SUN - SUN

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Sunoco (NYSE:SUN) Stock, Chaîne d'Options

Sunoco

Sunoco LP engaged in the distribution of motor fuels to independent dealers, distributors, and other commercial customers as well as the distribution of motor fuels to end-use customers at retail sites operated by commission agents. It is a growth-oriented master limited partnership (MLP) that operates as a wholesale and retail fuel distributor in the United States. The firm operates through the Fuel Distribution and Marketing segment. It distributes motor fuel to convenience stores, dealers, and commercial customers in various states. The operating convenience stores are under the APlus, Stripes, Aloha Island Mart, and Tigermarket brands.

Sunoco LP Common Units representing limited partner interests

Sunoco LP

SUNCAST SOLAR ENERGY INC by Suncast Solar Energy, Inc.

Suncast Solar Energy Inc

SUNDANCE STRATEGIES INC by Sundance Strategies Inc.

Sundance Strategies Inc

Sunfire Acquisition Corp Limited

SUN LFE FNCL PFD A SER 8R by Sun Life Financial Inc.

Sun Life Financial Inc

Xuhang Holdings Ltd

Sunlight Financial Holdings Inc Ordinary Shares - Class A

Sunlight Financial Holdings Inc Warrants (30/11/2025)

SUN PEAK METALS CORP by SUN PEAK METALS CORP.

Sun Peak Metals Corp

SUN SPORTS & ENTMT by Sun Sports and Entertainment, Inc.

Sunrise Realty Trust, Inc. - Common Stock

Sunrise Realty Trust Inc

Sunrise Realty Trust Inc COM WHEN ISSUED

SUNCORP TECHS LTD NEW by SunCorp Technologies Ltd.

SunCorp Technologies Ltd

Sunworks Inc

SUNSHINE OILSANDS LTD NEW by Sunshine Oilsands Ltd

Sunshine Oilsands Ltd

Sunoco LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) shares are trading lower after it reported&nbsp;third-quarter revenues&nbsp;of&nbsp;$5.75 billion, which&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n41769798/sunoco-lp-reports-third-quarter-2024-financial-and-operating-results" rel="noreferrer noopener">missed the consensus of&nbsp;$6.508 billion</a>.
Adjusted distributable cash flow of&nbsp;$349 million was higher than&nbsp;$181 million a year ago. Adjusted EBITDA increased to&nbsp;$456 million from&nbsp;$257&nbsp;million a year ago.
The Fuel Distribution segment sold around 2.1&nbsp;billion gallons of fuel (+1% year over year), with the fuel margin for all gallons sold at 12.8&nbsp;cents per gallon versus 12.5&nbsp;cents per gallon in the prior year quarter.
Adjusted EBITDA for the Fuel Distribution segment increased to $253 million compared to $234 million in the prior year quarter. Loss per share of $0.26 missed <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">the EPS consensus of $1.55</a>.
Total capital expenditures were&nbsp;$93&nbsp;million, including&nbsp;$67&nbsp;million&nbsp;for growth capital and&nbsp;$26&nbsp;million&nbsp;for maintenance capital.
Distribution:&nbsp;On October 28, Sunoco&nbsp;declared a distribution of&nbsp;$0.8756&nbsp;per unit, payable on November 19, to unitholders of record as of November 8.
As of September 30, the company had long-term debt of about&nbsp;$7.3&nbsp;billion&nbsp;and approximately&nbsp;$1.4 billion&nbsp;in liquidity remaining on its&nbsp;$1.5 billion&nbsp;revolving credit facility.
Investors can gain exposure to the stock via&nbsp;InfraCap MLP ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMZA#NYSE">AMZA</a>) and&nbsp;Alerian MLP ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMLP#NYSE">AMLP</a>).
Price Action: Sunoco shares are down 2.37% at $52.00 premarket at the last check Wednesday.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com//node/41771707" target="_blank" rel="noreferrer noopener">Owens Corning Delivers Q3 Earnings Beat, Forecasts Strong Q4 Despite Market Headwinds</a></li>
</ul>

Earnings

Equities

Large Cap

News

Movers

AMLP

AMZA

Sunoco Q3 Earnings: Revenue Drop, Stronger Cash Flow & More

Sunoco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) reported quarterly losses of $(0.26) per share which missed the analyst consensus estimate of $1.55 by 116.77 percent. This is a 108.81 percent decrease over earnings of $2.95 per share from the same period last year. The company reported quarterly sales of $5.750 billion which missed the analyst consensus estimate of $6.508 billion by 11.64 percent. This is a 9.02 percent decrease over sales of $6.320 billion the same period last year.

Earnings Misses

Sunoco Q3 2024 GAAP EPS $(0.26) Misses $1.55 Estimate, Sales $5.750B Miss $6.508B Estimate

RBC Capital analyst Elvira Scotto maintains Sunoco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) with a Outperform and raises the price target from $60 to $63.

Price Target

Analyst Ratings

RBC Capital Maintains Outperform on Sunoco, Raises Price Target to $63

Sunoco's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) short percent of float has fallen 4.82% since its last report. The company recently reported that it has 850 thousand shares sold short, which is 0.79% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.98 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Sunoco Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727808318_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Sunoco has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Sunoco's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Sunoco's peer group average for short interest as a percentage of float is 7.28%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Trading Ideas

Looking Into Sunoco's Recent Short Interest

The new partnership strengthens AtoB's Over-the-Road and Local offerings with access to 5,000+ Sunoco locations across over 40 states
AtoB, the fintech payments platform modernizing the trucking industry's financial systems, today announced a new partnership with Sunoco, bringing its 5,000 locations into its fuel card network. This collaboration significantly enhances AtoB's already extensive fuel card network, providing customers with access to Sunoco locations across over 40 states and exclusive discounts.
Starting today, AtoB customers will benefit from discounts at over 5,000 Sunoco locations across over 40 states. Trucking fleets will now enjoy discounts at over 100 truck diesel locations including premier discounts at twelve key Sunoco stations along the highly trafficked New Jersey Turnpike. These twelve Sunoco truck diesel locations are part of the AMBEST network, a nationwide member-owned network of high-quality truck stops and service stations. With Sunoco's extensive presence, this partnership is designed to offer substantial savings and enhance convenience for AtoB's users.

AtoB Partners With Sunoco To Expand Nationwide Network And Deliver Enhanced Fuel Discounts; New Partnership Strengthens AtoB's Over-The-Road And Local Offerings With Access To 5,000+ Sunoco Locations Across Over 40 States

Sunoco LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) shares closed slightly higher <a href="https://www.benzinga.com/quote/SUN/earnings">during Friday's session</a>.
On Sept. 4, JP Morgan analyst Jeremy Tonet maintained Sunoco with an Overweight rating and raised the price target from $61 to $63.
Sunoco, on Aug. 7, reported quarterly earnings of $3.85 per share which beat the analyst consensus estimate of $1.30 per share. The company reported quarterly sales of $6.174 billion which beat the analyst consensus estimate of $5.822 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
With the recent buzz around Sunoco, some investors may be eyeing potential gains from the company's dividends. As of now, Sunoco has a dividend yield of 6.55%. That&#8217;s a quarterly dividend amount of 87.56 cents a share ($3.502 a year).
To figure out how to earn $500 monthly from Sunoco, we start with the yearly target of $6,000 ($500 x 12 months).
Next, we take this amount and divide it by Sunoco's $3.502 dividend: $6,000 / $3.502 = 1,713 shares
So, an investor would need to own approximately $91,646 worth of Sunoco, or 1,713 shares to generate a monthly dividend income of $500.
Assuming a more conservative goal of $100 monthly ($1,200 annually), we do the same calculation: $1,200 / $3.502 = 343 shares, or $18,351 to generate a monthly dividend income of $100.
Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.
The dividend yield is calculated by dividing the annual dividend payment by the current stock price. As the stock price changes, the dividend yield will also change.
For example, if a stock pays an annual dividend of $2 and its current price is $50, its dividend yield would be 4%. However, if the stock price increases to $60, the dividend yield would decrease to 3.33% ($2/$60).
Conversely, if the stock price decreases to $40, the dividend yield would increase to 5% ($2/$40).
Further, the dividend payment itself can also change over time, which can also impact the dividend yield. If a company increases its dividend payment, the dividend yield will increase even if the stock price remains the same. Similarly, if a company decreases its dividend payment, the dividend yield will decrease.
SUN Price Action: Shares of Sunoco rose 0.4% to close at $53.50 on Friday.
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</ul>
Image: Shutterstock

