XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF
The schedule
- Mon9Nov
(Driven by PARR) Q3 results will test the profitability of the recently integrated Wyoming assets and the resilience of PARR's 'island economics'.
- Tue8Dec
(Driven by PSX) Annual strategic update detailing the 2027 capital expenditure program and potential monetization of non-core retail assets.
- Thu10Dec
(Driven by TPL) Anticipated year-end strategic updates regarding TPL's non-oil commercial real estate and AI infrastructure monetization.
- Thu14Jan
(Driven by EXE) Critical mid-winter EIA storage report, dictating natural gas pricing dynamics for the remainder of the high-demand season.
- Wed20Jan
(Driven by CLMT) Potential corporate action detailing the spin-off, joint venture, or stake sale of the mature Montana Renewables (MRL) business segment.
- Tue9Feb
(Driven by PBF) Full-year 2026 cash generation recap and the critical forward look at 2027 capital allocation.
- Wed10Mar
(Driven by CNX) Anticipated policy updates from President Trump regarding natural gas export approvals and drilling regulations.
- Fri30Apr
(Driven by DINO) Q1 2027 operating update capturing early spring margins and inventory builds ahead of the summer driving season.
Past
- Tue15Sep
(Driven by CLMT) Expected regulatory guidance from the EPA under President Trump regarding RFS volume obligations and RINs compliance, which directly impacts Calumet's refining margins.
- Tue15Sep
(Driven by DINO) Expected timeline for the conclusion of the internal audit review and the naming of a permanent CEO and CFO.
- Sun9Aug
Actual outcome: Bull
While the catalyst was initially focused on Par Pacific's earnings, XOP's 5.1% rally was ultimately driven by escalating geopolitical supply risks. Fading US-Iran peace hopes and a standoff in the Strait of Hormuz heightened concerns over global oil supplies, pushing crude prices higher. This macroeconomic backdrop of elevated supply premiums and a depleted Strategic Petroleum Reserve fueled the continued surge in the broader exploration and production ETF.
(Driven by PARR) Par Pacific reports Q2 2026 earnings, revealing whether peak summer driving season margins can offset recent negative free cash flow.
- Fri31Jul
Actual outcome: Bull
Venture Global successfully delivered its highly anticipated first cargo and executed a smooth capacity ramp-up from its newly commissioned LNG train. This milestone alleviated execution risks and reinforced the strength of U.S. LNG export infrastructure, providing a broader tailwind for the exploration and production sector that drove XOP well above its bull target.
(Driven by VG) Venture Global's highly scrutinized first cargo and capacity ramp-up from its newly commissioned LNG train.
Scouting Reports
OPEC Fracture and Supply Shocks Drive Upstream E&P Supercycle
May 16, 2026
The global energy market is undergoing a structural realignment that is fundamentally altering capital flows across the broader economy. Following the United Arab Emirates’ departure from OPEC on May
Read more →
Hormuz Closure Ignites E&P Supercycle as Fed Wrestles with Stagflation Risk
Mar 31, 2026
The massive supply shock emanating from the March 2026 US-Iran conflict has fundamentally rewired market leadership. With the Strait of Hormuz effectively closed—trapping roughly 20% of global oil tra
Read more →