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Darren Woods, chairman and chief executive officer of Exxon Mobil Corp, speaks during the 2024 CERAWeek by S&P Global conference in Houston, Texas, US, on Monday, March 18, 2024. Exxon CEO Darren Woods said Monday that the dispute with Chevron over Hess Corporation 's oil assets in Guyana likely will not be resolved until 2025. "This is an important arbitration obviously not only for Exxon Mobil but for Chevron and Hess," Woods said. Exxon is claiming a right of first refusal on Hess' assets in Guyana under a joint operating agreement that governs a consortium that is developing the South American nation's prolific oil resources. The CEO has repeatedly expressed confidence that Exxon will prevail in the dispute, saying the company wrote the agreement that governs the consortium.
Persons: Darren Woods, Woods, CNBC's David Faber, Hess Organizations: Exxon Mobil Corp, P Global, Exxon, Chevron, Hess Corporation, Milken Institute's Global Conference, Exxon Mobil, Hess, International Chamber of Commerce Locations: Houston , Texas, Guyana, Los Angeles, Paris
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Exxon Mobil chairman and CEO Darren WoodsDarren Woods, Exxon Mobil chairman and CEO, joins 'Squawk Box' to discuss the company's quarterly earnings results, importance of the company's Guyana assets, oil demand outlook, impact of geopolitical tensions on oil prices, and more.
Persons: Darren Woods Darren Woods Organizations: Exxon Mobil Locations: Guyana
An Exxon gas station is seen on October 06, 2023 in the Brooklyn borough of New York City. Exxon Mobil on Friday reported first-quarter earnings that missed expectations as the industry came under pressure from eroding refining margins and collapsing natural gas prices. Natural gas prices have plummeted 37% this year, and refining margins are lower than they were a year ago. Oil and gas production profits fell 12% to $5.67 billion, compared with $6.46 billion in same quarter last year due to lower natural gas prices. Exxon's fuel business saw earnings plummet 67% to $1.38 billion, compared with $4.18 billion in the prior year, due to lower refining margins.
Persons: Hess Organizations: Exxon, Exxon Mobil, LSEG, Chevron, Revenue, Hess Corp Locations: Brooklyn, New York City, Guyana
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExxon Mobil CEO: Guyana will go down as one of the best deepwater developments in industry historyDarren Woods, Exxon Mobil chairman and CEO, joins 'Squawk Box' to discuss the company's quarterly earnings results, importance of the company's Guyana assets, oil demand outlook, impact of geopolitical tensions on oil prices, and more.
Persons: Darren Woods Organizations: Exxon Mobil CEO, Exxon Mobil Locations: Guyana
Revenue of $48.72 billion fell from $50.79 billion a year ago and was short of analyst expectations. The company attributed declining profits to lower sales margins at its refineries and lower natural gas prices eating into profits in international production. Natural gas prices have plummeted 35% this year due to a supply glut. International oil and gas earnings fell 6% to $3.2 billion as production fell by 39,000 barrels to 1.77 million bpd due to maintenance in Nigeria and field declines. The higher spending was on its oil and gas production and old assets from PDC Energy after completing its acquisition of the company last August.
Persons: Read Organizations: Chevron, LSEG, Wall, Energy Information Administration, Denver, Hess Corp, Exxon Mobil, Federal, PDC Energy Locations: U.S, Nigeria, Guyana
Oil prices spiked Friday to levels not seen since October in anticipation of just such an escalation but on Monday were subdued. “It is the most significant chokepoint in the global oil market,” Richard Bronze, co-founder and analyst at data firm Energy Aspects, told CNN. A renewed crackdown would, however, “create upward pressure on global prices” at an inopportune moment, Tagliapietra said. A tight oil marketDespite Iran’s barrage of drones and missiles, the conflict had a relatively muted impact on the global oil market Monday. Oil prices have already risen sharply since hitting a low in early February.
Persons: London CNN —, Brent, Israel —, Simone Tagliapietra, ” Richard Bronze, Tagliapietra, Joe Biden’s, WTI, Russia — Organizations: London CNN, West Texas Intermediate, CNN, International Energy Agency, Hamas, Organization of, Petroleum, United Arab Emirates, Traders Locations: Israel, Iran, Syria, Paris, Gaza, Tehran, Hormuz ‘, Hormuz, Brussels, China, Strait, Saudi Arabia, Kuwait, United States, Ukraine, Washington, Damascus, OPEC, Russia, Brazil, Guyana, Canada
Ecuador's President Daniel Noboa during his inauguration at the National Assembly in Quito on November 23, 2023. A close ideological ally of Correa, Lopez Obrador had since December allowed Glas to live at the Mexican embassy—territory that is technically off limits for local authorities. Lopez Obrador last week seemed to criticize the election that brought Noboa to power, suggesting the climate of fear created by Villavicencio’s murder had favored Noboa. President of Mexico Andres Manuel Lopez Obrador speaks during a briefing at Palacio Nacional on March 12 in Mexico City. Hector Vivas/Getty ImagesWhile Lopez Obrador is at the sunset of his political career, Noboa is just getting started and seeks a strong platform to run for re-election next year.
