iShares U.S. Oil & Gas Exploration & Production ETF (BATS: IEO)

Dernières nouvelles pour iShares U.S. Oil & Gas Exploration & Production ETF (BATS:IEO)

iShares U.S. Oil & Gas Exploration & Production ETF

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The Fund seeks to track the investment results of the Dow Jones U.S. Select Oil Exploration & Production Index (the Underlying Index), which measures the performance of the oil exploration and production sector of the U.S. equity market, as defined by S&P Dow Jones Indices LLC (the Index Provider or SPDJI). The Underlying Index includes companies that are engaged in the exploration for and drilling, production, refining, and supply of oil and gas products. The Underlying Index may include large-, mid- or small-capitalization companies. As of March 31, 2024, a significant portion of the Underlying Index is represented by securities of companies in the energy industry or sector. The components of the Underlying Index are likely to change over time.

Conocophillips Hldg Co

Eog Resources Inc

Marathon Petroleum Corp.

Phillips 66

Valero Energy Corp.

Hess Corp.

Diamondback Energy, Inc.

Devon Energy Co

Eqt Corp

Coterra Energy Inc

Texas Pacific Land Trust

Chesapeake Energy Corp

iShares US Oil & Gas Exploration & Production ETF

In a corporate cage match, two of the globe&#8217;s most dominant oil titans are fighting it out for a share of one of the world&#8217;s most coveted oil finds: Guyana. But while Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) and Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) are in the midst of arbitration, ETF investors may need to hold on tight. This courtroom battle could rock some of the <a href="https://www.benzinga.com/etfs">largest energy ETFs available</a>.
<h1 class="wp-block-heading">The Stakes: Oil, Ego — And An 11 Billion Barrel Bonanza</h1>
Behind the fight is Hess Corp&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) 30% interest in a huge Guyanese oil project, which has roughly 11 billion barrels in projected reserves. Chevron said in 2023 it agreed to buy Hess for $53 billion, a transaction that would put it at the front of the Guyana boom. 
But Exxon, which already <a href="https://www.benzinga.com/markets/equities/24/06/39479711/exxon-mobil-rakes-in-billions-from-guyana-oil-deal-net-margin-tops-chip-giant-report">co-leads the Guyana project</a>, says it has pre-emptive rights to the stake. Arbitration gets underway in London this week, and sometime in late summer, a panel will <a href="https://www.benzinga.com/topic/oil">make a decision</a>.
<h1 class="wp-block-heading">ETF Fallout: Who&#8217;s Exposed To What?</h1>
The heavy hitters such as Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), iShares U.S. Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>) and Vanguard Energy Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VDE#NYSE">VDE</a>) are carrying heavy loads of both Exxon and Chevron, between 35% and 40% combined weighting in each fund.
If either Exxon or Chevron prevails, one can anticipate a pop for these ETFs as the Guyana deal would mean long-term growth assets for the prevailing company.
Hess Corp. is smaller but essential in this saga. ETFs such as iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) carry meaningful exposure to Hess, and therefore a front-row seat to either a lucrative M&amp;A payday or a disappointing fizz.
Additionally, merger arbitrage ETFs, such as NYLI Merger Arbitrage ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MNA#NYSE">MNA</a>) and ProShares Merger ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/MRGR#BATS">MRGR</a>), are likely to be betting on the Hess factor already. If the transaction gets delayed or blocked further, one can expect some readjustment.
<h1 class="wp-block-heading">Beyond the Big Oil Bets</h1>
As Chevron cuts jobs and balances new resources in Kazakhstan and the Gulf of Mexico, it also deals with <a href="https://www.benzinga.com/markets/25/02/44000386/trump-shuts-down-chevrons-venezuela-oil-permit-tightening-pressure-on-maduro-regime-crude-oil-prices-rise-on-supply-concerns">uncertainty in Venezuela</a>, where an operating license may be withdrawn. Exxon is increasing <a href="https://corporate.exxonmobil.com/locations/guyana/guyana-project-overview">production </a>in Guyana to 1.3 million barrels/day by 2027, greater than North Dakota&#8217;s Bakken Shale.
<h1 class="wp-block-heading">One Wrong Move = ETF Domino Effect</h1>
With activist investors watching Exxon and Chevron still under pressure to prove long-term growth, the arbitration&#8217;s outcome could drive major portfolio re-weightings, flows into specific funds or a rise in thematic oil and gas ETFs.
In short, this isn't just a battle over barrels, it's about which ETFs end up doing well and which might need a Band-Aid.
<h1 class="wp-block-heading">Final Thought</h1>
This Guyana brawl might be happening in a London arbitration chamber, but its aftershocks will be felt through world markets and ETF tickers. For investors, it&#8217;s time to look beyond the barrel and begin peering at the ticker tape.
Read Next: 
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<li><a href="https://www.benzinga.com/25/05/45647794/why-kre-is-falling-behind-xlf-and-raising-flashbacks-of-the-svb-collapse-etf-market-senses-bank-trouble">KRE Falls Behind XLF, Sparks SVB Collapse Flashbacks: Are ETFs Sensing Bank Trouble?</a></li>
</ul>
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iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

iShares Dow Jones US Energy Sector Index Fund

MRGR

Exxon Stock Vs. Chevron: The 11 Billion Barrel Oil War That Could Shake Up Energy ETFs

Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) subsidiary reached a definitive deal to sell a 65% stake in its retail marketing business in Germany and Austria to a consortium owned by subsidiaries of investment firms Energy Equation Partners and Stonepeak at an enterprise value of <a href="https://www.benzinga.com/pressreleases/25/05/b45436496/phillips-66-announces-agreement-to-divest-majority-interest-in-germany-and-austria-retail-marketin" target="_blank" rel="noreferrer noopener">around €2.5 billion (about $2.8 billion)</a>.
The transaction implies an Enterprise Value/EBITDA multiple of 9.1x based on expected 2025 EBITDA.
Phillips 66 expects to receive pre-tax cash proceeds of approximately €1.5 billion (about $1.6 billion), after customary purchase price adjustments.
Also Read: <a href="https://www.benzinga.com/markets/equities/25/05/45366471/elliott-management-scores-key-win-in-phillips-66-proxy-fight-as-iss-backs-all-four-board-nominees-ahead-of-may-21-vote" target="_blank" rel="noreferrer noopener">Elliott Management Scores Key Win In Phillips 66 Proxy Fight As ISS Backs All Four Board Nominees Ahead Of May 21 Vote</a>
The proceeds are expected to support the company&#8217;s strategic priorities, including debt reduction and shareholder returns.
Through a newly established joint venture, Phillips 66 will retain a 35% non-operating interest in this business.
The retail business in Germany and Austria comprises 970 locations, with 843 operating under the JET brand.
In conjunction with this transaction, Phillips 66 will enter into a long-term supply agreement to continue providing products to the Germany and Austria retail business from the Mineraloelraffinerie Oberrhein GmbH &amp; Co. KG (MiRO) Refinery.
Pending regulatory approvals and other closing conditions, the transaction is anticipated to be finalized <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/b45436959/stonepeak-and-energy-equation-partners-to-acquire-majority-interest-in-jet-from-phillips-66" rel="noreferrer noopener">in the second half of 2025</a>.
In April, Phillips 66 reported first-quarter FY25 results, with revenue of $31.73 billion, beating the consensus of $31.33 billion and adjusted EPS of 90 cents which <a href="https://www.benzinga.com/25/04/45008890/refining-woes-weigh-on-phillips-66-despite-midstream-and-chemicals-gains" target="_blank" rel="noreferrer noopener">missed the consensus of $(0.72)</a>.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and VanEck Oil Refiners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>).
Price Action: PSX shares are down 1.09% at $123.33 at the last check on Thursday.&nbsp;
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com//node/45231897" target="_blank" rel="noreferrer noopener">Marathon Petroleum Refining Margins Fall Drags Q1 Profit</a></li>
</ul>
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Equities

