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

에 대한 최신 뉴스 iShares U.S. Oil & Gas Exploration & Production ETF (BATS:IEO)

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

Energy

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 includes companies that are engaged in the exploration for and drilling, production, refining, and supply of oil and gas products. The Underlying Index may include large-, mid- or small-capitalization companies. As of March 31, 2024, a significant portion of the Underlying Index is represented by securities of companies in the energy industry or sector. The components of the Underlying Index are likely to change over time.

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

Texas Pacific Land Trust

iShares US Oil & Gas Exploration & Production ETF

Oil Price Photo by William Potter on Shutterstock

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

SPDR S&P Oil & Gas Equipment & Services ETF

석유수출국기구(OPEC)와 그 동맹국들로 구성된 OPEC+는 이번 주말에 현재의 감산을 연장할 것으로 예상된다고, 대표단과 분석가들이 전했다. What Happened: 6월 1일 비엔나에서 직접 만날 예정이었던 OPEC+ 동맹은 이제 6월 2일 가상 플랫폼으로 회의를 옮겼다. 화요일 CNBC 보도에 따르면 이 그룹은 현재 하루 총 586만 배럴의 공급 삭감을 시행하고 있으며, 그 중 하루 200만 배럴은 올해 말에 만료될 예정이다.

OPEC+가 여름철 석유 수요 상승 속에 생산 감축을 연장할 것으로 예상: 보도

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여러 분석가들은 기업 가치가 225억 달러에 달하는 전체 주식 거래에서 코노코필립스(NYSE:COP)가 마라톤 오일(NYSE:MRO)을 인수하는 거래에 대해 자신의 견해를 표명했다.어제 코노코필립스는 2024년 4분기부터 주당 보통 기본 배당금을 34% 증가한 0.78달러로 늘릴 것으로 예상한다고 밝혔다.

코노코필립스는 마라톤 오일 인수를 통해 수익성 향상과 자산 기반 강화 예상: 분석가들

wall street ai11

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4월을 마무리하면서, 이번달에 가장 성과가 뛰어난 섹터와 산업 교환 펀드들을 순위화 할 시간이다.



주가를 더 넓은 시각에서 보면, S&amp;P 500 지수는 SPDR S&amp;P 500 ETF 트러스트(NYSE:SPY)로 표현되는 4월에 약 3% 하락하여 4월을 마감했다. 이로써 지난 5개월간 상승 기간이 끝난 셈이다.  



유사하게 Invesco QQQ

월가에 소나기 내린 4월: 우울한 시장에 광업 및 유틸리티 부문이 상승하며 부상

ConocoPhillips&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) shares are trading higher after the company&nbsp;released&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/b45280841/conocophillips-announces-first-quarter-2025-results-and-quarterly-dividend" rel="noreferrer noopener">its first-quarter FY25 results</a>.
The oil and gas giant clocked a first-quarter revenue&nbsp;of&nbsp;$17.10 billion, beating the consensus of&nbsp;$15.82 billion. Adjusted EPS of&nbsp;$2.09 <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beat the consensus of&nbsp;$2.07</a>.&nbsp;
The company produced 2,389 thousand barrels of oil equivalent per day (MBOED). That's an increase of 487&nbsp;MBOED from the same period a year ago.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/25/05/45204909/conocophillips-cop-stock-falls-on-opec-supply-hike-lower-oil-prices" rel="noreferrer noopener">ConocoPhillips (COP) Stock Falls on OPEC+ Supply Hike, Lower Oil Prices</a>
Lower 48 production averaged 1,462&nbsp;MBOED, which includes 816&nbsp;MBOED from the Permian, 379&nbsp;MBOED from the Eagle Ford, and 212&nbsp;MBOED from the Bakken assets.
The average realized price fell&nbsp;6% Y/Y to&nbsp;$53.34&nbsp;per barrel of oil equivalent (BOE).
Operating cash flow stood at&nbsp;$6.1 billion&nbsp;in the quarter, and it generated a free cash flow of $2.10 billion. The company repurchased&nbsp;$1.5 billion&nbsp;worth of shares and&nbsp;returned $1.0 billion&nbsp;through the ordinary dividend.
Conoco ended the quarter with&nbsp;$7.5&nbsp;billion&nbsp;in cash and short-term investments and&nbsp;$1.0&nbsp;billion&nbsp;in long-term investments.
Dividend: ConocoPhillips expects a quarterly dividend per share of&nbsp;$0.78,&nbsp;payable on June 2, 2025, to stockholders of record as of May 19, 2025.
Outlook: ConocoPhillips projects&nbsp;second-quarter&nbsp;production of 2.34 to 2.38 million barrels of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">oil equivalent per day</a>.
The company lowered capital expenditures guidance to $12.3 billion- $12.6 billion from around $12.9 billion.&nbsp;
It lowered the adjusted operating cost outlook to $10.7 billion to $10.9 billion from the prior guidance of $10 billion to $11.1 billion.
Ryan Lance, chairman and chief executive&nbsp;officer, said, "Amid a volatile macro environment, we remain confident in the competitive advantages provided by our differentiated portfolio, strong balance sheet and disciplined capital allocation framework that prioritizes returns on and of capital to shareholders."
In a separate release, ConocoPhillips disclosed that W.L. (Bill) Bullock, executive vice president and chief financial officer (CFO), plans to retire after 39 <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/b45280987/conocophillips-announces-bill-bullock-to-retire-after-39-years-with-the-company" rel="noreferrer noopener">years of service</a>.
Andy O'Brien, currently senior vice president, Strategy, Commercial, Sustainability and Technology, will succeed Bill as new CFO, effective June 1, 2025.&nbsp;
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:&nbsp;COP shares are up 2.54% at $89.94 at the last check on Thursday.
Read Next:
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45224883/oil-soars-above-59-as-middle-east-airstrikes-jolt-markets" target="_blank" rel="noreferrer noopener">Oil Soars Above $59 As Middle East Airstrikes Jolt Markets</a></li>
</ul>
Photo via Shutterstock

