iShares U.S. Oil & Gas Exploration & Production ETFの空売り状況は、投資家がiShares U.S. Oil & Gas Exploration & Production ETFの株価下落に賭けている度合いを知ることができます。空売りデータは2週間ごとに更新されます。

iShares U.S. Oil & Gas Exploration & Production ETF (BATS:IEO), 空売り情報

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

Energy

Other

Basic Materials

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

EQT Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>) shares are declining on Thursday. The company reported<a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/n43798363/eqt-reports-fourth-quarter-and-full-year-2024-results-and-provides-2025-guidance" rel="noreferrer noopener">&nbsp;fourth-quarter results on Tuesday</a>.
The company reported adjusted EPS of 69 cents, surpassing the 49 cents estimate, while adjusted sales of $1.82 billion <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">exceeded the $1.77 billion forecast</a>.
EQT expects to exit 2025 with approximately $7 billion in net debt&nbsp;at recent strip pricing, ahead of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">its $7.5 billion debt target</a>.
JP Morgan&nbsp;analyst Arun Jayaram&nbsp;raised the price forecast from $53 to $58 while<a target="_blank" href="https://www.benzinga.com/quote/EQT/analyst-ratings" rel="noreferrer noopener">&nbsp;reiterating an Overweight rating</a>.
The analyst notes that EQT&#8217;s 2025 outlook includes 550 Bcfe&nbsp;of production&nbsp;and $615 million in&nbsp;capex&nbsp;for Q1, which seems conservative given the&nbsp;company&#8217;s&nbsp;strong performance in 2024.&nbsp;
As reserve development capital intensity decreases and compression investments stabilize from peak 2025 levels, Jayaram expects the strategic growth budget to trend downward.&nbsp;
The&nbsp;company's&nbsp;guidance may&nbsp;also&nbsp;reflect some conservatism as it nears completion of its ETRN integration, which is currently about 90% complete, adds the analyst.
The analyst now projects 2025 production of 2,257 Bcfe, supported by $2.4 billion in total capex and generating $2.2 billion in free cash flow (FCF) at $3.53 per Mcf, compared to the&nbsp;company's&nbsp;guidance of $2.1-$2.3 billion at $3.50 per Mcf.&nbsp;
Jayaram revised 2025/2026 EPS estimates to $3.22 and $4.87, slightly down from $3.28 and $4.85, respectively.&nbsp;
These&nbsp;estimates are based on oil and gas prices of $69.86/$66.69 per bbl and $3.53/$3.90 per Mcf for 2025/2026, adds the analyst.
Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P&nbsp;500 Equal Weight Energy ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSPG#NYSE">RSPG</a>) and&nbsp;IShares U.S.&nbsp;Oil &amp; Gas Exploration &amp; Production ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action:&nbsp;EQT shares are down 4.11% at $52.01 at the last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/movers/25/02/43675485/eqt-viper-energy-shares-decline-amid-gas-price-volatility-and-capital-discipline-focus" target="_blank" rel="noreferrer noopener">EQT, Viper Energy Shares Decline Amid Gas Price Volatility And Capital Discipline Focus</a></li>
</ul>
Image: Shutterstock

