Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (ARCA: OILT)

Últimas noticias sobre Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (ARCA:OILT)

Oiltanking Partners, L.P.

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The Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.

Occidental Petroleum Corp.

Diamondback Energy Inc - Common

Exxon Mobil Corporation

Conocophillips

Eog Resources

Apa Corp

Chevron Corp.

Vital Energy Inc.

Ovintiv Inc.

Devon Energy Co

Tokyo Gas Co Ltd

Crescent Energy Inc Common Stock Usd 0.0001

Centennial Resource Development Inc/de

Texas Capital Texas Oil Index ETF

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OILT

Por qué las acciones de BP cayeron tras su pronóstico del 4T 2024. Cambios en producción, precios y márgenes clave para los inversores.

BP actualiza pronóstico del 4T: Impactos en producción y precios

FTXN

Las acciones de Occidental Petroleum caen tras la compra de CrownRock por 12.000 millones de dólares. ¿Qué implica esta adquisición?

¿Qué está sucediendo con las acciones de Occidental Petroleum el viernes?

Texas Capital Funds Trust Texas Capital Texas Oil Index ETF

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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Earnings

Management

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

ConocoPhillips Trims Capex And Operating Cost Outlook, Announces CFO Transition

JPMorgan analyst Arun Jayaram anticipates a neutral market reaction to Occidental Petroleum Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) <a href="https://www.benzinga.com/quote/OXY/analyst-ratings">earnings</a>.
Jayaram explained in a Thursday research note that positive results, debt reduction, and cost-saving initiatives were partly offset by potential risks to full-year guidance related to U.S. operating expenses and Gulf of Anadarko (GoA) volumes.
Jayaram&#8217;s forecast comes after Occidental reported adjusted EPS of 87 cents per share, which beat the analyst consensus estimate of 77 cents and revenue of $6.84 billion, which missed the analyst <a href="https://www.benzinga.com/25/05/45290926/occidental-beats-q1-profit-forecast-slashes-debt-by-23-billion-year-to-date" target="_blank" rel="noreferrer noopener">consensus estimate of $6.89 billion</a>.
The company sees production of 1,377 – 1,417 Mboed in the second quarter and 1,390 – 1,440 Mboed&nbsp;<a href="https://www.oxy.com/siteassets/documents/investors/quarterly-earnings/oxy1q25conferencecallslides.pdf" target="_blank" rel="noreferrer noopener">in&nbsp;</a>FY25.
Occidental also slashed the mid-point of 2025 capital guidance by $200 million and domestic operating costs by $150 million, on continued operational efficiency gains and schedule optimization <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">in the Permian and Gulf of America</a>.
So far, second-quarter 2025 guidance slightly trails JPMorgan expectations.
Jayaram notes that Occidental anticipates total production volumes in the GoA to reach 142 thousand barrels of oil equivalent per day (MBoe/d) for 2025.
Achieving this target would necessitate a significant increase in production during the second half of the year to approximately 158 MBoe/d, which is about 26% higher than the projected first-half 2025 average of 126 MBoe/d, adds the analyst.
Jayaram considers this a challenging goal, especially given the reduced capital allocation to offshore projects.
The analyst estimates the second-quarter total production of 1,413 Mboed (vs. street view of 1,420 Mboed) and FY25 production of 1,415 Mboed (same as consensus).
Investors can gain exposure to the 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>) and&nbsp;First Trust Nasdaq Oil &amp; Gas ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXN#NASDAQ">FTXN</a>).
Price Action: OXY shares are up 6.11% at $41.40 at the last check on Thursday.
Read Next:
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<li><a href="https://www.benzinga.com//node/45284262" target="_blank" rel="noreferrer noopener">Exxon Mobil Says Deal With Japan&#8217;s Marubeni To Boost Global Energy Supply</a></li>
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Image: Shutterstock

Neutral Territory For Occidental? JPMorgan Weighs Strong Q1 Against Future Challenges

Occidental Petroleum Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) shares are trading higher premarket on Thursday after the company <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/g45266538/occidental-announces-first-quarter-2025-results" rel="noreferrer noopener">reported first-quarter results on Wednesday</a>.
Adjusted EPS of 87 cents&nbsp;per share, which beat the <a href="https://www.benzinga.com/earnings">analyst consensus estimate of&nbsp;77&nbsp;cents</a>.
Quarterly revenue came in at&nbsp;$6.84 billion, which missed the analyst consensus estimate of&nbsp;$6.89 billion.
Total company production of 1,391 thousand barrels of oil equivalent per day (Mboed), with average production for Permian, Rockies &amp; Other Domestic, Gulf of America, and International coming in at 754 Mboed, 292 Mboed, 121 Mboed, and 224 Mboed, respectively.
Operating cash flow stood at $2.1 billion, and capital spending of $1.9 billion in the quarter.
Occidental disclosed year-to-date debt repayments of $2.3 billion. Roughly $1.3 billion worth of divestitures closed in the first quarter of 2025.
Dividend: On May 1, the company disclosed a dividend of 24 cents per share, payable July 15, to shareholders of record as of June 10, 2025.
CEO Vicki Hollub said the company continues to reduce debt.
Outlook: The company sees production of 1,377 &#8211; 1,417 Mboed in the second quarter and 1,390 &#8211; 1,440 Mboed <a target="_blank" href="https://www.oxy.com/siteassets/documents/investors/quarterly-earnings/oxy1q25conferencecallslides.pdf" rel="noreferrer noopener">in </a>FY25.
The company slashed the mid-point of 2025 capital guidance by $200 million and domestic operating costs by $150 million, on continued operational efficiency gains and schedule optimization <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">in the Permian and Gulf of America</a>.
The company sees net capital expenditure outlook of $7.2 billion &#8211; $7.4 billion in FY25.
Investors can gain exposure to the 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>) and First Trust Nasdaq Oil &amp; Gas ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXN#NASDAQ">FTXN</a>).
Price Action: OXY shares are up 4.56% at $40.79 premarket at the last check 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>
Image: Shutterstock