Earnings

Guidance

Management

Movers

OILT

ConocoPhillips Trims Capex And Operating Cost Outlook, Announces CFO Transition

Marathon Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>) shares are trading higher after the company <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/n45216324/marathon-petroleum-corp-reports-first-quarter-2025-results" rel="noreferrer noopener">reported&nbsp;first-quarter results</a>.
Total revenues and other income of&nbsp;$31.85 billion&nbsp;topped the consensus of&nbsp;$29.58 billion. Adjusted EPS loss stood at $(0.24),&nbsp;down from&nbsp;$2.58 a year earlier, beating the analyst <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">consensus estimate of $(0.53)</a>.
Adjusted EBITDA was&nbsp;$2.0 billion&nbsp;for the quarter, compared with&nbsp;$3.3 billion in the prior year quarter.
Refining operating costs per barrel were&nbsp;$5.74&nbsp;versus&nbsp;$6.06 a year ago.&nbsp;
Refining &amp; Marketing refined product sales volume for the quarter was 3,446 mbpd&nbsp;(vs. 3,242 mbpd a year ago); Crude oil capacity utilization was&nbsp;89% (vs.&nbsp;82%&nbsp;a year ago quarter).&nbsp;&nbsp;
Refining&nbsp;&amp; Marketing segment adjusted EBITDA declined to&nbsp;$489 million from&nbsp;$1.99 billion a year ago due to lower market crack spreads.
Refining &amp; Marketing margin was&nbsp;$13.38&nbsp;per barrel for the&nbsp;first quarter&nbsp;versus&nbsp;$19.35&nbsp;per barrel for the first quarter of 2024.
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;first-quarter earnings per limited partner unit of&nbsp;$1.10, missing the consensus of&nbsp;$1.12.
Total revenues and other income&nbsp;of&nbsp;$3.12 billion missed&nbsp;<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;$3.14 billion</a>.&nbsp;
As of March&nbsp;31, 2025, Marathon Petroleum had&nbsp;$3.8&nbsp;billion&nbsp;of&nbsp;cash, cash equivalents,&nbsp;and&nbsp;short-term investments, including&nbsp;$2.5 billion of cash at MPLX and&nbsp;$5 billion&nbsp;available&nbsp;on&nbsp;its bank revolving credit facility.
Buyback: In the&nbsp;first quarter, the company returned around&nbsp;$1.3 billion&nbsp;to shareholders, including&nbsp;$1.1 billion&nbsp;in share repurchases.
As of&nbsp;March&nbsp;31, 2025, the company had&nbsp;$6.7 billion available under its share buyback authorizations.
Dividend: On&nbsp;April 30, the company declared a quarterly dividend of&nbsp;$0.91&nbsp;per share, payable&nbsp;on June 10, to <a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/n45115532/marathon-petroleum-corp-announces-quarterly-dividend" rel="noreferrer noopener">shareholders&nbsp;of record on&nbsp;May 21</a>.
President and Chief Executive Officer&nbsp;Maryann Mannen said, "Our Midstream business delivered an 8% increase in segment adjusted EBITDA over the prior year, and executed on our Natural Gas and NGL growth strategies."
"For our refining business, we are positioned to meet summer demand as seasonal trends are expected to improve margins and we remain constructive on its long-term outlook."
Outlook: For the&nbsp;second quarter, the company sees&nbsp;refining operating costs per barrel of&nbsp;$5.30 and&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">refinery throughputs of 2,945 mbpd</a>.&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&nbsp;0.47%&nbsp;at&nbsp;$144.01 premarket at the last check on Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/45194533" target="_blank" rel="noreferrer noopener">Sunoco Fuels Up With $9.1B Parkland Deal, Eyes 10% Cash Flow Bump</a></li>
</ul>