Earnings

Equities

Large Cap

News

Price Target

Movers

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

RSPG

EQT Dips, But JPMorgan Stays Bullish With Higher Price Forecast

Diamondback Energy, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) intends to acquire subsidiaries of Double Eagle IV Midco for approximately 6.9 million shares of its&nbsp;<a href="https://www.benzinga.com/pressreleases/25/02/g43775603/diamondback-energy-inc-announces-midland-basin-acquisition" target="_blank" rel="noreferrer noopener">common stock and $3 billion in cash</a>.&nbsp;
The company plans to fund the cash portion of the deal through cash on hand, credit facility borrowings, and potential term loans or senior notes offerings.
The asset spans approximately 40,000 net acres in the core of the Midland Basin, with an&nbsp;estimated run-rate production&nbsp;of 27 MBo/d, of which 69% is oil.
The acquisition extends the pro forma inventory life in the region, with&nbsp;68% of the asset&nbsp;remaining&nbsp;undeveloped, including 407 estimated gross (342 net) horizontal locations in primary development targets, averaging a lateral length of over 11,000 feet.
The company projects capital expenditures&nbsp;for 2025&nbsp;of $200 million, based on current Midland Basin well costs ranging from $555 to $605 per foot.
Diamondback projects closing the transaction on April 1, 2025, pending regulatory approval and the fulfillment of customary closing conditions.
Diamondback and Double Eagle have also agreed to fast-track development on&nbsp;Diamondback's&nbsp;non-core southern Midland Basin acreage, accelerating Net Asset Value (NAV) realization.&nbsp;
This transaction&nbsp;is expected&nbsp;to enhance Free Cash Flow per share growth&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">by 5%+ from 2026 onward</a>.
Also, Diamondback plans to sell a minimum of $1.5 billion in non-core assets to expedite debt reduction and preserve its strong financial position.&nbsp;
The company aims to lower net debt to $10 billion and sustain long-term leverage between $6 billion and $8 billion.
Diamondback CEO Travis Stice said there are 407 locations adjacent to the company&#8217;s &#8220;core position.&#8221;
&#8220;Additionally, we see value uplift to our existing inventory as acreage overlap allows for meaningful lateral length extensions and infrastructure synergies,&#8221; he added.
The company plans to release its fourth quarter 2024&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">financial results&nbsp;on February 24, 2025</a>.
Investors can gain exposure to the FANG stock via two ETFs: 
<ul>
<li>Texas Capital Funds Trust Texas Capital Texas Oil Index ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)</li>
<li>IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).</li>
</ul>
Price Action: FANG shares are down 0.54% at $156.14&nbsp;at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43537127/cohen-steers-expands-active-etf-offerings-with-three-new-funds" target="_blank" rel="noreferrer noopener">Cohen &amp; Steers Expands Active ETF Offerings With Three New Funds</a></li>
</ul>
Image: Shutterstock

Guidance

FANG

OILT

Diamondback Bolsters Plans $3 Billion-Plus Double Eagle Acquisition

JP Morgan analyst Arun Jayaram raised the price forecast from $123 to $127 for ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) following fourth-quarter results reported yesterday.
The company reported revenue of $14.74 billion, beating the consensus of $14.30 billion and adjusted EPS of $1.98, <a href="https://www.benzinga.com/news/earnings/25/02/43527607/conocophillips-beats-q4-revenue-and-eps-estimates-sets-10b-return-of-capital-target" target="_blank" rel="noreferrer noopener">beating the consensus of $1.84</a>. 
The analyst writes that the key takeaway from ConocoPhillips&#8217; call was its focus on long-term FCF growth, with 2025 marking peak long-cycle capex at ~<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$3 billion of the $12.9 billion budget</a>.
ConocoPhillips also announced a $1.4 billion capex reduction vs. PF MRO/COP 2024 spending while maintaining low single-digit volume growth, driven by efficiency gains, program optimization, $500 million in MRO synergies and $200 million in cost deflation, added Jayaram.
The analyst updated the model to reflect COP's 2025 guidance of 2,360 million Boe/d production and $12.9B in capex, with lower volumes due to ~$600 million in asset sales, planned turnarounds and winter weather impacts.
Jayaram now forecasts 2,365 million Boe/d, slightly below consensus, and estimate $10 billion in pre-dividend FCF at recent strip pricing.
Investors can gain exposure to the COP stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF&nbsp;(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&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: COP shares are down 0.92% at $99.03 at the last check Friday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/43538506" target="_blank" rel="noreferrer noopener">ConocoPhillips&#8217; 2025 Outlook Holds Steady Despite Production Headwinds: JP Morgan</a></li>
</ul>
Photo: Shutterstock

JP Morgan Updates ConocoPhillips Forecast: Sees $10 Billion Pre-Dividend FCF In 2025

