SPDR S&P Oil & Gas Exploration & Production ETF
 (XOP)

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  • Thu, Jan. 28, 7:26 PM
    • Oil market analysts say Russian talk of production cuts is giving the market "false hope" and are mostly dismissive of the possibility of coordinated production cuts by OPEC and Russia.
    • "Talk of an OPEC cut is likely no more than an attempt to shift market sentiment," says Barclays' Michael Cohen, who thinks part of the rationale for Russia to sound a more amenable tone is that its government wants to be seen as a good negotiator.
    • The reality is that "it’s a hard sell for Saudi Arabia - and Russia, for that matter - to agree to cut production while Iran continues to ramp up output," Cohen writes.
    • "Political relations between Saudi Arabia and Russia are poor,” says Julian Jessop, head of commodities research at Capital Economics, who adds that "even if a high level deal could be done, it is not clear that Russia could deliver."
    • Analysts note that from a physical standpoint, it is difficult for Russia to turn on and off reservoirs without major complications; some production decline already is underway in Russia anyway, and further cuts during the winter are highly unlikely since it would bring about a near-permanent loss in the ability to produce from Russian wells.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, DIG, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Thu, Jan. 28, 7:26 PM | 82 Comments
  • Fri, Jan. 22, 12:59 PM
    • The Obama administration proposes new rules requiring cuts in methane emissions from oil and gas drilling on federal lands, and would force companies to use equipment to capture leaked gas and raise the costs they pay for extracting fuel on government property.
    • The draft regulation proposed by the Interior Department is aimed at helping to meet a goal of cutting the energy industry’s emissions of methane by as much as 45% from 2012 levels over the next decade.
    • The rules, set to be finalized later this year after a public comment period, would establish several new standards on companies drilling on public lands, including the first-ever federal limits on flaring.
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, FCG, DIG, GASL, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG
    | Fri, Jan. 22, 12:59 PM | 12 Comments
  • Fri, Jan. 22, 8:28 AM
    • Moody's places 120 oil and gas companies on review for a downgrade, in a sweeping global review that includes all major regions and ranges from the world's top global majors such as Royal Dutch Shell (RDS.A, RDS.B), Total (NYSE:TOT) and BP to 69 U.S. E&P and services firms.
    • Warning of "a substantial risk that prices may recover much more slowly over the medium term than many companies expect, as well as a risk that prices might fall further," Moody's now sees both WTI and Brent crude averaging $33/bbl this year, a $7 cut for WTI and a $10 reduction for Brent from its previous forecast.
    • The ratings firm also places 55 mining companies on review for downgrade as they battle a slump in commodity prices.
    • Among the companies placed on review are Alcoa (NYSE:AA), Schlumberger (NYSE:SLB), Chesapeake Energy (NYSE:CHK), Transocean (NYSE:RIG), Statoil (NYSE:STO), Vale (NYSE:VALE), Goldcorp (NYSE:GG), National Oilwell Varco (NYSE:NOV) and Diamond Offshore (NYSE:DO).
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, FCG, DIG, GASL, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, PXI, FIF, PXJ, NDP, RYE, FXN, DDG
    | Fri, Jan. 22, 8:28 AM | 68 Comments
  • Thu, Jan. 21, 3:49 PM
    • Crude oil futures settled more than 4% higher on the back of perceived oversold conditions, despite a higher than expected inventory build; March WTI jumped 4.2% to settle at $29.53/bbl after trading as high as $30.25, while Brent surged 4.9% to $29.25.
    • Crude prices were supported by the inventory increase in this morning's EIA report, which was less than the API’s report released on Wednesday, says Phil Flynn, senior market analyst at Price Futures Group; also, reports of Libyan oil tanks on fire eased speculation that Libya would be exporting more oil soon.
    • Also supportive for prices, oil production in the lower 48 states edged lower for the first time in seven weeks, “which is at least ‘less bearish’ for the extremely oversupplied global oil market,” says Tyler Richey of The 7:00’s Report.
    • The energy sector is bouncing after hitting a multiyear low yesterday: XOM +1.4%, CVX +2.7%, RDS.A +3.8%, BP +3.7%, TOT +2.3%, STO +4.5%, COP +6.2%, MRO +12.2%, APC +10.3%, OXY +2.1%, EOG +6.4%, PXD +2.7%, APA +8.2%, HES +7%, KMI +15.5%, EPD +3.3%, ETP +6.8%.
