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The company reported quarterly net revenue of $2.50 billion, which topped Wall Street’s estimated $2.31 billion.
US oil prices (USO) steadied in the $60s this morning after starting the session at their lowest in two months, as declining crude inventories provided a counterbalance to a gloomy economic outlook. Despite...
The oil and gas producer also said it would lay off about 10% of its workforce across all levels of the organization.
The company’s CEO, Tom Jorden, said the oil and gas producer expects to restart its Marcellus development program in the coming months.
The oil and gas producer said it would look to resume share buybacks in 2025.
On an adjusted basis, the company reported earnings of $0.80 per share, compared with Wall Street’s expectations of $0.67 per share.
The company’s fourth-quarter production surged to 848,000 barrels of oil equivalent per day (boepd), compared with 662,000 boepd in the year-ago quarter.
The company’s total sales volumes rose to 605 billion cubic feet equivalent (bcfe) of gas from 564 bcfe a year earlier.
Although Texas Pacific has greatly outpaced the broader market over the past year, analysts remain highly bearish about its future prospects.