JP Morgan analyst Arun Jayaram expressed views on ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) fourth-quarter results reported today. The analyst has an <a href="https://www.benzinga.com/quote/COP/analyst-ratings" target="_blank" rel="noreferrer noopener">Overweight rating on the stock.</a>
The company reported revenue&nbsp;of&nbsp;$14.74 billion, beating the consensus of&nbsp;$14.30 billion, and adjusted EPS of&nbsp;$1.98, <a target="_blank" href="https://www.benzinga.com/news/earnings/25/02/43527607/conocophillips-beats-q4-revenue-and-eps-estimates-sets-10b-return-of-capital-target" rel="noreferrer noopener">beating the consensus of&nbsp;$1.84</a>.&nbsp;
The analyst expects a slightly positive market reaction to ConocoPhillips'&nbsp;&nbsp;earnings, which featured a beat, a largely in-line 2025 outlook, and a $10 billion return of capital commitment matching expectations (JPM estimates at $9.95 billion).
The return of capital plan is based on current commodity prices and the company&#8217;s historical practice of returning 40%-45% of CFO, though adjustments may occur depending on market conditions, adds the analyst.
Jayaram writes that for 2025, ConocoPhillips projects production of 2,360 MBoe/d, 1% below JPM estimates, while capex guidance of $12.9 billion aligns with JPM estimates.
Notably, 2025 capex includes 15% lower spending in the Lower 48 while still delivering low single-digit pro-forma production growth, per the analyst.
The analyst says that the production outlook was impacted by ~$600 million in non-core asset sales, planned turnarounds of 20 MBoe/d, and adverse winter weather in the first quarter of 2025, which reduced January production by 60 MBoe/d, or 20 MBoe/d for the quarter.
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 0.67% at $99.54 at the last check Thursday.
Photo via Shutterstock.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/02/43469234/trump-prepares-maximum-pressure-on-iran-oil-jumps-above-73-energy-stocks-rally" target="_blank" rel="noreferrer noopener">Trump Prepares Maximum Pressure On Iran: Oil Jumps Above $73, Energy Stocks Rally</a></li>
</ul>

Analyst Color

Reiteration

Analyst Ratings

Trading Ideas

ConocoPhillips' 2025 Outlook Holds Steady Despite Production Headwinds: JP Morgan

ConocoPhillips&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) shares are trading higher after the company <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/b43523603/conocophillips-reports-fourth-quarter-and-full-year-2024-results-announces-2025-guidance-and-quart" rel="noreferrer noopener">released&nbsp;fourth-quarter&nbsp;results</a>.
Here&#8217;s a breakdown of the&nbsp;report.
<ul>
<li>Revenue of $14.74 billion, beating the consensus of $14.30 billion.</li>
<li>Adjusted EPS of $1.98<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">, beating the consensus of $1.84</a>. </li>
<li>Operating cash flow stood at $20.1 billion in 2024.</li>
<li>Repurchased $5.5 billion of shares and $3.6 billion through the ordinary dividend and variable return of cash in 2024.</li>
<li>Ended the year with $6.4 billion in cash and short-term investments and $1.1 billion in long-term investments.</li>
</ul>
Production: The company produced 2,183&nbsp;thousand barrels of oil equivalent per day (MBOED). That&#8217;s an increase of 281&nbsp;MBOED from the same period a year ago.
Lower 48 production averaged 1,308&nbsp;MBOED, which includes 833&nbsp;MBOED from the Permian, 296&nbsp;MBOED from the Eagle Ford, and 151&nbsp;MBOED from the Bakken assets.
The average realized price fell&nbsp;10%&nbsp;Y/Y to&nbsp;$52.37&nbsp;per barrel of oil equivalent (BOE).
ConocoPhillips&#8217; preliminary 2024 year-end proved reserves stood at 7.8 billion barrels of oil equivalent (BBOE), with a preliminary reserve replacement ratio of 244%.
Dividend: ConocoPhillips expects a quarterly dividend per share of&nbsp;$0.78,&nbsp;payable on March 3, 2025, to stockholders of record as of February 17, 2025.
<a target="_blank" href="https://static.conocophillips.com/files/resources/4q24-earnings-release-deck.pdf" rel="noreferrer noopener">Outlook</a>: ConocoPhillips projects&nbsp;first-quarter production of 2.34 &#8211; 2.38 million barrels of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">oil equivalent per day</a>.
Ryan Lance, chairman and chief executive&nbsp;officer, said, &#8220;Looking ahead, we are focused on achieving more than $1 billion in integration-related run rate synergies by year-end, over half of which is already reflected in our announced capital guidance. We are starting the year with a $10 billion return of capital target.&#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 down 0.71% at $99.50 premarket at the last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/02/43469234/trump-prepares-maximum-pressure-on-iran-oil-jumps-above-73-energy-stocks-rally" target="_blank" rel="noreferrer noopener">Trump Prepares Maximum Pressure On Iran: Oil Jumps Above $73, Energy Stocks Rally</a></li>
</ul>
Photo via Shutterstock.

