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☆ Home countries of major rainforests agree to work together to save them
▼ + stars: | 2023-10-28 | by ( Ange Adihe Kasongo | ) www.reuters.com time to read: +2 min

The countries recognised the importance of cooperation and agreed to develop ways to protect the forests in a seven-point plan. Deforestation increased 4% worldwide in 2022, according to an October report showing countries went further off track from pledges made at the 2021 U.N. climate talks to halt and reverse loss and degradation by 2030. Over the three days of the summit in Brazzaville, experts and policymakers from countries with tropical forests discussed shared priorities ahead of the U.N. COP28 climate talks next month. They examined different funding mechanisms to help developing countries preserve their important ecosystems. Additional reporting by Alessandra Prentice; Writing by Anait Miridzhanian and Edward McAllisterOur Standards: The Thomson Reuters Trust Principles.

Persons: Ueslei Marcelino, We've, we've, Arlette Soudan, Alessandra Prentice, Anait Miridzhanian, Edward McAllister Organizations: REUTERS, European Union, Wildlife Fund, Thomson Locations: Belem , Para, Brazil, BRAZZAVILLE, Congo Republic, Congo, Southeast Asia, Republic of Congo, Brazzaville

She blamed the corrosion on the water piped in from the area's longtime drinking water source: the Mississippi River. As in New Orleans, drinking water in the parish is drawn from the river. Parts of Kansas, Nebraska, Missouri, Iowa, Minnesota and Wisconsin — all part of the vast Mississippi River basin, which touches 31 states — are experiencing extreme drought conditions. New Orleans officials also were working on a plan to build an emergency pipeline. This is the fifth year the Corps has built an underwater structure to slow the salt water flow.

Persons: Monique, Byron Marinovich, ”, Belle Chasse, “ We've, Keith Hinkley, “, —, Stephen Murphy, Cynthia Lee Sheng, Murphy, ” ___ Smith, Mary Katherine Wildeman, Camille Fassett Organizations: ORLEANS, ”, U.S . Geological Survey, Wisconsin —, Tulane University’s School of Public Health, Tropical Medicine, Management, U.S . Army Corps of Engineers, Corps, NOAA’s Center, Operational Oceanographic Products and Services, Associated Press Locations: Mississippi, Plaquemines Parish, New Orleans, Gulf of Mexico, Port Sulphur, Pointe, Plaisance, Marinovich, Belle, ”, Midwest, Vicksburg , Mississippi, U.S, Kansas , Nebraska , Missouri , Iowa, Minnesota, Wisconsin, Ohio, Orleans, Louisiana, Jefferson Parish, Plaquemines, Jefferson, United States, Tampa Bay , Florida, Gulf Coast, Buras , Louisiana, Hartford , Connecticut, Seattle

Exxon Mobil’s third-quarter profit declined compared with last year when the oil giant put up record numbers as oil prices soared, but net income jumped 15% compared with the previous quarter. Exxon Mobil Corp. earned $9.07 billion, or $2.25 per share in the period. Revenue slipped to $90.76 billion from $112.07 billion, but still topped Wall Street's estimate of $89.29 billion. Exxon also announced Friday that it raised its fourth-quarter dividend to 95 cents per share from 91 cents per share. Exxon shares are up slightly before the open bell, while shares of Chevron are down more than 2%.

Persons: Exxon isn't, Darren Woods, “, Exxon Organizations: Exxon Mobil’s, Exxon, Chevron, Hess, Exxon Mobil Corp, Zacks Investment Research, Natural Resources, Mobil, Hess Corp, drillers, U.S Energy Information Administration Locations: Texas, New Mexico, San Ramon , California, Ukraine, Saudi Arabia, Russia, Israel, Gaza, U.S, Syria

