News
The day at a glance · 3 min read
Mood · Mixed
+20
Sentiment, −100 to +100
COP Cash from Operations
$7.2B
COP Shareholder Returns
$3.4B
COP Free Cash Flow
$4B+11%
Key driverStrong Q3 earnings from oil majors offset by significant ETF outflows and refining margin pressure from weaker crude prices
Daily briefEnergy· Money365.Market AI ·

Oil Majors Post Strong Q3 as ETF Flows Turn Negative

ConocoPhillips and EOG Resources report robust earnings and shareholder returns while energy ETFs shed major positions

Oil & Gas Majors

Bullish

EOG Dividend Increase

8%+8%

EOG Q3 Profit Growth

89%+89%

DVN Free Cash Flow

$2B

OXY Expected EPS

$1.47

OXY Expected Revenue

$6.89B
01COP
ConocoPhillips ($COP) beat Q3 2026 expectations with earnings more than doubling as higher realized prices boosted revenues, cash flow and shareholder returns despite lower production. The company generated $7.2 billion in cash from operations and returned $3.4 billion to shareholders during the quarter. ConocoPhillips outlined a path to roughly double 2025 free cash flow by 2029, with Q3 delivering $4 billion in free cash flow and supporting an 11% return metric.
02EOG
EOG Resources ($EOG) reported Q3 profit surged 89% driven by record oil and gas production and stronger commodity prices, leading to a sharp increase in quarterly earnings and free cash flow. The company lifted its dividend 8% and published its Q3 2026 earnings call presentation.
03DVN
Devon Energy ($DVN) reported $2 billion in free cash flow for the third quarter with strong cash generation supporting accelerated share repurchases. The company raised merger synergy expectations and outlined plans to accelerate buybacks, though shareholder TOMS Capital Investment Management expressed disappointment that Devon concluded its strategic review and determined that not selling additional assets represents the best path forward.
04OXY
Occidental Petroleum ($OXY) is set to report Q3 earnings, with analysts expecting $1.47 EPS and $6.89 billion in revenue. The stock's 1.99% yield requires $301,921 in investment to generate $500 in monthly income.

Energy ETF Flows

Bearish

XLE Exxon Sale

$75.9M

XLE Total Sales

$312.6M

XOM Net ETF Outflow

$116.6M

COP Net ETF Outflow

$22.9M

CVX Net ETF Outflow

$52.9M
01XLE
State Street Energy SPDR ($XLE) sold $75.9 million of ExxonMobil ($XOM) stock on Nov. 4 as part of a broader $312.6 million divestment day in which the fund sold stock and bought nothing, cutting all 21 of its positions. ETFs sold a net $116.6 million of ExxonMobil shares on the same day.
02COP
ConocoPhillips ($COP) saw $22.9 million in net ETF selling on Nov. 4, while Chevron ($CVX) drew $52.9 million in net ETF selling on the same day.

Renewables & Clean Energy

Bullish

FSLR Q3 Net Income

$571.06M

FSLR Q3 Sales

$1,230.94M

FSLR Buyback Program

$500M

SO Q3 Adjusted EPS

$1.94

SO Full-Year Guidance

$4.70

SO Data Center Usage

59%+59%
01FSLR
First Solar ($FSLR) reported third quarter 2026 net income of $571.06 million on sales of $1,230.94 million and announced a $500 million share repurchase program. The company updated guidance to point to lower full year net sales and module shipment volumes while tightening its focus on U.S. manufacturing and policy support, including a new South Carolina facility and expected benefits from domestic clean energy incentives.
02SO
Southern Co ($SO) beat Q3 estimates with $1.94 adjusted EPS and lifted full-year guidance to $4.70 as data center demand surged. The utility secured 21 gigawatts of large load contracts as data center usage jumped 59%.

OPEC & Geopolitics

Neutral
01
Kazakhstan indicated that oil exports to Germany will not resume by the end of 2026, according to Reuters citing Interfax. The延ed timeline adds to ongoing supply uncertainty in European crude markets.

Refining Sector

Bearish
VLO
01
Oil markets have shifted from scarcity headlines to talk of surplus, with weaker demand, fuller tanks and a softer geopolitical risk premium all pulling on crude prices. This shift can reshape the economics of refiners and petrochemical producers, changing who benefits from cheaper feedstock and who simply earns less on every barrel processed, with cheaper crude testing margins for processors.

Utilities

Neutral

PPL Market Value

$26.9B

PPL TTM Revenue

$9.4B

PPL TTM Operating Profit

$2.3B

PPL TTM Net Income

$1.3B
01PPL
PPL ($PPL) is scheduled to report earnings, with the company holding a market value of $26.9 billion. Over the last twelve months PPL generated $9.4 billion in revenue and $2.3 billion in operating profit, with net income of $1.3 billion.

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