ConocoPhillips Beats Q4 Revenue And EPS Estimates, Sets $10B Return of Capital Target

Marathon Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>) shares are trading higher after it <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/n43457449/marathon-petroleum-corp-reports-fourth-quarter-2024-results-and-2025-capital-outlook" rel="noreferrer noopener">reported fourth-quarter&nbsp;results</a>.
Total revenues and other income of&nbsp;$33.47 billion topped the consensus of&nbsp;$31.12 billion.
Adjusted EBITDA was&nbsp;$2.12 billion for the quarter, compared with&nbsp;$3.57 billion&nbsp;in prior year quarter. Refining operating costs per barrel were&nbsp;$5.26&nbsp;versus&nbsp;$5.55&nbsp;a year ago.&nbsp;
Refining &amp; Marketing refined product sales volume for the quarter was 3,747 mbpd&nbsp;(vs. 3,583 mbpd a year ago); Crude oil capacity utilization was&nbsp;94%&nbsp;(vs. 91% a year ago quarter).&nbsp;&nbsp;
Refining &amp; Marketing segment adjusted EBITDA declined to $559 million from $2.2 billion a year ago due to lower market crack spreads.
Refining &amp; Marketing margin was $12.93 per barrel for the fourth quarter versus $17.81 per barrel for the fourth quarter of 2023.
Adjusted EPS for the quarter was $0.77, down from $3.98 a year earlier. The analysts&#8217; consensus estimate was $0.02.
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;fourth-quarter&nbsp;earnings per limited partner unit of&nbsp;$1.07, beating the consensus of&nbsp;$1.03. Total revenues and other income&nbsp;of&nbsp;$3.06 billion&nbsp;missed <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/n43457519/mplx-lp-progresses-gulf-coast-ngl-strategy-and-reports-full-year-2024-results" rel="noreferrer noopener">the consensus of&nbsp;$3.07 billion</a>.&nbsp;MPLX returned&nbsp;$3.9 billion&nbsp;of capital to unitholders in 2024.
As of December 31, 2024, Marathon Petroleum had&nbsp;$3.2&nbsp;billion of&nbsp;cash, cash equivalents,&nbsp;and&nbsp;short-term investments, including&nbsp;$1.5 billion&nbsp;of cash at MPLX and&nbsp;$5 billion available&nbsp;on&nbsp;its bank revolving credit facility.
In the&nbsp;fourth quarter, the company returned around&nbsp;$1.6&nbsp;billion to shareholders, including&nbsp;$1.3&nbsp;billion in share repurchases and&nbsp;$292&nbsp;million in dividends.
As of&nbsp;December 31, the company had&nbsp;$7.8 billion&nbsp;available under its share buyback authorizations.
On&nbsp;January 24, the company declared a quarterly dividend of $0.91 per share, payable&nbsp;on March 10, 2025, to shareholders <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/n43198283/marathon-petroleum-corp-announces-quarterly-dividend" rel="noreferrer noopener">of record on&nbsp;February 19</a>.&nbsp;&nbsp;&nbsp;
Outlook: Marathon Petroleum expects&nbsp;standalone (excluding MPLX) capital spending of $1.25 billion and MPLX&#8217;s capital expenditure <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">of $2.0 billion for 2025</a>.
For the first quarter, the company sees&nbsp;refining operating costs per barrel of&nbsp;$5.70 and&nbsp;refinery throughputs of 2,770 mbpd.&nbsp;
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 2.04% at $150.00 premarket at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42958107/stocks-edge-down-ahead-of-key-inflation-reports-crude-hits-5-month-high-bitcoin-sinks-whats-driving-markets-monday" target="_blank" rel="noreferrer noopener">Stocks Edge Down Ahead Of Key Inflation Reports, Crude Hits 5-Month High, Bitcoin Sinks: What&#8217;s Driving Markets Monday?</a></li>
</ul>
Photo via Shutterstock.

