OXY: Buffett just bought more. https://twitter.com/OpenSquareCap/status/1543073290754764800.
JPM: finally, someone gets it — https://twitter.com/zerohedge/status/1542976445525495808.
Recession, GDP:
- 1Q22 in the books: negative
- 2Q22 estimate rapidly went from 0% to -1.0 (yesterday) to -2.1% (today)
- link here.
- final reading as mid-terms heat up
- if it really goes to -2.1%, expect Fed to pivot
Gasoline prices:
- I don't quite agree with individual who said gasoline prices at the pump have come done almost a dollar here in north Texas in the past few weeks, but it is amazing to see how far, how fast prices have come down -- and this is the week before July 4, 2022, weekeend
XOM: twitter on fire overnight re XOM's 2Q22 earnings
- XOM signals quarterly profit could hit $18 billion
- signals huge gains in 2Q22 in securities filing; some say "stunning."
- XOM signals operating profits could double over the 1Q22; would be a record quarterly profit
- Form 8-K: the "current report" companies must file with the SEC to announce major events that shareholders should know about
- XOM: could earn more downstream during 2Q22 than they earned upstream in 1Q22
- 8-K, April 4, 2022:
- 2Q22 EPS: estimate, $2.32
- 2Q22 estimate is now +34%, at $3.11
- midpoint for 2Q 8-K is $3.58, +54% from April 4, 2022 8-K estimate
- bottom line: since April 4, 2022:
- XOM shares, +5%
- earning estimates, +54%
- history links:
- EPS, all
- 1Q22, per XOM:
- earned $5.5 billion
- generated $14.8 billion cash flow
- excluded items were $8.8 billion, an increase of $6 billion vs 1Q21, after adjusting for a $3.4 billion after-tax charge related to the company's Russia Sakhalin-1 operation
- announced increase in share repurchase program, $30 billion through 2023
- whisper numbers: n/a
- reports Friday, 6:30 a.m., July 29, 2022
- consensus:
- $2.85
- revenue: $92.05 billion
OPEC:
- Saudis missed OPEC+ quota by 213,000 bopd in June, 2022
- OPEC+ is more than a half million bbls behind on pledge to increase production
- Libya, Nigeria post biggest declines
- remember: summer months -- domestic use surges to run air conditioners
- while calling on OPEC for more oil, Biden blocks new offshore drilling
- report: Biden said he would not directly ask (beg) Saudi Arabia to increase production
- OPEC+ more than a half billion bbls behind -- Bloomberg;
Texas power:
- to break records next week as heatwave "returns"
- returns? it's been 104°F all week this past week; what do they mean, "returns"?
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