Long Ideas

Markets

How To Earn $500 A Month From Sunoco Stock

JP Morgan analyst Jeremy Tonet maintains Sunoco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) with a Overweight and raises the price target from $61 to $63.

JP Morgan Maintains Overweight on Sunoco, Raises Price Target to $63

W&amp;T Offshore, Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wti#NYSE">WTI</a>) reported a second-quarter 2024 loss of 5 cents per share (excluding one item), wider than the Zacks Consensus Estimate of a loss of 3 cents. However, the bottom line improved from the year-ago quarter&#39;s reported loss of 8 cents.
Total quarterly revenues of $142.8 million missed the Zacks Consensus Estimate of $152 million. However, the top line increased from $126 million reported in the prior-year quarter.
The weaker-than-expected quarterly earnings were due to low oil-equivalent production and rising operating expenses. This was partially offset by higher average realized prices for oil-equivalent production.
<div class="chart_embed">
<h3>W&amp;T Offshore, Inc. Price, Consensus and EPS Surprise</h3>
<img alt="W&amp;T Offshore, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/71/1723027552.png" style="height:265px; width:573px" title="" />
W&amp;T Offshore, Inc. price-consensus-eps-surprise-chart | W&amp;T Offshore, Inc. Quote
</div>
<h3>Production Statistics</h3>
Production for the quarter averaged 34.9 thousand barrels of oil equivalent per day (MBoe/d), down from 37 MBoe/d in the corresponding period of 2023. The reported metric was lower than our estimate of 37 Mboe/d. The production was negatively impacted by the company&#39;s primary Mobile Bay processing plant getting shut down by the third-party operator to perform a turnaround. The decrease was partially offset by increased production from wells acquired in January 2024 and September 2023.
Oil production totaled 1,382 thousand barrels (MBbls), up from 1,254 MBbls in the year-ago quarter. The figure missed our estimate of 1,387 MBbls.
Natural gas liquids&#39; output totaled 334 MBbls, which decreased from 443 MBbls a year ago but surpassed our estimate of 312 MBbls.
Natural gas production of 8,769 million cubic feet (MMcf) was lower than 10,023 MMcf in the prior-year quarter. The figure missed our estimate of 10,017 MMcf.
<h3>Realized Commodity Prices</h3>
The average realized price for oil in the second quarter was $80.29 per barrel, higher than the year-ago level of $71.76. Our estimate for the same was pegged at $81.46.
The average realized price of NGL increased to $24.43 per barrel from $23.44 in the second quarter of 2023. Our estimate for the same was pinned at $20.69 per barrel.
The average realized price of natural gas in the June-end quarter was $2.50 per thousand cubic feet, up from $2.34 in the corresponding period of 2023 and above our estimate of $2.33.
The average realized price for oil-equivalent output increased to $44.40 per barrel from $36.76 a year ago. The figure also beat our estimate of $42.38.
<h3>Operating Expenses</h3>
Lease operating expenses increased to $23.29 per Boe from $19.60 in the year-ago period. The reported figure was lower than our estimate of $25.98.
Also, general and administrative expenses increased to $6.72 per Boe from $5.16 a year ago. The figure was higher than our estimate of $5.44.
<h3>Cash Flow</h3>
Net cash from operations totaled $37.4 million, up from $26.2 million in the year-ago quarter.
The free cash flow increased to $18.7 million from $9.7 million in the year-earlier quarter.
<h3>Capital Spending &amp; Balance Sheet</h3>
For the reported quarter, W&amp;T Offshore spent $8.8 million on oil and gas resources and equipment.
As of Jun 30, 2024, the company&#39;s cash and cash equivalents amounted to $123.4 million and net long-term debt totaled $376.9 million. The current portion of the long-term debt is $14.9 million.
<h3>Guidance</h3>
For the third quarter of 2024, W&amp;T Offshore expects production to be in the band of 2,842-3,208 Mboe. For 2024, its production is anticipated to be in the 11,900-13,267 Mboe range.
<h3>Zacks Rank &amp; Stocks to Consider</h3>
Currently, WTI carries a Zacks Rank #3 (Hold).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked stocks like Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>), SM Energy Company&nbsp;and Baker Hughes Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bkr#NASDAQ">BKR</a>). While Sunoco and SM Energy currently sport a Zacks Rank #1 (Strong Buy) each, Baker Hughes carries a Zacks Rank #2 (Buy).
Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.26, respectively. The partnership has witnessed upward earnings estimate revisions for 2025 in the past 30 days.
SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company&#39;s attractive oil and gas investments should create long-term value for shareholders.
The Zacks Consensus Estimate for SM&#39;s 2024 EPS is pegged at $7.09. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
Baker Hughes, a leading player in the oilfield service sector, is known for its advanced technologies and equipment catering to the needs of upstream companies. The company expects substantial growth from LNG contracts globally due to the strong demand outlook.
The Zacks Consensus Estimate for BKR&#39;s 2024 EPS is pegged at $2.20. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 in the past seven days.
<a href="https://www.zacks.com/stock/news/2318212/w-t-offshore-wti-q2-earnings-lag-estimates-on-lower-production?cid=CS-BENZ-FT-analyst_blog|earnings_article-2318212">To read this article on Zacks.com click here.</a>