CRAK

MPLX

Marathon Petroleum Tops Q4 Estimates Despite Lower Refining Margins

Phillips 66&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) shares are trading lower on Friday after it&nbsp;reported<a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b43380949/phillips-66-reports-fourth-quarter-results-and-announces-next-phase-of-strategic-initiatives" rel="noreferrer noopener">&nbsp;fourth-quarter&nbsp;FY24 results</a>.
Midstream segment adjusted pre-tax income rose to $708 million, vs.&nbsp;$672 million&nbsp;in the&nbsp;third quarter&nbsp;of FY24, led by increased NGL margins and volumes.
The Chemicals segment adjusted pre-tax income&nbsp;stood at&nbsp;$72 million&nbsp;versus&nbsp;$342 million&nbsp;in the prior quarter, owing to a decline in margins along with higher turnaround and maintenance costs.
The Refining segment adjusted pre-tax loss improved to $(759)&nbsp;million from $(67) million&nbsp;in the prior quarter due to lower realized margins on reduction in market crack spreads and higher depreciation related to the planned stoppage of operations at the Los Angeles Refinery.
The company reported refining operations with&nbsp;94%&nbsp;crude capacity utilization and&nbsp;88%&nbsp;clean product yield.
The Marketing&nbsp;and Specialties segment adjusted pre-tax income fell significantly to&nbsp;$185 million&nbsp;from&nbsp;$583 million in the prior&nbsp;quarter on seasonally lower margins.
Adjusted EPS of&nbsp;$(0.15) topped&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;$(0.23)</a>.
Phillips 66 reported operating cash flow, excluding working capital impacts, of&nbsp;$901 million in the quarter.
As of Dec. 31, the company reported cash and cash equivalents of $1.7 billion, along with $4.6 billion in committed credit facility capacity.
The company has returned $5.3 billion to shareholders through dividends and share repurchases in 2024
Phillips 66 achieved&nbsp;$1.5 billion in run-rate business transformation savings and synergy capture of $500 million from successful DCP integration.
Strategic Priorities Update: The company plans to return greater than 50% of operating cash flow to shareholders.
Also, Phillips 66 aims to achieve a 2% higher than the industry-average crude utilization and annual adjusted controllable costs of $5.50 per barrel in refining, excluding adjusted turnaround expenses.
The company targets growing Midstream and Chemicals mid-cycle adjusted EBITDA of $1 billion in total by 2027 and<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener"> reducing total debt to $17 billion</a>.
Mark Lashier, chairman and CEO said, "In support of our Midstream wellhead-to-market strategy, we recently announced an agreement to acquire EPIC's NGL business, bolstering our Permian and Gulf Coast footprint,"  
"Upon closing, these assets will be accretive to earnings and highly integrated with our existing infrastructure, providing additional opportunities to enhance returns and shareholder value," he added.
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 2% at $118.33 at the last check Friday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/43382627" target="_blank" rel="noreferrer noopener">Chevron&nbsp;Q4&nbsp;Earnings: Profits Decline Amid Lower Oil Output, Dividend Hike Offers Silver Lining</a></li>
</ul>
Photo: Shutterstock

Phillips 66 Stock Under Pressure As Refining Losses Offset Midstream Gains

Hess Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) shares are rising premarket on Wednesday after the company reported fourth-quarter sales of $3.19 billion, beating the <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b43299268/hess-reports-estimated-results-for-the-fourth-quarter-of-2024" rel="noreferrer noopener">consensus of&nbsp;$2.87 billion</a>.
Exploration and Production (E&amp;P) net production rose to 495,000 boepd in the fourth quarter of 2024 from 418,000 boepd a year ago quarter, led by higher production in Guyana and the Bakken.
Notably, net production from Bakken rose 7% year-over-year (Y/Y) to 208,000 boepd and Guyana increased 52% Y/Y to 195,000 barrels of oil per day (bopd) in the quarter.
Cash operating costs (including operating costs and expenses, production and severance taxes, and E&amp;P general and administrative expenses) stood at $12.95 per boe in the fourth quarter of 2024 vs. $13.29 per boe in the prior-year quarter.
Adj EPS of&nbsp;$1.76&nbsp;exceeded<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener"> the consensus of $1.48</a>.
As of December 31, 2024, oil and gas proved reserves stood at 1.44 billion boe, and net proved reserve additions and revisions in 2024 totaled 247 million boe, primarily from Guyana and the Bakken.
The company replaced 138% of its 2024 production at a finding and development cost of $19.67 per boe.
E&amp;P capital and exploratory expenditures came in at $1.677 billion in the quarter, including the purchases of the Liza Destiny and Prosperity FPSOs for about $635 million.
As of December 31, 2024, excluding the Midstream segment, Hess had cash and cash equivalents of $1.2 billion and debt and finance lease obligations of $5.3 billion.&nbsp;
Outlook: In the first quarter of 2025, the company expects E&amp;P net production of <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">465,000 boepd-475,000 boepd</a>.
The guidance reflects planned maintenance, reduced tax barrels in Guyana, and the effects of winter weather in the Bakken.
The company expects E&amp;P capital and exploratory expenditures of around $4.5 billion in 2025, which includes capitalized interest of about $240 million.
Investors can gain exposure to the stock via Invesco S&amp;P 500 Equal Weight Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSPG#NYSE">RSPG</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: HES shares are up 1.34% at $146.99 premarket at the last check Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/01/43036184/us-energy-sector-enjoys-strong-start-to-2025-analysts-eye-constructive-setup-for-chevron" target="_blank" rel="noreferrer noopener">US Energy Sector Enjoys Strong Start To 2025, Analysts Eye &#8216;Constructive Setup&#8217; For Chevron</a></li>
</ul>
Photo: Shutterstock