    • ETFs: UNG, USO, OIL, XLE, UGAZ, UCO, DGAZ, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, BOIL, GAZ, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, KOLD, BGR, USL, XES, IYE, IEO, UNL, IEZ, DNO, FENY, PXE, PXI, FIF, PXJ, OLO, SZO, NDP, RYE, DCNG, FXN, OLEM, DDG
    | Thu, Jan. 21, 3:49 PM | 116 Comments
  • Fri, Jan. 15, 3:20 PM
    | Fri, Jan. 15, 3:20 PM | 117 Comments
  • Thu, Jan. 14, 7:11 PM
    • Oil companies have delayed $380B in new investment on 68 major upstream projects since the oil downturn began a year and a half ago, according to a new result from industry consultant Wood Mackenzie.
    • In H2 of 2015, 22 major project decisions were delayed as crude oil fell below $40/bbl, according to the report.
    • All told, the projects account for ~27B boe and ~2.9M bbl/day of production, with deepwater projects totaling more than half of the deferrals.
    • The average breakeven cost for the delayed new projects was $62/boe; given that Brent and U.S. benchmark prices in recent days have dropped to roughly half that number, clearly there is little incentive to invest in new production.
    • "With oil prices dipping to new lows at the start of 2016 and capital allocation tightening, the list will continue to grow,” the report says.
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, FCG, DIG, GASL, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG
    | Thu, Jan. 14, 7:11 PM | 5 Comments
  • Thu, Jan. 14, 3:26 PM
    • Energy stocks are broadly higher as U.S. crude oil bounces off $30/bbl to end pit trading at $31.22, +2.6%; the SPDR Energy ETF (XLE +5.1%) soars 5%, with 36 of its 40 equity components trading higher, after closing yesterday at its lowest level since September 2010.
    • Exxon Mobil (XOM +5.5%) and Chevron (CVX +5.9%) are the Dow's top two gainers; and pipeline companies sport strong showings with Kinder Morgan (KMI +8.2%), Plains All American Pipeline (PAA +11.7%) and Williams Cos. (WMB +27.4%) among the biggest winners.
    • Among other major energy movers: ETE +22.6%, BP +7.6%, MRO +7.5%, OXY +7.1%, PBR +7%, COP +7%, RDS.A +6.7%, SE +6.1%, PSX +6.1%, ETP +6.1%, EPD +5.3%, APA +5%, E +4.6%, HES +4.1%, MPC +4.1%.
    • Amid overwhelmingly negative sentiment, a few analysts are venturing out to say the worst may be over or nearly so: Deutsche Bank’s Torsten Slok thinks "we now have the worst behind us in terms of the negative impact of falling oil prices on the economy," and Gluskin Sheff’s David Rosenberg argues that the oil selloff is getting “long in the tooth.”
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Thu, Jan. 14, 3:26 PM | 89 Comments
  • Tue, Jan. 12, 10:53 PM
    • Barclays becomes the latest bank to slash its outlook for crude oil prices, and is now clearly the most pessimistic bank when it comes to the prognosis for oil.
    • The bank now expects both Brent and WTI crude to average $37/bbl in 2016, down from a previous forecast of $60 and $56, respectively, citing the “complete breakdown of OPEC cohesion” and U.S. shale producers that have proved to be “resilient beyond expectations."
    • BofA Merrill Lynch is the runnerup for most pessimistic, forecasting WTI to average $45/bbl this year; Morgan Stanley yesterday argued that scenarios with crude as low as $20/bbl are possible, but that is not its 2016 base forecast, as the bank expects crude to average $47.50 this year.
    • U.S. crude slipped below $30/bbl earlier today, and U.S. crude futures traded below $50 through 2021; the U.S. Energy Information Administration now predicts that already heavily swollen global oil stockpiles will continue to rise until H2 2017.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, DIG, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Tue, Jan. 12, 10:53 PM | 26 Comments
  • Mon, Jan. 11, 4:38 AM
    | Mon, Jan. 11, 4:38 AM | 16 Comments
  • Mon, Jan. 4, 6:50 PM
    • Moody’s foresees capital spending reductions of at least 20%-25% in 2016 across the oil and gas E&P business, with oilfield services and drilling remaining the most stressed energy segment.
