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  4. Occidental Petroleum, Devon Energy impress Wall St as oil price bounces
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Occidental Petroleum, Devon Energy impress Wall St as oil price bounces

(Reuters) - U.S. oil and gas producers Occidental Petroleum Corp (NYSE:OXY) and Devon Energy Corp (NYSE:DVN) blew past Wall Street's profit expectations on Tuesday, as easing...
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Occidental Petroleum, Devon Energy impress Wall St as oil price bounces © Reuters. FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid

(Reuters) - U.S. oil and gas producers Occidental Petroleum Corp (NYSE:OXY) and Devon Energy Corp (NYSE:DVN) blew past Wall Street's profit expectations on Tuesday, as easing travel curbs and rising vaccinations boosted fuel demand and crude prices.

Shares of Occidental rose nearly 2% to $26.95 in extended trade, while Devon climbed 1.9% to $26.70.

After a crushing 2020, oil prices have rebounded to multi-year highs and are now trading at over $70 a barrel, thanks to output curbs by the OPEC+ and a pick-up in economic activity.

Devon also announced a fixed-plus-variable dividend of 49 cents per share, 44% higher than last quarter's payout, underscoring the energy industry's focus on shareholder returns over spending to expand production.

Peers Diamondback (NASDAQ:FANG) Energy Inc increased its annual divided by 12.5% to $1.80 per share and Pioneer Natural Resources (NYSE:PXD) Co declared an inaugural variable dividend of $1.51 per share on Monday.

Occidental said its total production from continuing operations rose to 1.2 million barrels of oil equivalent per day (boepd), 7.7% higher sequentially.

The company's average price for worldwide crude oil rose to $60.05 per barrel from $55.65 barrel in the prior quarter.

The oil and gas producer's adjusted profit attributable to common stockholders stood at $311 million, or 32 cents per share, for the three months ended June 30. Analysts had estimated 3 cents per share, according to Refinitiv IBES.

Devon posted core earnings of 60 cents per share, beating an estimate of 52 cents per share.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

1.0658

-0.0008 (-0.07%)

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GBP/USD

1.2475

-0.0015 (-0.12%)

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USD/JPY

157.91

+0.12 (+0.07%)

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Moving Avg:

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AUD/USD

0.6469

-0.0003 (-0.05%)

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Neutral

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USD/CAD

1.3780

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168.32

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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