Occidental Beats Q1 Profit Forecast, Slashes Debt By $2.3 Billion Year-To-Date

BP PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) shares are trading lower on Tuesday after the company <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">reported first-quarter fiscal 2025 results</a>.
Sales and other operating revenues came in at&nbsp;$46.905 billion, beating the consensus of&nbsp;$40.12 billion.
Hydrocarbon production declined 16.5%&nbsp;year over year (Y/Y) to 764 mboe/d, with underlying production declining&nbsp;6.1%&nbsp;Y/Y mainly due to asset divestment in Egypt and Trinidad in the fourth quarter of 2024.
Also Read: <a href="https://www.benzinga.com/25/04/44875043/bp-kosmos-senegal-mauritania-partners-loads-first-lng-export-from-gta-phase-1-one-of-africas-deepest-gas-projects" target="_blank" rel="noreferrer noopener">BP, Kosmos Loads First LNG Export From GTA Phase 1, One of Africa&#8217;s Deepest Gas Projects</a>
Adjusted EBITDA declined to&nbsp;$8.70 billion&nbsp;from&nbsp;$10.31 billion&nbsp;a year ago.&nbsp;Underlying RC profit declined to $1.38 billion from $2.72 billion a year ago. 
Underlying RC profit per American Depositary Share (ADS) came in at 53 cents,<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener"> missing the consensus of 69 cents. </a>
Operating cash flow was&nbsp;$2.83 billion, compared to&nbsp;$5.01 billion&nbsp;in the prior-year quarter.&nbsp;
Capital expenditures were $3.62 billion compared to $4.28 billion a year ago. Net debt rose from $24 billion to $27 billion.
CEO Murray Auchincloss noted that the BP started &#8220;three major projects&#8221; and &#8220;made six exploration discoveries.&#8221; The company boasts &#8220;95% upstream plant reliability supporting the best operating efficiency on record, and over 96% refining availability.&#8221;
CFO Kate Thomson added, &#8221;We continue to optimize investment plans and now expect 2025 capital expenditure of around $14.5 billion. We are also making good progress on divestments and now expect proceeds of $3-4 billion this year. This underpins our confidence in meeting our net debt target of $14-18 billion by the end of 2027.&#8221;
Dividend: BP disclosed an interim dividend of 8 cents per ordinary share, payable on June 27.
Repurchase: The company completed previously announced $1.75 billion in share buybacks on April 25.
Furthermore, BP plans to conduct a $750 million share buyback before its second-quarter earnings release.
Second-Quarter&nbsp;FY25&nbsp;Outlook: BP anticipates upstream production to be broadly flat compared to the&nbsp;first quarter of 2025.
In its customer business, BP projects sequentially seasonally higher volumes, with fuel margins likely remaining sensitive to supply cost fluctuations.
In the products segment, BP expects refining margins to remain sensitive to the economic outlook&nbsp;and expects a higher level of planned refinery turnaround activity compared to the&nbsp;first quarter.
FY25 Guidance: BP expects reported upstream production to be lower and underlying upstream production <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">slightly lower than the prior year</a>. 
The company expects capital expenditures of about $14.5 billion in 2025 and around $13 billion—$15 billion in 2026 and 2027.
The company sees Gulf of America settlement payments for the year to be about&nbsp;$1.2 billion pre-tax, including&nbsp;$1.1 billion pre-tax to be paid during the&nbsp;second quarter.
Investors can gain exposure to the stock via&nbsp;Precidian ETFs Trust BP plc ADRhedged&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/BPH#BATS">BPH</a>) and&nbsp;Texas Capital Texas Oil Index ETF &nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>).
Price Action:&nbsp;BP shares are down 3.78% at $28.03 premarket at the last check Tuesday.
Read Next:
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<li><a href="https://www.benzinga.com/25/04/44788755/bp-discovers-oil-at-far-south-prospect-in-deepwater-gulf-boosts-upstream-growth-outlook" target="_blank" rel="noreferrer noopener">BP Discovers Oil At Far South Prospect in Deepwater Gulf, Boosts Upstream Growth Outlook</a></li>
</ul>
Image: Shutterstock

BP Asset Sales In Egypt, Trinidad Weigh On Q1 Production As Profit Falls

Devon Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>) shares are trading higher premarket on Tuesday after the company unveiled a <a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/g44918139/devon-energy-unveils-value-enhancing-business-optimization-plan" rel="noreferrer noopener">business optimization strategy</a>.
The company aims to enhance its pre-tax free cash flow by $1.0 billion annually through a comprehensive plan.
The company plans to focus on optimizing field operations, reducing drilling and completion costs, and improving both operating margins and corporate expenses.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/02/43863129/jpmorgan-weighs-in-on-devon-energy-and-occidental-petroleum-after-earnings" rel="noreferrer noopener">JPMorgan Weighs In On Devon Energy And Occidental Petroleum After Earnings</a>
Devon&#8217;s business optimization plan includes improvement of $300 million from capital efficiency, $250 million from production optimization, $300 million from commercial opportunities, and $150 million from corporate cost reductions.
The company expects to achieve around 30% of these gains by the end of 2025, with full <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">realization targeted by the end of 2026</a>.
Clay Gaspar, president and CEO said, &#8220;This is an opportune time for us to take on this initiative, as we leverage recent leadership changes across the organization, bringing fresh perspectives and new ideas. Given the challenging market and shifting competitive landscape, this is the right moment to focus internally and improve our profitability.&#8221;
&#8220;Concurrently, we have implemented technological advancements, including advanced analytics and process automation, that are further enhancing our operating performance. These combined efforts are anticipated to achieve approximately $300 million of cash flow uplift by the end of 2025, reinforcing our financial resilience.&#8221;
The company expects to report first-quarter 2025 <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">earnings results on May 7, 2025</a>.
Investors can gain exposure to the stock via&nbsp;the Invesco Energy&nbsp;Exploration &amp; Production ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXE#NYSE">PXE</a>) and&nbsp;the Texas Capital&nbsp;Funds Trust Texas Capital Texas Oil Index ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>).
Price Action: DVN shares are up 5.5% at $31.11 at last check Tuesday.
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<li><a href="https://www.benzinga.com/government/regulations/25/04/44850992/stocks-sink-as-powell-dismisses-fed-put-safety-net-gold-extends-massive-lead-over-nasdaq" target="_blank" rel="noreferrer noopener">Stocks Sink As Powell Dismisses &#8216;Fed Put&#8217; Safety Net, Gold Extends Massive Lead Over Nasdaq</a></li>
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Photo: Shutterstock