Persons: , , Jorge Glas, Ecuador’s, Daniel Noboa, Andres Manuel Lopez Obrador, Noboa, Guillermo Lasso, Fernando Villavicencio, Alfredo ‘ Fito ’ Macias, RODRIGO BUENDIA, Glas, Rafael Correa, Lopez Obrador, Evo Morales, Peru’s Pedro Castillo, Correa, Villavicencio’s, Santiago Orbe, ” Orbe, Mexico Andres Manuel Lopez Obrador, Hector Vivas, Emilio Lezama, Bukele, Latinobarometro, It’s, it’s Organizations: Bogota CNN —, Colombian, National, Getty, Ecuadorian, CNN, Palacio Nacional, International Court of Justice Locations: Bogota, America, Guyana, Quito, Mexican, Mexico, Latin America, AFP, Ecuador, Glas, Vienna, Ukraine, Mexico City, El, El Salvador
Is Guyana’s Oil a Blessing or a Curse?
  + stars: | 2024-03-30 | by ( Gaiutra Bahadur | Keisha Scarville | ) www.nytimes.com   time to read: +1 min
Basjit Mahabir won’t let me in. I’m trying to persuade Mr. Mahabir to open the padlocked gate of the Wales Estate, where he guards the ramshackle remains of a factory surrounded by miles of fallow sugar cane fields. The growing and grinding of sugar on this plantation about 10 miles from Georgetown, Guyana’s capital, ended seven years ago, and parts of the complex, its weathered zinc walls the color of rust, have been sold for scrap. “My father used to manage the field lab.” Mr. Mahabir is friendly, but firm. Now the estate is slated to become part of Guyana’s latest boom, an oil rush that is reshaping the country’s future.
Persons: Basjit, Mahabir, , , Mr, I’m Organizations: Wales Estate Locations: Georgetown, Guyana’s
This technical indicator is known as a "golden cross," when a stock's 50-day moving average (DMA) crosses over its 200-day moving average. Investors view a golden cross as a bullish indicator of positive momentum continuing into the longer term. Two of the following three names in the S & P 500 about to form a golden cross pattern are oil companies. The other oil company close to forming a golden cross is Occidental Petroleum . Two-thirds of those covering the company rate it a hold, and the average price target implies upside potential of about 4%.
Organizations: Energy, Exxon Mobil, Exxon, Chevron, Occidental Petroleum, Occidental Locations: Guyana, Occidental
A U.S. bid to have the U.N. Security Council call for “an immediate and sustained cease-fire” in the Gaza Strip failed on Friday, after Russia and China vetoed the American resolution that included some of Washington’s strongest language since the start of the war. The resolution reflected the Biden administration’s growing frustration both with the dire humanitarian crisis in Gaza and Israel’s conduct in a war that has killed about 30,000 people and reduced much of the enclave to ruins. But international frictions, including over Washington’s previous use of its veto power in the Security Council and its refusal to call for a permanent cease-fire, doomed the resolution. Eleven members voted in favor of the resolution, but Russia and China — permanent members — voted against it, as did Algeria. Secretary of State Antony J. Blinken, who was traveling in Israel on Friday, expressed disappointment that the resolution failed.
Persons: , Antony J, Blinken Organizations: U.S, . Security, Biden, Security Council Locations: Gaza, Russia, China, Israel, Gazan, Rafah, Algeria, Guyana
When asked directly, Woods told the CERAWeek by S&P Global energy conference that acquiring Hess is not one of Exxon's objectives in the dispute with Chevron. HOUSTON — Exxon is not trying to acquire Hess as the oil major battles with Chevron over lucrative oil assets in Guyana, CEO Darren Woods said Monday. Exxon is claiming a right of first refusal over Hess' Guyana assets under a joint operating agreement that governs the Stabroek oil block, which is estimated to have 11 billion barrels of oil and gas. Woods said Exxon is also trying to find out how much value Chevron's deal is placing on Hess' Guyana assets. Exxon wrote the joint operating agreement that governs the Stabroek block, Woods said.
