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Why 3 Oil and Gas Stocks Popped Today

TheMotleyFool

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Why 3 Oil and Gas Stocks Popped Today: https://g.foolcdn.com/editorial/images/722011/oil-rigs-on-land-at-sunset.jpg

The oil and gas business continues to be incredibly profitable as companies focus more on churning out cash rather than growing revenue. Earnings reports that have come out in the last 24 hours have confirmed that trend.

In trading on Thursday, Permian Resources (NYSE: PR) shares jumped as much as 18%, Teekay Tankers (NYSE: TNK) was up 15.2% at its peak, and TechnipFMC (NYSE: FTI) rose 15.2%. The stocks were up 17.4%, 14.6%, and 5.8% respectively at 3 p.m. ET.

At Permian Resources, oil production was 81,400 barrels per day, 9% above the midpoint of outlook. Cash provided by operating activities was $528 million and adjusted free cash flow was $256 million for the quarter.

Source Fool.com

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