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News

Asset Sales

CRAK

Phillips 66 Partially Exits European Retail Market With $2.8 Billion Deal:

ConocoPhillips&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) shares are trading higher after the company&nbsp;released&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/b45280841/conocophillips-announces-first-quarter-2025-results-and-quarterly-dividend" rel="noreferrer noopener">its first-quarter FY25 results</a>.
The oil and gas giant clocked a first-quarter revenue&nbsp;of&nbsp;$17.10 billion, beating the consensus of&nbsp;$15.82 billion. Adjusted EPS of&nbsp;$2.09 <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beat the consensus of&nbsp;$2.07</a>.&nbsp;
The company produced 2,389 thousand barrels of oil equivalent per day (MBOED). That's an increase of 487&nbsp;MBOED from the same period a year ago.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/25/05/45204909/conocophillips-cop-stock-falls-on-opec-supply-hike-lower-oil-prices" rel="noreferrer noopener">ConocoPhillips (COP) Stock Falls on OPEC+ Supply Hike, Lower Oil Prices</a>
Lower 48 production averaged 1,462&nbsp;MBOED, which includes 816&nbsp;MBOED from the Permian, 379&nbsp;MBOED from the Eagle Ford, and 212&nbsp;MBOED from the Bakken assets.
The average realized price fell&nbsp;6% Y/Y to&nbsp;$53.34&nbsp;per barrel of oil equivalent (BOE).
Operating cash flow stood at&nbsp;$6.1 billion&nbsp;in the quarter, and it generated a free cash flow of $2.10 billion. The company repurchased&nbsp;$1.5 billion&nbsp;worth of shares and&nbsp;returned $1.0 billion&nbsp;through the ordinary dividend.
Conoco ended the quarter with&nbsp;$7.5&nbsp;billion&nbsp;in cash and short-term investments and&nbsp;$1.0&nbsp;billion&nbsp;in long-term investments.
Dividend: ConocoPhillips expects a quarterly dividend per share of&nbsp;$0.78,&nbsp;payable on June 2, 2025, to stockholders of record as of May 19, 2025.
Outlook: ConocoPhillips projects&nbsp;second-quarter&nbsp;production of 2.34 to 2.38 million barrels of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">oil equivalent per day</a>.
The company lowered capital expenditures guidance to $12.3 billion- $12.6 billion from around $12.9 billion.&nbsp;
It lowered the adjusted operating cost outlook to $10.7 billion to $10.9 billion from the prior guidance of $10 billion to $11.1 billion.
Ryan Lance, chairman and chief executive&nbsp;officer, said, "Amid a volatile macro environment, we remain confident in the competitive advantages provided by our differentiated portfolio, strong balance sheet and disciplined capital allocation framework that prioritizes returns on and of capital to shareholders."
In a separate release, ConocoPhillips disclosed that W.L. (Bill) Bullock, executive vice president and chief financial officer (CFO), plans to retire after 39 <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/b45280987/conocophillips-announces-bill-bullock-to-retire-after-39-years-with-the-company" rel="noreferrer noopener">years of service</a>.
Andy O'Brien, currently senior vice president, Strategy, Commercial, Sustainability and Technology, will succeed Bill as new CFO, effective June 1, 2025.&nbsp;
Investors can gain exposure to the COP stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action:&nbsp;COP shares are up 2.54% at $89.94 at the last check on Thursday.
Read Next:
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45224883/oil-soars-above-59-as-middle-east-airstrikes-jolt-markets" target="_blank" rel="noreferrer noopener">Oil Soars Above $59 As Middle East Airstrikes Jolt Markets</a></li>
</ul>
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Earnings

Guidance

Management

Movers

OILT

ConocoPhillips Trims Capex And Operating Cost Outlook, Announces CFO Transition

Marathon Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>) shares are trading higher after the company <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/n45216324/marathon-petroleum-corp-reports-first-quarter-2025-results" rel="noreferrer noopener">reported&nbsp;first-quarter results</a>.
Total revenues and other income of&nbsp;$31.85 billion&nbsp;topped the consensus of&nbsp;$29.58 billion. Adjusted EPS loss stood at $(0.24),&nbsp;down from&nbsp;$2.58 a year earlier, beating the analyst <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">consensus estimate of $(0.53)</a>.
Adjusted EBITDA was&nbsp;$2.0 billion&nbsp;for the quarter, compared with&nbsp;$3.3 billion in the prior year quarter.
Refining operating costs per barrel were&nbsp;$5.74&nbsp;versus&nbsp;$6.06 a year ago.&nbsp;
Refining &amp; Marketing refined product sales volume for the quarter was 3,446 mbpd&nbsp;(vs. 3,242 mbpd a year ago); Crude oil capacity utilization was&nbsp;89% (vs.&nbsp;82%&nbsp;a year ago quarter).&nbsp;&nbsp;
Refining&nbsp;&amp; Marketing segment adjusted EBITDA declined to&nbsp;$489 million from&nbsp;$1.99 billion a year ago due to lower market crack spreads.
Refining &amp; Marketing margin was&nbsp;$13.38&nbsp;per barrel for the&nbsp;first quarter&nbsp;versus&nbsp;$19.35&nbsp;per barrel for the first quarter of 2024.
Marathon Petroleum owns the general partner and majority limited partner interest in&nbsp;MPLX LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPLX#NYSE">MPLX</a>), which reported&nbsp;first-quarter earnings per limited partner unit of&nbsp;$1.10, missing the consensus of&nbsp;$1.12.
Total revenues and other income&nbsp;of&nbsp;$3.12 billion missed&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/n43457519/mplx-lp-progresses-gulf-coast-ngl-strategy-and-reports-full-year-2024-results" rel="noreferrer noopener">the consensus of&nbsp;$3.14 billion</a>.&nbsp;
As of March&nbsp;31, 2025, Marathon Petroleum had&nbsp;$3.8&nbsp;billion&nbsp;of&nbsp;cash, cash equivalents,&nbsp;and&nbsp;short-term investments, including&nbsp;$2.5 billion of cash at MPLX and&nbsp;$5 billion&nbsp;available&nbsp;on&nbsp;its bank revolving credit facility.
Buyback: In the&nbsp;first quarter, the company returned around&nbsp;$1.3 billion&nbsp;to shareholders, including&nbsp;$1.1 billion&nbsp;in share repurchases.
As of&nbsp;March&nbsp;31, 2025, the company had&nbsp;$6.7 billion available under its share buyback authorizations.
Dividend: On&nbsp;April 30, the company declared a quarterly dividend of&nbsp;$0.91&nbsp;per share, payable&nbsp;on June 10, to <a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/n45115532/marathon-petroleum-corp-announces-quarterly-dividend" rel="noreferrer noopener">shareholders&nbsp;of record on&nbsp;May 21</a>.
President and Chief Executive Officer&nbsp;Maryann Mannen said, "Our Midstream business delivered an 8% increase in segment adjusted EBITDA over the prior year, and executed on our Natural Gas and NGL growth strategies."
"For our refining business, we are positioned to meet summer demand as seasonal trends are expected to improve margins and we remain constructive on its long-term outlook."
Outlook: For the&nbsp;second quarter, the company sees&nbsp;refining operating costs per barrel of&nbsp;$5.30 and&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">refinery throughputs of 2,945 mbpd</a>.&nbsp;
Investors can gain exposure to the stock via&nbsp;iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and&nbsp;VanEck Oil Refiners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>).
Price Action: MPC shares are up&nbsp;0.47%&nbsp;at&nbsp;$144.01 premarket at the last check on Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/45194533" target="_blank" rel="noreferrer noopener">Sunoco Fuels Up With $9.1B Parkland Deal, Eyes 10% Cash Flow Bump</a></li>
</ul>