☆ Chevron and Exxon's latest buys could usher in a new era of oil megamergers
▼ + stars: | 2023-10-27 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Energy heavyweights Chevron and Exxon Mobil announced shiny new acquisitions this month — and some industry watchers say it could be the start of more multibillion megadeals to come. Chevron on Monday said it's buying Hess for $53 billion in stock, allowing Chevron to take a 30% stake in Guyana's Stabroek Block — estimated to hold some 11 billion barrels of oil. The announcement comes just weeks after Exxon Mobil announced its purchase of shale rival Pioneer Natural Resources for $59.5 billion in an all-stock deal. While this marks Exxon's largest deal since its acquisition of Mobil, the merger would also double the oil giant's production volume in the largest U.S. oilfield, the Permian Basin. "The big-money acquisition of Hess by Chevron accelerates the trend of consolidation and big-money deals," energy consultancy Rystad Energy said in a note.

Persons: it's, Hess Organizations: Energy, Chevron, Exxon Mobil, Natural Resources, Mobil, Hess, Rystad Energy, Exxon, Pioneer Locations: Guyana

☆ Exxon Mobil third-quarter profit falls compared with last year's record numbers, but refineries are strong
▼ + stars: | 2023-10-27 | by ( ) www.cnbc.com time to read: +3 min

Fuel prices are displayed at an Exxon Mobil Corp. gas station in Arlington, Virginia, U.S., on Wednesday, April 29, 2020. Exxon Mobil 's third-quarter profit declined compared with last year when the oil giant was put up record numbers due to soaring crude prices, but net income was up 15% compared with the previous quarter. Exxon Mobil earned $9.07 billion, or $2.25 per share, in the period. The company posted unprecedented profits last year of $55.7 billion, breezing past its previous record of $45.22 billion in 2008 when oil prices hit record highs. While attacks on Israel do not disrupt global oil supply, according to an analysis by the U.S Energy Information Administration, "they raise the potential for oil supply disruptions and higher oil prices."

Persons: Exxon isn't, Darren Woods Organizations: Exxon Mobil Corp, Exxon Mobil, Exxon, Natural Resources, Chevron, Hess, Zacks Investment Research, Mobil, Hess Corp, drillers, U.S Energy Information Administration Locations: Arlington , Virginia, U.S, Texas, New Mexico, Ukraine, Saudi Arabia, Russia, Israel

We're buying 200 shares of Coterra Energy (CTRA) at roughly $28 each. Following Thursday's trade, Jim Cramer's Charitable Trust will own 1950 shares of CTRA, increasing its weighting to about 2% from 1.83%. CTRA 1M mountain Coterra Energy 1-month Coterra Energy is an exploration and production company that is roughly split evenly between oil and natural gas . More importantly, the reason to own Meta stock has not changed as it has effectively leveraged AI to increase engagement on its platforms as well as monetization. An oil pumpjack pulls oil from the Permian Basin oil field in Odessa, Texas, on March 14, 2022.

Persons: Jim Cramer's, We've, Exxon Mobi, we've, BOE, Hess, Coterra, Mark Zuckerberg's, Jim Cramer, Jim, Joe Raedle Organizations: Coterra Energy, CTRA, Natural Resources, Exxon, Coterra, Chevron, Reality Labs, Meta, CNBC, Getty Locations: Odessa , Texas

That has allowed forests to become four to seven times more densely wooded than they once were, Safford said. Fire scientists advocate more deliberate burning at low-to-moderate severity to clear vegetation that makes forests susceptible to big fires. Susan Britting, executive director of one of the groups, Sierra Forest Legacy, acknowledged any cutting triggers skepticism because loggers historically took the largest, most marketable trees. But she said thinning trees up to a certain diameter is acceptable, though she prefers prescribed burning. Homeowners are anxious prescribed fires will jump perimeters and destroy houses.