Penny Stocks

Guidance

Small Cap

W&T Offshore Q2 Earnings Lag Estimates on Lower Production

Sunoco LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) shares are trading higher after it reported&nbsp;second-quarter&nbsp;FY24 revenues&nbsp;of&nbsp;$6.17 billion, which&nbsp;exceeded <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/n40215377/sunoco-lp-reports-record-second-quarter-2024-financial-and-operating-results" rel="noreferrer noopener">the consensus of&nbsp;$5.82 billion</a>.
The partnership sold over 2.2 billion gallons of fuel (+5%&nbsp;Y/Y), with the fuel margin for all gallons sold at 11.8 cents per gallon (vs 11.9 cents per gallon in the prior year quarter).
Adjusted distributable cash flow of&nbsp;$295 million&nbsp;was higher than&nbsp;$175 million&nbsp;a year ago.
Adjusted EBITDA increased to&nbsp;$320 million&nbsp;from&nbsp;$250 million&nbsp;a year ago. EPS of&nbsp;$3.85&nbsp;surpassed&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;$1.30</a>.
Total capital expenditures were&nbsp;$78 million, including&nbsp;$52 million for growth capital and&nbsp;$26 million for maintenance capital.
Distribution:&nbsp;On July 25, 2024, Sunoco&nbsp;declared a distribution of&nbsp;$0.8756 per unit, payable on August 19, to unitholders of record as of August 9.
As of June 30, 2024, the company had long-term debt of about $7.3 billion and approximately $1.4 billion in liquidity remaining on its $1.5 billion revolving credit facility.
Outlook: Sunoco reaffirmed FY24&nbsp;guidance&nbsp;for adjusted EBITDA of&nbsp;$1.46 billion to&nbsp;$1.52 billion, excluding <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">synergies and transaction-related expenses</a>.
The company expects NuStar&nbsp;deal to realize expense synergies of $200 million (vs. at least&nbsp;$150 million prior) and <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">financial synergies of $60 million</a>.
In July, Sunoco and Energy Transfer LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ET#NYSE">ET</a>) formed a joint venture to merge their crude oil and produced water-gathering assets in the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39793150/energy-transfer-and-sunoco-announce-strategic-permian-basin-crude-oil-joint-venture" rel="noreferrer noopener">Permian Basin, effective July 1, 2024</a>.
Investors can gain exposure to the stock via&nbsp;InfraCap MLP ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMZA#NYSE">AMZA</a>) and&nbsp;Global X MLP ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MLPA#NYSE">MLPA</a>).
Price Action: Sunoco shares are up 1.42% at $54.36 at the last check Wednesday.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39231671/sunoco-looks-attractive-analyst-cites-pullback-upcoming-guidance-as-catalysts" target="_blank" rel="noreferrer noopener">Sunoco Looks Attractive: Analyst Cites Pullback, Upcoming Guidance As Catalysts</a></li>
</ul>

MLPA

Sunoco's Increased Fuel Sale Boosts Q2 Results: Details

Full Year 2024 Business Outlook
For the full year 2024, the Partnership expects:
<ul>
<li>Adjusted EBITDA(1)(3) of $1.46 billion to $1.52 billion, excluding synergies and transaction-related expenses(2).</li>
<li>Approximately $50 million in synergies related to the acquisition of NuStar.</li>
<li>Approximately $100 million in transaction-related expenses.</li>
<li>Growth capital expenditures to be greater than $300 million and maintenance capital expenditures to be approximately $120 million.</li>
</ul>

Sunoco Reaffirms FY24 Adj. EBITDA Outlook Of $1.46B-$1.52B

Sunoco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) reported quarterly earnings of $3.85 per share which beat the analyst consensus estimate of $1.30 by 196.15 percent. This is a 393.59 percent increase over earnings of $0.78 per share from the same period last year. The company reported quarterly sales of $6.174 billion which beat the analyst consensus estimate of $5.822 billion by 6.04 percent. This is a 7.47 percent increase over sales of $5.745 billion the same period last year.

Earnings Beats

Sunoco Q2 2024 GAAP EPS $3.85 Beats $1.30 Estimate, Sales $6.174B Beat $5.822B Estimate

Southwestern Energy Company&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/swn#NYSE">SWN</a>) reported adjusted second-quarter 2024 earnings of 10 cents per share, which beat the Zacks Consensus Estimate by a penny. The bottom line also increased from the year-ago quarter&#39;s figure of 9 cents.
Quarterly operating revenues of $1.1 billion missed the Zacks Consensus Estimate of $1.4 billion and also declined from the year-ago quarter&#39;s level of $1.3 billion.
The better-than-expected quarterly earnings can be attributed to higher oil price realization. This was partially offset by lower gas-equivalent production volumes and reduced realized gas prices.
<div class="chart_embed">
<h3>Southwestern Energy Company Price, Consensus and EPS Surprise</h3>
<img alt="Southwestern Energy Company Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/18/1722844148.png" style="height:265px; width:570px" title="" />
Southwestern Energy Company price-consensus-eps-surprise-chart | Southwestern Energy Company Quote
</div>
<h3>Total Production</h3>
Total production decreased to 379 billion cubic feet equivalent (Bcfe) from 423 Bcfe a year ago and missed our estimate of 430.1 Bcfe. Gas production declined from the year-ago level of 365 Bcf to 324 Bcf and missed our estimate of 375.7 Bcf.
Natural gas liquids production totaled 7,908 thousand barrels (MBbls), lower than the year-ago level of 8,247 MBbls. The metric beat our estimate of 7,675.1 MBbls.
Oil production declined to 1,261 MBbls from 1,441 MBbls in the year-earlier period and missed our estimate of 1,387.1 MBbls. Almost 85.5% of its volume mix constituted natural gas.
<h3>Average Realized Prices</h3>
Southwestern&#39;s average realized gas price in the reported quarter, excluding derivatives, decreased to $1.22 per thousand cubic feet (Mcf) from $1.47 a year ago. Our estimate of $1.42 per Mcf for the metric also indicates a year-over-year decline.
Oil was sold at $70.14 per barrel compared with the year-earlier figure of $63.20. Natural gas liquids were sold at $20.06 per barrel, higher than $18.63 in the year-ago period.
<h3>Expenses</h3>
On a per-Mcfe basis, lease operating expenses increased to $1.08 from the prior-year level of $1.00. The metric was also higher than our estimate of $1.06. General and administrative expenses per unit of production were 11 cents, up from 9 cents reported in the year-ago quarter. The reported figure was in line with our estimate.
Total operating costs and expenses were $1.8 billion, up from $1.3 billion in the June-end quarter of 2023. The figure beat our estimate of $1.1 billion. General and administrative expenses increased to $45 million from $41 million in the year-ago period. Marketing purchases decreased to $433 million from the prior-year quarter&#39;s level of $481 million.
<h3>Financials</h3>
Southwestern&#39;s total capital investment in the second quarter was $430 million. As of Jun 30, 2024, the company&#39;s cash and cash equivalents were $15 million, and long-term debt was $3.8 billion.
<h3>Guidance</h3>
SWN has discontinued providing guidance due to the pending merger with Chesapeake Energy Corporation.
<h3>Zacks Rank &amp; Key Picks</h3>
Currently, SWN carries a Zacks Rank #3 (Hold).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked stocks like Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>), SM Energy Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>) and Baker Hughes Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bkr#NASDAQ">BKR</a>). While Sunoco and SM Energy currently sport a Zacks Rank #1 (Strong Buy) each, Baker Hughes carries a Zacks Rank #2 (Buy).
Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.26, respectively. The partnership has witnessed upward earnings estimate revisions for 2025 in the past 30 days.
SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company&#39;s attractive oil and gas investments should create long-term value for shareholders.
The Zacks Consensus Estimate for SM&#39;s 2024 EPS is pegged at $7.09. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
Baker Hughes, a leading player in the oilfield service sector, is known for its advanced technologies and equipment catering to the needs of upstream companies. The company expects substantial growth from LNG contracts globally due to the strong demand outlook.
The Zacks Consensus Estimate for BKR&#39;s 2024 EPS is pegged at $2.20. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
<a href="https://www.zacks.com/stock/news/2316179/southwestern-swn-q2-earnings-beat-estimates-revenues-miss?cid=CS-BENZ-FT-analyst_blog|earnings_article-2316179">To read this article on Zacks.com click here.</a>