MPLX

Marathon Petroleum Refining Margins Fall Drags Q1 Profit

Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) shares are trading lower on Friday after it <a href="https://www.benzinga.com/pressreleases/25/04/b45004223/phillips-66-reports-first-quarter-results" target="_blank" rel="noopener">reported first-quarter FY25 results</a>, with revenue of $31.73 billion, beating the consensus of $31.33 billion.
Midstream segment adjusted earnings declined to $683 million from $708 million in the fourth quarter of fiscal year 2024 due to a decline in volumes.
The Chemicals segment adjusted earnings&nbsp;stood at&nbsp;$113 million versus&nbsp;$72 million in the prior quarter, thanks to higher volumes and lower costs.
The Refining segment&#8217;s adjusted loss widened to&nbsp;$(937) million from&nbsp;$(759) million&nbsp;in the prior quarter, primarily due to a decline in volumes and higher costs associated with planned turnaround activity.
The company reported refining operations with&nbsp;80% crude capacity utilization and&nbsp;87% clean product yield.
The Marketing&nbsp;and Specialties segment adjusted earnings rose to&nbsp;$265 million from&nbsp;$185 million&nbsp;in the prior&nbsp;quarter on strong international business performance.
Adjusted EPS of&nbsp;$(0.90) missed <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;$(0.72)</a>.
Phillips 66 reported operating cash flow, excluding working capital impacts, of&nbsp;$259 million&nbsp;in the quarter.
As of March 31, the company reported cash and cash equivalents of&nbsp;$1.5 billion and&nbsp;$5.4&nbsp;billion in committed credit facility capacity.
The company has returned&nbsp;$716 million&nbsp;to shareholders through dividends and share repurchases in the quarter.
Phillips 66 received cash proceeds of $2.0 billion from the previously disclosed sales of non-operated equity interests in Coop Mineraloel AG and Gulf Coast Express Pipeline LLC.
"Our results reflect not only a challenging macro environment, but also the impact from one of our largest-ever spring turnaround programs, managed safely, on-time and under budget. Our assets, not impacted by planned maintenance, ran well, " said Mark Lashier, chairman and CEO. 
"The acquisition of EPIC NGL earlier this month, and today's announcement that we areconstructing a new gas plant in the Permian, furthers our integrated NGL wellhead-to-market strategy, providing stable cash flow in uncertain market environments, enabling us to consistently return over 50% of net operating cash flow to shareholders," he added.
On Tuesday, the company announced a $0.05 increase in its quarterly dividend per share to $1.20, payable on June 2, 2025, to <a href="https://www.benzinga.com/pressreleases/25/04/b44911891/phillips-66-announces-increase-in-quarterly-dividend" target="_blank" rel="noreferrer noopener">shareholders of record as of May 19, 2025</a>.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and&nbsp;VanEck Oil Refiners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>).
Price Action:&nbsp;PSX shares are down&nbsp;1.61%&nbsp;at&nbsp;$103.00 premarket at the last check Friday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/03/44521627/goldman-sachs-shifts-oil-sector-outlook-par-pacific-set-for-rebound-phillips-66-faces-challenges" target="_blank" rel="noreferrer noopener">Goldman Sachs Shifts Oil Sector Outlook: Par Pacific Set For Rebound, Phillips 66 Faces Challenges</a></li>
</ul>
Photo: Shutterstock

Refining Woes Weigh On Phillips 66 Despite Midstream And Chemicals Gains

Brent crude prices rose over the $65-per-barrel level on Monday before retreating slightly, supported by changing geopolitical currents and guarded optimism in the equity markets. The rally in Brent crude, triggered by renewed US-Iran diplomacy and a partial lull in trade war hostilities, brought <a href="https://www.benzinga.com/etfs">energy-themed ETFs</a> back into focus, despite lingering concerns about oversupply and weakening global demand.
Also Read: <a href="https://www.benzinga.com/news/guidance/25/04/44763712/bp-sees-mixed-q1-outlook-with-flat-oil-prices-weaker-gas-trading-ahead-of-earnings">BP Sees Mixed Q1 Outlook With Flat Oil Prices, Weaker Gas Trading Ahead Of Earnings</a>
Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)
The broadest energy equity benchmark in the U.S., XLE, <a href="https://www.benzinga.com/topic/oil">picked up steam as oil rose</a>. With heavyweights like ExxonMobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) in its portfolio, the fund reflects crude benchmarks. Its exposure to oil majors with strong dividend yields also makes it a popular bet during periods of geopolitical realignment — such as the Oman negotiations that could remake Gulf oil diplomacy.
iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>)
IEO targets exploration and production companies — the most oil-price-sensitive sub-sector. The slight rebound in Brent, driven by the White House&#8217;s brief reprieve from tariffs on technology products and optimism for resumed Middle East diplomacy, has lent new life to small- and mid-cap E&amp;P stocks. ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) is one of its top holdings. However, the rally might be fleeting, with OPEC lowering its growth and lowering demand projections for oil consumption. Reuters reported that OPEC has lowered its world economic growth forecast this year to 3.0% from 3.1% and cut next year&#8217;s to 3.1% from 3.2%. 
SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>)
Oilfield service companies, like those held in XES, are often the last to reap the benefits of higher prices because of capital spending cycles. The shock OPEC+ cut to accelerate output recovery might trigger upstream activity, indirectly benefiting service providers like Tidewater Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDW#NYSE">TDW</a>) and Transocean Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>), one of this fund&#8217;s top holdings.
A Diplomatic Thaw
The weekend witnessed a thaw in US-Iran<a href="https://finance.yahoo.com/news/oil-steady-trump-tariff-reprieve-223603774.html"> relations as senior officials</a> from both countries held talks in Oman — the first senior-level meeting since 2022. While information is still limited, the tone of the conversation was said to be &#8220;constructive,&#8221; hinting at a possible blueprint to restart stalled talks on Tehran&#8217;s nuclear program. The two sides committed to another meeting, injecting new optimism into a region long influenced by volatility and oil market instability.
Though a long-term deal is far from certain, even the potential for diplomatic breakthrough has moderated concerns about supply disruptions in the Strait of Hormuz — a critical chokepoint for global oil flows. Meanwhile, it also raised questions about whether Iranian crude oil might return to the market in significant quantities, making an already tenuous supply-demand balance even more complicated.
The Bigger Picture
The oil price rally, though propelled by newsworthy catalysts such as tariff delays and diplomatic talks, is confronted with structural headwinds. Nevertheless, ETF investors seem to be content to ride the volatility, particularly with equities mounting a parallel rebound and safe-haven assets lagging.
Investors are now focusing keenly on rig count trends and Q2 CapEx releases to assess the real-world effect of the Brent bounce. According to recent data by the Energy Information Administration, Baker Hughes found that for the week ending April 1, the natural gas rig count dropped to 96 rigs from 103 rigs in the prior week. Typically, lower rigs mean tightened supply, which in turn means upward pressure on oil prices.
On the other hand, banks slashed their price forecasts, with JPMorgan Chase &amp; Co. now seeing Brent at $66 this year and Goldman Sachs expecting an average of $63, as the crude market continues to be poised to encounter substantial surpluses.
While the geopolitical board game is still unfolding, energy ETFs are an on-again, off-again — albeit volatile — strategy on oil&#8217;s journey through 2025. 
Read Next: 
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<li><a href="https://www.benzinga.com/etfs/currency-etfs/25/04/44778378/greenback-on-the-brink-the-dollar-etfs-everyones-watching">Greenback On The Brink: The Dollar ETFs Everyone&#8217;s Watching</a></li>
</ul>
Photo: Shutterstock