Persons: Woods, Hess, Darren Woods, CNBC's Organizations: Global, Chevron, Exxon, HOUSTON, Offshore Oil Corporation, International Chamber of Commerce Locations: Guyana, China, Paris, CERAWeek
The Bahrain deal comes just months after the United States joined nearly 200 other nations in a promise to transition away from fossil fuels, the burning of which is dangerously overheating the planet. It also comes as Mr. Biden is working to shore up support from climate-minded voters as he runs for re-election. In February, plans to finance the Bahrain projects prompted two of the bank’s climate advisers to resign. The Bahrain project is one of several controversial overseas fossil fuel ventures that ExIm Bank is currently considering. Also being considered are a natural gas export project in Papua New Guinea and an offshore pipeline in Guyana, alongside some projects related to renewable energy like a zinc-lead mine in Greenland.
Persons: Biden, Biden’s Organizations: United States, ExIm Locations: Bahrain, Papua New Guinea, Guyana, Greenland
Haiti’s future is being planned on two tracks — one involving traditional political power, the other focused on the power of gangs. Photos You Should See View All 60 ImagesPrime Minister Ariel Henry announced Tuesday that he would resign once the transitional presidential council was created. Guyana President Irfaan Ali said the transitional council would have seven voting members and two nonvoting ones. The transitional council includes a role for civil society alongside the Montana one, but some observers say that is far from enough. Specifically, outside actors have undermined civil society and failed to punish bad elements, he said, making the work of constructing a functional society infinitely more difficult.
Persons: Jimmy “, Chérizier, Ariel Henry, Irfaan Ali, , Michael Deibert, Moïse Jean, Charles, Guy Philippe, Philippe, Jean, Bertrand Aristide, Charles Joseph, Aristide, Henry, Robert Fatton, Francois Pierre, Louis, ” Pierre, Eric Farnsworth, Organizations: United States, Associated Press, Montana Accord, United, Former, University of Virginia, Queens College, City University of New, of, Americas Society Locations: Jamaica, Port, Guyana, Montana, Haiti, United States, EDE, RDE, Haitian, City University of New York, U.S, Americas
Henry submitted his resignation, officials of the regional bloc CARICOM announced Monday night. “We acknowledge the resignation of Prime Minister Ariel Henry upon the establishment of a transitional presidential council and the naming of an interim prime minister,” Guyana leader and current CARICOM President Irfaan Ali said. Henry was under pressure from the US to secure a political settlement, but it is far from clear who will step in. One named touted is Guy Philippe, a rebel leader recently deported from the US to Haiti after serving time for money laundering. But his decision only further enraged protesters who had for months demanded he stand down as Haiti slid further into poverty and rampant gang violence.
Persons: Ariel Henry, Henry, , Irfaan Ali, Guy Philippe, Haiti’s, Prince Organizations: CNN, CARICOM, Caribbean, UN Locations: Haiti, Caribbean, Guyana, Kingston, Kenya, Haitian, Port
Haiti’s prime minister, who has come under growing pressure to resign as gangs have overrun the country, said late Monday that he would step down once a transitional council had been established, to pave the way for the election of a new president and help restore stability. “The government that I lead will withdraw immediately after the installation of this council,” Prime Minister Ariel Henry said in a speech posted on social media. The government that I lead cannot remain insensitive to this situation.”But it was far from clear when Mr. Henry, who had been under growing pressure to step down both in Haiti and abroad, would actually do so. Leaders from Caribbean nations, who have led the push to create a transitional council, met for discussions in Jamaica on Monday but said no plan had been finalized. Guyana’s president, Mohamed Irfaan Ali, who leads Caricom, a union of 15 Caribbean countries, said that “we still have a long way to go.”
Persons: Haiti’s, Ariel Henry, Henry, Mohamed Irfaan Ali, Organizations: , Caricom Locations: Haiti, Caribbean, Jamaica
But while the unsigned, 13-page opinion the Supreme Court handed down Monday decisively resolved the uncertainty around Trump’s eligibility for a second term, it left unsettled questions that could some day boomerang back to the justices. A state court removed Griffin from office and New Mexico’s top court dismissed his appeal and Griffin appealed to the US Supreme Court. And it just makes the presidential transition – if Trump wins – more complicated, unpleasant and problematic than it needed to be.”What about other qualifications for candidacy? The seemingly preposterous hypotheticals came up repeatedly during the Trump ballot cases. But the Supreme Court hasn’t addressed the issue and didn’t offer clues on the point in Monday’s opinion.
