After markets closed on Monday, Devon Energy reported quarterly results that beat on both the top and bottom lines. The oil and gas producer did not indicate that it planned to increase production or capital spending. Shares traded up 3.2% in Tuesday’s premarket session. Diamondback Energy also beat top-line and bottom-line consensus estimates. Shares were up about 3.9% Tuesday.
Fertilizer maker Mosaic missed both profit and revenue estimates. The company said it expects second-quarter pricing for its phosphate products to be $140 to $160 per metric ton higher than in the first quarter and potash prices to be $40 to $60. Share traded down about 0.4% Tuesday morning.
Pipeline operator Williams beat estimates on both the top and bottom lines. The company said it expects to increase its dividend this year from $1.64 per share (yield of 4.9%) to $1.70. Shares traded up 0.8%.
Before markets opened Tuesday morning, BP reported better-than-expected earnings but a miss on revenue. The oil giant also said it would buy back $2.5 billion in stock before it announced second-quarter results. Shares traded up 6.3% early Tuesday.
Marathon Petroleum beat top-line and bottom-line estimates, and shares traded up about 2.4%. The refiner did not raise its buyback spending or its dividend.
Paramount Global beat the consensus earnings estimate but missed on revenue. Shares traded down about 8.5% in early trading.
Pfizer beat estimates on the top and bottom lines but issued downside guidance for earnings and revenue for the full 2022 fiscal year. Shares traded down about 0.6%.
After markets close Tuesday, Airbnb, AMD and Livent will report quarterly results.
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