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☆ Energy stocks are hot again. The rally could have more fuel to burn
▼ + stars: | 2024-04-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

These robust gains come after a lackluster year for energy stocks. The energy sector fell roughly 5% in 2023, underperforming the broader S&P 500’s double-digit gains as concerns about the global economy hurt energy demand. Some investors say that energy stocks are poised for more gains, given the continued geopolitical turmoil and the US economy’s resilience. Energy stocks often do well when the economy is strong, since there’s more energy demand to fuel goods- and services production. Plug Power shares have slipped 34% this year, SolarEdge Technologies shares have tumbled 25% and Enphase Energy shares have slid 8%.

Persons: Nancy Curtin, “, ”, Bob Doll, he’s, Donald Trump, Trump, Matt Egan, ” Alex Durante, Read, Alicia Wallace, Price Organizations: CNN Business, Bell, New York CNN — Energy, Marathon Petroleum, Exxon Mobil, Occidental Petroleum, Halliburton, West Texas, Brent, Federal Reserve, Energy, RBC Capital Markets, Crossmark Global Investments, Organization of, Petroleum, Clean Energy, SolarEdge Technologies, Enphase Energy, Tax Foundation, CNN, Trump, of Labor Statistics, PPI Locations: New York, Ukraine, OPEC, China, Mexico

☆ Energy, the new momentum trade? Why the sector's strong gains can increase from here
▼ + stars: | 2024-04-08 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

The energy sector has pulled up from behind to overtake nearly every other sector of the market this year and may still have room to advance, according to analysts. The energy sector has gotten a lift as crude oil prices are on a tear this year after plummeting in the last quarter of 2023. The refiners Marathon Petroleum , Phillips 66 and Valero also hit all-time highs on Friday. Diamondback Energy is trading at all-time highs Monday dating back to its IPO in October 2012, while ConocoPhillips is at levels that have not been seen since November 2022. "We think it's a theme that has more to go as well," Ginsberg said of the energy sector rally.

Persons: Jonathan Krinsky, Krinsky, it's, Rob Ginsberg, Brent, Iran teeter, Ginsberg, Valero Organizations: Energy, BTIG, Exxon Mobil, Wolfe Research, Fund, JPMorgan, OPEC, refiners, Petroleum, Phillips, Diamondback Energy, ConocoPhillips Locations: Ukraine, Israel, Iran, Occidental

☆ Morgan Stanley says the catch-up trade in energy can continue and names its top picks to play
▼ + stars: | 2024-03-29 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil stocks are finally playing catch up as the energy sector has become one of the best performing sectors of the market this year, according to Morgan Stanley. "An improving macro backdrop has started a catch-up trade for Energy," analyst Devin McDermott told clients in a research note Thursday. The sector lagged the broader market last year as crude sagged, but is now following oil prices higher. The sector is outperforming the broader market with energy up 12.5% year to date while the S & P 500 is up 10.1%. Morgan Stanley upgraded the entire sector to overweight early this week.

Persons: Morgan Stanley, Devin McDermott, McDermott Organizations: Energy, Brent, Morgan, ConocoPhillips, Occidental Locations: Diamondback, Devon, Brent

This technical indicator is known as a "golden cross," when a stock's 50-day moving average (DMA) crosses over its 200-day moving average. Investors view a golden cross as a bullish indicator of positive momentum continuing into the longer term. Two of the following three names in the S & P 500 about to form a golden cross pattern are oil companies. The other oil company close to forming a golden cross is Occidental Petroleum . Two-thirds of those covering the company rate it a hold, and the average price target implies upside potential of about 4%.

Organizations: Energy, Exxon Mobil, Exxon, Chevron, Occidental Petroleum, Occidental Locations: Guyana, Occidental

☆ Morgan Stanley upgrades the energy sector, citing ‘compelling valuation'
▼ + stars: | 2024-03-25 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The energy sector is demonstrating strength with a "compelling valuation" that could set stocks up for a comeback after underperforming the broader market since September, according to Morgan Stanley. Morgan Stanley recommends ConocoPhillips , Devon Energy , Occidental Petroleum and Diamondback Energy as ways to play the potential comeback. The energy sector has been the best performer over the past month, but is still lagging the rally that began in October. The S & P 500 energy sector is up more than 11% in 2024, while West Texas Intermediate futures have gained 14%. Earnings revision breadth for energy stocks also appears to have bottomed and is moving in a positive direction, according to Morgan Stanley.

