Flood control: The Army Corps of Engineers says the rising Mississippi River could cause it to reopen the Bonnet Carre Spillway, WVUE-TV reports. It was closed April 11, and Corps spokesperson Rickey Boyett says it’s never been opened twice in one year. The National Weather Service says the river is expected to reach 16.9 feet on May 11 at a New Orleans gauge where 17 feet generally corresponds with a spillway opening. Read the full story.
Bested: Phillips 66 this morning reported first-quarter net income of $204 million. On a per-share basis, the Houston-based company said it had net income of 44 cents. Earnings, adjusted for non-recurring gains, were 40 cents per share, beating analyst expectations of 34 cents per share. The oil refiner posted revenue of $23.66 billion, which fell short of expectations. Read the full earnings snapshot.
Shale shift: Oil producer ConocoPhillips beat first-quarter profit estimates today, benefiting from a rise in output from its U.S. assets, Reuters reports. To focus better on production from the Permian, Eagle Ford and Bakken shale areas in the country, ConocoPhillips has been selling off assets elsewhere. Adjusted net earnings for the quarter were $1.15 billion, or $1 per share, compared with $1.14 billion, or 96 cents per share, the same quarter in 2018. Read the full story.