PowerShares ETF Trust Dynamic Energy Exploration & Production Port

Devon Energy Unveils $1 Billion Annual Optimization Plan, Targets Efficiency Gains By 2026

BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) announced Thursday that it successfully loaded the first LNG export cargo from its Greater Tortue Ahmeyim (GTA) Phase 1 project, <a target="_blank" href="https://www.benzinga.com/topic/stories-that-matter" rel="noreferrer noopener">located offshore Mauritania and Senegal</a>.
GTA is among the deepest offshore gas developments in Africa, with resources in water depths reaching up to 2,850 metres.&nbsp;&nbsp;
The GTA Phase 1 project is a joint effort involving Kosmos Energy Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KOS#NYSE">KOS</a>) and PETROSEN, alongside bp.
GTA Phase 1 is expected to produce approximately 2.4 million tonnes of LNG annually once fully operational.
The first LNG cargo lifting marks a critical milestone as Kosmos and its partners begin recognizing revenue, signaling the transition into the production <a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/b44857107/kosmos-energy-announces-first-lng-cargo-at-the-greater-tortue-ahmeyim-project-in-mauritania-and-se" rel="noreferrer noopener">and commercial phase of the developmen</a>t.
Notably, the first LNG shipment from the GTA Phase 1 project was successfully transferred to a carrier from the project's floating liquefied natural gas (FLNG) vessel, located about 10 kilometers offshore.
A portion of the gas will also be allocated to support domestic energy markets in both countries as infrastructure becomes available.
The GTA cargo marks BP's third major upstream project start-up in 2025 and is among the first of 10 planned by the end of 2027. This aligns with the company's strategy to expand its upstream oil and gas operations.
Gordon Birrell, EVP of production &amp; operations, said, "This first cargo from Mauritania and Senegal marks a significant new supply for global energy markets. Starting exports from GTA Phase 1 is an important step for BP and our oil and gas business as we celebrate the creation of a new production hub within our global portfolio."
Last week, the company disclosed a new oil discovery at the Far South prospect in the deepwater <a target="_blank" href="https://www.benzinga.com/25/04/44788755/bp-discovers-oil-at-far-south-prospect-in-deepwater-gulf-boosts-upstream-growth-outlook" rel="noreferrer noopener">U.S. off&nbsp;the&nbsp;Louisiana coast</a>.
Investors can gain exposure to the stock via&nbsp;Precidian ETFs Trust BP plc ADRhedged&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/BPH#BATS">BPH</a>) and&nbsp;Texas Capital Texas Oil Index ETF &nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>).
Price Action: BP shares are up 3.33% at $28.58 at the last check on Thursday.
Read Next:
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<li><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" target="_blank" rel="noreferrer noopener">BP Sees Mixed Q1 Outlook With Flat Oil Prices, Weaker Gas Trading Ahead Of Earnings</a></li>
</ul>
Photo by Tada Images via Shutterstock

BP, Kosmos Loads First LNG Export From GTA Phase 1, One of Africa's Deepest Gas Projects

BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) shares are trading higher premarket at the last check Monday after the company disclosed a new oil discovery at the Far South prospect in the deepwater U.S. off <a target="_blank" href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-announces-oil-discovery-in-the-gulf-of-america.html?utm_source=PC%26C%20%7C%20C%26EA%20%7C%20External%20%7C%20Global%20%7C%20bp.com%20news&amp;utm_medium=email&amp;utm_campaign=14965316_bp%20announces%20oil%20discovery%20in%20the%20Gulf%20of%20America&amp;dm_i=1PGC,8WRB8,5D8AP6,1153BB,1" rel="noreferrer noopener">the</a> Louisiana coast.
The exploration well was drilled in Green Canyon Block 584, located roughly 120 miles off <a target="_blank" href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-announces-oil-discovery-in-the-gulf-of-america.html?utm_source=PC%26C%20%7C%20C%26EA%20%7C%20External%20%7C%20Global%20%7C%20bp.com%20news&amp;utm_medium=email&amp;utm_campaign=14965316_bp%20announces%20oil%20discovery%20in%20the%20Gulf%20of%20America&amp;dm_i=1PGC,8WRB8,5D8AP6,1153BB,1" rel="noreferrer noopener">the</a> Louisiana coast in 4,092 feet of water, reaching a total depth of 23,830 feet.
BP operates the project with a 57.5% stake, while Chevron U.S.A. Inc. holds the remaining 42.5%.
This discovery highlights BP's renewed focus on exploration, aligning with its February 2025 strategy reset to boost upstream investment and enhance its exploration portfolio.
In particular, BP aims to increase its global upstream production to between 2.3 and 2.5 million barrels of oil equivalent per day by 2030, with potential for further growth through 2035.
Of this, approximately 1 million barrels per day are projected to come from its U.S. onshore and offshore operations.
BP said it is focused on delivering more affordable and reliable energy from the region, building capacity to over 400,000 barrels of oil equivalent per day by the end of the decade.
Over the past decade, BP has made more than 40 discoveries, including recent successes.
As part of its intensified exploration strategy, BP plans to drill approximately 40 wells over the next three years, with 10 to 15 of those scheduled for 2025.
Last week, the company&nbsp;updated&nbsp;first-quarter&nbsp;guidance, expecting upstream production to decline compared to the previous quarter,&nbsp;with slightly higher&nbsp;production in oil production and operations and less<a target="_blank" 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" rel="noreferrer noopener"> in&nbsp;gas and low-carbon energy</a>.
In the gas and low-carbon energy segment, realizations are expected to be flattish, while gas marketing and trading results&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">are projected to be weak</a>.
Investors can gain exposure to the stock via Precidian ETFs Trust BP plc ADRhedged (BATS:<a href="https://www.benzinga.com/stock/BPH#BATS" target="_blank" rel="noreferrer noopener"> BPH</a>) and Texas Capital Texas Oil Index ETF  (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>).
<h2 class="wp-block-heading">BP Stock Prediction For 2025</h2>
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of BP have an average 1-year price target of $34.0, representing an expected upside of 27.87%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on BP, while 1 analysts have bullish ratings. The street high price target from Wells Fargo is $37.0, while the street low from Scotiabank is $30.0.
Price Action: BP shares are up 3.16% at $27.43&nbsp;premarket at the last check Monday.
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Photo via Shutterstock