Persons: Morgan Stanley, Michael Wilson, Wilson Organizations: Energy, ConocoPhillips, Devon Energy, Occidental Petroleum, Diamondback Energy, West Texas

☆ Occidental Petroleum CEO talks the CrownRock deal, Chevron and Hess and natural gas prices
▼ + stars: | 2024-02-27 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOccidental Petroleum CEO talks the CrownRock deal, Chevron and Hess and natural gas pricesVicki Hollub, Occidental Petroleum CEO, joins 'Closing Bell' to discuss the company, the CrownRock deal and Chevron and Hess deal and consolidation.

Persons: Vicki Hollub Organizations: Email Occidental Petroleum CEO, Chevron, Hess, Occidental Petroleum CEO

☆ Warren Buffett says Berkshire may only do slightly better than the average company due to its sheer size
▼ + stars: | 2024-02-24 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett and Charlie Munger at press conference during the Berkshire Hathaway Shareholders Meeting in Omaha, Nebraska, April 30, 2022. Berkshire Hathaway 's Warren Buffett said his sprawling conglomerate may only slightly outperform the average American company due to its sheer size and the lack of buying opportunities that could make an impact. The 93-year-old Buffett said Berkshire's group of diversified, quality businesses should provide "slightly better" performance than the average U.S. company, but anything more than that is unlikely. 'With our present mix of businesses, Berkshire should do a bit better than the average American corporation and, more important, should also operate with materially less risk of permanent loss of capital," Buffett said. "Anything beyond 'slightly better,' though, is wishful thinking."

Persons: Warren Buffett, Charlie Munger, Berkshire Hathaway, Apple —, Buffett, — Organizations: Berkshire, BNSF Railway, Apple, Oracle, Occidental Petroleum, Berkshire ., Mitsubishi, Mitsui, Sumitomo Locations: Omaha , Nebraska, Omaha, Dairy, Berkshire, Alleghany, U.S

☆ Warren Buffett calls out stock-market gamblers and honors the late Charlie Munger in his annual letter
▼ + stars: | 2024-02-24 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Warren Buffett hailed Charlie Munger as the "architect" of Berkshire Hathaway in his annual letter. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWarren Buffett paid tribute to Charlie Munger, touted four of Berkshire Hathaway's biggest bets, and voiced frustration in his annual letter to shareholders published on Saturday. He shaped Berkshire into a world-beating conglomerate and helped Buffett evolve from bargain hunting to buying businesses at fair prices.

Persons: Warren Buffett, Charlie Munger, Berkshire Hathaway, Buffett, —, Charlie, he's, Munger, Ajit Jain, Greg Abel, Bertie Organizations: Service, Berkshire, American Express, Occidental Petroleum Locations: Berkshire, Omaha , Nebraska, Munger, United States, Omaha

☆ Berkshire Hathaway once again keeps new stock purchase secret, trims giant Apple stake
▼ + stars: | 2024-02-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway asked regulators to keep its new stock purchase secret for a second quarter in a row, while the conglomerate trimmed its massive Apple stake slightly in the fourth quarter, according to a new regulatory filing. Berkshire requested that the Securities and Exchange Commission keep the details of one or more of its stock holdings confidential. Many speculated that the secret purchase could be a bank stock as the 10Q filing for the third quarter suggested that Berkshire had purchased "banks, insurance, and finance" stocks for $1.2 billion. Apple, Chevron The Omaha-based conglomerate sold about 10 million Apple shares last quarter, the filing showed. HP, Paramount Berkshire significantly reduced its stake in Paramount , holding about 63.3 million shares at the end of December, or 32% fewer shares than the number in the previous quarter.

Persons: Warren, Berkshire Hathaway, Buffett's, Buffett, homebuilder D.R.Horton, Ted Weschler, Todd Combs Organizations: Berkshire, Securities and Exchange Commission, Chevron, Verizon, Apple, HP, Paramount, Paramount Global, Liberty, Occidental Petroleum Locations: Berkshire, Chevron The Omaha, Paramount Berkshire, New York, Houston

☆ A top 2% fund manager crushing the S&P 500 over the last 4 years despite owning none of the 'Magnificent 7' shares 7 stocks he's betting on — and breaks down the 4 guiding principles he uses to beat t
▼ + stars: | 2024-02-14 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

In a note on Tuesday, Smead shared the secrets to his success via four guiding principles for outperforming the market. What is worse, losing $30 per share or the sin of omission by missing the next $120 gain per share?" "Our optimism for companies goes up as the price goes down when it fits our eight criteria for stock selection," Smead said. 7 stocks Smead is betting on nowIn the note, Smead listed seven companies he owns that fit these criteria: oil firms Occidental Petroleum (OXY) and ConocoPhillips (COP); homebuilders D.R. We believe that 100% of the people who pick stocks for a living think they will be above average," Smead said.

