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☆ These stocks could rally in 'second phase' of bull market, Morgan Stanley Investment Management says
▼ + stars: | 2024-03-30 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

There's a rotation happening in the market that investors can take advantage of by investing in cyclical stocks, according to Morgan Stanley Investment Management's Andrew Slimmon. He recommended investors to have a more cyclical bias to their portfolio, pointing out that the best-performing sectors in the last month are energy, materials and industrials. He also thinks there's still room to run in semiconductor stocks — even if the overbought group sees a near-term pullback. " Slimmon named Applied Materials , Ameriprise Financial and Valero Energy as some of the stocks he likes right now. Regarding energy, Slimmon said the space could continue to show strength if the economy begins to weaken.

Persons: Morgan Stanley, Andrew Slimmon, Stocks, Slimmon, there's, Slimmon's, that's Organizations: Morgan, Morgan Stanley Investment, Dow Jones Industrial, Nasdaq, Ameriprise Financial, Valero Energy, Infrastructure Investment, Jobs, United Rentals, Applied Materials, Ameriprise, U.S Locations: U.S, financials, That's

☆ Africa's richest person just opened a $19 billion oil refinery to help Nigeria reduce fuel imports
▼ + stars: | 2024-01-21 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +3 min

Read previewAfrica's richest person has opened one of the world's largest oil refineries in Nigeria. Aliko Dangote, the billionaire founder and chairman of the multinational conglomerate the Dangote Group, opened the Dangote Petroleum Refinery in a bid to help make Nigeria self-sufficient in fuel. This story is available exclusively to Business Insider subscribers. The $19 billion refinery, in the coastal city of Lekki, near Lagos, has suffered years of delays and setbacks, but it finally began production last week. This is something that the new Dangote refinery aims to change by eventually producing up to 650,000 barrels a day.

Persons: —, Aliko Dangote, Pius Utomi Ekpei, David Rubenstein, Dangote, Rafiq Raji, Raji, John Moore, Alhassan, Forbes, Rubenstein, Bill Gates, Gates, Aliko, Melinda Gates Organizations: Service, Dangote, Petroleum Refinery, Business, Dangote Petroleum, Center for Strategic, Studies, Africa, Bloomberg Global Business, West Africa's, Al, Azhar University, Dangote Cement, Bloomberg, Melinda Gates Foundation, English Premier League soccer, Arsenal Locations: Nigeria, Lekki, Lagos, AFP, New York, Nigerian, West, Egypt, Africa

ABUJA, Nigeria (AP) — Africa’s biggest oil refinery has begun production in Nigeria, the company has said, ending a yearslong wait for a plant that analysts said Monday could boost refining capacity in a region heavily reliant on imported petroleum products. The $19 billion facility, which has a capacity to produce 650,000 barrels per day, has started to produce diesel and aviation fuel, the Dangote Petroleum Refinery company reported Saturday. As Nigeria’s first privately owned oil refinery, the project "is a game-changer for our country,” it added. Nigeria is one of Africa’s top oil producers but imports refined petroleum products for its own use. At least 40% of the oil products made there also would be available for export, the company said,.

Persons: —, Nigeria’s, Olufola, Aliko, Dangote Organizations: Dangote Petroleum Refinery, NNPC Locations: ABUJA, Nigeria, Lagos

☆ These are the hottest S&P 500 stocks of the summer. Where analysts see them going next
▼ + stars: | 2023-08-21 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

It has been a good summer for the S & P 500 , even when accounting for the August slump. This summer has brought another quarterly earnings season , one interest rate hike and one skip , plus some renewed banking fears. Shares have given up some of the summer gains in August, putting the stock on trend with the broader market's move. Slightly less than one out of every two analysts rate the stock a buy. About three-fifths of analysts rate the stock a buy, with the average price target implying shares could rise more than 6% over the next year.

Persons: FactSet, John Staszak, Jake Fuller, Fuller, — CNBC's Michael Bloom, Fred Imbert Organizations: CNBC Pro, Argus Research, CCL, Labor, Petroleum Locations: FactSet

☆ Fact Check-Photo does not show ‘attack’ causing Hawaii wildfires
▼ + stars: | 2023-08-11 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

Secrest told Reuters Fact Check that he took the picture on a frigid day and knew what he was seeing. I believe the last one was starting California wildfires....”The photo was taken from Baum Road in Canton Township, Secrest, who never visited Hawaii, told the Canton Repository in an Aug. 11 interview (here). Residents saw flames from Marathon refinery’s controlled flaring, the Canton Repository and Fox 8 reported (here), (here). Reuters Fact Check has previously addressed claims of a directed energy weapon used in wildfires or explosions, including the 2023 Canadian wildfires and a 2020 Nashville blast (here), (here). The photo has circulated online since January 2018, years before the Hawaii wildfires in August 2023.

Persons: Travis Secrest, Secrest, ”, ” Secrest, Read Organizations: National Weather Service, Reuters, Twitter, Facebook, Marathon Petroleum, Baum, Fox Locations: Ohio, Hawaii, Maui, Canton, Jan, California, Canton Township, Secrest, Michigan, Nashville

☆ As Nigeria scraps fuel subsidy, a vibrant black market collapses
▼ + stars: | 2023-06-26 | by ( Desire Danga Essigue | ) www.reuters.com time to read: +4 min

Since Nigeria scrapped a state fuel subsidy on May 31, black market fuel vendors and commercial drivers in Cameroon, Benin and Togo who were heavily reliant on petrol smuggled from Nigeria have seen their businesses collapse. With supplies dwindling, queues have been forming at official petrol stations, where fuel is now competitively priced. "Supply has become scarce and customers think we're ripping them off with this high price, yet it's from Nigeria that prices have soared," said Perevet Dieudonne, a black market seller. The trade in black market fuel is so central to the local economy that authorities either turn a blind eye or are complicit. At Hilacondji, a border crossing between Togo and Benin, some black market fuel stalls were shut, while at others vendors waited among rows of empty plastic jerricans for potential deliveries.

