Wednesday's earnings....Devon Energy [DVN], Murply Oil Corp. [MUR] and Phillips 66 [PSX]

Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company, announces first quarter earnings of $1.4 billion compared with earnings of $636 million in the first quarter of 2012. Adjusted earnings were $1.4 billion, an increase of $617 million from the first quarter of 2012.

“We achieved strong financial results in the first quarter by capturing favorable chemicals and refining margins,” said Greg Garland, chairman and chief executive officer. “Operating excellence is our top priority, and in the first quarter we continued to improve upon our solid safety and environmental performance. We also are investing in the continued growth of our business. Our plans for a new natural gas liquids fractionator on the Gulf Coast reinforce our commitment to the American energy landscape and highlight our unique opportunities across the downstream value chain.”

“Increasing shareholder distributions remains a key component of our strategy and value proposition. During the quarter, we paid an increased dividend and repurchased $382 million of stock as part of our $2 billion share repurchase program. Since the company’s inception a year ago, we have returned $1.2 billion of capital to shareholders through dividends and share repurchases,” Garland concluded......Read the entire Phillips 66 earnings report.

Devon Energy Corporation (NYSE:DVN) today reported a net loss of $1.3 billion or $3.34 per common share ($3.34 per diluted share) for the quarter ended March 31, 2013. The quarterly loss was attributable to a $1.9 billion non cash asset impairment charge primarily related to lower oil and natural gas liquids pricing. Adjusting for this non cash charge and other items securities analysts typically exclude from their published estimates, the company earned $270 million or $0.66 per diluted share in the first quarter of 2013.

Devon continued to deliver strong oil production growth in the first quarter of 2013. Companywide oil production averaged 162,000 barrels per day, a 14 percent increase compared to the first quarter of 2012 and an 8 percent increase over the fourth quarter of 2012. Driven by the Permian Basin, the most significant growth came from the company’s U.S. operations, where oil production increased 23 percent year over year.

Total production of oil, natural gas and natural gas liquids increased to an average of 687,000 oil equivalent barrels (Boe) per day in the first quarter. This exceeded the top end of the company’s guidance by 2,000 barrels per day. First quarter production benefited from better-than-expected results across several core development assets, including Jackfish and Cana-Woodford......Read the entire Devon Energy earnings report.

Murphy Oil Corp. (NYSE: MUR) announced today that net income in the first quarter of 2013 was $360.6 million ($1.88 per diluted share), compared to net income of $290.1 million ($1.49 per diluted share) in the first quarter of 2012. The first quarter of 2013 included income from discontinued operations of $152.6 million ($0.80 per diluted share) compared to income of $8.6 million ($0.05 per diluted share) in 2012.

The 2013 discontinued operations results primarily related to a gain on sale of two oil and natural gas properties in the United Kingdom during the quarter. Income from continuing operations was $208.0 million ($1.08 per diluted share) in the first quarter 2013, down from $281.5 million ($1.44 per diluted share) in the 2012 quarter.

Income from continuing operations declined in the 2013 quarter compared to 2012 due primarily to higher expenses for exploration, administration, financing and income taxes. Better results for the Company’s downstream operations partially offset these higher expenses......Read the entire Murphy Oil Corp. earnings report.


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Murphy Oil Announces Preliminary Second Quarter 2012 Earnings

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Murphy Oil Corporation (NYSE: MUR) announced today that income from continuing operations was $295.4 million ($1.52 per diluted share) in the 2012 second quarter, up from $280.0 million ($1.44 per diluted share) in the second quarter 2011.

The increase in 2012 earnings from continuing operations was mostly attributable to improved downstream results compared to the prior year’s quarter. Net income in the second quarter of 2012 was also $295.4 million ($1.52 per diluted share) compared to net income of $311.6 million ($1.60 per diluted share) in the second quarter of 2011. Net income in the 2011 second quarter included income from discontinued operations of $31.6 million ($0.16 per diluted share), which related to operating results of two U.S. refineries that were sold in the second half of 2011.

For the first six months of 2012, income from continuing operations was $585.5 million ($3.01 per diluted share), an improvement from $518.5 million ($2.66 per diluted share) in 2011. For the six month period of 2012, net income totaled the same $585.5 million ($3.01 per diluted share), but net income of $580.5 million ($2.98 per diluted share) for the first six months in 2011 included income from discontinued operations of $62.0 million ($0.32 per diluted share).


Read the entire Murphy Oil Corp. earnings report

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You ARE a Hedge Fund Manager.....So What Are The Most Successful Managers Buying?

Sometimes we don't see it, but every one of you reading this that have taken the step to manage your own money, your own fund....you are a hedge fund manager [you are hedging, aren't you?]. And like any business, yes you are in business to make yourself money, you should look at what your peers are buying.

Two of my favorite sites are Insider Monkey and Guru Focus. How can you even think about adding crude oil and energy stocks to your portfolio without looking at what the most successful people in our industry are buying.

I will let you do your own research, but I have been surprised at some of the small american producers that are showing up in the portfolios of the "great oil minds". Names like Plains Exploration and Production Company, ticker PXP, Sandridge Energy ticker SD, Murphy Oil Corp. ticker MUR and Gastar Exploration ticker GST. Gastar? A small company that just received permits to drill in Utah and should producing oil by October.

Markets are closed and it's a slow news period for the Labor Day weekend so take some time and see what these guys are buying.

Barclays' Favorite Oil Companies

From Barclays Capital's "Global Energy Outlook" report published on Aug. 11, 2011, the following exploration, production, integrated oil and refining companies are ranked overweight with a positive sector outlook. Barclays' energy experts are bullish on oil long-term and that could help out the equities of the following 10 undervalued names.



Chevron (CVX) is one of Barclays' favorite big oil overweights. Price target: $135. Upside potential: 45%.

Hess Corporation (HES) is trading under 7 times forward earnings. Barclays price target: $108. Upside potential: 93%.

Murphy Oil Corp (MUR) is mainly U.S. dependent. But Barclays likes them. Price target: $77. Upside potential: 49%.

Canada's Imperial Oil (IMO) has a price target of $57 with a potential upside of 44%, according to Barclays' estimates.

Sunoco (SUN) is a household name in the U.S. And the bain of the average America's existence when gasoline prices hit $4 a gallon. Barclays price target: $54. Upside potential: $74.

Tesoro (TSO) is a national refiner headquartered in Texas. Barclays price target: $38. Upside potential: 95%.

Headquarterted in the UK, Afren PLC (LON: AFR) drills for oil off the coast of Africa. Barclays price target: $200. Upside potential: 111%.

BowLeven (LON: BLVN) is another UK based oil and gas exploration and production company with most of its assets off coastal Africa. Barclays price target: $515. Upside potential: 312%.

Max Petroleum (LON: MXP) explores and produces oil in Kazakhstan. Is nice! Barclays price target: $45. Upside potential: 275%.

Premier Oil (LON: PMO) maintains oil and gas exploration and production ops in the North Sea and on land in Pakistan and the Middle East. Barclays price target: $631. Upside potential: 86%.

Posted courtesy of Forbes.Com

Some Things Never Change, Another Summer Of Rising Gas Prices

Just like every other summer, gas prices will likely be rising. Gas prices will likely be a thorn in the side of consumers who are starting to feel more optimistic about the U.S. economic recovery.