Here is why the "gassers" are leading the Sweet 16
Posted: Wed Aug 31, 2022 10:34 am
As natural gas prices jump, shale oil firms get gassy. Reuters.
Natural gas a few years ago was so unwanted that U.S. shale oil producers sold it at cost just to pump more oil. Today, prices are near 14-year highs, and new export terminals are rising along with production forecasts. The result is an earnings bonanza for companies that once shunned the fuel as an annoying by-product. U.S. benchmark natural gas prices in late August topped $10 per million British thermal units (mmBtu), a level not seen since 2008, and the boom-bust cycles from North American demand appear to have been broken amid surging exports. The largest U.S. independent oil producer, ConocoPhillips, reported last quarter that it sold natural gas for an average $10.15 per million cubic feet, up 143% from a year ago. The company does not break out profit contribution from gas.
Read more: https://www.reuters.com/business/energy ... 022-08-31/
AR is up close to 1,000% since I added it to the Sweet 16 in November 2020.
Natural gas a few years ago was so unwanted that U.S. shale oil producers sold it at cost just to pump more oil. Today, prices are near 14-year highs, and new export terminals are rising along with production forecasts. The result is an earnings bonanza for companies that once shunned the fuel as an annoying by-product. U.S. benchmark natural gas prices in late August topped $10 per million British thermal units (mmBtu), a level not seen since 2008, and the boom-bust cycles from North American demand appear to have been broken amid surging exports. The largest U.S. independent oil producer, ConocoPhillips, reported last quarter that it sold natural gas for an average $10.15 per million cubic feet, up 143% from a year ago. The company does not break out profit contribution from gas.
Read more: https://www.reuters.com/business/energy ... 022-08-31/
AR is up close to 1,000% since I added it to the Sweet 16 in November 2020.