Mid Cap

Southwestern Q2 Earnings Beat Estimates, Revenues Miss

Newpark Resources, Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nr#NYSE">NR</a>) is set to report second-quarter 2024 earnings on Aug 5, after the closing bell.
Let us delve into the factors that are anticipated to have affected this oilfield service player&#39;s quarterly performance. However, before that, it would be worth taking a look at NR&#39;s first-quarter results.
<h3>Highlights of Q1 Earnings &amp; Surprise History</h3>
The company&#39;s adjusted earnings per share of 10 cents beat the Zacks Consensus Estimate of 5 cents in the last reported quarter.
Newpark Resources&#39; earnings beat the Zacks Consensus Estimate once and missed the same once in the trailing two quarters, the average surprise being 28.6%. This is depicted in the graph below:
<div class="chart_embed">
<h3>Newpark Resources, Inc. Price and EPS Surprise</h3>
<img alt="Newpark Resources, Inc. Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/cd/1722606138.png" style="height:263px; width:531px" title="" />
Newpark Resources, Inc. price-eps-surprise | Newpark Resources, Inc. Quote
</div>
<h3>Estimate Trend</h3>
The Zacks Consensus Estimate for the company&#39;s&nbsp;second-quarter earnings&nbsp;per share of 8 cents has witnessed no downward and upward movement over the past 30 days. The estimate suggests no change from the prior-year reported number.
The Zacks Consensus Estimate for second-quarter revenues of $171 million indicates a 6.7% decline from the year-ago reported figure.
<h3>Factors to Consider</h3>
According to the U.S. Energy Information Administration, the average spot prices for West Texas Intermediate crude at Cushing, OK, were $85.35 per barrel in April, $80.02 per barrel in May, and $79.77 per barrel in June. This indicates a highly favorable pricing environment for exploration and production activities in the second quarter. However, drilling activities declined both domestically and internationally in the second quarter.
The decrease in drilling activities suggests that explorers and producers reduced their spending on upstream activities. This lower spending probably affected the demand for services provided by the oilfield service provider, NR.
Additionally, the rise in NR&#39;s costs is likely to have negatively impacted the company&#39;s second-quarter bottom line. In the first quarter earnings report, capital expenditure nearly doubled year over year, and this trend of increasing costs likely continued in the second quarter, affecting the overall performance.
<h3>Earnings Whispers</h3>
Our proven model does not indicate an earnings beat for Newpark Resources this time around. The combination of a positive&nbsp;Earnings ESP&nbsp;and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: Newpark Resources has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate are both pegged at earnings of 8 cents.
Zacks Rank: Newpark Resources currently carries a Zacks Rank #3.
<h3>Stocks to Consider</h3>
Here are three firms that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>) has an Earnings ESP of +1.96% and currently flaunts a Zacks Rank #1.
Sunoco&nbsp;is scheduled to release second-quarter earnings on Aug 7. The Zacks Consensus Estimate for earnings is pegged at $1.79 per share, suggesting a 129.5% increase from the prior-year reported figure.
MPLX LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mplx#NYSE">MPLX</a>) has an Earnings ESP of +0.34% and a Zacks Rank #3 at present.
The firm is scheduled to release second-quarter earnings results on Aug 6. The Zacks Consensus Estimate for earnings is pegged at 98 cents per share, indicating a 7.7% rise from the prior-year reported figure.
The Williams Companies&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wmb#NYSE">WMB</a>) currently has an Earnings ESP of +2.56% and a Zacks Rank #3.
The firm is scheduled to release second-quarter earnings results on Aug 5. The Zacks Consensus Estimate for WMB&#39;s earnings is pegged at 39 cents per share, implying a decline from the prior-year reported figure.
<a href="https://www.zacks.com/stock/news/2315560/what-s-in-store-for-newpark-resources-nr-in-q2-earnings?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2315560">To read this article on Zacks.com click here.</a>

MPLX

What's in Store for Newpark Resources in Q2 Earnings?

Vitesse Energy Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vts#NYSE">VTS</a>) is set to report second-quarter 2024 earnings on Aug 5, after the closing bell.
Let us delve into the factors that are anticipated to have affected this upstream energy company&#39;s performance. However, before that, it would be worth taking a look at VTS&#39;s first-quarter performance.
<h3>Highlights of Q1 Earnings &amp; Surprise History</h3>
The company&#39;s adjusted earnings per share of 34 cents beat the Zacks Consensus Estimate of 32 cents in the last reported quarter.
Vitesse Energy&#39;s earnings beat the Zacks Consensus Estimate once in the trailing four quarters and missed the same thrice, the average negative surprise being 9.8%. This is depicted in the graph below:
<div class="chart_embed">
<h3>Vitesse Energy, Inc. Price and EPS Surprise</h3>
<img alt="Vitesse Energy, Inc. Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/dd/1722527848.png" style="height:263px; width:538px" title="" />
Vitesse Energy, Inc. price-eps-surprise | Vitesse Energy, Inc. Quote
</div>
<h3>Estimate Trend</h3>
The Zacks Consensus Estimate for&nbsp;second-quarter earnings&nbsp;per share of 35 cents has witnessed no downward and upward movement over the past 30 days. The estimate suggests a 3% improvement from the prior-year reported number.
The Zacks Consensus Estimate for second-quarter revenues of $63.9 million indicates a 23.9% increase from the year-ago reported figure.
<h3>Factors to Consider</h3>
Vitesse Energy is anticipated to have maintained stable performance in the second quarter, driven by productive acreages in prime oil shale plays like North Dakota&#39;s Bakken oil field. The company&#39;s more than 200 untapped, high-quality drilling locations bolster its production outlook.
Per the U.S. Energy Information Administration, the WTI crude oil price increased 5.6% sequentially and 11.3% year over year in the second quarter. This increase in commodity prices is likely to have aided the company&#39;s performance in the to-be-reported quarter.
However, challenges likely emerged from the decline in natural gas prices. The Natural Gas Henry Hub Spot price decreased 2.03% sequentially and 3.52% year over year in the second quarter. This drop was mainly due to increased natural gas production, milder weather reducing demand, higher storage levels and geopolitical tensions impacting global energy markets.
Additionally, Vitesse Energy raised its 2024 capital expenditure guidance after acquiring or agreeing to acquire more oil and gas interests in North Dakota&#39;s Williston Basin. This likely impacted its second-quarter performance, following a 17.6% year-over-year rise in its first-quarter capital expenditure.
These factors are expected to have influenced demand and pricing dynamics, potentially affecting Vitesse Energy&#39;s quarterly performance.
<h3>Earnings Whispers</h3>
Our proven model does not indicate an earnings beat for Vitesse Energy this time around. The combination of a positive&nbsp;Earnings ESP&nbsp;and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: Vitesse Energy has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate are both pegged at earnings of 35 cents.
Zacks Rank: Vitesse Energy currently carries a Zacks Rank #3.
<h3>Stocks to Consider</h3>
Here are three firms that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>) has an Earnings ESP of +1.96% and currently flaunts a Zacks Rank #1.
Sunoco&nbsp;is scheduled to release second-quarter earnings on Aug 7. The Zacks Consensus Estimate for earnings is pegged at $1.79 per share, suggesting a 129.5% increase from the prior-year reported figure.
MPLX LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mplx#NYSE">MPLX</a>) has an Earnings ESP of +0.82% and a Zacks Rank #3 at present.
The firm is scheduled to release second-quarter earnings results on Aug 6. The Zacks Consensus Estimate for earnings is pegged at 98 cents per share, suggesting a 7.7% increase from the prior-year reported figure.
The Williams Companies&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wmb#NYSE">WMB</a>)&nbsp;currently has an Earnings ESP of +2.56% and a Zacks Rank #3.
The firm is scheduled to release second-quarter earnings results on Aug 5. The Zacks Consensus Estimate for WMB&#39;s earnings is pegged at 39 cents per share, suggesting a decline from the prior-year reported figure.
<a href="https://www.zacks.com/stock/news/2314589/vitesse-energy-vts-to-report-q2-earnings-what-s-in-store?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2314589">To read this article on Zacks.com click here.</a>

Vitesse Energy to Report Q2 Earnings: What's in Store?