Persons: Bill Smead, Cole, He's, Smead, D.R, Horton, LEN Organizations: Smead Capital Management, Morningstar, Bank of America, Occidental Petroleum, ConocoPhillips, Merck, US

☆ What's driving the market rebound on Wednesday — and why we're buying the dips
▼ + stars: | 2024-02-14 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Market rebound: Stocks are bouncing from Tuesday's declines, taking their cue from rallying bond prices. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Eli Lilly, Cramer, Kraft Heinz, Gamble, didn't, Stanley, Jim Cramer's, Jim, Dupont Organizations: CNBC, Nvidia, Meta, Constellation Brands, Procter, Energy, DuPont, Starbucks, Cisco Systems, Occidental Petroleum, Deere, Penn Entertainment, Jim Cramer's Charitable, Getty Locations: We're, North America, DuPont's, Wilmington , Delaware

☆ These oil companies could be the next takeover targets in Permian Basin after Diamondback deal
▼ + stars: | 2024-02-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

Diamondback Energy took one of the last major, privately held operators in the Permian off the table this week when it agreed to buy Endeavor Energy Resources for $26 billion. The deal is poised to catapult Diamondback into the top tier in the Permian, the most prolific oil patch in the U.S. that stretches from western Texas into southeastern New Mexico. The top six companies in the Permian are set to own 62% of the basin's remaining oil reserves, according to Rystad Energy. The stubborn holdouts After the Diamondback-Endeavor and Occidental-CrownRock deals, the only other major privately held producers left in the Permian are Continental Resources and Mewbourne Oil. Conoco could potentially seek to acquire Permian Resources , Civitas , Coterra, Vital Energy or Ovintiv , Bernstein said.

Persons: Matthew Bernstein, Bernstein, Hess, Andy Lipow, Neal Dingmann, Mewbourne, Dingmann, Ovintiv, Enerplus, Bob Yawger, Yawger, weren't, Ryan Lance, Lance, Conoco, EOG Organizations: Diamondback Energy, Endeavor Energy Resources, Diamondback, Exxon Mobil, Chevron, Rystad Energy, Truist Securities, CRFA Research, Endeavor, CNBC, Exxon, Natural Resources, Occidental, Lipow Oil Associates, Resources, Mewbourne, Continental, Publicly, Civitas, Coterra, Vital Energy, Devon Energy, Marathon Oil, Bloomberg News, Marathon, Reuters, CFRA, ConocoPhillips, Mizuho Locations: U.S, Texas, New Mexico, Guyana, Devon, Bakken, North Dakota, Occidental, Mizuho Americas, Marathon

☆ New Street's Delano Saporu rates Shake Shack a buy, here's why
▼ + stars: | 2024-02-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew Street's Delano Saporu rates Shake Shack a buy, here's whyDelano Saporu, New Street Advisors founder and CEO, joins 'The Exchange' to discuss how to trade Cisco, Occidental Petroleum, and Shake Shack.

Persons: Delano, Delano Saporu Organizations: New Street Advisors, Cisco, Occidental Petroleum

Diamondback Energy will attempt to buy rival Endeavor Energy Resources to create an energy giant in the Southwestern United States worth more than $50 billion. A tie-up between Diamondback and Endeavor, if it succeeds, would create a player in the massive Permian Basin oil and gas field that straddles Texas and New Mexico. Photos You Should See View All 22 ImagesEndeavor is the largest private operator in the Permian Basin. Lower oil prices are good for U.S. drivers, as it means they'll pay less at gas pumps. Shareholders of Diamondback Energy Inc. will own about 60.5% of the combined company, while Endeavor’s equity holders would own approximately 39.5%.

