These Top Oil Stocks Plan to Sit Back and Cash In on Higher Crude Prices
Oil prices have moved sharply higher in recent months. The price of West Texas Intermediate (WTI), the primary U.S. oil benchmark, was recently above $90 a barrel. That's a more than 30% gain in the last three months and comfortably above its $65 to $80 a barrel trading range over the past year.
Higher crude prices typically entice oil companies to ramp up their drilling activities to increase production. However, that's not what leading oil companies Devon Energy (NYSE: DVN) and Occidental Petroleum (NYSE: OXY) are planning. They expect to keep a lid on spending. That would enable them to produce even more free cash flow that they'll likely return to shareholders.
Devon Energy expects its total capital spending to be between $3.6 billion and $3.8 billion this year. That's over $1 billion more than it spent in 2022. The main factors fueling that increase are inflation and the impact of two acquisitions.
Source Fool.com
Occidental Petroleum Corp. Aktie
Mit 15 Buy-Einschätzungen und nur 2 Sell-Einschätzungen steht die Community der Aktie positiv gegenüber.
Für Occidental Petroleum Corp. sieht die Community ein Kursziel von 70 €, was eine erhebliche Steigerung um über 20% gegenüber dem aktuellen Kurs von 55.77 € bedeutet.