A bankruptcy judge has approved a crucial settlement between the joint venture behind Exxon Mobil Corporation&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xom#NYSE">XOM</a>) $10-billion Golden Pass liquefied natural gas project in Texas and the lead contractor, Zachry Holdings Inc. The decision allows other companies to take over and complete the project, which had faced significant delays.
Located near the Louisiana border, the Golden Pass LNG facility&#39;s construction had been nearly halted after Zachry Holdings filed for Chapter 11 bankruptcy in March. The filing came after the project, known as GPX, experienced cost overruns totaling at least $2.4 billion beyond its original budget. Consequently, Zachry Holdings let go of thousands of workers, severely impacting the construction timeline.
QatarEnergy holds a 70% stake in the Golden Pass LNG venture, while ExxonMobil owns the rest. The approved settlement involves transferring Zachry&#39;s unfinished work to CB&amp;I LLC, a unit of McDermott International Inc., and Chiyoda International Corp. However, the timeline for restarting construction and completing the project remains uncertain. The first LNG cargoes were initially expected in the first half of 2025.
The settlement fully resolves the financial and legal disputes among the parties involved. Zachry Holdings stated that the agreement would expedite its bankruptcy restructuring process, allowing the company to emerge stronger and better positioned for growth.
The Golden Pass LNG project, situated at the Sabine Pass site of a former gas-import terminal, is designed to process natural gas for LNG exports. It is one of two significant U.S. LNG facilities slated to considerably boost the supply of superchilled fuel from the world&#39;s top exporter within the next 12 months.
The development marks a significant step forward for the Golden Pass LNG project, which has faced numerous challenges and delays. This ambitious project aligns with ExxonMobil&#39;s strategic vision to enhance the natural gas supply chain from the world&#39;s leading exporter.
<h3>Zacks Rank &amp; Stocks to Consider</h3>
ExxonMobil currently carries a Zack Rank #4 (Sell).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked companies mentioned below. These three companies presently sport a Zacks Rank #1 (Strong Buy).
SM Energy&nbsp;Company&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>) is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company&#39;s attractive oil and gas investments should create long-term shareholder value.
The Zacks Consensus Estimate for SM&#39;s 2024 and 2025 earnings per unit is pegged at $7.09 and $8.66, respectively. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>) is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes more than 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value and Growth Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.26, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
GeoPark Ltd.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gprk#NYSE">GPRK</a>), based in Hamilton, Bermuda, is an explorer, operator and consolidator in the oil and gas sector. The company primarily operates in Chile, Colombia, Brazil and Argentina. It has a Zacks Style Score of A for Value and B for Growth.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $3.23 and $3.98, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
<a href="https://www.zacks.com/stock/news/2310319/exxonmobil-s-xom-gpx-project-set-to-resume-after-settlement?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2310319">To read this article on Zacks.com click here.</a>

Legal

GPRK

ExxonMobil's GPX Project Set to Resume After Settlement

Phillips 66&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/psx#NYSE">PSX</a>) has taken a significant step in modernizing its data protection operations by selecting Cohesity, a leader in AI-powered data security and management.
Before implementing Cohesity&#39;s innovative solutions, Phillips 66&#39;s data protection strategy relied on five disparate and siloed tools. This fragmented approach required backup teams to spend considerable time managing these tools, leading to inefficiencies, decreased productivity and escalating cloud costs.
After a thorough competitive evaluation, Phillips 66 selected Cohesity DataProtect to consolidate its data protection efforts into a single, unified platform. This strategic decision aimed to reduce management overhead, secure critical assets and lower cloud service expenses. By transitioning to Cohesity&#39;s platform, Phillips 66 anticipates significant reductions in the time spent managing multiple tools, enabling its backup team to concentrate on other value-adding business activities.
In addition to operational efficiencies, Cohesity has significantly strengthened Phillips 66&#39;s data security protocols. Leveraging powerful AI capabilities and advanced encryption methods, Cohesity ensures the protection of sensitive data from potential threats, both internal and external. This comprehensive security framework ensures that Phillips 66&#39;s valuable data is protected against unauthorized access.
PSX&#39;s decision to modernize its data protection operations with Cohesity will drive substantial cost savings over three years. Eliminating redundant tools and consolidating data protection processes into a single platform reduce cloud service costs and free up resources previously allocated to managing multiple tools.
This collaboration comes at a crucial time when businesses seek ways to optimize their data protection operations in a rapidly evolving digital landscape. With cyber threats on the rise, organizations must adopt advanced solutions that seamlessly integrate with their existing IT infrastructure while providing robust data security.
The collaboration marks a critical move for Phillips 66, aiming to enhance data security, streamline management processes and achieve substantial cost savings. The success of PSX in modernizing its data protection operations underscores Cohesity&#39;s expertise in the field.
<h3>Zacks Rank &amp; Stocks to Consider</h3>
Currently, Phillips 66 carries a Zack Rank #5 (Strong Sell).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked companies mentioned below. The three companies presently sport a Zacks Rank #1 (Strong Buy).
SM Energy&nbsp;Company&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>) is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company&#39;s attractive oil and gas investments should create long-term shareholder value.
The Zacks Consensus Estimate for SM&#39;s 2024 and 2025 earnings per unit is pegged at $7.30 and $8.89, respectively. The company has a Zacks Style Score of A for Value, Growth and Momentum. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>) is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes more than 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value and Growth Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.26, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
GeoPark Ltd.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gprk#NYSE">GPRK</a>), based in Hamilton, Bermuda, is an explorer, operator and consolidator in the oil and gas sector. The company primarily operates in Chile, Colombia, Brazil and Argentina. It has a Zacks Style Score of A for Value and Growth.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $3.23 and $3.98, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
<a href="https://www.zacks.com/stock/news/2305541/phillips-66-psx-modernizes-data-protection-operations?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2305541">To read this article on Zacks.com click here.</a>

