The U.S. "Mini OPEC" warns of oversupply concerns as major U.S. refiners cut capacity. OPEC has lowered its 2024 global oil demand growth forecast by 135,000 barrels per day. In the coming weeks, they will decide whether to proceed with the planned production increase starting in October. Four major U.S. refiners, accounting for 40% of the country's gasoline and diesel capacity, are planning to cut production. Marathon Petroleum, the ...

The cash-to-market cap ratio of 30% isn’t too far from where it’s been historically, hovering just 3% above the average and 5% above the median since 2000. The last time we saw this level was around covid period and before that, 2015 and even higher in 2012 and 2013
So, what’s the takeaway? Sure, $277 billion is a massive number, but when you compare it to the overall size of Berkshire, it’s more of a “steady as she goes” approach rather th...

Occidental Petroleum exceeded Q2 revenue and EPS expectations, reporting $6.88 billion in revenue and $1.03 EPS, driven by higher production in the Permian Basin and Gulf of Mexico. Following the announcement, retail sentiment soared, with Stocktwits users turning 'extremely bullish'.
The company, now 29% owned by Warren Buffett’s Berkshire Hathaway, also completed a $12 billion acquisition of CrownRock, expected t...