Published: Feb. 15, 2024 at 6:43 p.m. ET
Shares of energy companies gained as oil futures recovered from the previous day’s fall.
The West Texas Intermediate crude contract rose 1.8% after the International Energy Agency maintained its bearish demand outlook, reiterating expectations of demand growth of 1.2 million barrels a day this year against projected supply growth of 1.7 million barrels a day.
Occidental…
Shares of energy companies gained as oil futures recovered from the previous day’s fall.
The West Texas Intermediate crude contract rose 1.8% after the International Energy Agency maintained its bearish demand outlook, reiterating expectations of demand growth of 1.2 million barrels a day this year against projected supply growth of 1.7 million barrels a day.
Occidental Petroleum shares rose 4.9% on the back of better-than-expected fourth-quarter earnings and on reports that Warren Buffett’s Berkshire Hathaway increased its stake in the company by 8.74%.
Berkshire also increased its multibillion-dollar stake in Chevron to more than $18 billion, and shares rose 3.4%.
Shares of ProFrac Holding were up 9.1% after the energy-services company said its proppant production segment Alpine Silica Holding filed confidentially for an initial public offering.
Write to Mary de Wet at mary.dewet@dowjones.com
Read More: Oil, Gas Companies Follow Futures Higher — Energy Roundup