Tech

Phillips 66 Modernizes Data Protection Operations

BP Plc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bp#NYSE">BP</a>) has secured funding to advance the development of a groundbreaking green hydrogen plant at its Lingen refinery, marking the first fully owned and operated green hydrogen facility by the U.K. oil major.
The project is poised to significantly contribute to Germany&#39;s ambitious energy transition plans by reducing the reliance on natural gas and coal.
The innovative hydrogen plant will utilize a 100-MW electrolyzer capable of producing 10-11 kilotons of green hydrogen annually. This hydrogen will be generated through the electrolysis of water using renewable electricity, primarily sourced through an offshore wind power purchase agreement.
The green hydrogen produced will be utilized at BP&#39;s Lingen refinery and supplied to local industries, including steel and chemical producers, aiding in the decarbonization of their production processes.
The project, which was initially outlined in 2020 in collaboration with Orsted A/S, has now been expanded to a 100-MW capacity. Although Orsted has since withdrawn, BP has proceeded with the development, receiving vital funding from the Lower Saxony regional government and Germany&#39;s Economy Ministry. This support is part of the European Union&#39;s IPCEI Hy2Infra initiative, aimed at fostering the hydrogen economy across Europe.
The green hydrogen initiative at Lingen is a milestone for BP and the broader energy sector in Germany. By replacing traditional fossil fuels with green hydrogen, the project will contribute to a cleaner, more sustainable energy future. This aligns with Germany&#39;s broader objectives to pivot away from natural gas and coal, thereby supporting industrial decarbonization.
BP&#39;s green hydrogen project at Lingen surpasses similar projects, such as Shell Plc&#39;s SHEL Rheinland refinery, which launched a 10-MW electrolyzer in 2021. Shell aims to become a top supplier of green hydrogen for industrial and transport customers in Germany.
Additionally, BP is exploring green hydrogen production at its Castellon refinery in Spain, further emphasizing its commitment to sustainable energy solutions. With a history spanning more than 70 years, BP&#39;s Lingen refinery has been a cornerstone of energy supply for the German industry. The transition to green hydrogen marks a new chapter in its legacy, positioning BP at the forefront of the energy transition in Germany and Europe.
BP&#39;s Lingen green hydrogen project is set to play a crucial role in developing a hydrogen economy, serving as a building block for a sustainable energy transition. As Germany and Europe strive to reduce carbon emissions and enhance energy security, initiatives like BP&#39;s green hydrogen plant at Lingen will be instrumental in shaping a cleaner and greener future.
<h3>Zacks Rank &amp; Stocks to Consider</h3>
Currently, BP carries a Zacks Rank #3 (Hold).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked companies mentioned below. The companies presently sport a Zacks Rank #1 (Strong Buy).
Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>) is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes more than 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value and Growth Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.17, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
SM Energy&nbsp;Company&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>) is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company&#39;s attractive oil and gas investments should create long-term shareholder value.
The Zacks Consensus Estimate for SM&#39;s 2024 and 2025 earnings per unit is pegged at $7.15 and $8.79, respectively. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2025 in the past 30 days.
<a href="https://www.zacks.com/stock/news/2303662/bp-secures-funding-for-advanced-green-hydrogen-plant-in-germany?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2303662">To read this article on Zacks.com click here.</a>

Commodities

BP Secures Funding for Advanced Green Hydrogen Plant in Germany

Energy Transfer LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ET#NYSE">ET</a>) ("Energy Transfer") and Sunoco LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUN#NYSE">SUN</a>) ("Sunoco") today announced the formation of a joint venture combining their respective crude oil and produced water gathering assets in the Permian Basin.
This press release features multimedia. View the full release here: <a href="https://www.businesswire.com/news/home/20240716166218/en/">https://www.businesswire.com/news/home/20240716166218/en/</a>
Energy Transfer will serve as the operator of the joint venture and contribute its Permian crude oil and produced water gathering assets and operations. Sunoco will contribute all of its Permian crude oil gathering assets and operations to the joint venture. Energy Transfer's long-haul crude pipeline network that provides transportation of crude oil out of the Permian Basin to Nederland, Houston, and Cushing is excluded from the joint venture.
As depicted in the included map, the joint venture will operate more than 5,000 miles of crude oil and water gathering pipelines with crude oil storage capacity in excess of 11 million barrels.
Energy Transfer will hold a 67.5% interest in the joint venture with Sunoco holding a 32.5% interest.

Energy Transfer Will Hold A 67.5% Interest With Sunoco Holding A 32.5% Interest In New Joint Venture Combining Their Respective Crude Oil And Produced Water Gathering Assets In The Permian Basin

Marathon Oil Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mro#NYSE">MRO</a>) has reached a settlement with the Environmental Protection Agency (&quot;EPA&quot;) and the Department of Justice (&quot;DOJ&quot;). The $241.5 million agreement addresses alleged air quality violations at MRO&#39;s oil and gas operations on North Dakota&#39;s Fort Berthold Indian Reservation.
<h3>Background of the Settlement</h3>
Largest Civil Penalty for Clean Air Act Violations: The settlement includes a civil penalty of $64.5 million, marking the largest ever for violations of the Clean Air Act at stationary sources. These sources include facilities such as oil and gas tank systems, where the alleged violations occurred.
Implementation of Extensive Compliance Measures: MRO has also committed to implementing comprehensive compliance measures, estimated to cost $177 million. These measures aim to achieve significant reductions in harmful emissions from more than 200 facilities across North Dakota.
Impact on Air Quality and Public Health: MRO is required to implement measures to eliminate more than 2.25 million tons of carbon dioxide emissions within five years. This reduction is comparable to taking nearly half a million cars off the road for a year. Additionally, the company must eliminate nearly 110,000 tons of volatile organic compounds, which are known to contribute to respiratory illnesses.
<h3>Statements From Key Officials</h3>
&quot;This historic settlement &ndash; the largest ever civil penalty for violations of the Clean Air Act at stationary sources &ndash; will ensure cleaner air for the Fort Berthold Indian Reservation and other communities in North Dakota, while holding Marathon accountable for its illegal pollution&quot; said Attorney General Merrick B. Garland.
&quot;This settlement is a major win for the health and future of our Tribal communities&quot; stated KC Becker, the regional administrator of EPA. The agreement mandates comprehensive measures by Marathon to achieve compliance and reduce emissions across its production facilities. These efforts are expected to improve air quality and public health on the Fort Berthold Reservation and its surrounding areas.
<h3>Detailed Compliance Measures</h3>
Installation of Emission Control Technologies: Marathon will be required to install state-of-the-art emission control technologies across its facilities. These technologies are designed to capture and reduce harmful emissions, thereby improving air quality.
Monitoring and Reporting Requirements: The settlement includes stringent monitoring and reporting requirements to ensure compliance with the Clean Air Act.
Community Involvement and Transparency: To enhance transparency, Marathon will engage with the Fort Berthold Indian Reservation community and other stakeholders. The company will provide regular updates on its compliance efforts and pollution reduction achievements.
<h3>Long-term Benefits for North Dakota Communities</h3>
Health Improvements: The reduction in emissions is expected to lead to significant health improvements for residents of the Fort Berthold Indian Reservation and its surrounding communities. Decreased levels of volatile organic compounds and other pollutants should result in fewer respiratory illnesses and other health issues.
Environmental Benefits: The implementation of advanced emission control technologies will not only benefit human health but also the environment. Cleaner air will contribute to the overall well-being of North Dakota&#39;s natural ecosystems.
Economic Implications: While the settlement requires substantial financial investment from Marathon, it also presents economic opportunities. The implementation of new technologies and compliance measures may create jobs and stimulate local economies.
<h3>Conclusion</h3>
Marathon&#39;s $241.5 million settlement with the EPA and DOJ is a landmark agreement that addresses serious air quality violations. The comprehensive compliance measures and significant reductions in harmful emissions will have a profound impact on the health and environment of North Dakota&#39;s communities. This historic settlement sets a precedent for accountability and environmental responsibility in the oil and gas industry.
<h3>Zacks Rank and Key Picks</h3>
Currently, MRO has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like Sunoco LP (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>), SM Energy Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>), both sporting a Zacks Rank #1 (Strong Buy) at present, and Coterra Energy Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ctra#NYSE">CTRA</a>), carrying a Zacks Rank #2 (Buy).
Sunoco is valued at $5.76 billion. It is a major wholesale motor fuel distributor in the United States, distributing over 10 fuel brands through long-term contracts with more than 10,000 convenience stores, ensuring consistent cash flow.
SUN&#39;s extensive distribution network across 40 states provides a robust and reliable source of income and the Brownsville terminal expansion should add to its revenue diversification.
Denver, CO-based SM Energy is valued at $5.17 billion. The company currently pays a dividend of 72 cents per share, or 1.6%, on an annual basis.
<div>
SM, an independent energy company, engages in the acquisition, exploration, development and production of oil, gas and natural gas liquids in the state of Texas.
Coterra Energy is valued at $20.17 billion. The company currently pays a dividend of 84 cents per share, or 3.1%, on an annual basis.
CTRA is an independent upstream operator engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids.
</div>
<a href="https://www.zacks.com/stock/news/2301560/marathon-mro-to-pay-241m-for-environmental-violations?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2301560">To read this article on Zacks.com click here.</a>