Persons: ” Hugh Safford, Davis, John Muir, What’s, Safford, “ We're, ”, Brandon Collins, Chad Hanson, there's, Hanson, Christy Brigham, ” John Muir, Jeffrey, “ John Muir, ” Safford, gesturing, “, it's, Weeks, Susan Britting, ” Britting, John Muir Project's Hanson, Safford —, that's, what’s Organizations: University of California, Eldorado National, Sierra, U.S ., American Geophysical Union, John Muir Project, Earth Island Institute, Sequoia, National Parks, National Park Service, U.S . Forest Service, Service, Forest Service, Infrastructure Law, Sierra Forest Locations: Calif, Lake, Eldorado, Sierra Nevada, U.S, California, . California, Yosemite, Sequoia, Canyon, —, Berkeley, Lake Tahoe, Safford, New, Sierra

☆ Oil dips after U.S. stockpiles climb, Middle East tensions in focus
▼ + stars: | 2023-10-26 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. Investors were also digesting a rise in U.S. crude inventories, indicative of weak demand. Macroeconomic concerns continued to weigh on the outlook for oil demand, as euro zone business activity data took a surprise downturn this month. The dollar index was also up slightly on Thursday, which helps pressure oil prices. A stronger dollar dampens oil demand as it makes the commodity more expensive for those holding other currencies.

Persons: Angus Mordant, Brent, Tina Teng, Jeslyn Lerh, Gerry Doyle, Edwina Gibbs Organizations: REUTERS, U.S, West Texas, Wall Street Journal, Hamas, CMC, Investors, Energy Information Administration, Citi, Thomson Locations: Mentone, Loving County , Texas, U.S, Israel, SINGAPORE, Gaza

☆ Exclusive: ConocoPhillips weighs CrownRock bid to challenge rivals
▼ + stars: | 2023-10-26 | by ( David French | ) www.reuters.com time to read: +2 min

CrownRock's investment bankers have asked interested parties to submit initial offers next week, two of the sources added. Diamondback Energy (FANG.O), Devon Energy (DVN.N), Marathon Oil (MRO.N) and Continental Resources are also studying potential bids for CrownRock, the sources said. The company is led by Texas billionaire businessman Timothy Dunn and backed by private equity firm Lime Rock Partners. Bloomberg News reported last week that Devon was considering a bid for CrownRock, and that Devon has also held preliminary talks about a tie-up with Marathon. Reporting by David French in New York; Editing by Greg Roumeliotis and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, CrownRock, Timothy Dunn, Conoco, Devon, David French, Greg Roumeliotis Organizations: ConocoPhillips, REUTERS, Houston, Exxon Mobil Corp, Chevron Corp, Diamondback Energy, Devon Energy, Continental Resources, CrownRock, Marathon Oil, Continental, Diamondback, Exxon, Natural Resources, Chevron, Hess Corp, Lime Rock Partners, EOG Resources, Devon, Bloomberg News, Marathon, Reuters, Thomson Locations: Vancouver , British Columbia, Canada, Texas, Conoco, Devon, Midland, Marathon, New York

☆ Death Valley is an oasis of lakes and wildflowers after Hurricane Hilary
▼ + stars: | 2023-10-25 | by ( Mary Gilbert | ) edition.cnn.com time to read: +4 min

CNN —California’s Death Valley is the hottest place in the world and the driest place in North America. But two months after Hurricane Hilary’s epic rainfall, parts of the national park look more oasis than desert. “It is definitely a rare and special event,” Death Valley park spokesperson Abby Wines told CNN, only happening roughly once a decade. Road crews traverse along hwy 190 in Death Valley, California, on August 31, 2023, where most of the road was washed out. But average high temperatures in Death Valley drop quickly during the fall and get nowhere near the record-shattering heat of summer.

