From upstream activities to midstream, prospects for companies are rosy now, enhancing the outlook for the Zacks Oil & Gas US Integrated industry. COP, OXY, HES and WHD will make the most of the favorable business scenario.
Energy companies like Occidental Petroleum (OXY), Marathon Petroleum (MPC) and Hess Corporation (HESS) have seen solid gains in 2022.
The creditors of a bankrupt Hess Corp subsidiary have asked a U.S. judge to dismiss the company's bankruptcy case, saying it serves no purpose other than to protect Hess from lawsuits related to asbestos exposure at a Virgin Islands oil refinery. The creditors allege that Hess, a $37 billion energy company, is abusing U.S. bankruptcy laws to dodge 900 claims stemming from asbestos contamination at a St. Croix refinery that it operated for decades, according to a motion filed Thursday in Houston bankruptcy court.