Dividends

CTRA

Marathon to Pay $241M for Environmental Violations

Eni&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/e#NYSE">E</a>) chemical company, Versalis, in collaboration with Forever Plast, has launched REFENCE, an innovative range of recycled polymers designed for food contact packaging.
REFENCE is now available in the market, specifically for polystyrene applications such as yogurt pots, trays for meat and fish, and various types of rigid and expanded packaging. This new range enhances the Versalis Revive portfolio of mechanically recycled materials, pushing the boundaries of its applications and enabling direct contact with food.
The development of REFENCE has been made possible through NEWER technology, a groundbreaking advancement developed in Versalis&#39; research laboratories in Mantua and industrialized at Italy&#39;s leading post-consumer plastic recycling company Forever Plast&#39;s facilities in Lograto (Brescia).
The co-development agreement between Versalis and Forever Plast has resulted in a purification process for recycled polymers that complies with EU Regulation 1616/2022 on recycling. Additionally, the technology has received a non-objection letter from the U.S. Food and Drug Administration, further validating its safety and effectiveness for food contact applications.
Circularity stands as a fundamental strategic lever for Eni and Versalis. As part of their commitment to enhancing the value of end-of-life plastics, they are developing complementary recycling processes and integrating these processes into Italy&#39;s national collection chain. This commitment is exemplified by the ongoing construction of their first advanced mechanical recycling hub in Porto Marghera, which focuses on post-consumer plastics, particularly styrenic polymers.
The collaboration between Versalis and Forever Plast aims to address application sectors, such as food packaging, wherein sustainability and quality are paramount. By advancing recycling technologies and processes, the companies are strengthening their leadership in mechanical recycling within Europe and setting new standards for the industry.
With REFENCE, Versalis and Forever Plast are not only redefining the limits of recycled polymer applications but also contributing to a more sustainable and circular economy. This innovative product range is poised to make a significant impact on the food packaging industry, ensuring that recycled materials meet the highest standards of safety and quality.
<h3>Zacks Ranks &amp; Stocks to Consider</h3>
Eni currently carries a Zacks Rank #3 (Hold).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked companies mentioned below. The three companies presently sport a Zacks Rank #1 (Strong Buy).
USA Compression Partners, LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/usac#NYSE">USAC</a>) is one of the largest independent natural gas compression service providers across the United States in terms of fleet horsepower. USAC earns its revenues from the overall horsepower use of natural gas transported rather than the price. As such, the partnership is largely insulated from fluctuations in commodity prices.
The Zacks Consensus Estimate for USAC&#39;s 2024 and 2025 EPS is pegged at 77 cents and 98 cents, respectively. USA Compression Partners has a Zacks Style Score of B for Growth. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>) is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, the company distributes more than 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.17, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
SM Energy&nbsp;Company&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>) is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company&#39;s attractive oil and gas investments should create long-term value for shareholders.
The Zacks Consensus Estimate for SM&#39;s 2024 EPS is pegged at $6.95. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2025 in the past seven days.
<a href="https://www.zacks.com/stock/news/2300926/eni-s-e-versalis-makes-breakthrough-in-food-contact-packaging?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2300926">To read this article on Zacks.com click here.</a>

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Eni's Versalis Makes Breakthrough in Food Contact Packaging

17:00 EDT Sunoco LP (SUN) files to sell common, preferred units representing limited partners Published first on TheFly – the ultimate source for r...

Sunoco LP files to sell common, preferred units representing limited partners

Oil plunges ahead of earnings from XOM, CVX, and COP; See top 10 list from SA quant metrics

An announcement from Sunoco ( ($SUN) ) is now available. Sunoco LP announced a quarterly cash distribution of $0.8756 per common unit for Q3 2024, ...