Persons: Abby Wines, Hilary, Robert Gauthier, Wines, “, Death, Mike Reynolds, Mario Tama, Badwater, ” Wines, ” Organizations: CNN, Los Angeles Times, Wines, National Park Service, NPS Locations: North America, Death, Death Valley , California, Badwater

SACRAMENTO, Calif. (AP) — Federal officials said Wednesday that conditions have improved on the Colorado River to the point that a plan by California, Arizona and Nevada to voluntarily reduce water use should help keep the river basin on stable footing for the next few years. The states failed to reach a consensus on cuts, and the federal government did not end up forcing any. The threat of those two options finally forced the three states to reach their own voluntary plan for how to reduce their use of the river's water. Already, the three states have lowered their water use, said Tom Buschatzke, director of the Arizona Department of Water Resources and the state’s representative on Colorado River issues. Now, the states can turn their attention to a new long-term agreement for how to share the river’s water beyond 2026.

Persons: Lake Mead, Tommy Beaudreau, Camille Touton, Biden, JB Hamby, ” Hamby, Hamby, Tom Buschatzke, ”, __, Suman Naishadham, Ken Ritter Organizations: —, U.S . Department of, U.S . Bureau of Reclamation, Colorado River Board of California, Imperial Irrigation District, Arizona Department of Water Resources, Associated Press Locations: SACRAMENTO, Calif, Colorado, California , Arizona, Nevada, Lake Powell, Mexico, Arizona , California, California, Arizona, Santa Ana , California, Washington, Las Vegas

But a couple of the world’s largest oil companies beg to differ – or at least for the future that extends out about three decades. This month, Exxon Mobil and Chevron have together bet heavily on a future their CEOs think will still need a lot of black gold. Hess also has considerable oil and gas assets in the U.S., including the Bakken area of western North Dakota, eastern Montana and southern Saskatchewan in Canada. But equally critical, the moves are important statements that the age of oil remains, despite the release on Tuesday of the annual world energy outlook from the International Energy Agency that forecasts global demand for fossil fuels will peak in 2030. Although he has championed many green energy policies, President Joe Biden also has done little to block the advancement of domestic oil and gas production.

Persons: Hess, ” Chevron, “ Hess, ”, Dan Pickering, we’re, it’s, ’ –, Fatih Birol, Mike Wirth, “, Pickering, Joe Biden Organizations: White, Exxon Mobil, Chevron, Natural Resources, Republican Party, “ Investors, Pickering Energy Partners, Hamas, International Energy Agency, Financial Times, French, U.S . Energy, Administration, Republicans Locations: Brussels, Chevron, U.S, Guyana, North Dakota, Montana, Saskatchewan, Canada, Texas, New Mexico, Saudi Arabia, Russia, Israel, Iran, Europe

A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, near Iraan, Texas, U.S., March 17, 2023. Gasoline stocks (USOILG=ECI) rose by about 160,000 barrels in the week to 223.5 million barrels, the EIA said, compared with expectations for a 900,000-barrel drop. "It will reverse the gasoline crack," Yawger said, referring to the profit oil refiners can make producing gasoline from crude. U.S. crude futures last traded at just over $83 per barrel, while Brent crude futures was around $87.50 a barrel. Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) rose by 213,000 barrels in the last week, EIA said.

Persons: Bing Guan, Bob Yawger, Yawger, Stephanie Kelly, Laura Sanicola, Marguerita Choy Organizations: REUTERS, Energy Information Administration, EIA, Mizuho, Brent, Cushing, Net, Thomson Locations: West, Iraan , Texas, U.S, Oklahoma

☆ Goldman says dividend growth has been resilient and these stocks are the best at returning cash
▼ + stars: | 2023-10-25 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

He forecasts stable dividend growth of 5% this year and 4% in 2024. Chevron has a dividend yield of 3.6% in 2023, with a dividend compound annual growth rate of 5% to 2025. Its dividend compound annual growth rate of 8% to 2025 means the company's payout to its investors will continue to grow. The firm also has the highest dividend compound annual growth rate of 29% on the list. Investors can expect their cash returns to grow further through 2025, with a dividend compound annual growth rate of 14%.