Hess Tops Sales, Earnings Forecasts as Bakken & Guyana Drive Growth

Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) shares are trading higher on Tuesday. On Monday, the company disclosed a definitive deal to acquire EPIC Y-Grade, LP&#8217;s natural gas liquids (NGL) business <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b42834229/phillips-66-to-grow-permian-midstream-business-with-epic-ngl-acquisition" rel="noreferrer noopener">for $2.2 billion in cash</a>.
The EPIC NGL business includes two fractionators with a combined capacity of 170 MBD near Corpus Christi, Texas.
The business also includes around 350 miles of purity distribution pipelines and an 885-mile NGL pipeline linking production from the Delaware, Midland, and Eagle Ford basins to the fractionation complexes<a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b42840167/epic-y-grade-agrees-to-sell-business-for-2-20-billion-to-phillips-66" rel="noreferrer noopener"> and Phillips 66&#8217;s Sweeny Hub</a>.
EPIC NGL is working to increase its pipeline capacity to 225 MBD and has planned a second expansion to 350 MBD, without affecting Phillips 66&#8217;s 2025 capital program.
A third fractionation facility could further increase capacity to 280 MBD.
These assets connect Permian production to Gulf Coast refiners, petrochemical companies, and export markets and will be closely integrated with Phillips 66&#8217;s existing infrastructure.
The deal, subject to customary closing conditions, is expected to be immediately accretive to earnings per share upon closing.
As of September 30, Phillips 66 had cash and cash equivalents of&nbsp;$1.6 billion and&nbsp;$5.3 billion&nbsp;in <a target="_blank" href="https://www.benzinga.com//node/41601857" rel="noreferrer noopener">committed credit facility capacity</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>).
Price Action: PSX shares are up 1.15% at $116.49 at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/01/42761226/top-3-energy-stocks-that-could-lead-to-your-biggest-gains-this-month-2" target="_blank" rel="noreferrer noopener">Top 3 Energy Stocks That Could Lead To Your Biggest Gains This Month</a></li>
</ul>
Photo via Shutterstock.

