Warren Buffett Just Bought More OXY — July 2, 2022

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"?