-stock">Cramer: Hewlett Packard Is A &#8216;Very Inexpensive&#8217; Stock, Likes This Big Tech Stock</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

iShares Trust Dow Jones US Real Estate Fund Index

Micron Technology, Real Estate And Energy ETFs On CNBC's 'Final Trades'

CNBC Halftime Report Final Trades: Micron Technology, iShares U.S. Oil & Gas Exploration & Production ETF, iShares U.S. Real Estate ETF

Marathon Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>) shares are trading lower premarket Wednesday. The company&#8217;s Detroit refinery reportedly saw half of its workforce strike due to unresolved pay and safety concerns.
The union has been in negotiations with Marathon for nine months, seeking better pay and improved work schedules, according to Reuters.
The Detroit refinery has a crude oil refining capacity of 140,000 barrels per day. It processes both sweet and heavy sour crude oils into gasoline and distillates.
&#8220;We are fully prepared and have implemented plans to continue safely operating the facility,&#8221; the company stated.
Last month, Marathon Petroleum reported second-quarter revenue beat estimates; adjusted EPS of $4.12 <a target="_blank" href="https://benzinga.com/news/earnings/24/08/40188607/marathon-petroleums-profitability-resurgent-blows-past-q2-revenue-and-eps-estimates" rel="noreferrer noopener">surpassed the $3.09 consensus</a>.
The company&#8217;s quarterly refining costs dropped to $4.97/barrel; crude oil capacity utilization increased to 97% from 93% YoY.
Marathon Petroleum expects&nbsp;third-quarter&nbsp;Refining operating costs per barrel of&nbsp;$5.35&nbsp;and&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">Refinery throughputs of 2,845&nbsp;mbpd</a>.&nbsp;
Investors can gain exposure to the stock via&nbsp;iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and&nbsp;VanEck Oil Refiners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>).
Price Action: Marathon Petroleum shares closed lower by 1.86% at $173.82 on Tuesday.
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<ul>
<li><a href="https://www.benzinga.com//node/40705246" target="_blank" rel="noreferrer noopener">Blackstone Makes Largest Asia Pacific Investment With AirTrunk Buyout Amid AI And Data Boom: Details</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Union Strike Hits Marathon Petroleum's Detroit Refinery

Marathon Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>) shares are trading higher after its<a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/n40182771/marathon-petroleum-corp-reports-second-quarter-2024-results" rel="noreferrer noopener">&nbsp;second-quarter&nbsp;FY24 results</a>.
Total revenues and other income of&nbsp;$38.362 billion topped the consensus of&nbsp;$35.083 billion.
Adjusted EBITDA was $3.39 billion for the quarter, compared with $4.53 billion in prior year quarter. Refining operating costs per barrel were $4.97 versus $5.15 a year ago. 
Refining &amp; Marketing refined product sales volume for the quarter was 3,742&nbsp;mbpd&nbsp;(vs. 3,581 mbpd a year ago); Crude oil capacity utilization was&nbsp;97%&nbsp;vs.&nbsp;93%&nbsp;in the prior-year quarter.&nbsp;&nbsp;
Refining&nbsp;&amp; Marketing segment adjusted EBITDA declined to&nbsp;$1.972 billion&nbsp;from&nbsp;$3.163 billion&nbsp;a year ago due to lower market crack spreads.
Adjusted EPS for the quarter was&nbsp;$4.12,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">above the consensus of&nbsp;$3.09</a>.
As of June-end, Marathon Petroleum had&nbsp;$8.5 billion of&nbsp;cash, cash equivalents,&nbsp;and&nbsp;short-term investments and&nbsp;$5 billion available&nbsp;on&nbsp;its bank revolving credit facility.
In the second quarter, the company returned around $3.2 billion to shareholders, including $2.9 billion in share repurchases and $290 million in dividends. It has $5.8 billion remaining under its share repurchase authorizations.
Outlook: Marathon Petroleum expects&nbsp;third-quarter&nbsp;Refining operating costs per barrel of&nbsp;$5.35&nbsp;and&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">Refinery throughputs of 2,845&nbsp;mbpd</a>.&nbsp;
Marathon Petroleum owns the general partner and majority limited partner interest in&nbsp;MPLX LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPLX#NYSE">MPLX</a>), which reported&nbsp;second-quarter&nbsp;earnings per limited partner unit of&nbsp;$1.15, beating the consensus of&nbsp;$0.99, and sales of&nbsp;$3.05 billion,&nbsp;<a target="_blank" href="https://www.benzinga.com//node/40182870" rel="noreferrer noopener">beating the consensus of&nbsp;$2.96 billion</a>.&nbsp;MPLX returned&nbsp;$949 million&nbsp;of capital to unitholders in the quarter.
Investors can gain exposure to the stock via iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and VanEck Oil Refiners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>).
Price Action: MPC shares are up 3.05% at $167.00 premarket at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Marathon Petroleum's Profitability Resurgent: Blows Past Q2 Revenue And EPS Estimates

ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) shares are trading higher after the company released <a href="https://www.benzinga.com/pressreleases/24/08/b40094944/conocophillips-announces-second-quarter-2024-results-quarterly-dividend-and-vroc" target="_blank" rel="noreferrer noopener">second-quarter 2024 results</a>.
Here&#8217;s a breakdown of the <a href="https://static.conocophillips.com/files/resources/2q24-supplemental-information.pdf">report</a>.
<ul>
<li>Revenue of $14.136 billion missed the consensus of $14.919 billion</li>
<li>Adjusted EPS of $1.98 <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">missed the consensus of $1.96</a>. </li>
<li>Operating cash flow stood at $4.9 billion.</li>
<li>$3 billion of capital expenditures and investments funded.</li>
<li>$900 million in ordinary dividends and VROC paid.</li>
<li>Repurchased $1 billion of shares.</li>
<li>Quarter ended with $6.3 billion in cash and short-term investments and $1 billion in long-term investments.</li>
</ul>
Dividend: ConocoPhillips declared a quarterly ordinary dividend of 58 cents per share and a VROC of 20 cents per shar. Both are payable on Sept. 3, 2024, to stockholders of record as of Aug. 12, 2024.
Outlook: The company produced 1,945 thousand barrels of oil equivalent per day (MBOED). That&#8217;s an increase of 140 MBOED from the same period a year ago.
Lower 48 production averaged 1,105 MBOED, which includes 748 MBOED from the Permian, 238 MBOED from the Eagle Ford, and 105 MBOED from the Bakken assets. The average realized price rose 4%&nbsp;Y/Y to&nbsp;$56.56&nbsp;per barrel of oil equivalent (BOE).
ConocoPhillips projects third-quarter production of 1.87 to 1.91 million barrels of oil equivalent per day (MMBOED), which includes around 90 MBOED of turnaround impacts across Canada, Lower 48<a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">, Alaska, Norway, Malaysia, and Qatar</a>.
The company revised the outlook for FY24 production to 1.93 to 1.94 MMBOED (from 1.91 to 1.95 MMBOED) and capital expenditures guidance to about $11.5 billion (from $11.0 to $11.5 billion earlier).
Ryan Lance, chairman and chief executive officer, touted &#8220;record production&#8221; and the advancement of a &#8220;global LNG strategy.&#8221; 
&#8220;We announced a 34% increase in our ordinary dividend starting in the fourth quarter and remain committed to returning at least $9 billion of capital for 2024,&#8221; he added.
What&#8217;s Next: The &#8220;previously announced plan to acquire Marathon Oil is progressing,&#8221; Lance said. The deal should close late in the fourth quarter.
Investors can gain exposure to the COP stock via&nbsp;Westwood Salient Enhanced Energy Income ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WEEI#NASDAQ">WEEI</a>)&nbsp;and&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: COP shares are up 0.72% at $112.00 premarket at the last check Thursday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

WEEI

Mixed Bag For ConocoPhillips: Q3 Production Gains Amidst Earnings Pressure

Phillips 66&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) shares are trading higher after it reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b40032957/strategy-execution-and-strong-operations-drive-phillips-66-second-quarter-results" rel="noreferrer noopener">second-quarter&nbsp;FY24 results</a>.
Revenue of&nbsp;$38.911 billion&nbsp;exceeded the consensus of&nbsp;$35.426 billion. Adjusted EPS of&nbsp;$2.31&nbsp;topped <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;$1.98</a>.
Midstream segment adjusted pre-tax income stood at&nbsp;$753 million, versus $613 million&nbsp;in the&nbsp;first quarter&nbsp;of FY24.
The Chemicals segment adjusted pre-tax income&nbsp;stood at&nbsp;$222 million&nbsp;versus $205 million&nbsp;in the prior quarter.
The Refining segment adjusted pre-tax income&nbsp;stood&nbsp;at&nbsp;$302 million&nbsp;versus&nbsp;$313 million&nbsp;in the prior quarter, and&nbsp;the Marketing&nbsp;and Specialties segment adjusted pre-tax income rose to&nbsp;$415 million&nbsp;from&nbsp;$307 million in the prior&nbsp;quarter.
The company reported refining operations with&nbsp;98%&nbsp;crude utilization,&nbsp;86%&nbsp;clean product yield and lower costs.
Phillips 66 reported operating cash flow, excluding working capital impacts, of&nbsp;$1.18 billion.&nbsp;
As of June-end, the company had cash and cash equivalents of&nbsp;$2.4 billion and committed capacity available under its credit facility worth&nbsp;$4.1 billion.&nbsp;
The company distributed&nbsp;$11.2 billion&nbsp;through share repurchases and dividends since July 2022 and on pace to achieve the company&#8217;s&nbsp;$13 billion&nbsp;to&nbsp;$15 billion&nbsp;target by year end.
Phillips 66 achieved&nbsp;$1.3 billion&nbsp;in run-rate cost and capital reductions as of June 30, with a&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$1.4 billion&nbsp;target for 2024</a>.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and&nbsp;VanEck Oil Refiners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39275123/phillips-66-deploys-asset-base-near-historical-highs-to-meet-peak-summer-demand-ana" rel="noreferrer noopener">Phillips 66 Deploys Asset Base &#8216;Near Historical Highs&#8217; To Meet Peak Summer Demand: Analyst</a>
Price Action: PSX shares are up&nbsp;4.9%&nbsp;at&nbsp;$147.29 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Why Is Phillips 66 Stock Gaining Today?

