Oil prices bounced higher on Wednesday. Notable names on the upswing today were Chevron (NYSE: CVX), Devon Energy (NYSE: DVN), Phillips 66 (NYSE: PSX), and Energy Transfer (NYSE: ET). Here's a look at what's fueling the oil market's rebound and how it impacts these companies.
Phillips 66 (PSX) is focusing more on businesses like midstream, renewables and chemicals. This is making Phillips 66's business model more stable.
Transocean (RIG) secures a drilling contract to drill 17 wells and additional potential wells off the Norwegian coast from 2023 to 2027.