Sunoco Announces Quarterly Cash Distribution for Q3 2024

Sunoco LP declares $0.8756 dividend

With rising oil prices and a positive outlook from key industry organizations, the energy sector is poised for significant growth in the future. Therefore, investors would be wise to add fundamentally strong and undervalued energy stocks, Energy Transfer (ET), DNOW (DNOW), and MRC Global (MRC), to their portfolio, as these companies are primed for a breakout. Read on… As the conflict in the Middle East intensifies, rising oil prices have drawn significant interest from investors in the energy sector. Oil prices <a href="https://www.bbc.com/news/articles/cgry10924jqo">surged nearly 10%</a> at the start of the month, reaching around $78 per barrel. Despite rumors of supply chain disruptions, the energy sector remains optimistic about its future.
Amid this, Energy Transfer LP (<a href="https://stocknews.com/stock/ET/">ET</a>), DNOW Inc. (<a href="https://stocknews.com/stock/DNOW/">DNOW</a>), and MRC Global Inc. (<a href="https://stocknews.com/stock/MRC/">MRC</a>) are three undervalued energy stocks that seem ready for a breakout. Their strong fundamentals, coupled with the rising demand for energy, make them attractive investment opportunities in the current market landscape.
The ongoing altercation between Hamas and Israel has heightened concerns about supply chain interruptions. However, the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) remain confident.
OPEC forecasts global energy demand to <a href="https://www.cnbc.com/2024/09/24/opec-is-bullish-on-long-term-oil-demand-growth-not-everyone-agrees.html">grow by 24%</a> between 2024 and 2050. It also expects robust medium-term growth in oil demand, predicting it will reach 112.3 million barrels per day by 2029.
The IEA, similarly, anticipates a global demand for natural gas to <a href="https://www.iea.org/news/natural-gas-demand-growth-picks-up-in-2024-amid-uncertainties-over-supply">rise of more than 2.5%</a> in 2024, with similar growth projected for 2025. In line with this, King's Research estimates the global oil and gas market to reach $8.92 trillion by 2031, at <a href="https://www.kingsresearch.com/oil-and-gas-market-177">a CAGR of 3.7%</a> from 2024 to 2031.
The optimistic outlook reinforces the potential of energy stocks, even amid geopolitical tensions. Keeping these trends in mind, let us delve into the fundamentals of three energy stocks that are currently trading at a discount, beginning with #3.
Stock #3: Energy Transfer LP (<a href="https://stocknews.com/stock/ET/">ET</a>)
ET operates natural gas transportation pipelines and storage facilities in Texas and Oklahoma, managing around 20,090 miles of interstate pipelines. The company's strategic network extends across 44 states, connecting key assets in U.S. production basins.
On July 16, ET <a href="https://ir.energytransfer.com/news-releases/news-release-details/energy-transfer-and-sunoco-announce-strategic-permian-basin">announced a joint venture</a> with Sunoco LP (<a href="https://stocknews.com/stock/SUN/">SUN</a>), combining their crude oil and produced water-gathering assets in the Permian Basin. ET holds 67.5% interest, giving it control over more than 5,000 miles of pipelines and 11 million barrels of crude oil storage capacity.
The joint venture could strengthen ET's infrastructure in a key production area, enhancing its ability to meet increasing demand for energy transportation. By leveraging SUN's assets, ET expands its operational scale, positioning itself for long-term growth and increased revenue opportunities through efficient resource management.
On July 15, ET completed <a href="https://ir.energytransfer.com/news-releases/news-release-details/energy-transfer-completes-acquisition-wtg-midstream">the $2.28 billion acquisition</a> of WTG Midstream. The transaction added 6,000 miles of gas-gathering pipelines and eight processing plants to ET's network in the Permian Basin, further increasing its market presence in this critical region.
In terms of forward non-GAAP PEG, ET is trading at 0.83x, 47.8% lower than the industry average of 1.59x. Likewise, the stock's forward EV/Sales and forward Price/Sales multiples of 1.49 and 0.65 are 23.8% and 56% lower than their respective industry averages of 1.95x and 1.47x.
For the fiscal second quarter that ended June 30, 2024, ET's revenues increased 13.1% year-over-year to $20.73 billion. Its <a href="https://www.investopedia.com/terms/o/operatingincome.asp">operating income</a> grew 25.2% from the year-ago value to $2.30 billion. Additionally, ET's net income came in at $1.99 billion or $0.35, per share, increasing 61.6% and 40% year-over-year.
Analysts expect ET's revenue for the fiscal third quarter ending September 2024 to increase 4.1% year-over-year to $21.59 billion. Its EPS for the ongoing quarter is expected to grow 130.9% from the previous year's period to $0.35.
Shares of ET have surged 3.5% over the past six months and 17% over the past year to close the last trading session at $16.38.
ET's <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a> reflect its robust fundamentals. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system. The POWR Ratings assess stocks by 118 different factors, each with its own weighting.
ET has an A grade for Growth and a B for Value and Momentum. Within the <a href="https://stocknews.com/category/energy-oil-gas/">Energy – Oil &amp; Gas</a> industry, it is ranked #2 out of 76 stocks.
To see ET's ratings for Stability, Sentiment, and Quality, <a href="https://stocknews.com/stock/ET/">click here</a>.
Stock #2: DNOW Inc. (<a href="https://stocknews.com/stock/DNOW/">DNOW</a>)
DNOW is a supplier of energy and industrial products, as well as packaged, engineered process and production equipment. It also provides supply chain solutions, combined with its DigitalNOW suite, offering technology for digital commerce, data, and information management to enhance operational efficiency and streamline business processes.
On March 12, DNOW announced <a href="https://ir.dnow.com/news-releases/news-release-details/dnow-completes-acquisition-whitco-supply">the all-cash acquisition</a> of Whitco Supply, LLC, an energy products and solutions company. The move is expected to strengthen DNOW's position in midstream, E&amp;P, and adjacent markets, aligning with its growth strategy and enhancing its capabilities in key industry sectors.
In terms of forward non-GAAP P/E, DNOW is trading at 13.97x, which is 32.1% lower than the industry average of 20.57x. The stock's forward Price/Sales ratio of 0.54x is 64.9% below the industry average of 1.53x. Also, its forward EV/EBITDA multiple of 6.68 is 43.9% lower compared to the industry average of 11.91x.
DNOW's revenue for the fiscal second quarter that ended on June 30, 2024, increased 6.6% year-over-year to $633 million. Its EBITDA, excluding other costs, grew 6.4% from the year-ago value to $50 million. Plus, the company's non-GAAP net income came in at $28 million, rising 3.7% year-over-year, with its non-GAAP EPS coming in at $0.25.
Street expects DNOW's revenue and EPS for the fiscal year ending December 2025 to increase 1.8% and 2.6% year-over-year to $2.43 billion and $0.89, respectively. Moreover, the company surpassed the consensus EPS estimates in three of its trailing four quarters.
DNOW's shares have surged 22.6% over the past nine months to close the last trading session at $12.08.
DNOW's solid prospects are projected in its POWR Ratings. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system.
It has a B grade for Value and Quality. Within the <a href="https://stocknews.com/category/energy-services/">Energy - Services</a> industry, it is ranked #6 out of 50 stocks.
<a href="https://stocknews.com/stock/DNOW/">Click here</a> to see DNOW's ratings for Growth, Momentum, Stability, and Sentiment.
Stock #1: MRC Global Inc. (<a href="https://stocknews.com/stock/MRC/">MRC</a>)
MRC is a global distributor of pipe, valves, fittings (PVF), and infrastructure products to various end markets. It offers supply chain solutions, technical product services, and a digital platform for global customers. With over 8,500 suppliers, the company provides services like product testing, volume purchasing, technical support, and others.
On June 13, MRC announced that its subsidiary, MRC Global (US) Inc., <a href="https://investor.mrcglobal.com/news-releases/news-release-details/mrc-global-selected-primary-provider-pipe-valves-and-fittings">signed an agreement</a> with ExxonMobil in North America. Under the agreement, MRC Global will serve as the primary provider of pipe, valves, and fittings (PVF) products and services for ExxonMobil.
The agreement could boost MRC's revenue streams, increase its market share, and enhance its influence within the energy industry, driving future growth and expansion opportunities.
In terms of forward non-GAAP P/E, MRC is trading at 14.45x, 29.8% lower than the industry average of 20.57x. Moreover, its forward EV/Sales multiple of 0.54 is 72.3% lower than the industry average of 1.94x. Additionally, its forward Price/Sales of 0.33x is 78.5% lower than the industry average of 1.53x.
For the fiscal second quarter that ended June 30, 2024, MRC's sales were reported to be $831 million. Its adjusted EBITDA increased 3.2% year-over-year to $65 million. Moreover, the company's adjusted net income was reported to be $27 million or $0.31 per share, showing a rise of 22.7% and 19.2% from the prior year's quarter, respectively.
The consensus revenue estimate of $3.35 billion for the fiscal year ending December 2025 reflects a year-over-year rise of 4%. Its EPS for the same period is expected to increase 37.7% from the prior year to $1.19. Also, the company surpassed the consensus EPS estimates in three of the trailing four quarters.
MRC's stock has surged 5.4% over the past six months and 21.6% over the past year to close the last trading session at $12.46.
MRC's POWR Ratings reflect its robust outlook. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system.
MRC has an A grade for Value. Out of 50 stocks within the same industry, MRC is ranked #3.
To see the stock's ratings for Growth, Sentiment, Momentum, Stability, and Quality, <a href="https://stocknews.com/stock/MRC/">click here</a>.
What To Do Next?
43 year investment veteran, Steve Reitmeister, has just released his 2024 market outlook along with trading plan and top 11 picks for the year ahead.
<a href="https://report.stocknews.com/sign-up/stock-market-outlook-2024/?formplacement=artbotad_smo24_rep">2024 Stock Market Outlook &gt;</a>

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ET shares fell $0.01 (-0.06%) in premarket trading Wednesday. Year-to-date, ET has gained 26.27%, versus a 23.88% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Aanchal Sugandh</h2> <img src='https:/wp-content/uploads/2022/12/Aanchal-Sugandh_Headshot.jpg' style="float:left; padding:5px;width:125px;">Aanchal's passion for financial markets drives her work as an investment analyst and journalist. She earned her bachelor's degree in finance and is pursuing the CFA program.

She is proficient at assessing the long-term prospects of stocks with her fundamental analysis skills. Her goal is to help investors build portfolios with sustainable returns.<a href="https://stocknews.com/authors/?author=aanchal-sugandh">More...</a>The post <a href=https://stocknews.com/news/et-dnow-mrc-sun-3-undervalued-energy-stocks-ready-for-a-breakout/>3 Undervalued Energy Stocks Ready for a Breakout</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Undervalued Energy Stocks Ready for a Breakout

This week, several dividend stocks are trading close to their 52-week lows. Here is a list of ten such stocks that are also reaching their ex-divid...

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