BP Discovers Oil At Far South Prospect in Deepwater Gulf, Boosts Upstream Growth Outlook

BP PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) shares are down Friday after the company <a href="https://www.benzinga.com/news/large-cap" target="_blank" rel="noreferrer noopener">updated first-quarter guidance</a>.
The company expects upstream production to decline compared to the previous quarter,&nbsp;with slightly higher&nbsp;production in oil production and operations and less <a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/first-quarter-2025-trading-statement.html" target="_blank" rel="noreferrer noopener">in </a>gas and low-carbon energy.
In the gas and low-carbon energy segment, realizations are expected to be flattish, while gas marketing and trading results <a href="https://www.benzinga.com/calendars/guidance">are projected to be weak</a>.
Also, in the oil production and operations segment, the company anticipates realizations to be mostly flat&nbsp;due to price lags,&nbsp;particularly in the Gulf of Mexico and UAE.
In the customer segment, BP expects results to be impacted by reduced costs and strong midstream performance.
Also, in the products segment, the company projects results to be affected by strong realized refining margins of $0.1 billion-$0.3 billion and a lower impact from turnaround activity.
BP anticipates net debt of around $4 billion at the end of the quarter. Brent averaged&nbsp;$75.73/bbl in the&nbsp;first quarter&nbsp;of 2025 compared to&nbsp;$74.73/bbl in the&nbsp;fourth quarter of 2024.
Meanwhile, BP&#8217;s refining marker margin (RMM) averaged&nbsp;$15.2 per barrel, compared to&nbsp;$13.1 per barrel in the&nbsp;fourth quarter.
BP expects to report results for the <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">first quarter on April 29, 2025</a>.&nbsp;&nbsp;
Last week,&nbsp;the British oil and gas giant disclosed that its board had begun the process of selecting a&nbsp;new&nbsp;chair following <a target="_blank" href="https://www.benzinga.com//node/44644494" rel="noreferrer noopener">Helge Lund&#8217;s decision to step down</a>.
Investors can gain exposure to the stock via&nbsp;Precidian ETFs Trust BP plc ADRhedged&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/BPH#BATS">BPH</a>) and&nbsp;Texas Capital Texas Oil Index ETF &nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>).
BP Price Action: BP shares were slightly down 0.61% at $26.07 at publication Friday morning.
Read Next:
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<li><a href="https://www.benzinga.com/news/large-cap/25/04/44625332/bps-cypre-gas-project-goes-live-boosting-upstream-growth-plans" target="_blank" rel="noreferrer noopener">BP&#8217;s Cypre Gas Project Goes Live, Boosting Upstream Growth Plans</a></li>
</ul>
Photo: Shutterstock

BP Sees Mixed Q1 Outlook With Flat Oil Prices, Weaker Gas Trading Ahead Of Earnings

BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) shares are trading lower premarket on Friday. The company disclosed that its board has begun the process of selecting a <a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-chair-announces-intention-to-step-down-board-launches-search-for-successor.html" target="_blank" rel="noreferrer noopener">new </a>chair following Helge Lund's decision to step down.
The succession process, led by Dame Amanda Blanc as senior independent director with board support, aims to ensure a smooth transition.
The selected candidate will join the board and work alongside Helge Lund before officially assuming the chair role, likely in 2026.
Helge stated, "Having fundamentally reset our strategy, bp's focus now is on delivering the strategy at pace, improving performance and growing shareholder value. Now is the right time to start the process to find my successor and enable an orderly and seamless handover."
The decision follows pressure from activist hedge fund Elliott Management, which has been pushing for further changes at BP, reported Reuters.
Notably, in February, Elliott Management reportedly acquired a stake in BP and had been advocating for substantial changes at the British oil <a target="_blank" href="https://in.benzinga.com/news/large-cap/25/02/43591241/whats-going-on-with-oil-giant-bp-stock-today" rel="noreferrer noopener">company to boost its performance</a>.
In the same month, BP reported that it missed fourth-quarter revenue and earnings estimates, with hydrocarbon production <a target="_blank" href="https://www.benzinga.com/25/02/43618537/bp-q3-results-lower-revenue-rising-debt-but-175-billion-buyback-and-dividend-hike-impress" rel="noreferrer noopener">down 5.4% year-over-year</a>.
Investors can gain exposure to the stock via&nbsp;Precidian ETFs Trust BP plc ADRhedged&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/BPH#BATS">BPH</a>) and&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>).
Price Action: BP shares are down 4.72% at $29.86 premarket at the last check on Friday.
Read Next:
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<li><a href="https://www.benzinga.com/news/large-cap/25/04/44625332/bps-cypre-gas-project-goes-live-boosting-upstream-growth-plans" target="_blank" rel="noreferrer noopener">BP&#8217;s Cypre Gas Project Goes Live, Boosting Upstream Growth Plans</a></li>
</ul>