Persons: Hess, Diamondback, Travis Stice, ” Stifel's Derrick Whitfield, ” Stice Organizations: Diamondback Energy, Endeavor Energy Resources, Southwestern United, Exxon Mobil, Mobil, Diamondback, Endeavor, Exxon, Chevron, Drillers, OPEC, U.S, International Energy Agency, Diamondback Energy Inc, Chesapeake Energy, Southwestern Energy, Occidental Locations: Southwestern United States, U.S, Texas, New Mexico, United States, Israel, Midland , Texas

☆ Berkshire Hathaway topped $600,000 a share last week, aiming at $1 trillion market value
▼ + stars: | 2024-02-11 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

The swift rally has pushed Berkshire's market cap above $863 billion as of Friday's close, making it the seventh most valuable company in the U.S. Road to 600k It took Berkshire Class A shares about two years to go from $500,000 to $600,000. In terms of market cap weighting and earnings contribution to the S & P 500, Berkshire is now the best candidate to join the crowd, Strategas said. High price tag Berkshire's original Class A shares carry one of the highest price tags on Wall Street . Berkshire's Class B shares have gained more than 11% this year and also hit an intraday record of $399.15 earlier this week.

Persons: Warren Buffett's Berkshire Hathaway, Tesla, Tesla —, Eli Lilly, Strategas, Buffett, Ben Graham Organizations: U.S, BNSF Railway, Geico Insurance, U.S ., PetroChina, Alleghany, Occidental Petroleum, Microsoft, Apple, Nvidia, Tesla, Strategas Securities, Broadcom Locations: Warren Buffett's, U.S, Omaha, Berkshire, Saudi Aramco

☆ 5 things next week that could determine if Wall Street's winning streak continues
▼ + stars: | 2024-02-10 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Wall Street wrapped up another positive week, with the S & P 500 closing Friday above 5,000 for the first time ever. It was a pretty light week in terms of economic data releases, though we did get a favorable ISM Services number on Monday. Things will pick up next week with several closely watched macroeconomic updates, including two key government inflation reports. While no Club earnings are scheduled to report earnings in the week ahead, 61 companies in the S & P 500 will deliver their latest quarterly results. Consumer inflation: The main event of the week will come on Tuesday when the January consumer price index (CPI) is released.

Persons: Estee Lauder, Eli Lilly, Price, Bausch, Trimble, Krispy Kreme, Topgolf, Kraft Heinz, Martin Marietta, Owens Corning, WEN, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, Club, GE Healthcare, DuPont, Linde, Ford, Disney, Wynn Resorts, CPI, PPI, Palo Alto Networks, Nvidia, Bausch Health, Arista Networks, WM, Cadence Design Systems, ZoomInfo Technologies, Avis Budget, Brighthouse, Goodyear Tire &, Vornado Realty, Marriott International, Hasbro, Restaurant Brands, Molson Coors Beverage, Holdings, MGM Resorts, MGM, Akamai Technologies, American International Group, AIG, Topgolf Callaway Brands, CME Group, Sony, SONY, Blackstone Mortgage Trust, Martin Marietta Materials, Ryder, Occidental Petroleum, Cisco Systems, Deere, Penn Entertainment, Southern Company, Coinbase, Trade, Materials, Rand, Texas, Housing, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: Albemarle, ALB, Ingersoll, New York City

☆ The S&P 500 will try to maintain its momentum next week after breaching 5,000, with key inflation data, earnings on deck
▼ + stars: | 2024-02-09 | by ( Sarah Min | ) www.cnbc.com time to read: +9 min

The S & P 500 broke past 5,000 for the first time ever this week, but investors will see if the momentum can stick in the week ahead with more inflation data and earnings results on deck. On Friday, both the S & P 500 and the Nasdaq Composite were headed for their fifth straight week of gains, and their 14th winning week in 15. FactSet data shows S & P 500 earnings are tracking to have risen 2.8% in the fourth quarter, which would be a second straight quarter of earnings growth, and some expect that positive momentum will remain intact in the weeks ahead. A cooler-than-expected print has the potential to be greeted with enthusiasm, sending the S & P 500 even higher. The S & P 500 is up by 5% this year, with Nvidia higher by more than 40%.