Persons: Donald Trump’s, Trump, , Donald Sherman, , ” Trump, Ilya Somin, Couy Griffin, Griffin, Derek Muller, SCOTUS, Gerard Magliocca, Neil Gorsuch, hasn’t, ” Somin, Somin, nodded, isn’t Organizations: CNN, Court, Democratic, Trump, George Mason University, Capitol, Cowboys, New, Notre Dame Law School, Indiana University, Colorado, Appeals Locations: Washington, Colorado, New Mexico, disqualifying, Guyana, Denver
Exxon Mobil indicated Wednesday it could make a bid for Hess' oil assets in Guyana if the company's merger agreement with Chevron fails due to a dispute over pre-emption rights. Exxon filed for arbitration at the International Chamber of Commerce in Paris Wednesday morning to adjudicate the dispute with Chevron over Hess' Guyana assets, Exxon senior vice president Neil Chapman said during an interview at a Morgan Stanley event. "We are extremely confident in our position that pre-emption rights exist in this contract, and we fully intend on ensuring that we preserve those pre-emption rights," Chapman said. Chevron entered an agreement in October to purchase Hess for $53 billion, in a play to gain a foothold in Guyana's massive offshore oil assets. The oil major has said Exxon's pre-emption rights under the joint operating agreement do not apply to its pending merger with Hess.
Persons: Hess, Neil Chapman, Morgan Stanley, Chapman Organizations: Exxon Mobil, Chevron, Exxon, International Chamber of Commerce, Hess Locations: Guyana, Paris, Hess
The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria. Crude oil futures are headed for a second consecutive monthly gain as OPEC+ is expected to extend its production cuts through at least the second quarter. U.S. and Brent have gained about 6% month to date with first month contracts trading at a premium to later months. OPEC+ is considering extending its production cuts through at least the second quarter, three sources told Reuters Wednesday. The cartel could keep the cuts in place for the rest of the year, two of the sources said.
Persons: Brent Organizations: Organization of, Petroleum, West Texas Intermediate, Reuters Locations: Algiers, Algeria, OPEC, U.S, Canada, Guyana, Brazil, Israel, Lebanon, Red, Iran
Hess Corp shares fell Tuesday after Chevron warned investors that a dispute with Exxon Mobil and China's National Offshore Oil Corp. (Cnooc) over Guyana's offshore oil assets could jeopardize its bid to acquire the company. Chevron said Exxon and Cnooc's claims could delay or completely derail its acquisition of Hess. Chevron said in the filing that it does not believe the joint operating agreement applies to its acquisition of Hess. Neal Dingmann, an analyst at Truist, told CNBC's "Squawk Box" on Tuesday that it is unlikely Exxon and Cnooc will scoop up Hess' Guyana assets. The dispute with Exxon and Cnooc is the latest hurdle that Chevron's bid to acquire Hess faces.
Persons: Hess, , Exxon, Neal Dingmann, CNBC's, Dingmann Organizations: Hess Corp, Chevron, Exxon Mobil, China's, Offshore Oil Corp, Exxon, Cnooc, Federal Trade Commission Locations: Guyana
America’s two largest energy companies, Exxon Mobil and Chevron, are jousting over a prized new source of oil in the waters off Guyana, in Latin America. The conflict is creating doubts over Chevron’s bid to acquire Hess Corp. for $53 billion, announced in October. With just 800,000 people, Guyana, long one of Latin America’s poorest countries, is now being compared to Qatar, the natural gas-rich Persian Gulf emirate. Exxon has raised concerns over Chevron’s effort to gain entry to this petroleum bonanza through a proposed purchase of Hess’s 30 percent stake in Stabroek. Exxon owns 45 percent of Stabroek and is the operator or manager of the area.
Organizations: Exxon Mobil, Chevron, Hess Corp, Exxon Locations: Guyana, Latin America, Qatar, Stabroek
Norwegian Cruise Line — The cruise ship operator soared 18% on strong forward guidance. Unity expects adjusted EBITDA to range between $45 million and $50 million, versus the $113 million expected by analysts polled by FactSet. Viking Therapeutics — The clinical-stage biotech soared more than 90% after fulfilling primary and secondary endpoints in its Phase 2 GLP-1 study. Earnings came in at $1.57 per share, beating expectations of $1.47 per share, according to LSEG, formerly known as Refinitiv. Revenue of $1.92 billion matched analysts' expectations.