CRAK

MPLX

Marathon Petroleum Refining Margins Fall Drags Q1 Profit

Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) shares are trading lower on Friday after it <a href="https://www.benzinga.com/pressreleases/25/04/b45004223/phillips-66-reports-first-quarter-results" target="_blank" rel="noopener">reported first-quarter FY25 results</a>, with revenue of $31.73 billion, beating the consensus of $31.33 billion.
Midstream segment adjusted earnings declined to $683 million from $708 million in the fourth quarter of fiscal year 2024 due to a decline in volumes.
The Chemicals segment adjusted earnings&nbsp;stood at&nbsp;$113 million versus&nbsp;$72 million in the prior quarter, thanks to higher volumes and lower costs.
The Refining segment&#8217;s adjusted loss widened to&nbsp;$(937) million from&nbsp;$(759) million&nbsp;in the prior quarter, primarily due to a decline in volumes and higher costs associated with planned turnaround activity.
The company reported refining operations with&nbsp;80% crude capacity utilization and&nbsp;87% clean product yield.
The Marketing&nbsp;and Specialties segment adjusted earnings rose to&nbsp;$265 million from&nbsp;$185 million&nbsp;in the prior&nbsp;quarter on strong international business performance.
Adjusted EPS of&nbsp;$(0.90) missed <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;$(0.72)</a>.
Phillips 66 reported operating cash flow, excluding working capital impacts, of&nbsp;$259 million&nbsp;in the quarter.
As of March 31, the company reported cash and cash equivalents of&nbsp;$1.5 billion and&nbsp;$5.4&nbsp;billion in committed credit facility capacity.
The company has returned&nbsp;$716 million&nbsp;to shareholders through dividends and share repurchases in the quarter.
Phillips 66 received cash proceeds of $2.0 billion from the previously disclosed sales of non-operated equity interests in Coop Mineraloel AG and Gulf Coast Express Pipeline LLC.
"Our results reflect not only a challenging macro environment, but also the impact from one of our largest-ever spring turnaround programs, managed safely, on-time and under budget. Our assets, not impacted by planned maintenance, ran well, " said Mark Lashier, chairman and CEO. 
"The acquisition of EPIC NGL earlier this month, and today's announcement that we areconstructing a new gas plant in the Permian, furthers our integrated NGL wellhead-to-market strategy, providing stable cash flow in uncertain market environments, enabling us to consistently return over 50% of net operating cash flow to shareholders," he added.
On Tuesday, the company announced a $0.05 increase in its quarterly dividend per share to $1.20, payable on June 2, 2025, to <a href="https://www.benzinga.com/pressreleases/25/04/b44911891/phillips-66-announces-increase-in-quarterly-dividend" target="_blank" rel="noreferrer noopener">shareholders of record as of May 19, 2025</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:&nbsp;PSX shares are down&nbsp;1.61%&nbsp;at&nbsp;$103.00 premarket at the last check Friday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/03/44521627/goldman-sachs-shifts-oil-sector-outlook-par-pacific-set-for-rebound-phillips-66-faces-challenges" target="_blank" rel="noreferrer noopener">Goldman Sachs Shifts Oil Sector Outlook: Par Pacific Set For Rebound, Phillips 66 Faces Challenges</a></li>
</ul>
Photo: Shutterstock

Refining Woes Weigh On Phillips 66 Despite Midstream And Chemicals Gains

Brent crude prices rose over the $65-per-barrel level on Monday before retreating slightly, supported by changing geopolitical currents and guarded optimism in the equity markets. The rally in Brent crude, triggered by renewed US-Iran diplomacy and a partial lull in trade war hostilities, brought <a href="https://www.benzinga.com/etfs">energy-themed ETFs</a> back into focus, despite lingering concerns about oversupply and weakening global demand.
Also Read: <a href="https://www.benzinga.com/news/guidance/25/04/44763712/bp-sees-mixed-q1-outlook-with-flat-oil-prices-weaker-gas-trading-ahead-of-earnings">BP Sees Mixed Q1 Outlook With Flat Oil Prices, Weaker Gas Trading Ahead Of Earnings</a>
Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)
The broadest energy equity benchmark in the U.S., XLE, <a href="https://www.benzinga.com/topic/oil">picked up steam as oil rose</a>. With heavyweights like ExxonMobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) in its portfolio, the fund reflects crude benchmarks. Its exposure to oil majors with strong dividend yields also makes it a popular bet during periods of geopolitical realignment — such as the Oman negotiations that could remake Gulf oil diplomacy.
iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>)
IEO targets exploration and production companies — the most oil-price-sensitive sub-sector. The slight rebound in Brent, driven by the White House&#8217;s brief reprieve from tariffs on technology products and optimism for resumed Middle East diplomacy, has lent new life to small- and mid-cap E&amp;P stocks. ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) is one of its top holdings. However, the rally might be fleeting, with OPEC lowering its growth and lowering demand projections for oil consumption. Reuters reported that OPEC has lowered its world economic growth forecast this year to 3.0% from 3.1% and cut next year&#8217;s to 3.1% from 3.2%. 
SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>)
Oilfield service companies, like those held in XES, are often the last to reap the benefits of higher prices because of capital spending cycles. The shock OPEC+ cut to accelerate output recovery might trigger upstream activity, indirectly benefiting service providers like Tidewater Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDW#NYSE">TDW</a>) and Transocean Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>), one of this fund&#8217;s top holdings.
A Diplomatic Thaw
The weekend witnessed a thaw in US-Iran<a href="https://finance.yahoo.com/news/oil-steady-trump-tariff-reprieve-223603774.html"> relations as senior officials</a> from both countries held talks in Oman — the first senior-level meeting since 2022. While information is still limited, the tone of the conversation was said to be &#8220;constructive,&#8221; hinting at a possible blueprint to restart stalled talks on Tehran&#8217;s nuclear program. The two sides committed to another meeting, injecting new optimism into a region long influenced by volatility and oil market instability.
Though a long-term deal is far from certain, even the potential for diplomatic breakthrough has moderated concerns about supply disruptions in the Strait of Hormuz — a critical chokepoint for global oil flows. Meanwhile, it also raised questions about whether Iranian crude oil might return to the market in significant quantities, making an already tenuous supply-demand balance even more complicated.
The Bigger Picture
The oil price rally, though propelled by newsworthy catalysts such as tariff delays and diplomatic talks, is confronted with structural headwinds. Nevertheless, ETF investors seem to be content to ride the volatility, particularly with equities mounting a parallel rebound and safe-haven assets lagging.
Investors are now focusing keenly on rig count trends and Q2 CapEx releases to assess the real-world effect of the Brent bounce. According to recent data by the Energy Information Administration, Baker Hughes found that for the week ending April 1, the natural gas rig count dropped to 96 rigs from 103 rigs in the prior week. Typically, lower rigs mean tightened supply, which in turn means upward pressure on oil prices.
On the other hand, banks slashed their price forecasts, with JPMorgan Chase &amp; Co. now seeing Brent at $66 this year and Goldman Sachs expecting an average of $63, as the crude market continues to be poised to encounter substantial surpluses.
While the geopolitical board game is still unfolding, energy ETFs are an on-again, off-again — albeit volatile — strategy on oil&#8217;s journey through 2025. 
Read Next: 
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<li><a href="https://www.benzinga.com/etfs/currency-etfs/25/04/44778378/greenback-on-the-brink-the-dollar-etfs-everyones-watching">Greenback On The Brink: The Dollar ETFs Everyone&#8217;s Watching</a></li>
</ul>
Photo: Shutterstock