BP Begins Hunt for New Chair As Elliott Management Pushes for Changes

BP p.l.c. &#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) bp Trinidad and Tobago (bpTT) disclosed on Thursday that it successfully commenced <a target="_blank" href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bptt-announces-start-of-production-from-new-cypre-gas-project.html?utm_source=PC%26C%20%7C%20C%26EA%20%7C%20External%20%7C%20Global%20%7C%20bp.com%20news&amp;utm_medium=email&amp;utm_campaign=14951822_bp%20TT%20announces%20start%20of%20production%20from%20new%20Cypre%20gas%20project&amp;dm_i=1PGC,8WGWE,5D8AP6,113O2C,1" rel="noreferrer noopener">gas </a>production from its Cypre development.
The Cypre gas field lies 78 km off Trinidad&#8217;s southeast coast in the East Mayaro Block at an 80-meter water depth. It is fully owned by bp Trinidad and Tobago, a joint venture between bp (70%) and Repsol (30%).
Cypre is among bp&#8217;s 10 major projects set to launch between 2025 and 2027 as part of its upstream growth strategy. The project will contribute to the expected 250,000 boed peak net production from these developments.
At peak, it is expected to produce around 45,000 boed (250 million standard cubic feet of gas per day).
The first phase, consisting of four wells, was completed in late 2024, with the second phase set to begin in the latter half of this year.
Notably, Cypre is bp&#8217;s second major project to launch in 2025, following the Raven field&#8217;s second development phase in Egypt.
The project aligns with bp&#8217;s expected upstream returns and fits within its capital expenditure plans.
Cypre marks bpTT&#8217;s third subsea development, featuring seven wells connected to the existing Juniper platform.
William Lin, EVP gas and low carbon energy&nbsp;said, &#8220;The second of 10 major projects across our global portfolio that we expect to start up by 2027, Cypre is also the first of a series of projects we will be bringing online in Trinidad to deliver gas to the nation and add value for bp.&#8221;
bpTT president David Campbell added, &#8220;Cypre is another key milestone in bpTT&#8217;s strategy to maximize production from our shallow water acreage using existing infrastructure. The project not only reinforces our commitment to maintaining production but also plays a crucial role in satisfying our existing gas supply commitments.&#8221;&nbsp;
Last month, the company disclosed that&nbsp;Apollo Global Management-managed funds will acquire a 25% non-controlling stake in BP Pipelines (TANAP) Ltd – <a target="_blank" href="https://www.benzinga.com/news/large-cap/25/03/44436034/bp-sells-25-stake-in-tanap-pipeline-to-apollo-for-1-billion-eyes-further-low-carbon-collaboration" rel="noreferrer noopener">bp TANAP for around $1.0 billion</a>.
Investors can gain exposure to the stock via Precidian ETFs Trust BP plc ADRhedged (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BPH#BATS">BPH</a>) and Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>).
Price Action: BP shares are down 3.87% at $32.50 premarket at the last check Thursday.
Read Next:
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<li><a href="https://www.benzinga.com/news/contracts/25/03/44514978/bp-sells-austrian-mobility-business-finalizes-redevelopment-deal-for-kirkuk-fields-in-iraq" target="_blank" rel="noreferrer noopener">BP Sells Austrian Mobility Business, Finalizes Redevelopment Deal For Kirkuk Fields In Iraq</a></li>
</ul>
Photo via Shutterstock.

BP's Cypre Gas Project Goes Live, Boosting Upstream Growth Plans

BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) disclosed on Thursday that it plans to sell its mobility and convenience business in <a href="https://www.benzinga.com/news" target="_blank" rel="noreferrer noopener">Austria for an undisclosed amount</a>.
The sale includes more than 260 BP retail sites across Austria (around 120 company-owned) and related Austrian fleet business and EV charging assets, including those under development.
It also comprises BP&#8217;s shares in the non-operated joint venture (NOJV) managing the Linz fuel terminal.
The sale process will commence immediately, with completion targeted by the end of 2025, pending regulatory and necessary approvals.
This move is part of BP&#8217;s ongoing strategy to reshape and streamline its downstream operations, following its announcement last year to market its mobility &amp; convenience business in the Netherlands.
Emma Delaney, EVP, customers &amp; products at bp said, "Over recent years we have grown the business to become number two major branded retailer in the market. As bp now looks to focus downstream and reshape our portfolio, we believe that a new owner will be best placed to unlock the business's full potential.&#8221;
Also, on Wednesday, BP disclosed that it received final government approval for its contract to redevelop several <a target="_blank" href="https://www.benzinga.com/news" rel="noreferrer noopener">major oil fields in Kirkuk, northern Iraq</a>.
The agreement with North Oil Company (NOC) and North Gas Company (NGC) covers the rehabilitation of fields, including oil, gas, power and water sectors, <a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-and-iraq-finalize-contract-for-kirkuk-redevelopment.html?utm_source=PC%26C%20%7C%20C%26EA%20%7C%20External%20%7C%20Global%20%7C%20bp.com%20news&amp;utm_medium=email&amp;utm_campaign=14940177_bp%20and%20Iraq%20finalize%20contract%20for%20Kirkuk%20redevelopment&amp;dm_i=1PGC,8W7WX,5D8AP6,112E8Z,1" target="_blank" rel="noreferrer noopener">with </a>the potential for exploration investment.
Under the agreement, BP&#8217;s compensation will be tied to increases in production volumes, prices and costs.
Also, BP will be entitled to a share of production and reserves in proportion to the fees earned from boosting output.
With full approval now in place, BP will collaborate with the Government to establish a new operator, an unincorporated organization primarily staffed by personnel from NOC and NGC, along with secondees from BP, to begin the initial stages of development.
The agreement covers an initial phase involving oil and gas production exceeding 3 billion barrels of oil equivalent, including the Baba and Avanah domes of the Kirkuk oil field, as well as the Bai Hassan, Jambur and Khabbaz fields, all currently operated by NOC.
The total resource opportunity across the contract and surrounding areas is estimated at up to 20 billion barrels of oil equivalent.
Investors can gain exposure to the stock via Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>) and Precidian ETFs Trust BP plc ADRhedged (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BPH#BATS">BPH</a>).
Price Action: BP shares are up 0.17% at $34.48 premarket at the last check on Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/large-cap/25/03/44436034/bp-sells-25-stake-in-tanap-pipeline-to-apollo-for-1-billion-eyes-further-low-carbon-collaboration" target="_blank" rel="noreferrer noopener">BP Sells 25% Stake In TANAP Pipeline To Apollo For $1 Billion, Eyes Further Low-Carbon Collaboration</a></li>
</ul>
Photo: Shutterstock

Contracts

BP Sells Austrian Mobility Business, Finalizes Redevelopment Deal For Kirkuk Fields In Iraq