SPDR S&P Oil & Gas Equipment & Services ETF

US-Iran Talks Fuel Oil Rally: Here Are 3 Energy ETFs In The Radar

Oil prices fell 1% Tuesday with geopolitical change and economic uncertainty contributing to market expectations. 
<a href="https://www.benzinga.com/news/global/25/03/44384160/oil-prices-slip-energy-stocks-pause-as-trump-putin-call-signals-ukraine-ceasefire-progress">Diplomatic talks between</a> U.S. President Donald Trump and Russian President Vladimir Putin encouraged the prospect of a Ukraine ceasefire that might relax sanctions on Russian fuel exports, according to Reuters. But analysts warn it will take time for a meaningful recovery in Russian oil output. While this is, at least in part, due to the effects of Trump&#8217;s trade tariffs on energy demand, there are a number of other factors coming into play. These combine to create a complicated energy scenario, making <a href="https://www.benzinga.com/etfs">energy ETFs</a> a focal point of investor interest.
<h1 class="wp-block-heading">How Energy ETFs Fit Into The Picture</h1>
ETFs provide exposure to the energy sector with risk management against changing oil prices and geopolitical events. Here&#8217;s how various kinds of energy ETFs could be impacted:
Diversified Energy ETFs: These offer diversified exposure to exploration, production, refining and transport, enabling investors to control volatility. Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and the iShares U.S. Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>) are options to consider, with expense ratios of 0.08% and 0.4%, respectively.
Exploration and Production (E&amp;P) ETFs: Concentrated on extracting oil and gas, these ETFs can experience volatility due to changes in supply and demand. Investors may look at the SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) and the iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>). The ETFs carry an expense ratio of 0.35% and 0.4%, respectively.
Midstream ETFs: Comprising less price-volatile components, these may be rewarded with higher oil transport and storage requirements. Examples include the Alerian MLP ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMLP#NYSE">AMLP</a>) and the Global X MLP ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MLPA#NYSE">MLPA</a>), with expense ratios of 0.85% and 0.45%, respectively.
Also Read: <a href="https://www.benzinga.com/25/03/44217245/us-shale-industry-set-to-boost-oil-output-despite-falling-prices-says-energy-secretary-the-economics-of-shale-dont-work-says-expert">US Shale Industry Can Deliver Trump&#8217;s Pledge For &#8216;Drill, Baby, Drill&#8217; Despite Falling Prices, Says Energy Secretary: &#8216;The Economics Of Shale Don&#8217;t Work,&#8217; Says Expert</a>
<h1 class="wp-block-heading">Contributing Factors To Slowing Oil Prices</h1>
• If sanctions against Russia are relaxed, its crude output — presently at 9.2 million barrels per day (bpd), from 10.6 million bpd in 2016 — might rise. But significant supply shifts might not be immediate, per the Reuters report.
• Trump's tariffs are pressuring global growth. The OECD warns of slower growth, while Wood Mackenzie cut its 2025 Brent crude forecast by $7 to $73 per barrel, according to Reuters.
• OPEC+ is going ahead with its scheduled April output increase, pumping additional supply into the market.
• Middle East uncertainty is another underpinning factor in oil prices. Trump&#8217;s military intervention in support of Iran-aligned Houthis in Yemen and Israeli airstrikes on Gaza inject volatility into the global oil supply.
• Chinese and German economic stimulus may be able to sustain oil demand, offsetting some of the pressure on prices lower.
• This week, the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA) will report on oil inventories. Reuters reported that a 0.9 million barrel build is expected by analysts, which may have an impact on short-term price action.
Oil prices continue to be very volatile based on geopolitical and economic reasons. Energy ETFs provide investors with the means to ride out these changes, managing risk while achieving opportunity. Monitoring worldwide trends and inventory reports will be paramount in making smart investment decisions.
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Photo: Shutterstock

AMLP

MLPA

Oil Prices Ease: What It Means For Energy ETFs, Investors

EQT Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>) shares are declining on Thursday. The company reported<a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/n43798363/eqt-reports-fourth-quarter-and-full-year-2024-results-and-provides-2025-guidance" rel="noreferrer noopener">&nbsp;fourth-quarter results on Tuesday</a>.
The company reported adjusted EPS of 69 cents, surpassing the 49 cents estimate, while adjusted sales of $1.82 billion <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">exceeded the $1.77 billion forecast</a>.
EQT expects to exit 2025 with approximately $7 billion in net debt&nbsp;at recent strip pricing, ahead of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">its $7.5 billion debt target</a>.
JP Morgan&nbsp;analyst Arun Jayaram&nbsp;raised the price forecast from $53 to $58 while<a target="_blank" href="https://www.benzinga.com/quote/EQT/analyst-ratings" rel="noreferrer noopener">&nbsp;reiterating an Overweight rating</a>.
The analyst notes that EQT&#8217;s 2025 outlook includes 550 Bcfe&nbsp;of production&nbsp;and $615 million in&nbsp;capex&nbsp;for Q1, which seems conservative given the&nbsp;company&#8217;s&nbsp;strong performance in 2024.&nbsp;
As reserve development capital intensity decreases and compression investments stabilize from peak 2025 levels, Jayaram expects the strategic growth budget to trend downward.&nbsp;
The&nbsp;company's&nbsp;guidance may&nbsp;also&nbsp;reflect some conservatism as it nears completion of its ETRN integration, which is currently about 90% complete, adds the analyst.
The analyst now projects 2025 production of 2,257 Bcfe, supported by $2.4 billion in total capex and generating $2.2 billion in free cash flow (FCF) at $3.53 per Mcf, compared to the&nbsp;company's&nbsp;guidance of $2.1-$2.3 billion at $3.50 per Mcf.&nbsp;
Jayaram revised 2025/2026 EPS estimates to $3.22 and $4.87, slightly down from $3.28 and $4.85, respectively.&nbsp;
These&nbsp;estimates are based on oil and gas prices of $69.86/$66.69 per bbl and $3.53/$3.90 per Mcf for 2025/2026, adds the analyst.
Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P&nbsp;500 Equal Weight Energy ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSPG#NYSE">RSPG</a>) and&nbsp;IShares U.S.&nbsp;Oil &amp; Gas Exploration &amp; Production ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action:&nbsp;EQT shares are down 4.11% at $52.01 at the last check Thursday.
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</ul>
Image: Shutterstock

