James Doris, President and Chief Executive Officer of Viking, commented, "In my view this transaction positions us as an industry leader in terms of being able to assist with the power generation needs of commercial and industrial organizations while at the same time helping them reduce their carbon footprint to satisfy regulatory requirements or to simply follow best ESG-practices. We are excited to be able to use the platform of Simson-Maxwell Ltd., our recently acquired majority-owned subsidiary, to promote the ESG Clean Energy System."
Viking Energy Group Inc /zigman2/quotes/204256105/composite VKIN -6.45% was above $3/share in September. At the same time, its majority parent, CEI, was trading nearly $5/share at the time. Both stocks have strong and growing exposure to what may well be the most powerful growth theme in play for market participants over the next 4-6 quarters - Oil and Gas. And that's not even to mention the extraordinary potential of the Carbon Capture theme in play after VKIN's most recent announcement.
Diamondback Energy Inc. /zigman2/quotes/201200230/composite FANG +4.40% is an independent oil and natural gas company, which engages in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves.
The company operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas. The Midstream Services segment involves in the Midland and Delaware Basins.
Diamondback Energy Inc. /zigman2/quotes/201200230/composite FANG +4.40% recently announced financial and operating results for the third quarter ended September 30, 2021, including new of Q3 2021 average production of 239.8 MBO/d (404.3 MBOE/d), Q3 2021 Permian Basin production of 223.0 MBO/d (374.3 MBOE/d), and Q3 2021 cash flow from operating activities of $1,199 million; Operating Cash Flow Before Working Capital Changes of $1,131 million.
"Diamondback continued building on its execution track record in the third quarter, generating a record $740 million of Free Cash Flow while keeping capital costs under control. Efficiency gains, particularly in the Midland Basin drilling and completion programs, have mitigated the inflationary pressures seen on well costs and have led to our second decrease in capital guidance this year, now down 10% from guidance presented in April 2021. Through the third quarter of 2021, Diamondback has generated $1.65 billion of Free Cash Flow, and we have used this Free Cash Flow to reduce our gross debt by $1.3 billion and increase our dividend for the third time this year, now up 33% from a year ago," stated Travis Stice, Chief Executive Officer of Diamondback.
Even with that news, the action hasn't really heated up in the stock, with shares moving net sideways over the past week. Shares of the stock have powered higher over the past month, rallying roughly 3% in that time on strong overall action.
Diamondback Energy Inc. /zigman2/quotes/201200230/composite FANG +4.40% managed to rope in revenues totaling $1.9B in overall sales during the company's most recently reported quarterly financial data — a figure that represents a rate of top line growth of 165.3%, as compared to year-ago data in comparable terms. In addition, the company is battling some balance sheet hurdles, with cash levels struggling to keep up with current liabilities ($475M against $2B, respectively).
Other key tickers in the energy space include Pioneer Natural Resources Co. /zigman2/quotes/206736173/composite PXD +2.44% , Helmerich & Payne Inc. /zigman2/quotes/209685666/composite HP +4.26% , Hess Corp. /zigman2/quotes/203832174/composite HES +1.31% , VanEck Oil Services ETF (nysearca:OIH), and the SPDR S&P Oil & Gas Exploration & Production ETF (nysearca:XOP).
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