On Friday, BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) disclosed that Apollo Global Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>)-managed funds will acquire a 25% non-controlling stake in BP Pipelines (TANAP) Ltd – bp TANAP for around $1.0 billion.
This subsidiary holds BP's 12% interest in TANAP, the pipeline that transports natural gas <a target="_blank" href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/apollo-to-partner-with-bp-on-tanap-gas-pipeline.html?utm_source=PC%26C%20%7C%20C%26EA%20%7C%20External%20%7C%20Global%20%7C%20bp.com%20news&amp;utm_medium=email&amp;utm_campaign=14935025_Apollo%20to%20partner%20with%20bp%20on%20TANAP%20gas%20pipeline&amp;dm_i=1PGC,8W3XT,5D8AP6,111U2V,1" rel="noreferrer noopener">from </a>Azerbaijan through Turkey.
TANAP, stretching about 1,800 km across Turkey, is a key part of the Southern Gas Corridor (SGC) pipeline system.
The SGC delivers gas from the BP-operated Shah Deniz field in Azerbaijan to European markets, including Italy and Greece.
Both companies are also exploring further collaboration opportunities, particularly in infrastructure, gas, and low-carbon energy assets.
The proceeds from this transaction will contribute to BP&#8217;s $20 billion divestment and other proceeds program.
Read: <a target="_blank" href="https://www.benzinga.com/news/large-cap/25/03/44191761/bp-forms-offshore-wind-jv-with-japanese-utility-company-jera-plans-to-launch-by-q3" rel="noreferrer noopener">BP Forms Offshore Wind JV With Japanese Utility Company Jera, Plans To Launch By Q3</a>
The deal allows BP to monetize its interest in TANAP, while still retaining control as the majority shareholder of BP TANAP.
BP will also maintain a long-term commercial and strategic stake, including governance rights, in the pipeline, which is crucial for the gas value chain of the BP-operated Shah Deniz gas field in Azerbaijan.
The transaction is expected to close in the second quarter of 2025, subject to regulatory and TANAP shareholders&#8217; approvals.
William Lin, BP executive vice president, gas &amp; low-carbon energy, said, "This unlocks capital from our global portfolio while retaining our role in this strategic asset for bringing Azerbaijan gas to Europe. BP and Apollo will continue to explore further strategic cooperation and mutually beneficial opportunities."
Investors can gain exposure to the stock via Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)  and Precidian ETFs Trust BP plc ADRhedged (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BPH#BATS">BPH</a>).
Price Action: BP shares are up 0.06% at $34.77 premarket at the last check Friday.
Read Next:
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<li><a href="https://www.benzinga.com/news/global/25/03/44358565/bp-stock-eyes-golden-cross-can-bulls-take-control" target="_blank" rel="noreferrer noopener">BP Stock Eyes Golden Cross: Can Bulls Take Control?</a></li>
</ul>
Photo: Shutterstock

BP Sells 25% Stake In TANAP Pipeline To Apollo For $1 Billion, Eyes Further Low-Carbon Collaboration

BP plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) disclosed a 50-50 <a href="https://www.benzinga.com/topic/wind">offshore wind joint venture</a> with Jera Co., Inc.
The entity will be led by CEO Nathalie Oosterlinck, currently CEO of Jera Nex. It aims to fast-track development by leveraging combined project pipelines and enhancing access to competitive financing.
The joint venture will oversee operating and development assets with a potential net generating capacity of 13GW across Europe, Asia Pacific, and the US.
The joint venture is subject to regulatory approvals and is expected to launch by the end of the third quarter of 2025. 
Jera CEO Yukio Kani says the JV &#8220;brings together the best characteristics of both companies and has the experience and expertise to lead this next phase of development in offshore wind energy.&#8221;
&#8221;With the backing of two strong shareholders with a long history of cooperation, and with an exciting and globally diversified development portfolio we are confident JERA Nex bp will play a critical role in the energy transition in Japan, the UK and beyond."&nbsp;&nbsp;
Last month, BP reported sales and other operating revenues of $45.7 billion, missing the consensus of $47.511 billion and underlying RC profit per American Depositary Share came in at 44 cents, <a href="https://www.benzinga.com/25/02/43618537/bp-q3-results-lower-revenue-rising-debt-but-175-billion-buyback-and-dividend-hike-impress" target="_blank" rel="noreferrer noopener">missing the consensus of 47 cents</a>.
BP anticipates upstream production to be lower than <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">the&nbsp;fourth quarter&nbsp;of 2024</a>.
Investors can gain exposure to the stock via&nbsp;Texas Capital Texas Oil Index ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and Precidian ETFs Trust BP plc ADRhedged (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BPH#BATS">BPH</a>).
Price Action: BP shares are up 0.60% at $31.90 premarket the last check Friday.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/25/03/44133917/trumps-says-little-disturbance-possible-due-to-tariffs-in-speech-to-congress-as-gm-tesla-energy-stocks-lift-in-after-hours-trading-auto-industry-to-absolutely-boom" target="_blank" rel="noreferrer noopener">Trump&#8217;s Says &#8216;Little Disturbance&#8217; Possible Due To Tariffs In Speech To Congress As GM, Tesla, Energy Stocks Lift In After-Hours Trading: &#8216;Auto Industry To Absolutely Boom&#8217;</a></li>
</ul>
Image: Shutterstock

BP Forms Offshore Wind JV With Japanese Utility Company Jera, Plans To Launch By Q3