On Thursday, Trinidad and Tobago&#8217;s High Court reportedly upheld ConocoPhillips&#8217; (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) arbitration claim against Venezuela, potentially freezing payments for joint natural gas projects.
In late May, the court&#8217;s decision allowed ConocoPhillips to enforce a $1.33 billion claim against Venezuela for past expropriations by seizing compensation from joint energy projects.
Judge Frank Seepersad stated in his decision that Venezuela and its state-owned company PDVSA missed the deadline to present their arguments, reported Reuters.
Judge Seepersad said in May, when he made his original decision, &#8220;The order&nbsp;gives to the claimant a green light&nbsp;to be able to enforce the judgment in Trinidad if they can establish there are assets held by the defendants or there is money which is owed to the defendant by entities in Trinidad and Tobago.&#8221;
Earlier this month, Venezuela&#8217;s embassy in Port of Spain, the capital of Trinidad, acknowledged receiving the court order, the report noted.
PDVSA paid Conoco about $700 million under a settlement agreement but halted payments in late 2019.
Since then, Conoco has pursued enforcement actions in Caribbean nations to uphold arbitration rulings against Venezuela and PDVSA.
In a U.S. federal court, ConocoPhillips is among the top creditors seeking proceeds from an auction of shares in PDVSA subsidiary PDV Holding, which owns Citgo, the report highlighted.
Last week, ConocoPhillips and&nbsp;Marathon Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>)&nbsp;received a Second Request from the Federal Trade Commission (FTC) to extend the <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39751066/conocophillips-marathon-merger-hits-hurdle-ftc-requests-more-info-delays-deal" rel="noreferrer noopener">Hart-Scott-Rodino waiting&nbsp;period</a>.
Investors can gain exposure to COP via&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and&nbsp;Westwood Salient Enhanced Energy Income ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WEEI#NASDAQ">WEEI</a>).
Price Action:&nbsp;COP shares are down 0.79%&nbsp;at&nbsp;$115.69 at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Trinidad And Tobago Court Sides With ConocoPhillips' Claim Against Venezuela: Report

On Thursday, ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) and Marathon Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) received a Second Request from the Federal Trade Commission (FTC) to extend the Hart-Scott-Rodino waiting <a target="_blank" href="https://conocophillips.gcs-web.com/static-files/48fdfddc-3020-433e-8e81-d7adc6782eec" rel="noreferrer noopener">period</a>.
The merger will proceed after the FTC review and fulfillment of other conditions in the merger agreement.
ConocoPhillips and Marathon are working with the FTC on its review and expect the merger to be completed in the fourth quarter of 2024, pending regulatory approvals and Marathon stockholder approval.
In May, ConocoPhillips disclosed a definitive deal to acquire Marathon Oil in an all-stock transaction with an&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/39061149/conocophillips-acquires-marathon-oil-in-all-stock-deal-at-14-7-premium-details" rel="noreferrer noopener">enterprise value of $22.5 billion</a>.
This acquisition is anticipated to add over 2 billion barrels of resource with an estimated average point forward cost of supply of less than $30 per barrel WTI to ConocoPhillips&#8217; existing U.S. onshore portfolio.
Investors can gain exposure to COP via&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and&nbsp;Westwood Salient Enhanced Energy Income ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WEEI#NASDAQ">WEEI</a>).
Investors can gain exposure to MRO via&nbsp;Invesco Energy Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXE#NYSE">PXE</a>) and Invesco S&amp;P 500 Equal Weight Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSPG#NYSE">RSPG</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39095128/conocophillips-set-for-growth-with-marathon-oil-acquisition-analysts-anticipate-acc" rel="noreferrer noopener">ConocoPhillips Set For Growth With Marathon Oil Acquisition: Analysts Anticipate Accretive Financials And Enhanced Asset Base</a>
Price Action: COP shares are down 0.62% at $113.28, and MRO is down 0.70% at $28.41 at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by JHVEPhoto via Shutterstock
Read next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/05/39106916/conocophillips-squeeze-trinidad-court-reportedly-oks-1-3b-claim-against-venezuela" target="_blank" rel="noreferrer noopener">ConocoPhillips Squeeze: Trinidad Court Reportedly OKs $1.3B Claim Against Venezuela</a></li>
</ul>

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