    • Moody’s expects M&A activity and industry consolidation in 2016 to increase in a subdued manner given that the timing of a commodity price recovery remains uncertain; the firm notes that Devon Energy (NYSE:DVN) has targeted the sale of $2B-$3B in assets for 2016, Husky Energy (OTCPK:HUSKF) also has reported plans to sell select legacy upstream assets, and ConocoPhillips (NYSE:COP) likely will continue trying to divest select upstream assets in 2016.
    • Globally, Moody's expects to see a rise in distressed exchanges and defaults in 2016, and cites Brazil's Petrobras (NYSE:PBR), Mexico's Pemex and Venezuela's PdVSA as three major international companies that are in serious trouble; the ratings agency also sees credit metrics for PetroChina (NYSE:PTR), Sinopec (NYSE:SNP) and Cnooc (NYSE:CEO) continuing to deteriorate through at least 2017, while Russia’s weak ruble will help Rosneft (OTC:RNFTF) withstand low oil prices.
    • Moody’s recently projected a "lower for much longer" energy scenario, with average prices of WTI crude at $40/bbl in 2016 - $8 lower than its earlier forecast - $45/bbl in 2017 and $50 in 2018.
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, FCG, DIG, GASL, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG
    | Mon, Jan. 4, 6:50 PM | 40 Comments
  • Mon, Jan. 4, 2:20 PM
    • The new year will mean more tough times for oilfield services companies, as E&P companies cut their spending in the oil patch deeper than once expected, Raymond James analysts write.
    • The U.S. rig count will fall by another 150 rigs over the next six months, which could cause the count to fall to 550 before shale plays begin to see an uptick in activity again, a dramatic decline that implies “a much uglier fundamental year than current consensus estimates,” according to Raymond James, which expects annual oilfield spending to fall 42% amid “skinny E&P cash flows and a non-existent debt market."
    • Any additional declines in activity and rig count, even if short-lived, spells more trouble for services companies, with more well-known names with “dominant market share and clean balance sheets” best positioned to ride out the prolonged slump, the report says.
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, PXJ, FIF, NDP, RYE, FXN, DDG
    | Mon, Jan. 4, 2:20 PM
  • Dec. 30, 2015, 12:46 PM
    • Hit hard two days ago as oil fell below $37/barrel, oil/gas industry names are seeing more pain today after the EIA reported U.S. crude inventories rose by 2.6M barrels last week - expectations were for a decline. The report comes shortly after the API estimated U.S. crude inventories rose by 2.9M barrels during the most recent weekly period.
    • After rising yesterday, WTI crude is down 3.1% to $36.71/barrel. Brent crude is down 2.9% to $36.69/barrel. Nymex natural gas is down 7.3% to $2.20/MMBtu.
    • The biggest decliners include Chesapeake Energy (CHK -4.1%), Petrobras (PBR -4.1%), Linn Energy (LINE -7.5%), Gulfport Energy (GPOR -5.2%), SeaDrill (SDRL -5.5%), MV Oil Trust (MVO -4.5%), EV Energy Partners (EVEP -6.7%), and Southwestern Energy (SWN -5.7%).
    • Other notable decliners include Hercules Offshore (HERO -5.2%), Marathon Oil (MRO -4%), Devon Energy (DVN -4.4%), Encana (ECA -4.1%), Range Resources (RRC -4.7%), Sandridge Mississippian Trust (SDR -4%), Newfield Exploration (NFX -3.8%), BP Prudhoe Bay Royalty Trust (BPT -3.1%), Enerplus (ERF -3.9%), and ONEOK Partners (OKS -2.5%).
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG, DRIP, GUSH
    | Dec. 30, 2015, 12:46 PM | 68 Comments
  • Dec. 28, 2015, 11:45 AM
    • WTI crude is down 3.2% to $36.90/barrel, and Brent crude down 2.5% to $36.95/barrel, leaving prices close to 11-year lows. Energy industry firms are among the biggest decliners on a day the S&P is down 0.6%.