Price Target

RSPG

EQT Dips, But JPMorgan Stays Bullish With Higher Price Forecast

Diamondback Energy, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) intends to acquire subsidiaries of Double Eagle IV Midco for approximately 6.9 million shares of its&nbsp;<a href="https://www.benzinga.com/pressreleases/25/02/g43775603/diamondback-energy-inc-announces-midland-basin-acquisition" target="_blank" rel="noreferrer noopener">common stock and $3 billion in cash</a>.&nbsp;
The company plans to fund the cash portion of the deal through cash on hand, credit facility borrowings, and potential term loans or senior notes offerings.
The asset spans approximately 40,000 net acres in the core of the Midland Basin, with an&nbsp;estimated run-rate production&nbsp;of 27 MBo/d, of which 69% is oil.
The acquisition extends the pro forma inventory life in the region, with&nbsp;68% of the asset&nbsp;remaining&nbsp;undeveloped, including 407 estimated gross (342 net) horizontal locations in primary development targets, averaging a lateral length of over 11,000 feet.
The company projects capital expenditures&nbsp;for 2025&nbsp;of $200 million, based on current Midland Basin well costs ranging from $555 to $605 per foot.
Diamondback projects closing the transaction on April 1, 2025, pending regulatory approval and the fulfillment of customary closing conditions.
Diamondback and Double Eagle have also agreed to fast-track development on&nbsp;Diamondback's&nbsp;non-core southern Midland Basin acreage, accelerating Net Asset Value (NAV) realization.&nbsp;
This transaction&nbsp;is expected&nbsp;to enhance Free Cash Flow per share growth&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">by 5%+ from 2026 onward</a>.
Also, Diamondback plans to sell a minimum of $1.5 billion in non-core assets to expedite debt reduction and preserve its strong financial position.&nbsp;
The company aims to lower net debt to $10 billion and sustain long-term leverage between $6 billion and $8 billion.
Diamondback CEO Travis Stice said there are 407 locations adjacent to the company&#8217;s &#8220;core position.&#8221;
&#8220;Additionally, we see value uplift to our existing inventory as acreage overlap allows for meaningful lateral length extensions and infrastructure synergies,&#8221; he added.
The company plans to release its fourth quarter 2024&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">financial results&nbsp;on February 24, 2025</a>.
Investors can gain exposure to the FANG stock via two ETFs: 
<ul>
<li>Texas Capital Funds Trust Texas Capital Texas Oil Index ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)</li>
<li>IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).</li>
</ul>
Price Action: FANG shares are down 0.54% at $156.14&nbsp;at the last check Tuesday.
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Image: Shutterstock

FANG

Diamondback Bolsters Plans $3 Billion-Plus Double Eagle Acquisition

JP Morgan analyst Arun Jayaram raised the price forecast from $123 to $127 for ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) following fourth-quarter results reported yesterday.
The company reported revenue of $14.74 billion, beating the consensus of $14.30 billion and adjusted EPS of $1.98, <a href="https://www.benzinga.com/news/earnings/25/02/43527607/conocophillips-beats-q4-revenue-and-eps-estimates-sets-10b-return-of-capital-target" target="_blank" rel="noreferrer noopener">beating the consensus of $1.84</a>. 
The analyst writes that the key takeaway from ConocoPhillips&#8217; call was its focus on long-term FCF growth, with 2025 marking peak long-cycle capex at ~<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$3 billion of the $12.9 billion budget</a>.
ConocoPhillips also announced a $1.4 billion capex reduction vs. PF MRO/COP 2024 spending while maintaining low single-digit volume growth, driven by efficiency gains, program optimization, $500 million in MRO synergies and $200 million in cost deflation, added Jayaram.
The analyst updated the model to reflect COP's 2025 guidance of 2,360 million Boe/d production and $12.9B in capex, with lower volumes due to ~$600 million in asset sales, planned turnarounds and winter weather impacts.
Jayaram now forecasts 2,365 million Boe/d, slightly below consensus, and estimate $10 billion in pre-dividend FCF at recent strip pricing.
Investors can gain exposure to the COP stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: COP shares are down 0.92% at $99.03 at the last check Friday.
Read Next:
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<li><a href="https://www.benzinga.com//node/43538506" target="_blank" rel="noreferrer noopener">ConocoPhillips&#8217; 2025 Outlook Holds Steady Despite Production Headwinds: JP Morgan</a></li>
</ul>
Photo: Shutterstock

JP Morgan Updates ConocoPhillips Forecast: Sees $10 Billion Pre-Dividend FCF In 2025

JP Morgan analyst Arun Jayaram expressed views on ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) fourth-quarter results reported today. The analyst has an <a href="https://www.benzinga.com/quote/COP/analyst-ratings" target="_blank" rel="noreferrer noopener">Overweight rating on the stock.</a>
The company reported revenue&nbsp;of&nbsp;$14.74 billion, beating the consensus of&nbsp;$14.30 billion, and adjusted EPS of&nbsp;$1.98, <a target="_blank" href="https://www.benzinga.com/news/earnings/25/02/43527607/conocophillips-beats-q4-revenue-and-eps-estimates-sets-10b-return-of-capital-target" rel="noreferrer noopener">beating the consensus of&nbsp;$1.84</a>.&nbsp;
The analyst expects a slightly positive market reaction to ConocoPhillips'&nbsp;&nbsp;earnings, which featured a beat, a largely in-line 2025 outlook, and a $10 billion return of capital commitment matching expectations (JPM estimates at $9.95 billion).
The return of capital plan is based on current commodity prices and the company&#8217;s historical practice of returning 40%-45% of CFO, though adjustments may occur depending on market conditions, adds the analyst.
Jayaram writes that for 2025, ConocoPhillips projects production of 2,360 MBoe/d, 1% below JPM estimates, while capex guidance of $12.9 billion aligns with JPM estimates.
Notably, 2025 capex includes 15% lower spending in the Lower 48 while still delivering low single-digit pro-forma production growth, per the analyst.
The analyst says that the production outlook was impacted by ~$600 million in non-core asset sales, planned turnarounds of 20 MBoe/d, and adverse winter weather in the first quarter of 2025, which reduced January production by 60 MBoe/d, or 20 MBoe/d for the quarter.
Investors can gain exposure to the COP stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: COP shares are down 0.67% at $99.54 at the last check Thursday.
Photo via Shutterstock.
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</ul>