US-Iran Talks Fuel Oil Rally: Here Are 3 Energy ETFs In The Radar

Oil prices fell 1% Tuesday with geopolitical change and economic uncertainty contributing to market expectations. 
<a href="https://www.benzinga.com/news/global/25/03/44384160/oil-prices-slip-energy-stocks-pause-as-trump-putin-call-signals-ukraine-ceasefire-progress">Diplomatic talks between</a> U.S. President Donald Trump and Russian President Vladimir Putin encouraged the prospect of a Ukraine ceasefire that might relax sanctions on Russian fuel exports, according to Reuters. But analysts warn it will take time for a meaningful recovery in Russian oil output. While this is, at least in part, due to the effects of Trump&#8217;s trade tariffs on energy demand, there are a number of other factors coming into play. These combine to create a complicated energy scenario, making <a href="https://www.benzinga.com/etfs">energy ETFs</a> a focal point of investor interest.
<h1 class="wp-block-heading">How Energy ETFs Fit Into The Picture</h1>
ETFs provide exposure to the energy sector with risk management against changing oil prices and geopolitical events. Here&#8217;s how various kinds of energy ETFs could be impacted:
Diversified Energy ETFs: These offer diversified exposure to exploration, production, refining and transport, enabling investors to control volatility. Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and the iShares U.S. Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>) are options to consider, with expense ratios of 0.08% and 0.4%, respectively.
Exploration and Production (E&amp;P) ETFs: Concentrated on extracting oil and gas, these ETFs can experience volatility due to changes in supply and demand. Investors may look at the SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) 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>). The ETFs carry an expense ratio of 0.35% and 0.4%, respectively.
Midstream ETFs: Comprising less price-volatile components, these may be rewarded with higher oil transport and storage requirements. Examples include the Alerian MLP ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMLP#NYSE">AMLP</a>) and the Global X MLP ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MLPA#NYSE">MLPA</a>), with expense ratios of 0.85% and 0.45%, respectively.
Also Read: <a href="https://www.benzinga.com/25/03/44217245/us-shale-industry-set-to-boost-oil-output-despite-falling-prices-says-energy-secretary-the-economics-of-shale-dont-work-says-expert">US Shale Industry Can Deliver Trump&#8217;s Pledge For &#8216;Drill, Baby, Drill&#8217; Despite Falling Prices, Says Energy Secretary: &#8216;The Economics Of Shale Don&#8217;t Work,&#8217; Says Expert</a>
<h1 class="wp-block-heading">Contributing Factors To Slowing Oil Prices</h1>
• If sanctions against Russia are relaxed, its crude output — presently at 9.2 million barrels per day (bpd), from 10.6 million bpd in 2016 — might rise. But significant supply shifts might not be immediate, per the Reuters report.
• Trump's tariffs are pressuring global growth. The OECD warns of slower growth, while Wood Mackenzie cut its 2025 Brent crude forecast by $7 to $73 per barrel, according to Reuters.
• OPEC+ is going ahead with its scheduled April output increase, pumping additional supply into the market.
• Middle East uncertainty is another underpinning factor in oil prices. Trump&#8217;s military intervention in support of Iran-aligned Houthis in Yemen and Israeli airstrikes on Gaza inject volatility into the global oil supply.
• Chinese and German economic stimulus may be able to sustain oil demand, offsetting some of the pressure on prices lower.
• This week, the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA) will report on oil inventories. Reuters reported that a 0.9 million barrel build is expected by analysts, which may have an impact on short-term price action.
Oil prices continue to be very volatile based on geopolitical and economic reasons. Energy ETFs provide investors with the means to ride out these changes, managing risk while achieving opportunity. Monitoring worldwide trends and inventory reports will be paramount in making smart investment decisions.
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Photo: Shutterstock

AMLP

iShares Dow Jones US Energy Sector Index Fund

MLPA

Oil Prices Ease: What It Means For Energy ETFs, Investors

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.
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Image: Shutterstock

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.
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Image: Shutterstock

FANG

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:
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<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.
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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.
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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.
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Photo via Shutterstock.