Persons: Goldman Sachs, David Kostin, Kostin, Goldman, Hess, Blackstone, — CNBC's Michael Bloom Organizations: Devon Energy, Chevron, Wall Street, CNBC, Blackstone, Capri Holdings Locations: capex, Guyana, Delaware, Devon, Israel

☆ Inside Poland Spring’s Hidden Attack on Water Rules It Didn’t Like
▼ + stars: | 2023-10-24 | by ( Hiroko Tabuchi | ) www.nytimes.com time to read: +14 min

The BlueTriton bottling plant in Poland Spring, Maine, this month. Water Clashes NationwideBlueTriton finds itself pitted against local water boards, environmentalists and other groups across the country. Aquifers Water bottling facility BlueTriton facility Aquifers Water bottling facility BlueTriton facility Aquifers Water bottling facility BlueTriton facility Water bottling facility Aquifers BlueTriton facility Water bottling facility Aquifers BlueTriton facility Water bottling facility Aquifers BlueTriton facility Sources: U.S. Geological Survey; Continental U.S. aquifer map data from GebreEgziabher, Jasechko and Perrone, Nature Communications (2022) Mira Rojanasakul/The New York TimesIn California, BlueTriton has publicly criticized and vowed to fight a cease-and-desist order issued by the state’s water board to stop diverting millions of gallons of water from a spring in San Bernardino County. Poland Spring water was first packaged as a local elixir in the mid-1800s. The original Poland Spring water source.

Persons: BlueTriton, ”, Elizabeth M, Frazier, haven’t, Christopher Kessler, Bottlers, Ms, Frazier didn’t, Anthony Moffa, Mark Lawrence, Lawrence, Mira Rojanasakul, State Legislature’s, Margaret M, “, John Mullaney, Roger Crouse, Cheryl Dieter, Metropoulos, Nestlé, John McGowan, Natalie DiPentino, DiPentino, Poland Spring, BlueTriton’s Organizations: The New York Times, Times, Democratic, Energy, Utilities, Technology, Maine State House, ”, Industries, University of Maine School of Law ., Democrat, Water, . Geological Survey, Continental, Nature Communications, New York Times, State, Poland, U.S, Geological, Water Science, Industry, Maine Water Utilities Association, United States Geological Survey, Rock Capital Partners, Metropoulos, Moody’s Investors Service Locations: Maine, Poland, Poland Spring , Maine, South Portland, Michigan, Colorado, Augusta, In Colorado, Arkansas, United States, Continental U.S, GebreEgziabher, California, San Bernardino County, In Michigan, Lincoln, Lincoln , Maine, New York, BlueTriton’s Poland, Chaffee County , Colorado

☆ Cash-rich Exxon, Chevron use stock for mega deals amid energy market jitters
▼ + stars: | 2023-10-24 | by ( David French | ) www.reuters.com time to read: +5 min

Since our shareholders are getting Chevron stock, we get to participate in the upside, and also get a higher dividend," he said. He added that Hess shareholders who keep their shares in their combined company will see their dividend rise from $1.75 to $6 per share following the close of the deal. Exxon and Chevron are keen on these deals because they want to avoid the risk of exploring unproven reserves as oil and gas become scarcer. Exxon and Chevron had $29.5 billion and $9.3 billion in cash, respectively, as of the end of June. Keeping dividends and share buybacks strong helps compensate existing Exxon and Chevron shareholders for the dilution incurred in the all-stock acquisitions.

Persons: Hess, John Hess, Andrew Dittmar, David French, Greg Roumeliotis, Marguerita Choy Organizations: Exxon Mobil, Chevron, Exxon, Natural Resources, PDC Energy, Noble Energy, Morningstar, Anadarko, Occidental Petroleum, Thomson Locations: Ukraine, U.S, Guyana, New York

☆ Analysis: Cash-rich Exxon, Chevron use stock for mega deals amid energy market jitters
▼ + stars: | 2023-10-24 | by ( David French | ) www.reuters.com time to read: +5 min

Meanwhile, Meta has struggled with applying its content policies fairly across its platforms, including Facebook and Instagram, according to The Wall Street Journal. Experts say companies often find themselves out of their depth in talking about the knotty topic and that sometimes there’s little benefit to rushing out a statement. Some companies, especially those without operations in the Middle East, have chosen not to speak. In related news: How diplomats from the U.S., Qatar and elsewhere helped free two Americans taken hostage by Hamas. The two were far apart earlier this month on issues including streaming payouts and the use of artificial intelligence.