Persons: Viking, LSEG, Cava, Wells, Duolingo, CarGurus, — AutoZone, Microstrategy, , Sarah Min, Michelle Fox, Alex Harring, Jesse Pound, Yun Li Organizations: Cruise, Unity Software, FactSet, Therapeutics, Hess Corporation, Chevron, Exxon Mobil, China's, Offshore Oil Corp, Hess, Bank of America Securities, Seaport Research Partners, CleanSpark Locations: Cava
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCroft: Guyana has been a big driver of supply in the oil market, and is hugely important to ExxonRBC Capital's Helima Croft discusses the global importance of a giant oil block in Guyana, that's prompting a corporate dispute between Chevron and Exxon Mobil, and stoking geopolitical tensions.
Persons: Helima Croft Organizations: Exxon RBC, Chevron, Exxon Mobil Locations: Croft, Guyana
Police arrest a protester during a gay rights demonstration, which would become known as the first Sydney Gay and Lesbian Mardi Gras, June 1978. A permanent place to learn and healThere’s never been a more crucial time to record and display the stories and history of my LGBTQI community. LGBTQ+ activists demonstrate in what would evolve into the Sydney Gay and Lesbian Mardi Gras, 1978. Many arrested gay men were sent to Cooma — the world’s only known jail for gay men — also in New South Wales. My gay community finally gets to tell their own history in a venue that imprisoned and beat us for simply being ourselves.
Persons: Gary Nunn, Read, Gary Nunn Qtopia, Sydney’s, Anthony Albanese, “ ‘, , Darlo copshop, Steve Warren, Peter Murphy, Murphy, Qtopia, They’ve, videographers, There’s, , David Polson, wasn’t, , Cooma, David hasn’t, He’s Organizations: Sydney CNN, Darlinghurst Police, “ ‘ 78ers, ‘ 78ers, 78ers, Police, Sydney Gay, Mardi Gras, Sydney Morning Herald, Fairfax Media, Getty, Warren, Mardi, South Wales, Gay, NSW police, Goliath Locations: Sydney, Australia, Darlinghurst, San Francisco, London, South, Qtopia, New South Wales, Uganda, Malaysia, Guyana, Dominica, Nigeria, Pakistan
By Robertson S. HenryKINGSTOWN (Reuters) - The top court in Saint Vincent and the Grenadines dismissed a challenge to anti-gay laws dating to British colonial rule on Friday, leaving the Caribbean country among a handful that still prescribes harsh criminal penalties against gays and lesbians. Local laws call for up to ten years incarceration for anyone who has same-sex relations, under a 1988 criminal code that upheld laws from the colonial era. In her ruling, Judge Esco Henry held that Johnson and Macleish did not have the standing to challenge the laws since they do not live in the country. Activists argue that the laws that criminalize consensual same-sex relations between adults encourage physical abuse and discrimination, even though they are rarely if ever enforced. But elsewhere in the Caribbean, Saint Kitts and Nevis, Antigua and Barbuda, and Barbados have decriminalized gay sex in 2022, while Trinidad and Tobago struck down its ban altogether in 2018.
Persons: Robertson S, Henry KINGSTOWN, Javin Johnson, Sean Macleish, Judge Esco Henry, Johnson, Macleish, Cristian Gonzalez, Saint Vincent, Henry, Sarah Morland, David Alire Garcia, Raju Gopalakrishnan Organizations: Reuters, Eastern Caribbean Court of Appeal, Activists, Rights Watch Locations: Saint Vincent, Grenadines, Caribbean, Jamaica, Dominica, Saint Lucia, Guyana, Grenada, Saint Kitts, Nevis, Antigua, Barbuda, Barbados, Trinidad and Tobago, Kingstown, Mexico City
Oil prices spiked last month following US-led strikes on Houthi targets in Yemen in response to repeated attacks on commercial ships in the Red Sea. One factor that could be keeping the cap on oil prices is waning demand. “Global oil demand growth is losing momentum,” said the agency in its February report. While global oil demand growth is slowing, supply has stayed relatively strong, potentially putting further downward pressure on oil prices. “Higher global oil supply this year, led by the United States, Brazil, Guyana and Canada, should more than eclipse the expected rise in world oil demand,” said the report.
Persons: Bell, , Donald Trump, Matt Egan, , Trump, Jay Ritter, Read, Anna Bahney, Freddie Mac, Sam Khater, Freddie Mac’s, Khater, Bob Broeksmit Organizations: CNN Business, Bell, New, New York CNN, West Texas, Brent, International Energy Agency, , shuttering, Federal, US, United Arab Emirates, White, Wall, Trump, Truth Social, Trump Media & Technology Group, Securities and Exchange, Trump Media, SEC, University of Florida, Mortgage Bankers Association Locations: New York, Russia, Ukraine, Yemen, Red, United Kingdom, Japan, Germany, Iraq, United States, Brazil, Guyana, Canada
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