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.
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<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>
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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.
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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.
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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>
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Long Ideas

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

석유수출국기구(OPEC)와 그 동맹국들로 구성된 OPEC+는 이번 주말에 현재의 감산을 연장할 것으로 예상된다고, 대표단과 분석가들이 전했다.
What Happened: 6월 1일 비엔나에서 직접 만날 예정이었던 OPEC+ 동맹은 이제 6월 2일 가상 플랫폼으로 회의를 옮겼다. 화요일 CNBC <a href="/stock/2024/05/31/oil-alliance-opec-could-extend-production-cuts-this-weekend.html#NYSE">보도</a>에 따르면 이 그룹은 현재 하루 총 586만 배럴의 공급 삭감을 시행하고 있으며, 그 중 하루 200만 배럴은 올해 말에 만료될 예정이다.
시장 참여자들은 2분기 말까지 남은 하루 220만 배럴의 감산이 연장될지 예의주시하고 있다. 이는 특히 여름철에 수요가 증가할 것으로 예상되는 점을 고려한 것이다.
익명을 요구한 세 명의 OPEC+ 대표는 CNBC에 하루 220만 배럴의 공급 감소가 장기화될 가능성이 있다고 말했다. 이 그룹은 또한 개별 구성 국가의 할당량 준수를 모니터링하고 있으며 과잉 생산자에게 추가 삭감을 요청했으며 이라크와 카자흐스탄은 자세한 보상 계획을 가지고 있다.
OPEC+ 연합의 감산 연장 결정은 중국의 정유소 유지보수 마무리, 여름이 다가옴에 따른 미국 소비 증가 등의 요인으로 인해 예상되는 여름 수요 증가에 영향을 받는다.
&#8220;6월이 오면 중국은 정유소 유지보수로 거의 중단하게 될 것이다. 여름이 다가옴에 따라 미국 소비가 증가하게 됨으로 6월은 이미 마이너스 원유 잔고를 기록할 것이다. 그리고 8월은 긴축이 최고조에 달하는 달이다&#8221;라고 케플러(Kpler)의 주요 원유 분석가 빅토르 카토나(Viktor Katona)가 이 보고서에서 말했다.
원유 부문이 자신의 투자 전략과 일치하는지 확인하기 위해 시장에서 가장 수익성이 높은 오일 ETF에 관심이 있는 투자자는 다음 옵션을 고려할 수 있다:  Vanguard Energy ETF(ARCA:<a class="items-end ticker-link-wrapper inline-flex" href="https://www.benzinga.com/quote/vde" target="_blank" rel="dofollow noopener" aria-label="Go to Quote Page for VDE">VDE</a>), VanEck Oil Services ETF(ARCA:<a class="items-end ticker-link-wrapper inline-flex" href="https://www.benzinga.com/quote/oih" target="_blank" rel="dofollow noopener" aria-label="Go to Quote Page for OIH">OIH</a>), United States Oil Fund(ARCA:<a class="items-end ticker-link-wrapper inline-flex" href="https://www.benzinga.com/quote/uso" target="_blank" rel="dofollow noopener" aria-label="Go to Quote Page for USO">USO</a>), iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="items-end ticker-link-wrapper inline-flex" href="https://www.benzinga.com/quote/ieo" target="_blank" rel="dofollow noopener" aria-label="Go to Quote Page for IEO">IEO</a>), SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (ARCA:<a class="items-end ticker-link-wrapper inline-flex" href="https://www.benzinga.com/quote/xes" target="_blank" rel="dofollow noopener" aria-label="Go to Quote Page for XES">XES</a>) 및  ProShares Ultra Bloomberg Crude Oil (ARCA:<a class="items-end ticker-link-wrapper inline-flex" href="https://www.benzinga.com/quote/uco" target="_blank" rel="dofollow noopener" aria-label="Go to Quote Page for UCO">UCO</a>).
<div class="ticker-wrapper"></div>
왜 이 소식이 중요한가 (Why It Matters): 이스라엘군이 가자 지구의 <a href="/stock/2024/05/31/all-eyes-on-rafah-as-israeli-forces-enter-safe-zones-spain-ireland-and-norway-officially.html">안전</a>지대에 진입하는 등 최근 지정학적 사건도 원유 시장의 불확실성을 가중시켰다. 중동의 지속적인 긴장은 글로벌 인플레이션과 에너지 안보에 대한 우려를 불러일으켰고 OPEC+의 의사 결정에 더욱 영향을 미쳤다.
유가는 상반기에도 박스권을 유지했으며, 중동 지역의 발전으로 인해 급등할 가능성이 있다.
라이스태드(Rystad)의 호르헤 레온(Jorge Leon)은 지역적 확대로 인해 배럴당 최대 10달러의 위험 프리미엄이 추가될 수 있다고 지적했다. OPEC+ 대표자들은 CNBC에 가자지구 상황이 여전히 어느 정도 압박을 가하고 있지만 시장은 그 영향을 대부분 흡수했다고 말했다.
OPEC+는 또한 휘발유 가격 우려로 인해 이 동맹국들의 공급 삭감을 비난해온 미국과의 관계를 모색해야 한다. 지난주 바이든 행정부는 주요소 가격을 낮추기 위해 비축량에서 100만 배럴의 휘발유를 방출한다고 발표했다. 코로나19 팬데믹 기간 동안 전략적 석유 비축(SPR)에도 유사한 조치가 취해졌다.
그러나 한 OPEC+ 대표는 이러한 조치가 여름 가격 완화 이후 장기적인 영향을 미칠 가능성이 낮다고 지적했다. 이 보도에 따르면 미국은 일반적으로 비상 국가 비축 재고량을 보충하는 것을 목표로 하고 있다.
다음 읽기: <a href="https://www.benzinga.com/markets/equities/24/05/39063828/elon-musk-slams-joe-biden-says-president-cares-a-lot-more-about-whether-tesla-is-unionized-over-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">일론 머스크, &#8220;조 바이든 대통령은 테슬라가 노조에 가입했는지에 대해 더욱 신경쓴다&#8221;고 비판</a>
<a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a>를 사용하여 작성된 이 기사는 Kaustubh Bagalkote에 의해 편집되었습니다.