Devon Energy Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>) shares are trading higher on Wednesday after the company reported strong fourth-quarter<a target="_blank" href="https://www.benzinga.com/news/earnings/25/02/43798641/devon-energy-beats-q4-earnings-raises-quarterly-dividend" rel="noreferrer noopener"> results on Tuesday after the bell</a>.
Also, the stock may have escalated probably due to a drone attack on a Russian pipeline, which could reduce supply.
Also, the company reported an EPS of $1.16, beating analyst&nbsp;estimates of $1.00, and&nbsp;oil production of 398,000 barrels per day, which was&nbsp;about 3% ahead of&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the&nbsp;company&#8217;s&nbsp;previous guidance</a>.
Devon expects oil production to average 380,000 to 386,000 barrels per day in the first quarter and full-year 2025 production of 805,000 barrels per day-825,000 barrels per day, up 2% versus&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">the&nbsp;company&#8217;s&nbsp;previous outlook</a>.
Piper Sandler&nbsp;analyst Mark A. Lear writes that the&nbsp;company&#8217;s&nbsp;FY25 guidance sets a strong foundation, with oil and total volume projections slightly exceeding consensus on a 4% reduction in capex.&nbsp;The analyst has an Overweight rating w<a target="_blank" href="https://www.benzinga.com/quote/dvn/analyst-ratings" rel="noreferrer noopener">ith a price forecast of $54.</a>
Given its history of setting achievable targets, the analyst expects a positive market reaction to the fourth-quarter beat and the improved efficiency in FY25 guidance, especially following the&nbsp;stock&#8217;s&nbsp;de-rating since mid-2024.
With a Sector Perform rating and $50 price forecast, RBC Capital Markets analyst Scott Hanold says that&nbsp;Devon&#8217;s&nbsp;2025 outlook exceeded expectations, reflecting steady operations and strong efficiency across its asset base.
The analyst adds that all&nbsp;Bakken capital is directed toward high-return Grayson Mills acreage, while the benefits of Eagleford assets are expected to drive capital efficiency and production growth.
Investors can gain exposure to the stock via&nbsp;Invesco Energy&nbsp;Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXE#NYSE">PXE</a>) and&nbsp;Texas Capital&nbsp;Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>).
Price Action: DVN shares are up 8.2% at $37.75 at the last check Wednesday.
Read Next:
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<li><a href="https://www.benzinga.com/25/02/43796040/marjorie-taylor-greene-discloses-new-stock-trades-palantir-purchase" target="_blank" rel="noreferrer noopener">Marjorie Taylor Greene Discloses New Stock Trades: Is Palantir Purchase Conflict Of Interest For Committee Assignments?</a></li>
</ul>
Photo via Shutterstock.

Analyst Color

Price Target

Reiteration

Analyst Ratings

Trading Ideas

Devon Energy Has Strong Tailwinds, Analyst Says

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.
Read Next:
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<li><a href="https://www.benzinga.com/25/02/43537127/cohen-steers-expands-active-etf-offerings-with-three-new-funds" target="_blank" rel="noreferrer noopener">Cohen &amp; Steers Expands Active ETF Offerings With Three New Funds</a></li>
</ul>
Image: Shutterstock

FANG

Diamondback Bolsters Plans $3 Billion-Plus Double Eagle Acquisition

BP PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) shares are trading lower after <a href="https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-fourth-quarter-2024-results.pdf" target="_blank" rel="noreferrer noopener">the </a>company reported fourth-quarter results.
Sales and other operating revenues came in at&nbsp;$45.752 billion, missing the consensus of&nbsp;$47.511 billion.
Hydrocarbon production was 850 mboe/d (-5.4% Y/Y), with underlying production declining&nbsp;2.7% Y/Y mainly due to base decline in Egypt.
The Renewables pipeline stood at 60.6GW (bp net), including a 38.7GW bp net share from Lightsource bp&#8217;s (LSbp&#8217;s) pipeline in the quarter.&nbsp;
Adjusted EBITDA declined to&nbsp;$8.41 billion from&nbsp;$10.57 billion a year ago.&nbsp;Underlying RC profit per American Depositary Share (ADS) came in at&nbsp;$0.44,<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener"> missing the consensus of&nbsp;$0.47.&nbsp;</a>
Operating cash flow was&nbsp;$7.43 billion, compared to&nbsp;$9.38 billion in the prior-year quarter.&nbsp;
Capital expenditure was&nbsp;$3.73 billion versus&nbsp;$4.71 billion a year ago.&nbsp;Net debt rose to&nbsp;$23.0 billion from&nbsp;$20.9 billion a year ago.
Chief executive officer Murray Auchincloss said, &#8220;We have been reshaping our portfolio &#8211; sanctioning new major projects, and focusing our low-carbon investment &#8211; and we have made strong progress in reducing costs. Building on the actions taken in the last 12 months, we now plan to fundamentally reset our strategy and drive further improvements in performance, all in service of growing cash flow and returns.&#8221;
Kate Thomson, Chief Financial Officer, stated, &#8220;During the year, we introduced our target to deliver at least $2 billion of savings(a) by the end of 2026 relative to 2023 and are making strong progress, achieving $0.8 billion of structural cost reduction. We raised the dividend per ordinary share by 10% and delivered $7 billion of share buybacks.&#8221;
Related: <a target="_blank" href="https://www.benzinga.com/news/earnings/25/02/43608991/bp-set-to-report-q4-earnings-as-elliot-management-builds-stake" rel="noreferrer noopener">BP Set To Report Q4 Earnings As Elliot Management Builds Stake: Declining Margins, Revenues In The Spotlight</a>
Dividend: BP disclosed an interim dividend of 8.000 cents per ordinary share, payable on March 28, 2025. Holders of ADSs are expected to receive&nbsp;$0.48 per ADS.
Repurchase: The company completed previously announced&nbsp;$1.75 billion in share buybacks during the quarter.
Furthermore, BP plans to conduct a&nbsp;$1.75 billion&nbsp;share buyback before its&nbsp;first-quarter&nbsp;earnings release.
Elliott Management, a U.S.-based activist hedge fund managing approximately $70 billion in assets, reportedly acquired a stake in BP. The fund advocates for substantial changes at the British oil <a target="_blank" href="https://www.benzinga.com/news/large-cap/25/02/43591241/whats-going-on-with-oil-giant-bp-stock-today" rel="noreferrer noopener">company to boost its performance</a>.
First-Quarter FY25&nbsp;Outlook: BP anticipates upstream production to be lower than the&nbsp;fourth quarter&nbsp;of 2024.
In its customer business, BP projects seasonally lower volumes sequentially, with fuel margins likely remaining sensitive to supply cost fluctuations.
In the products segment, BP expects refining margins to stay low in the&nbsp;first quarter and expects a lower level of refinery turnaround activity compared to the fourth quarter of 2024.
FY25&nbsp;Guidance: BP&nbsp;expects reported upstream production to be lower and underlying upstream production to be&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">slightly lower than the prior year</a>.&nbsp;
It anticipates divestments and other proceeds to be around $3 billion&nbsp;for the year, with weighted towards the second half.
BP anticipates approximately $3 billion in divestment and other proceeds in 2025, primarily in the second half.
With $22 billion realized since the second quarter of 2020, the company remains on track to achieve its $25 billion target for the 2020-2025 period.
The company sees Gulf of America settlement payments for the year to be about $1.2 billion&nbsp;pre-tax, including&nbsp;$1.1 billion&nbsp;pre-tax to be paid during the&nbsp;second quarter.
Yesterday, BP inked a contract with Oil and Natural Gas Corporation Limited (ONGC), as per which bp will serve as the Technical Services Provider (<a target="_blank" href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/ongc-and-bp-sign-contract-to-enhance-production-from-mumbai-high.html" rel="noreferrer noopener">TSP</a>) for the Mumbai High field, India&#8217;s largest and most prolific offshore oil field.
Investors can gain exposure to the stock via&nbsp;Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>) and Abacus FCF Real Assets Leaders ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ABLD#BATS">ABLD</a>).
Price Action: BP shares are trading lower by 0.67% at $34.19 premarket at the last check Tuesday.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/25/02/43614105/activist-investor-elliott-builds-25-billion-stake-in-phillips-66-pressures-for-midstream-spinoff-report" target="_blank" rel="noreferrer noopener">Activist Investor Elliott Builds $2.5 Billion Stake In Phillips 66, Pressures For Midstream Spinoff: Report</a></li>
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Photo: Jon Lyall via Shutterstock.