Analyst Color

Reiteration

Analyst Ratings

Trading Ideas

ConocoPhillips' 2025 Outlook Holds Steady Despite Production Headwinds: JP Morgan

ConocoPhillips&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) shares are trading higher after the company <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/b43523603/conocophillips-reports-fourth-quarter-and-full-year-2024-results-announces-2025-guidance-and-quart" rel="noreferrer noopener">released&nbsp;fourth-quarter&nbsp;results</a>.
Here&#8217;s a breakdown of the&nbsp;report.
<ul>
<li>Revenue of $14.74 billion, beating the consensus of $14.30 billion.</li>
<li>Adjusted EPS of $1.98<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">, beating the consensus of $1.84</a>. </li>
<li>Operating cash flow stood at $20.1 billion in 2024.</li>
<li>Repurchased $5.5 billion of shares and $3.6 billion through the ordinary dividend and variable return of cash in 2024.</li>
<li>Ended the year with $6.4 billion in cash and short-term investments and $1.1 billion in long-term investments.</li>
</ul>
Production: The company produced 2,183&nbsp;thousand barrels of oil equivalent per day (MBOED). That&#8217;s an increase of 281&nbsp;MBOED from the same period a year ago.
Lower 48 production averaged 1,308&nbsp;MBOED, which includes 833&nbsp;MBOED from the Permian, 296&nbsp;MBOED from the Eagle Ford, and 151&nbsp;MBOED from the Bakken assets.
The average realized price fell&nbsp;10%&nbsp;Y/Y to&nbsp;$52.37&nbsp;per barrel of oil equivalent (BOE).
ConocoPhillips&#8217; preliminary 2024 year-end proved reserves stood at 7.8 billion barrels of oil equivalent (BBOE), with a preliminary reserve replacement ratio of 244%.
Dividend: ConocoPhillips expects a quarterly dividend per share of&nbsp;$0.78,&nbsp;payable on March 3, 2025, to stockholders of record as of February 17, 2025.
<a target="_blank" href="https://static.conocophillips.com/files/resources/4q24-earnings-release-deck.pdf" rel="noreferrer noopener">Outlook</a>: ConocoPhillips projects&nbsp;first-quarter production of 2.34 &#8211; 2.38 million barrels of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">oil equivalent per day</a>.
Ryan Lance, chairman and chief executive&nbsp;officer, said, &#8220;Looking ahead, we are focused on achieving more than $1 billion in integration-related run rate synergies by year-end, over half of which is already reflected in our announced capital guidance. We are starting the year with a $10 billion return of capital target.&#8221;
Investors can gain exposure to the COP stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: COP shares are down 0.71% at $99.50 premarket at the last check Thursday.
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Photo via Shutterstock.

ConocoPhillips Beats Q4 Revenue And EPS Estimates, Sets $10B Return of Capital Target

Marathon Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>) shares are trading higher after it <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/n43457449/marathon-petroleum-corp-reports-fourth-quarter-2024-results-and-2025-capital-outlook" rel="noreferrer noopener">reported fourth-quarter&nbsp;results</a>.
Total revenues and other income of&nbsp;$33.47 billion topped the consensus of&nbsp;$31.12 billion.
Adjusted EBITDA was&nbsp;$2.12 billion for the quarter, compared with&nbsp;$3.57 billion&nbsp;in prior year quarter. Refining operating costs per barrel were&nbsp;$5.26&nbsp;versus&nbsp;$5.55&nbsp;a year ago.&nbsp;
Refining &amp; Marketing refined product sales volume for the quarter was 3,747 mbpd&nbsp;(vs. 3,583 mbpd a year ago); Crude oil capacity utilization was&nbsp;94%&nbsp;(vs. 91% a year ago quarter).&nbsp;&nbsp;
Refining &amp; Marketing segment adjusted EBITDA declined to $559 million from $2.2 billion a year ago due to lower market crack spreads.
Refining &amp; Marketing margin was $12.93 per barrel for the fourth quarter versus $17.81 per barrel for the fourth quarter of 2023.
Adjusted EPS for the quarter was $0.77, down from $3.98 a year earlier. The analysts&#8217; consensus estimate was $0.02.
Marathon Petroleum owns the general partner and majority limited partner interest in&nbsp;MPLX LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPLX#NYSE">MPLX</a>), which reported&nbsp;fourth-quarter&nbsp;earnings per limited partner unit of&nbsp;$1.07, beating the consensus of&nbsp;$1.03. Total revenues and other income&nbsp;of&nbsp;$3.06 billion&nbsp;missed <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/n43457519/mplx-lp-progresses-gulf-coast-ngl-strategy-and-reports-full-year-2024-results" rel="noreferrer noopener">the consensus of&nbsp;$3.07 billion</a>.&nbsp;MPLX returned&nbsp;$3.9 billion&nbsp;of capital to unitholders in 2024.
As of December 31, 2024, Marathon Petroleum had&nbsp;$3.2&nbsp;billion of&nbsp;cash, cash equivalents,&nbsp;and&nbsp;short-term investments, including&nbsp;$1.5 billion&nbsp;of cash at MPLX and&nbsp;$5 billion available&nbsp;on&nbsp;its bank revolving credit facility.
In the&nbsp;fourth quarter, the company returned around&nbsp;$1.6&nbsp;billion to shareholders, including&nbsp;$1.3&nbsp;billion in share repurchases and&nbsp;$292&nbsp;million in dividends.
As of&nbsp;December 31, the company had&nbsp;$7.8 billion&nbsp;available under its share buyback authorizations.
On&nbsp;January 24, the company declared a quarterly dividend of $0.91 per share, payable&nbsp;on March 10, 2025, to shareholders <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/n43198283/marathon-petroleum-corp-announces-quarterly-dividend" rel="noreferrer noopener">of record on&nbsp;February 19</a>.&nbsp;&nbsp;&nbsp;
Outlook: Marathon Petroleum expects&nbsp;standalone (excluding MPLX) capital spending of $1.25 billion and MPLX&#8217;s capital expenditure <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">of $2.0 billion for 2025</a>.
For the first quarter, the company sees&nbsp;refining operating costs per barrel of&nbsp;$5.70 and&nbsp;refinery throughputs of 2,770 mbpd.&nbsp;
Investors can gain exposure to the stock via&nbsp;iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and&nbsp;VanEck Oil Refiners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>).
Price Action: MPC shares are up 2.04% at $150.00 premarket at the last check Tuesday.
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Photo via Shutterstock.