여러 분석가들은 <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39071635/conocophillips-marathon-deal-analyst-sees-short-term-pain-long-term-gain" target="_blank" rel="noreferrer noopener">기업 가치가 225억 달러</a>에 달하는 전체 주식 거래에서 코노코필립스(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>)가 마라톤 오일(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>)을 인수하는 거래에 대해 자신의 견해를 표명했다.
어제 코노코필립스는 2024년 4분기부터 주당 보통 기본 배당금을 34% 증가한 <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">0.78</a>달러로 늘릴 것으로 예상한다고 밝혔다.
첫 해에 70억 달러 이상(독립적으로 50억 달러 이상)의 주식을 매입하고 <a href="https://www.benzinga.com/markets/equities/24/05/39061149/conocophillips-acquires-marathon-oil-in-all-stock-deal-at-14-7-premium-details" target="_blank" rel="noreferrer noopener">첫 3년 동안</a> 200억 달러 이상의 주식을 재매입하는 것을 목표로 하고 있다.
트루이스트 증권의 분석가 닐 딩만(Neal Dingmann)은 마라톤 오일(MRO)의 주식이 여러 분기 동안 코노코필립스(COP)의 주식에 비해 눈에 띄게 할인된 가격으로 거래되었기 때문에 모든 지표에 대한 즉각적인 증가를 고려할 때 이번 거래를 긍정적으로 보고 있다고 썼다.
이 분석가는 이번 거래로 양질의 면적이 추가되어 코노코필립스가 바켄(Bakken) 및 이글 포드(Eagle Ford)의 가장 큰 자산 보유자 중 하나가 되었다고 썼다.
딩만은 코노코필립스가 잠재적으로 총 생산량을 유지할 가능성이 있지만 결합 활동을 둔화시킬 것으로 예상한다. 이 분석가는 마라톤 오일과의 이 거래에 다른 회사가 등장할 가능성은 거의 없다고 썼다.
딩만 분석가는 이후 160달러의 <a href="https://www.benzinga.com/quote/COP/analyst-ratings" target="_blank" rel="noreferrer noopener">목표 주가</a>에서 매수 평가를 재확인했다.
J.P.모건의 분석가인 아룬 자야람(Arun Jayaram)은 이번 인수 거래가 FCF 및 실적 지표(2025년 FCF 수익률 0.5% 증가, P/E 0.7배 감소)에서 증가하고 5억 달러의 시너지 효과(세전 G&amp;A/운영 지출 4억 달러, 자본금 1억 달러)를 제공할 것이라 예상했다.
이 분석가는 배당 인상에 대해 언급하면서 증분 기본 배당이 특별 배당을 대체할 것이라고 썼다.
자야람은 MRO가 유기적 개선과 2022년 말 30억 달러 규모의 엔사인(Ensign) 거래를 통해 재고 갱신에 대해 실용적인 접근 방식을 취했지만 시간이 지남에 따라 재고 갱신을 처리하기 위해 추가 조치를 취해야 한다고 말했다.
BMO 캐피털 마켓의 분석가인 필립 융워스(Phillip Jungwirth)는 COP에 대해 시장수익률 상회(Outperform) 등급과 135달러 목표 가격을 제시하며 이번 인수가 재정적으로 이익이 되고 경쟁력 있는 공급 비용으로 코노코필립스의 L48 포지션(바켄/이글 포드)을 강화한다고 썼다.
융워스는 마라톤의 강력한 자본 효율성이 자본을 놓고 경쟁해야 하며 이번 거래로 코노코필립스의 기업 FCF 손익분기점이 낮아질 것이라고 덧붙였다.
이 분석가는 코노코필립스의 2025년 EPS가 스트립 및 주당 현금 흐름에서 6% 증가하고 주당 FCF가 각각 5%와 ~9% 더 높을 것으로 추정한다.
관련 기사 : <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39071635/conocophillips-marathon-deal-analyst-sees-short-term-pain-long-term-gain" target="_blank" rel="noreferrer noopener">코노코필립스의 마라톤 인수 거래: 단기적으로는 고통, 장기적으로는 이득</a>
미즈호의 한 분석가는 COP에 대해 중립적인 평가를 내리고, 이 기업의 주가에 대해 142달러의 가격 목표를 제시했다. 또한 이번 거래로 COP의 미국 셰일 포트폴리오에는 20억 배럴 이상의 오일 상당 비축, 2,000개의 위치, 그리고 1,000개 이상의 굴절(Refrac) 기회가 추가되었음에도, 이번 거래가 COP를 더 낫게 만든다는 것에 대해 걱정을 드러냈다.
이 분석가는 2019년 이후 두 회사가 모두 동종 기업들에 비해 웰 생산성 측면에서 뛰어난 성과를 보였지만, COP는 특히 바켄과 이글 포드에서 MRO보다 큰 이점을 가지고 있다고 덧붙였다.
투자자들은 IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF(BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>)와 Westwood Salient Enhanced Energy Income ETF(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WEEI#NASDAQ">WEEI</a>)를 통해 COP에 노출될 수 있다.
주가 움직임: 목요일 코노코필립스의 주가는 1.42% 하락 113.58달러에 마감했다.