    • Fears about excess supply appear to be weighing once more. OPEC figures point to a global oil supply glut of more than 2M barrels (over 2% of global demand); a smaller glut is expected next year. Meanwhile, Japanese government data indicates the country's oil product sales fell to a 46-year low in November, and European data suggests the continent's oil product demand growth turned negative in October.
    • The biggest casualties include Whiting Petroleum (WLL -9.9%), Oasis Petroleum (OAS -8.2%), Vanguard Natural Resources (VNR -12.5%), Denbury Resources (DNR -8%), SandRidge Energy (SD -8.1%), SandRidge Permian Trust (PER -10.9%), SandRidge Mississippian Trust (SDT -7.5%), U.S. Silica (SLCA -6.2%), Marathon Oil (MRO -6.7%), C&J Energy Services (CJES -8.1%), MV Oil Trust (MVO -9.2%), Bonanza Creek (BCEI -6.4%), Parker Drilling (PKD -7.9%), and Continental Resources (CLR -5.9%).
    • Other notable decliners include Kinder Morgan (KMI -5%), Williams Partners (WPZ -4.4%), EOG Resources (EOG -3.4%), Cheniere Energy (CQP -3.6%), SeaDrill (SDRL -3.5%), Encana (ECA -2.8%), Devon Energy (DVN -2.7%), Ensco (ESV -3.8%), Hercules Offshore (HERO -4.7%), Atwood Oceanics (ATW -4.9%), Helmerich & Payne (HP -3.8%), and Pioneer Natural (PXD -2.6%).
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG, DRIP, GUSH
    | Dec. 28, 2015, 11:45 AM | 109 Comments
  • Dec. 18, 2015, 5:51 PM
    • SPDR S&P Oil & Gas Exploration & Production ETF (NYSEARCA:XOP) announces quarterly distribution of $0.1432.
    • 30-Day Sec yield of 1.99% (as of 12/17/2015).
    • Payable Dec. 29; for shareholders of record Dec. 22; ex-div Dec. 18.
    | Dec. 18, 2015, 5:51 PM
  • Dec. 18, 2015, 7:44 AM
    • "You can be pretty much sure we’re short all of the major leveraged oil companies," Jim Chanos tells CNBC. The stocks, he says, have held up better than oil thanks to the companies' commitment to paying dividends, "but in effect, they're borrowing to pay their dividend."
    • It's no secret Chanos has been short Cheniere Energy (NYSEMKT:LNG), and it sounds like he remains so.
    • As for the price of oil, he's got no price target, but he's a bear. If he were OPEC, he says, he'd be pumping out as much oil as possible today because it might be worth even less in 15 years.
    • Famously short SolarCity (NASDAQ:SCTY), he's not fazed by this week's big tax-break related gains, and wishes he could borrow more shares. "We're not bearish on solar. We’re bearish on the guys who are knocking on doors, trying to put solar panels on your house."
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, PXJ, FIF, PSCE, NDP, RYE, FXN, DDG, GUSH, DRIP
    • XLE -1.6%, SCTY -3% premarket
    | Dec. 18, 2015, 7:44 AM | 36 Comments
  • Dec. 17, 2015, 6:15 PM
    • Crude oil prices tumbled below $35/bbl again today, weighed by data showing an unexpected climb in U.S. crude supplies and strength in the dollar following the Fed’s decision to raise rates, but Goldman Sachs warns that prices have not fallen far enough to force the oil production cuts needed to balance the market.
    • The U.S. rig count and domestic oil company spending plans are still too high to ease the global oil glut and lift prices by the end of next year, and storage continues to fill with the odds of hitting storage constraints by the spring rising, meaning crude prices may have to plunge to $20/bbl to force needed production cuts, Goldman says.
    • The larger crude producers have forecast stable output - not declines - for next year, and most of them do not need to worry about banks reducing their credit lines, creating the risk that "if investor capital is available to accommodate producers’ funding needs, the slowdown in U.S. production will take place too late or not at all," according to Goldman.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, DIG, DTO, DUG, BGR, USL, IYE, IEO, DNO, FENY, PXE, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Dec. 17, 2015, 6:15 PM | 103 Comments
XOP Description
The SPDR® S&P® Oil & Gas Exploration & Production ETF seeks to replicate as closely as possible, before expenses, the total return performance of the S&P Oil & Gas Exploration & Production Select Industry® Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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