Persons: Danga, turvy, Perevet Dieudonne, Ousmanou Mal Djoulde, Ayi Hilla, Alice Lawson, Pulcherie, Amindeh Blaise Atabong, Elisha Bala, MacDonald Dzirutwe, Estelle Shirbon, Bate Felix, Elaine Hardcastle Organizations: REUTERS, CFA, Reuters, Dangote Petroleum, United Nations, Thomson Locations: Garoua, Cameroon, GAROUA, West, Nigeria, Benin, Togo, Nigerian, West Africa, Dangote, Hilacondji, Africa, Cotonou, Pulcherie Adjoha

☆ Energy sector's COVID recovery turns into massive CEO payday
▼ + stars: | 2023-06-05 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +8 min

Occidental said its CEO pay ratio follows the rules laid out by the U.S. Securities and Exchange Commission (SEC). IT'S RELATIVE WHEN IT COMES TO RETURNSTo be sure, the value of stock-based pay shrinks when markets sour. But most energy CEOs also have a measure of built-in protection from steep declines. That’s because about 90% of energy companies measure stock performance against others in the same industry who tend to suffer at similar times. Many energy companies are under pressure from investors to reform CEO pay, according to disclosures in their annual proxy statements.

Persons: Aeisha, Virginia Parks, Christina Noel, Darren Woods, Exxon, Michael Hennigan, ”, Rosanna Landis Weaver, Toby Rice, EQT, Phillips, ” Phillips, ” Mastagni, Richard Valdmanis, Anna Driver Organizations: Energy, California State Teachers, Marathon Petroleum, University of California Irvine, Occidental Petroleum Corp, Occidental, U.S . Securities, Exchange Commission, SEC, American Petroleum Institute, ExxonMobil, Services, Microsoft, Exxon, New York, EQT Corp, Reuters, Thomson Locations: U.S, California, Virginia, CalSTRS

☆ Nigeria to commission Dangote refinery, crude supply a concern
▼ + stars: | 2023-05-22 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +3 min

Despite being Africa's biggest oil producer, Nigeria imports petrol, diesel and processed petroleum products because its refineries were run down over the years. The refinery needs a constant supply of crude but Nigeria's oil production has been declining due to oil theft, vandalism of pipelines and underinvestment. Lower production would affect state-owned oil company NNPC Ltd's ability to fulfil an agreement to supply Dangote refinery with 300,000 bpd of crude, said economist Kelvin Emmanuel, who authored a report on oil theft last year. "There are risks with supply of crude oil feedstock. Energy Aspects, however, said in the long run, the Dangote refinery could end Nigeria's gasoline deficit, reshape the Atlantic basin gasoline market and export diesel that meets European Union specifications.

☆ Wells Fargo upgraded this oil refiner that could rally more than 20%
▼ + stars: | 2023-03-16 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

HF Sinclair Corporation shares could have further upside in the case the petroleum refinery sells its lubricants and specialty products business, according to Wells Fargo. Read expects a similar deal could raise HF Sinclair shareholders' returns by more than 30%. To be sure, there have been no reports of HF Sinclair selling its lubricants business. HF Sinclair did not respond immediately to a request for comment. HF Sinclair shares are down 12% this year, after jumping 61% in 2022.

☆ Venezuela owes over $20 mln to law firms on guarding overseas assets
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] PDVSA's U.S. unit Citgo Petroleum refinery is pictured in Sulphur, Louisiana, U.S., June 12, 2018. Some U.S. courts have granted creditors rights to negotiate the sale of Venezuelan assets abroad in order to collect debts, such as the Citgo refinery, the crown jewel of Venezuela's overseas assets, and a subsidiary of PDVSA. In the document, a report from the interim government's prosecution team, the lawyers say failure to pursue the lawsuits would risk losing the overseas assets. Opposition groups maintain that control of overseas assets is not at risk, despite last month's removal of the interim government, though they have not given details of what will happen with ongoing litigation. Reporting by Vivian Sequera and Mayela Armas; Writing by Sarah Morland Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ EPA is investigating Colorado for potentially discriminating against Hispanic residents with air pollution regulations
▼ + stars: | 2022-12-28 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

DENVER — The Environmental Protection Agency is investigating whether Colorado’s regulation of air pollution from industrial facilities discriminates against Hispanic residents and other racial minorities, according to a letter released Wednesday. Since then she’s pushed for community air monitoring and stronger protections, but it all feels too late. “We would have moved.”Advocates say the Suncor refinery too often malfunctions, spiking emissions. Nevertheless there are some signs the agency chose Colorado because it could prove a willing partner. Ian Coghill, an attorney with Earthjustice that is challenging the Suncor permit, says the push and pull between the EPA and state hasn’t yielded major improvements.

☆ U.S. judge approves sales process for shares in Citgo Petroleum's parent
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com RegisterDelaware District court judge Stark last year approved the sale of shares in PDV Holding, whose only asset is Citgo shares, to pay Canadian miner Crystallex $970 million. Citgo is the crown jewel of Venezuela's overseas assets, and has split from its Caracas-based ultimate parent, Venezuelan state-run oil firm PDVSA. Judge Stark's process sets a nine-month calendar after the official launch date before he reviews a high bid. The number of shares sold would only be enough to cover the Crystallex judgment and any others the court attaches to the case. Koch Minerals and Koch Nitrogen last week applied to the Delaware District Court to link their $387 million judgment.

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