4월이 끝나가면서 <a href="https://www.benzinga.com/etfs" target="_blank" rel="noopener">이번 달</a>의 최고 성과 부문 및 업계 상장지수펀드(ETF) 순위를 집계할 때가 되었다.
주식 시장을 더 폭넓게 살펴보면 SPDR S&amp;P 500 ETF Trust(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)로 대표되는 S&amp;P 500 지수는 약 3% 하락하며 4월을 하락세로 마감했다. 이로써 5개월 연속 상승세가 끝났다.
마찬가지로, Invesco QQQ Trust(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)가 추적하는 기술주 중심의 나스닥 100 지수는 3.5% 하락했다.
대형주 지수 중에서 우량주는 SPDR Dow Jones Industrial Average ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)가 4.5% 하락하는 등 저조한 성과를 보였다.
iShares Russell 2000 ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>)로 대표되는 소형주는 6% 이상 급락하여 2023년 10월 이후 최악의 실적을 기록했다.
전반적으로 이번 달은 예상을 뛰어넘는 인플레이션으로 인해 주식시장에 어려운 달이었다. 이로 인해 연방준비제도(연준)의 금리 인하 가능성에 대한 시장 기대가 재조정되었다.
또한 현재 진행 중인 가자지구 문제와 함께 특히 이스라엘과 이란 간의 복잡한 글로벌 지정학적 긴장이 대두되고 있다.
5월은 투자자들이 수요일 연준의 공개시장위원회(FOMC) <a href="https://www.benzinga.com/general/macro-notification/24/04/38526201/is-hawkish-shift-on-inflation-imminent-wall-street-analysts-traders-brace-for-fed-impa">회의</a>를 기다리면서 중요한 행사로 시작될 것으로 예상된다.
금리 변동은 없을 것으로 예상되지만 최근 인플레이션에 대한 대응으로 연준의 입장을 평가하기 위한 제롬 파월 연준 의장의 발언에 모든 ​​관심이 쏠릴 것이다.
<h2 class="wp-block-heading">2024년 4월 섹터 ETF의 성과</h2>
섹터수준에서는 유틸리티 섹터만 이번 달 손실을 피해 2.1% 상승했다.
4월에 유틸리티 섹터의 가장 큰 주식 공헌자는 넥스트에라 에너지(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>), 서던 컴퍼니(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>), 도미니언 에너지(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/D#NYSE">D</a>) 및 NRG 에너지 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>)로 4%에서 8% 사이의 월간 상승을 보여주었다.
에너지 주식들은 전반적으로 안정적이었으며, S&amp;P 500의 다른 9개의 섹터들은 모두 손실을 보여주었다.
부동산은 한 달 동안 국채 수익률이 전반적으로 상승함에 따라 금리에 대한 높은 민감도로 인해 7% 이상 하락하는 최악의 실적을 기록했다.
부동산 다음으로, 기술 및 헬스케어 섹터 역시 4월에는 좋지 않은 성과를 보였다.
<h4 class="wp-block-heading">4월의 최고와 최악의 섹터 ETF: 유틸리티 우위, 부동산 부진</h4>
<figure class="wp-block-table is-style-stripes">
<table style="overflow:auto; height: 90px; display: block;">
<thead>
<tr>
<th>Sector</th>
<th>April 2024 performance</th>
</tr>
</thead>
<tbody>
<tr>
<td>유틸리티 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td>
<td>2.06%</td>
</tr>
<tr>
<td>에너지 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>0.01%</td>
</tr>
<tr>
<td>생필품 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td>
<td>-1.11%</td>
</tr>
<tr>
<td>산업 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td>
<td>-3.23%</td>
</tr>
<tr>
<td>생활소비재 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td>
<td>-3.68%</td>
</tr>
<tr>
<td>금융섹터 셀렉트 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>-3.85%</td>
</tr>
<tr>
<td>소재 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td>
<td>-4.13%</td>
</tr>
<tr>
<td>통신서비스 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td>
<td>-4.24%</td>
</tr>
<tr>
<td>기술 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>-4.78%</td>
</tr>
<tr>
<td>건강관리 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td>
<td>-4.85%</td>
</tr>
<tr>
<td>부동산 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>-7.83%</td>
</tr>
</tbody>
</table><figcaption class="wp-element-caption">2024년 4월 30일 오후 2시 50분 EDT 기준</figcaption></figure>
<h2 class="wp-block-heading">2024년 4월 산업 ETF의 성과</h2>