ABLD

BP Q4 Results: Lower Revenue, Rising Debt, CEO Pledges Fundamental Strategy Shift And More

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:
<ul>
<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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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.
Read Next:
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/02/43469234/trump-prepares-maximum-pressure-on-iran-oil-jumps-above-73-energy-stocks-rally" target="_blank" rel="noreferrer noopener">Trump Prepares Maximum Pressure On Iran: Oil Jumps Above $73, Energy Stocks Rally</a></li>
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Photo via Shutterstock.

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

Oil and gas giant BP Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) is reducing its workforce by 4,700 positions, which accounts for 5% of its employees, and eliminating more than 3,000 contractor jobs.
The oil giant aims to streamline its operations and reduce costs as part of an ongoing initiative to cut <a href="https://www.benzinga.com/news/earnings/24/05/38665532/why-bp-shares-are-trading-lower-premarket-today">$2 billion by the end of 2026.</a>
CEO Murray Auchincloss communicated these cuts to staff as part of the company&#8217;s ongoing cost-reduction efforts.
Since June 2024, BP suspended or paused 30 projects to concentrate on its most lucrative initiatives, according to a report from <a href="https://www.bloomberg.com/news/articles/2025-01-16/bp-eliminates-thousands-of-jobs-in-cost-cutting-effort-ceo-says?srnd=phx-industries-energy&amp;sref=TBDibEcD">Bloomberg</a>.
BP employs approximately 90,000 people worldwide, and while the cuts will affect several regions, specific details on country-level job losses have not been disclosed, reported <a href="https://www.bbc.com/news/articles/ckgy3ve1q69o">BBC</a>.
The restructuring comes under the leadership of CEO Auchincloss, who <a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/murray-auchincloss-appointed-bp-chief-executive-officer.html">took the helm a year ago</a>.
The CEO, in his memo to the employees, stated that the company's pivot toward more digital capabilities, including artificial intelligence in engineering and marketing, would boost its operations.
Also Read: <a href="https://www.benzinga.com/25/01/43027582/toyota-subsidiary-agrees-to-16b-settlement-over-emission-data-fraud">Toyota Subsidiary Agrees To $1.6B Settlement Over Emission Data Fraud</a>
BP's decision to scale back its oil and gas production reduction targets for 2030 has been controversial, with some of the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36829332/battleground-for-oil-majors-bp-activist-investor-calls-for-cut-in-green-energy-pled">investors supporting the decision</a>.
In 2020, BP set a goal to <a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/from-international-oil-company-to-integrated-energy-company-bp-sets-out-strategy-for-decade-of-delivery-towards-net-zero-ambition.html">reduce its oil and gas</a> production by 40% by 2030.&nbsp;The goal was <a href="https://www.bp.com/en/global/corporate/sustainability/getting-to-net-zero/five-aims-to-get-bp-to-net-zero.html">abandoned in October 2024</a>. 
Earlier this week, BP said production in its fiscal fourth quarter is expected to be <a href="https://www.benzinga.com/25/01/42971311/bp-warns-of-lower-oil-gas-output-in-fourth-quarter-update">lower than in the third quarter</a>. 
For the fourth quarter, the company anticipates a decline in upstream production compared to the previous quarter, with reductions in both oil and gas &amp; low-carbon energy output.
In the gas and low-carbon energy segment, realizations are expected to improve by $0.1 to $0.2 billion, driven by fluctuations in non-Henry Hub natural gas prices.
In the oil production and operations sector, BP predicts a negative impact on realizations of $0.2 billion to $0.4 billion, primarily due to price lags, especially in the Gulf of Mexico and UAE.
The company&#8217;s operating revenues for the third quarter came in at $47.254 billion, missing the <a href="https://www.benzinga.com/news/earnings/24/10/41598840/bp-stock-drops-as-q3-revenue-misses-mark-production-declines-debt-rises">consensus of $52.557 billion</a>.
Investors can gain exposure to the stock via Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>) and Amplify Natural Resources Dividend Income ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NDIV#NYSE">NDIV</a>).
BP Price Action: BP shares are trading higher by 1.55% at $31.79 at publication Thursday.
Read Next: <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/43037588/stocks-pause-chipmakers-rise-gold-hits-2-month-highs-whats-driving-markets-thursday">• Stocks Pause, Chipmakers Rise, Gold Hits 2-Month Highs: What&#8217;s Driving Markets Thursday?</a>
Photo: Jon Lyall via Shutterstock

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