Phillips 66 Powers Up With $2.2 Billion Deal For EPIC Y-Grade's NGL Business

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/12/27/final-trades-amazon-sabra-health-care-and-the-ieo.html">Halftime Report Final Trades</a>,&#8221; Jenny Van Leeuwen Harrington of Gilman Hill Asset Management picked Sabra Health Care REIT, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBRA#NASDAQ">SBRA</a>).
On Dec. 5, Mizuho analyst Vikram Malhotra downgraded the rating for Sabra Health Care REIT from Outperform to Neutral and maintained the price target of $20.
On Oct. 31, Sabra Health Care REIT reported quarterly earnings of 35 cents per share which met the analyst consensus estimate. The company reported quarterly sales of $178 million which beat the analyst consensus estimate of $172.34 million.
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Joshua Brown of Ritholtz Wealth Management said he <a href="https://www.benzinga.com/quote/IEO">remains long on</a> iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEO#NYSE">IEO</a>).
Kevin Simpson of Capital Wealth Planning named Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) as his final trade.
On Dec. 20, Tigress Financial analyst Ivan Feinseth maintained Amazon.com with a Buy rating and raised the price target from $245 to $290.
Amid peak holiday shopping, Amazon.com recently announced that its operations will remain unaffected despite a strike initiated by workers at seven<a href="https://www.benzinga.com/news/24/12/42577506/amazon-shares-rise-as-company-says-operations-remain-unaffected-despite-workers-at-seven-us-facilities-going-on-strike-amid-peak-holiday-shopping"> of its U.S. facilities</a>.
Price Action:
<ul>
<li>iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF rose 0.1% during Friday's session.</li>
<li>Amazon shares fell 1.4% to close at $223.79 during Friday's session.</li>
<li>Sabra Health Care REIT fell 0.5% to settle at $17.02 on Friday.</li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/24/12/42700627/how-to-earn-500-a-month-from-rpm-international-stock-ahead-of-q2-earnings">How To Earn $500 A Month From RPM International Stock Ahead Of Q2 Earnings</a></li>
</ul>
Image: Shutterstock

Long Ideas

Markets

Media

AMZN

SBRA

Sabra Health Care REIT, Amazon And More: CNBC's 'Final Trades'

CNBC Final Trades: iShares US Oil & Gas Exploration & Production ETF, Amazon, Sabra Health Care REIT

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
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/41755700/tropical-storm-rafael-could-make-us-landfall-11-stocks-etfs-to-watch" target="_blank" rel="noreferrer noopener">Tropical Storm Rafael Could Make US Landfall: 11 Stocks, ETFs To Watch</a></li>
</ul>

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
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41295799/3-midstream-stocks-poised-to-benefit-as-geopolitical-tensions-rise" target="_blank" rel="noreferrer noopener">3 Midstream Stocks Poised to Benefit as Geopolitical Tensions Rise</a></li>
</ul>

Dividends

Buybacks

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.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41322319/gavin-newsom-approves-new-law-to-tackle-gas-prices-says-oil-industry-raising-prices-to-scare-voters" target="_blank" rel="noreferrer noopener">Gavin Newsom Approves New Law to Tackle Gas Prices, Says Oil Industry Raising Prices To &#8216;Scare Voters&#8217; Into Supporting Trump</a></li>
</ul>

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.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41322319/gavin-newsom-approves-new-law-to-tackle-gas-prices-says-oil-industry-raising-prices-to-scare-voters" target="_blank" rel="noreferrer noopener">Gavin Newsom Approves New Law to Tackle Gas Prices, Says Oil Industry Raising Prices To &#8216;Scare Voters&#8217; Into Supporting Trump</a></li>
</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.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41592226/dow-surges-over-250-points-ahead-of-alphabet-pfizer-earnings-investor-sentiment-improves-fear-index" target="_blank" rel="noreferrer noopener">Dow Surges Over 250 Points Ahead Of Alphabet, Pfizer Earnings: Investor Sentiment Improves, Fear Index Remains In &#8216;Greed&#8217; Zone</a></li>
</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.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41375637/market-very-convinced-of-a-trump-win-says-stanley-druckenmiller-why-billionaire-inv" target="_blank" rel="noreferrer noopener">Market ‘Very Convinced' Of A Trump Win, Says Stanley Druckenmiller: Why Billionaire Investor Thinks Blue Sweep Is ‘Highly Unlikely'</a></li>
</ul>

Legal

General

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.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/government/24/09/40822108/hurricane-francine-approaches-louisiana-coast-may-become-category-2-storm" target="_blank" rel="noreferrer noopener">Hurricane Francine Approaches Louisiana Coast With Category 2 Storm Potential, Local Oil Refineries Cut Production</a></li>
</ul>
Photo: Shutterstock

Asset Sales

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"> 
<div class="wp-block-embed__wrapper">
<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:
<ul>
<li><a href="https://www.benzinga.com/news/econ-s/24/10/41139919/private-sector-job-gains-outpace-forecasts-in-september-as-us-adds-143-000-jobs">Private Sector Job Gains Outpace Forecasts In September As US Adds 143,000 Jobs</a></li>
</ul>
Photo: Shutterstock.

Comments

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

空売り

iShares U.S. Oil & Gas Exploration & Production ETF (BATS:IEO), 空売り情報

ニュース

パートナーシップ

ベンジンガ・グローバル