Persons: Jeremy Siegel, CNBC's, Siegel, Karim El Nokali, we've, Tony Welch, Dow, SignatureFD's Welch, there's, Welch, Russell, Jason Hunter, that's, Hunter, Matt Kishlansky, Biogen, Kraft Heinz, Generac Organizations: Treasury, Wharton Business, Nasdaq, Arista Networks, Marriott International, Occidental Petroleum, Deere, Applied Materials, Dow Jones, Wall, Nvidia, Arm Holdings, JPMorgan, New York Community Bancorp, Federal Reserve, Treasury Budget, Waste, CPI, MGM Resorts International, Akamai Technologies, Howmet Aerospace, Molson Coors Beverage, Hasbro, Price, Index, Philadelphia Fed, Retail, Manufacturing, Housing, PPI Locations: SignatureFD, U.S, Long, GenTrust, Albemarle, NAHB, Michigan

☆ Oil prices rise as U.S. crude production is seen growing more slowly this year
▼ + stars: | 2024-02-07 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Crude oil futures rose for a third day as U.S. production this year is expected to grow less than expected, easing worries that the market is oversupplied. The U.S. pumped a record 13.3 million barrels per day of crude oil in December, but output is not expected to surpass this level until early 2025, according to estimates from the Energy Information Agency. On balance, domestic oil output is expected to grow by 170,000 barrels per day this year, down significantly from the EIA's previous forecast of 290,000 bpd. U.S. oil output has raised worries among traders that the market is oversupplied as China's economy and crude demand softens. But the world will face a crude oil supply deficit of 120,000 barrels per day this year, according to EIA estimates.

Persons: Brent, Vicki Hollub, Hollub, Antony Blinken Organizations: The West Texas Intermediate, Energy Information Agency, Occidental Petroleum, CNBC, Iranian Locations: The, U.S, Gaza, Jordan

☆ CNBC Daily Open: Wall Street rattled over Fed worries
▼ + stars: | 2024-02-06 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. About 97% of the oil produced today was discovered in the 20th century, she told CNBC. Clare Lombardelli, chief economist at the OECD, told CNBC that shipping-driven inflation pressures remain a risk rather than its base case. "It's the banks that made bad decisions that are making [other] banks look attractive in pricing," Smead told CNBC, who picked two bank stocks that are in play.

Persons: Jerome Powell, Dow, Vicki Hollub, Alex Karp, Clare Lombardelli, Cole Smead, Smead Organizations: Federal Reserve, New York Stock Exchange, CNBC, Street, U.S, Treasury, Nasdaq, Occidental, Organisation for Economic Co, OECD Locations: New York City, U.S

☆ CNBC Daily Open: Wall Street anxious over Fed concerns
▼ + stars: | 2024-02-06 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the headquarters of the Federal Reserve on January 31, 2024 in Washington, DC. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Overnight, U.S. stocks lost ground and Treasury yields rose amid lingering concerns that the Federal Reserve may not cut rates as much as expected. About 97% of the oil produced today was discovered in the 20th century, she told CNBC. "It's the banks that made bad decisions that are making [other] banks look attractive in pricing," Smead told CNBC, who picked two bank stocks that are in play.

Persons: Jerome Powell, Dow, Vicki Hollub, Cole Smead, Smead Organizations: Federal Reserve, CNBC, Nasdaq, UBS, Occidental Locations: Washington ,, China, Hong Kong, Asia, Pacific, Beijing, Swiss

☆ Oil market will face supply shortage by end of 2025, Occidental CEO says
▼ + stars: | 2024-02-05 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The oil market will face a supply shortage by the end of 2025 as the world fails to replace current crude reserves fast enough, Occidental CEO Vicki Hollub told CNBC on Monday. For now, the market is oversupplied, which has held oil prices down despite the current conflict in the Middle East, Hollub said. But the supply and demand outlook will flip by the end of 2025, Hollub said. The forecast implies a supply deficit unless OPEC ditches current production cuts and boosts its own output. Hollub told CNBC in December that Occidental expects WTI to average around $80 in 2024.

Persons: Vicki Hollub, Hollub, CNBC's Tyler Mathisen, WTI, Brent Organizations: CNBC, Smead Investor Oasis Conference, West Texas Intermediate, Brent, Occidental, CNBC PRO Locations: Occidental, Phoenix, U.S, Brazil, Canada, Guyana, China, OPEC, WTI

☆ Occidental CEO: Oil oversupply having more impact on price than Red Sea events
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOccidental CEO: Oil oversupply having more impact on price than Red Sea eventsOccidental Petroleum CEO Vicki Hollub joins 'Squawk on the Street' to discuss how Red Sea disruptions affect the oil market, if the market is out of balance, and more.