Marathon Petroleum Tops Q4 Estimates Despite Lower Refining Margins

Phillips 66&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) shares are trading lower on Friday after it&nbsp;reported<a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b43380949/phillips-66-reports-fourth-quarter-results-and-announces-next-phase-of-strategic-initiatives" rel="noreferrer noopener">&nbsp;fourth-quarter&nbsp;FY24 results</a>.
Midstream segment adjusted pre-tax income rose to $708 million, vs.&nbsp;$672 million&nbsp;in the&nbsp;third quarter&nbsp;of FY24, led by increased NGL margins and volumes.
The Chemicals segment adjusted pre-tax income&nbsp;stood at&nbsp;$72 million&nbsp;versus&nbsp;$342 million&nbsp;in the prior quarter, owing to a decline in margins along with higher turnaround and maintenance costs.
The Refining segment adjusted pre-tax loss improved to $(759)&nbsp;million from $(67) million&nbsp;in the prior quarter due to lower realized margins on reduction in market crack spreads and higher depreciation related to the planned stoppage of operations at the Los Angeles Refinery.
The company reported refining operations with&nbsp;94%&nbsp;crude capacity utilization and&nbsp;88%&nbsp;clean product yield.
The Marketing&nbsp;and Specialties segment adjusted pre-tax income fell significantly to&nbsp;$185 million&nbsp;from&nbsp;$583 million in the prior&nbsp;quarter on seasonally lower margins.
Adjusted EPS of&nbsp;$(0.15) topped&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;$(0.23)</a>.
Phillips 66 reported operating cash flow, excluding working capital impacts, of&nbsp;$901 million in the quarter.
As of Dec. 31, the company reported cash and cash equivalents of $1.7 billion, along with $4.6 billion in committed credit facility capacity.
The company has returned $5.3 billion to shareholders through dividends and share repurchases in 2024
Phillips 66 achieved&nbsp;$1.5 billion in run-rate business transformation savings and synergy capture of $500 million from successful DCP integration.
Strategic Priorities Update: The company plans to return greater than 50% of operating cash flow to shareholders.
Also, Phillips 66 aims to achieve a 2% higher than the industry-average crude utilization and annual adjusted controllable costs of $5.50 per barrel in refining, excluding adjusted turnaround expenses.
The company targets growing Midstream and Chemicals mid-cycle adjusted EBITDA of $1 billion in total by 2027 and<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener"> reducing total debt to $17 billion</a>.
Mark Lashier, chairman and CEO said, "In support of our Midstream wellhead-to-market strategy, we recently announced an agreement to acquire EPIC's NGL business, bolstering our Permian and Gulf Coast footprint,"  
"Upon closing, these assets will be accretive to earnings and highly integrated with our existing infrastructure, providing additional opportunities to enhance returns and shareholder value," he added.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and&nbsp;VanEck Oil Refiners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>).
Price Action: PSX shares are down 2% at $118.33 at the last check Friday.
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Photo: Shutterstock

Phillips 66 Stock Under Pressure As Refining Losses Offset Midstream Gains

Hess Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) shares are rising premarket on Wednesday after the company reported fourth-quarter sales of $3.19 billion, beating the <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b43299268/hess-reports-estimated-results-for-the-fourth-quarter-of-2024" rel="noreferrer noopener">consensus of&nbsp;$2.87 billion</a>.
Exploration and Production (E&amp;P) net production rose to 495,000 boepd in the fourth quarter of 2024 from 418,000 boepd a year ago quarter, led by higher production in Guyana and the Bakken.
Notably, net production from Bakken rose 7% year-over-year (Y/Y) to 208,000 boepd and Guyana increased 52% Y/Y to 195,000 barrels of oil per day (bopd) in the quarter.
Cash operating costs (including operating costs and expenses, production and severance taxes, and E&amp;P general and administrative expenses) stood at $12.95 per boe in the fourth quarter of 2024 vs. $13.29 per boe in the prior-year quarter.
Adj EPS of&nbsp;$1.76&nbsp;exceeded<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener"> the consensus of $1.48</a>.
As of December 31, 2024, oil and gas proved reserves stood at 1.44 billion boe, and net proved reserve additions and revisions in 2024 totaled 247 million boe, primarily from Guyana and the Bakken.
The company replaced 138% of its 2024 production at a finding and development cost of $19.67 per boe.
E&amp;P capital and exploratory expenditures came in at $1.677 billion in the quarter, including the purchases of the Liza Destiny and Prosperity FPSOs for about $635 million.
As of December 31, 2024, excluding the Midstream segment, Hess had cash and cash equivalents of $1.2 billion and debt and finance lease obligations of $5.3 billion.&nbsp;
Outlook: In the first quarter of 2025, the company expects E&amp;P net production of <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">465,000 boepd-475,000 boepd</a>.
The guidance reflects planned maintenance, reduced tax barrels in Guyana, and the effects of winter weather in the Bakken.
The company expects E&amp;P capital and exploratory expenditures of around $4.5 billion in 2025, which includes capitalized interest of about $240 million.
Investors can gain exposure to the stock via Invesco S&amp;P 500 Equal Weight Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSPG#NYSE">RSPG</a>) and iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: HES shares are up 1.34% at $146.99 premarket at the last check Wednesday.
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Photo: Shutterstock

Hess Tops Sales, Earnings Forecasts as Bakken & Guyana Drive Growth

Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) shares are trading higher on Tuesday. On Monday, the company disclosed a definitive deal to acquire EPIC Y-Grade, LP&#8217;s natural gas liquids (NGL) business <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b42834229/phillips-66-to-grow-permian-midstream-business-with-epic-ngl-acquisition" rel="noreferrer noopener">for $2.2 billion in cash</a>.
The EPIC NGL business includes two fractionators with a combined capacity of 170 MBD near Corpus Christi, Texas.
The business also includes around 350 miles of purity distribution pipelines and an 885-mile NGL pipeline linking production from the Delaware, Midland, and Eagle Ford basins to the fractionation complexes<a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b42840167/epic-y-grade-agrees-to-sell-business-for-2-20-billion-to-phillips-66" rel="noreferrer noopener"> and Phillips 66&#8217;s Sweeny Hub</a>.
EPIC NGL is working to increase its pipeline capacity to 225 MBD and has planned a second expansion to 350 MBD, without affecting Phillips 66&#8217;s 2025 capital program.
A third fractionation facility could further increase capacity to 280 MBD.
These assets connect Permian production to Gulf Coast refiners, petrochemical companies, and export markets and will be closely integrated with Phillips 66&#8217;s existing infrastructure.
The deal, subject to customary closing conditions, is expected to be immediately accretive to earnings per share upon closing.
As of September 30, Phillips 66 had cash and cash equivalents of&nbsp;$1.6 billion and&nbsp;$5.3 billion&nbsp;in <a target="_blank" href="https://www.benzinga.com//node/41601857" rel="noreferrer noopener">committed credit facility capacity</a>.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and&nbsp;VanEck Oil Refiners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>).
Price Action: PSX shares are up 1.15% at $116.49 at the last check Tuesday.
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Photo via Shutterstock.