블랙록(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>)의 iShares가 제공하는 업계 ETF 목록에 따르면 25개 산업 중 5개 산업만이 4월에 상승세를 기록했다. 그중 광업주들은 은, 구리, 금 광산주가 강력한 상승세를 보이는 등 전반적으로 좋은 성적을 거두었다.
4월에 광업 산업의 개수의 존재의 의미있는 기여자들은 팬 아메리칸 실버 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>)가 20% 이상 상승, 뉴몬트(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>)이 14% 상승, 앵글로 아메리칸(OTCPK:AAUKF)이 40% 이상 상승 등이었다.
에너지 생산업체들도 상승 마감할 수 있었다.
업계 순위에서 가장 낮은 부분에 있는 주택 건설업체, 운송, 생명공학 주식, 디지털 인프라 및 부동산은 모두 4월에 7%에서 9.6% 사이의 손실을 보고했습니다.
On the bottom side of the industry rankings, homebuilders, transportation, biotech stocks, digital infrastructure and real estate all report losses between 7% and 9.6% in April.
산업순위의 하위권에서는, 4월에 홈빌더, 운송, 바이오 기술 주식, 디지털 인프라 및 부동산이 각각 7%에서 9.6% 사이의 손실을 보고 있다.
<figure class="wp-block-table is-style-stripes">
<table style="overflow:auto; height: 90px; display: block;">
<thead>
<tr>
<th></th>
<th>성과</th>
</tr>
</thead>
<tbody>
<tr>
<td>iShares MSCI 글로벌 실버 및 금속 채광업 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLVP#NYSE">SLVP</a>)</td>
<td>12.11%</td>
</tr>
<tr>
<td>iShares Copper and Metals Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>)</td>
<td>9.50%</td>
</tr>
<tr>
<td>iShares MSCI 글로벌 금괴 채굴업 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RING#NYSE">RING</a>)</td>
<td>5.93%</td>
</tr>
<tr>
<td>iShares MSCI 글로벌 금속 및 광업 생산업체 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PICK#NYSE">PICK</a>)</td>
<td>2.81%</td>
</tr>
<tr>
<td>iShares MSCI_Global_Energy_Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FILL#NYSE">FILL</a>)</td>
<td>2.46%</td>
</tr>
<tr>
<td>iShares U.S. Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITA#NYSE">ITA</a>)</td>
<td>-1.16%</td>
</tr>
<tr>
<td>한미파이 체인지 트럼프 월가 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEO#NYSE">IEO</a>)</td>
<td>-1.37%</td>
</tr>
<tr>
<td>아이쉐어스 레지던셜 앤 멀티섹터 부동산 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REZ#NYSE">REZ</a>)</td>
<td>-1.66%</td>
</tr>
<tr>
<td>iShares 리튬 채광 및 생산업체 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ILIT#NYSE">ILIT</a>)</td>
<td>-3.30%</td>
</tr>
<tr>
<td>iShares U.S. 브로커-딜러 및 유가증권 거래소 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>)</td>
<td>-3.74%</td>
</tr>
<tr>
<td>iShares U.S. 금융 서비스 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>)</td>
<td>-3.88%</td>
</tr>
<tr>
<td>iShares 확장된 기술 섹터 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGM#NYSE">IGM</a>)</td>
<td>-4.37%</td>
</tr>
<tr>
<td>iShares 반도체 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>)</td>
<td>-4.40%</td>
</tr>
<tr>
<td>iShares U.S. Healthcare Providers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHF#NYSE">IHF</a>)</td>
<td>-4.79%</td>
</tr>
<tr>
<td>iShares U.S. 보험 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAK#NYSE">IAK</a>)</td>
<td>-4.85%</td>
</tr>
<tr>
<td>iShares U.S. Regional Banks ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAT#NYSE">IAT</a>)</td>
<td>-5.11%</td>
</tr>
<tr>
<td>iShares U.S. Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHE#NYSE">IHE</a>)</td>
<td>-5.38%</td>
</tr>
<tr>
<td>iShares U.S. Oil Equipment &amp; Services ETF (NYSE:&lt;</td>
</tr>
</tbody>
</table>
</figure>

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