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Occidental Petroleum Corporation (OXY)
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Back to 70 by august
California Plans to Quit Oil. Resistance Is Fiercer Than You Think.
Dozens of state and local budgets depend heavily on tax revenue from oil, gas and coal to fund schools, hospitals and more.
All you people that think W.B. is going to make a bid for OXY think about this possibility. Maybe W.B. believes that OXY will go to $120/shr. and he just wants to make a killing on the appreciation. What other stock has the ability to more than double in the next two to three quarters? As far a complete demand destruction taking place, that isn't in the cards. Europe is going to have to convert their power plants to oil and that will increase demand by about 1 to 2 million barrels a day.....Oil stock will start a new leg up and it will be greater than the last one.....
Zacks Equity Research
Wed, July 6, 2022, 2:45 PM·3 min read
In this article:
In the latest trading session, Occidental Petroleum (OXY) closed at $59.11, marking no change from the previous day. This move lagged the S&P 500's daily gain of 0.36%. Meanwhile, the Dow gained 0.23%, and the Nasdaq, a tech-heavy index, lost 0.1%.
Coming into today, shares of the oil and gas exploration and production company had lost 16.22% in the past month. In that same time, the Oils-Energy sector lost 19.28%, while the S&P 500 lost 6.59%.
Investors will be hoping for strength from Occidental Petroleum as it approaches its next earnings release. On that day, Occidental Petroleum is projected to report earnings of $2.90 per share, which would represent year-over-year growth of 806.25%. Our most recent consensus estimate is calling for quarterly revenue of $9.64 billion, up 60.32% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $10.36
Such large moves in oil and gas futures can ensure that no long term O&G exploration and drilling projects will have no guarantee of returns....which will further dryup investments. This itself will ensure that oil super cycle is formed and sustained.
There is will be no motivation to invest long term, only drilling in high probability and high return locations where oil can be extracted in short term. Inventory of such drilling locations will eventually get to a dangerously low level. We probably will get there within a couple of years in USA.
Demand destruction is only on paper, not in physical world. As soon as oil prices get a bit down, countries will run over each other to fill up their reserves.
We will see todsy, that buffet has bought another portion of shares at oxy.
We will see 20% very soon, because buffets berkshire can consolidate 20% of oxys profit to its profit.
And as Exxon yesterdsy announced, it will be a giant profit for oxy too.
So for the last few days, oil has been dumping at opening of the US market, but today, it rallies at market open. This is suspiciously close to the earnings of these companies. Really makes me wonder if there is price manipulation going on to help big funds buy in at a low cost before the rally during earnings.
I bought OXY this am @ $56.71. WB will have to pry these shares from my cold dead hands. CHEERS!
🔥5 year chart shows cup and Handle
Cushing oil inventory looks like Lake Meade, 2/3s of the volume is gone. Mr. Buffet and Mr. Hamm think that oil is going to continue to be profitable and offers some protection against inflation. I'm keeping my energy stocks. Lynwood
don’t see oil going to 65. oil reserves are depleted, opec can not meet their quotas, russia will be slowing down as their equipment will falter, no western tech, parts, or equipment, valves etc
The violent sell-off in oil prices amid recession fears may prove short-lived, according to Goldman Sachs.
"We believe this move has overshot," Goldman Sachs commodities strategist Damien Courvalin stated in a new note to clients.
tomorrow the news will be no recession
We need a new repor that the weekly API REPORT...we the reality report....the govt released 5,9 million barrels that week so net net demand exceeded supply by about 2.5 million barrels this week and about ....publishing data when you are flooding oil from reservves is totallly inaccurate...it would be like a business getting millions in forgiven loans and they add that into the profits ...BY THE WAY THE ADMINISTRATION KEEPS SAYING THAT WE ARE IN A WAR POSTURE .....IF THATS THE CASE WHY ARENT OUR MILITARY COMMANDERS GOING BESERK THAT WE ARE DRAINING OUR RESERVES..AKA OUR SECURITY...WE ARE DOWN TO ABOUT 25 DAYS OF SUPPLY ...I think US Demand is 20 millon barrels and we are down to 490... the lowest since 1985 ...next if we have no refining capacity left BUSINESS 101 WE BETTER BUILD ANOTHER ONE BEFORE AN ISSUE AT ONE CRIPPLES THE COUNTRY
This is all noise the oil inventory did not increase 1% across the world overnight and people didn’t stop driving to work overnight
The pundits and the media talk about "demand destruction" for oil but fail to mention that Brandon's policies have led to a much greater "supply" destruction of oil.
Commodity prices will remain "structurally higher" for decades to come as supply fails to keep pace with rising global demand, BlackRock warned in a Tuesday note.
GOLDMAN maintains BUY rating 7-5-22
I have no doubt whatsoever that this admin will dump the entire SPR before election day if they think it will keep them in power. So look till after election day when oil will rise $10/day for weeks and weeks.
This inflation issue will continue to strike us again if they don't solve the issues on the oil production side. In 2008, and for decades production was way over the demand curve. Since the covid, the demand even with the covid is higher than the oil production. The oil inventory depletion issue is greater than many think. So, don't think and look for the actual charts and numbers. You will be astonished. Without the SPR, you may be lining up at the gas stations like in 70s.
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