Phillips 66 Powers Up With $2.2 Billion Deal For EPIC Y-Grade's NGL Business

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/12/27/final-trades-amazon-sabra-health-care-and-the-ieo.html">Halftime Report Final Trades</a>,&#8221; Jenny Van Leeuwen Harrington of Gilman Hill Asset Management picked Sabra Health Care REIT, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBRA#NASDAQ">SBRA</a>).
On Dec. 5, Mizuho analyst Vikram Malhotra downgraded the rating for Sabra Health Care REIT from Outperform to Neutral and maintained the price target of $20.
On Oct. 31, Sabra Health Care REIT reported quarterly earnings of 35 cents per share which met the analyst consensus estimate. The company reported quarterly sales of $178 million which beat the analyst consensus estimate of $172.34 million.
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Joshua Brown of Ritholtz Wealth Management said he <a href="https://www.benzinga.com/quote/IEO">remains long on</a> iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEO#NYSE">IEO</a>).
Kevin Simpson of Capital Wealth Planning named Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) as his final trade.
On Dec. 20, Tigress Financial analyst Ivan Feinseth maintained Amazon.com with a Buy rating and raised the price target from $245 to $290.
Amid peak holiday shopping, Amazon.com recently announced that its operations will remain unaffected despite a strike initiated by workers at seven<a href="https://www.benzinga.com/news/24/12/42577506/amazon-shares-rise-as-company-says-operations-remain-unaffected-despite-workers-at-seven-us-facilities-going-on-strike-amid-peak-holiday-shopping"> of its U.S. facilities</a>.
Price Action:
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<li>iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF rose 0.1% during Friday's session.</li>
<li>Amazon shares fell 1.4% to close at $223.79 during Friday's session.</li>
<li>Sabra Health Care REIT fell 0.5% to settle at $17.02 on Friday.</li>
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Sabra Health Care REIT, Amazon And More: CNBC's 'Final Trades'

CNBC Final Trades: iShares US Oil & Gas Exploration & Production ETF, Amazon, Sabra Health Care REIT

Marathon Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>) shares are trading higher on Wednesday. Scotiabank analyst Paul. Y. Cheng, with a Sector Outperform rating and a $170 price target, shared views on third-quarter<a target="_blank" href="https://www.benzinga.com/quote/MPC/analyst-ratings" rel="noreferrer noopener"> results reported yesterday</a>.
On Tuesday, Marathon Petroleum reported revenue of $35.4 billion, topping estimates. Adjusted EPS<a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/41744366/marathon-petroleum-q3-earnings-outpaces-expectations-powers-up-shareholder-rewards-more" rel="noreferrer noopener"> was $1.87 vs. $0.98 expected</a>.
Marathon Petroleum expects&nbsp;fourth-quarter Refining operating costs per barrel of&nbsp;$5.50 and&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">Refinery throughputs of 2,880 mbpd</a>.&nbsp;
The analyst expects results to positively impact near-term share price performance, with refining operations performing strongly. Throughput, unit cost, margin capture, and turnaround expenses all exceeded expectations.
Cheng notes robust commercial operations and efficient turnaround execution were key contributors to the beat.
This marks the second consecutive quarter of better-than-expected margin capture, which could renew the shares&#8217; momentum, adds the analyst.
However, Cheng says that the fourth-quarter outlook is weaker than anticipated, with throughput outlook below their previous estimate of 2,970 mbbl/d.
The Mid-Con region is expected to underperform relative to their expectations, adds the analyst.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and&nbsp;VanEck Oil Refiners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>).
Price Action: MPC shares are up 3.49% at $154.78 at the last check Wednesday.
Photo by Ground Picture on Shutterstock
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Marathon's Q3 Performance Surges Above Forecasts, But Analyst Flags Caution On Mid-Con Outlook For Q4

Marathon Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>) shares are trading higher after its&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n41740316/marathon-petroleum-corp-reports-third-quarter-2024-results" rel="noreferrer noopener">third-quarter results</a>.
Total revenues and other income of&nbsp;$35.4 billion&nbsp;topped the consensus of&nbsp;$32.8 billion.
Adjusted EBITDA was&nbsp;$2.49 billion&nbsp;for the quarter, compared with&nbsp;$5.71 billion in prior year quarter. Refining operating costs per barrel were&nbsp;$5.30&nbsp;versus&nbsp;$5.14&nbsp;a year ago.&nbsp;
Read: <a target="_blank" href="https://www.benzinga.com/news/24/11/41725310/marathon-petroleum-q3-earnings-preview-can-strong-sales-volume-offset-rising-costs" rel="noreferrer noopener">Marathon Petroleum Q3 Earnings Preview: Can Strong Sales Volume Offset Rising Costs?</a>
Refining &amp; Marketing refined product sales volume for the quarter was 3,685 mbpd&nbsp;(vs. 3,596 mbpd a year ago); Crude oil capacity utilization was&nbsp;94% (flat year over year).&nbsp;&nbsp;
Refining&nbsp;&amp; Marketing segment adjusted EBITDA declined to&nbsp;$1.053 billion from&nbsp;$4.373 billion a year ago due to lower market crack spreads.
Adjusted EPS for the quarter was&nbsp;$1.87,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">above the consensus of&nbsp;$0.98</a>.
As of September-end, Marathon Petroleum had&nbsp;$5.1&nbsp;billion&nbsp;of&nbsp;cash, cash equivalents,&nbsp;and&nbsp;short-term investments and&nbsp;$5 billion&nbsp;available&nbsp;on&nbsp;its bank revolving credit facility.
In the&nbsp;third quarter, the company returned around&nbsp;$3.0&nbsp;billion&nbsp;to shareholders, including&nbsp;$2.7&nbsp;billion&nbsp;in share repurchases and&nbsp;$273&nbsp;million&nbsp;in dividends. Through&nbsp;October 31, the company bought back an additional&nbsp;$0.5 billion&nbsp;of shares.
Additionally, the company&#8217;s board approved an incremental&nbsp;$5 billion&nbsp;share repurchase authorization. With the addition of this new authorization, Marathon Petroleum has&nbsp;$8.5 billion&nbsp;available under its share repurchase authorizations.&nbsp;
On&nbsp;October 30, the company increased its quarterly dividend to&nbsp;$0.91&nbsp;per share. The dividend is payable&nbsp;on December 10 to shareholders of record on&nbsp;November 20.&nbsp;&nbsp;&nbsp;
Outlook: Marathon Petroleum expects&nbsp;fourth-quarter Refining operating costs per barrel of&nbsp;$5.50 and&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">Refinery throughputs of 2,880 mbpd</a>.&nbsp;
Marathon Petroleum owns the general partner and majority limited partner interest in&nbsp;MPLX LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPLX#NYSE">MPLX</a>), which reported&nbsp;third-quarter earnings per limited partner unit of&nbsp;$1.01, missing the consensus of&nbsp;$1.07, and revenues&nbsp;of&nbsp;$2.97 billion,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n41740434/mplx-lp-reports-third-quarter-2024-financial-results" rel="noreferrer noopener">missing the consensus of&nbsp;$3.09 billion</a>.&nbsp;MPLX returned&nbsp;$949 million of capital to unitholders in the quarter.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and&nbsp;VanEck Oil Refiners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>).
Price Action: MPC shares are up 2.80% at $149.00 premarket at the last check Tuesday.
Photo via Shutterstock
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