Persons: Vicki Hollub Organizations: Email Occidental CEO, Oil, Occidental Petroleum

☆ These energy stocks may rally after U.S. crude oil prices rose above a key level this week
▼ + stars: | 2024-01-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Occidental Petroleum and Diamondback Energy may be poised to rally after U.S. crude oil prices broke above a key resistance level on Friday, according to the chief market strategist at Miller Tabak. "That paves the way for higher prices," said Bob Yawger, managing director and energy futures strategist at Mizuho Americas. "If crude oil rolls back over, breaks below that level — that's going to tell you that I'm wrong. "And that tells me that if he's buying a stock that's highly leveraged to the price of oil, he believes oil prices are going higher." Just on Friday, Houthi militants claimed responsibility for a missile attack on an oil tanker, while a Ukrainian drone attack on a Russian fuel terminal on the Baltic Sea helped push oil prices higher earlier in the week.

Persons: Miller Tabak, Miller, Matt Maley, Bob Yawger, Yawger, WTI, Maley, It's, Diamondback, Buffett, Warren Buffett, Berkshire Hathaway, Friday's, Houthi Organizations: Occidental Petroleum, Diamondback Energy, West Texas, CNBC, Mizuho Americas, Occidental, Diamondback, United States Oil ETF, Berkshire, Wall Street Locations: Miller Tabak ., China, Occidental, Occidental's, Houston, FactSet, U.S, Russia, Ukraine, Ukrainian, Baltic

SANTA FE, N.M. (AP) — An effort to modernize state oversight of a thriving petroleum industry in the nation's No. 2 state for oil production advanced past its first committee vetting Thursday at the New Mexico Legislature. The bill also would give regulators greater authority over applications to transfer ownership of wells that often change hands when oil and natural gas output declines. The Democratic-led Legislature and governor are being sued over alleged failures to meet constitutional provisions for protecting against oil and gas pollution, as fed-up residents living near oil wells and environmental groups turn to the judiciary for relief. Voting against the bill, Republican state Rep. Larry Scott of Hobbs, said the initiative represents an existential threat to small-scale oil and natural gas producers, echoing concerns raised by several businesses.

Persons: Bill cosponsor Rep, Matthew McQueen, Galisteo, we’re, ”, “ We’ve, We’re, Gail Evans, Nathan Small, —, Ahtza Chavez, Lujan Grisham, “ They’ve, Chavez, Larry Scott, Hobbs, Scott Organizations: SANTA FE, New, New Mexico Legislature, Gas, Occidental Petroleum, EOG Resources, Land Office, Democratic, Center for Biological Diversity, Pueblo Action Alliance, Youth United, Las, Gov, Republican Locations: SANTA, New Mexico, Las Cruces, Albuquerque

☆ Surging U.S. oil production may set a record in 2024, shielding consumers from Mideast war and pressuring OPEC
▼ + stars: | 2024-01-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

Supply is forecast to grow by 1.5 million barrels per day to a new high of 103.5 million barrels per day, according to the IEA. Demand will grow by 1.2 million barrels daily, down from 2.3 million in 2023, with the post-pandemic recovery over and major economies set to slow. WTI and Brent closed out 2023 down more than 10% and OPEC+ production cuts have so far failed to lift prices. Goldman Sachs, for example, says oil prices could double if there is a prolonged disruption to shipments through the Strait of Hormuz. 'Golden era' Stronger U.S. oil production in 2023 surprised even oil industry CEOs such as Chevron's Wirth and Occidental's Vicki Hollub, they told CNBC in recent interviews.

Persons: Michael Wirth, Wirth, CNBC's Brian Sullivan, Goldman Sachs, Walt Chancellor, Daniel Yergin, Brent, Adi Imsirovic, Imsirovic, Yergin, Bob Yawger, Yawger, Matt Smith, Smith, Chevron's Wirth, Occidental's Vicki Hollub, I'm, Macquarie, Chancellor, Hollub, — Organizations: P, Energy Information Agency, Chevron, P Global, CNBC, Economic, West Texas, Center for Strategic, International Studies, OPEC, Bank of America, Oil, International Energy Agency, IEA, Brent, Mizuho, Gulf, Americas, Western Hemisphere Locations: East, U.S, Macquarie, Davos, Switzerland, Canada, United States, United Kingdom, OPEC, Brazil, Guyana, Americas, Europe, Red, Kpler, Iran, Hormuz

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