Persons: Dave Chappelle sparred, driller, Hess Organizations: U.S, Social, Israel, Meta, Facebook, Wall Street, ” Employers, Corporate, Web, Creative Artists Agency, Hamas, Exxon Mobil’s, Natural Resources, Republicans, SAG, . Tax, Big Tech Four, Microsoft, Apple, Nvidia, Nasdaq Locations: Israel, Gaza, U.S, Qatar, Ukraine, Chevron’s, Guyana, Texas, New Mexico

☆ Chevron agrees to buy Hess for $53 billion
▼ + stars: | 2023-10-23 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —Chevron announced Monday that it has agreed to buy rival Hess in yet another oil industry consolidation deal. Hess (HES) also has large oil assets in Guyana, which Chevron said would help grow its production over the next decade. Chevron said that it would increase buybacks of its stock by $2.5 billion to $20 billion a year. Shares of Chevron slipped 3% in premarket trading following the deal announcement, while Hess’ shares were slightly higher. Since the start of 2022, just ahead of the big run-up in oil prices following Russia’s full-scale invasion of Ukraine, Hess shares are up 120%, while Chevron shares are up 42%.

Persons: Hess, Chevron, ”, Mike Wirth, Wirth, Critics, It’s, Biden, John Hess, — Chris Isidore Organizations: New, New York CNN, Chevron, ExxonMobil, Exxon, Anadarko Petroleum Locations: New York, Texas, Guyana, Ukraine, Marathon

☆ VIEW Chevron to buy Hess Corp for $53 bln in all-stock deal
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +4 min

A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken Feb. 8, 2022. The transaction might also create a peculiar coexistence of the United States' two leading oil majors in Guyana... Hess is geared towards crude production, with oil accounting for 60% of its current output which fits in very nicely with Chevron's similarly oil-focused portfolio. On the deal itself, the Chevron-Hess merger is expected to have a significant impact on the shale oil industry with Chevron becoming the second-largest shale producer in the United States. The merger is also likely to lead to increased M&A and industry consolidation in the North America shale sector.

Persons: Dado Ruvic, bode, Hess, John Hess, PETER MCNALLY, VIKTOR KATONA, KPLER Hess, Chevron, ROBIN HELANDER, Seher Dareen, Ron Bousso, Dmitry Zhdannikov, Mark Potter Organizations: Chevron, REUTERS, Chevron Corp, Hess Corp, Exxon Mobil, ROYAL, Third, Natural Resources, Hess, Thomson, & $ Locations: Guyana, Chevron, North Dakota, United States, North America

☆ Top Wall Street analysts favor these five dividend stocks during tumultuous times
▼ + stars: | 2023-10-22 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

The company paid a dividend of $1.74 per share in late September, which included a quarterly base dividend of 50 cents per share and a variable dividend of $1.24. The acquisition, anticipated to close in January 2024, is expected to boost CIVI's free cash flow per share by 5% in 2024. In September, the company announced a quarterly dividend of 57 cents per share, payable on Nov. 1. (See Chesapeake Insider Trading Activity on TipRanks)EOG ResourcesLet's look at another energy company: EOG Resources (EOG). Based on this quarterly dividend, the annual dividend rate comes to $3.30 per share, bringing the dividend yield to 2.5%.

Persons: Paresh Dave, Wall, Civitas, Lloyd Byrne, CIVI, Byrne, TipRanks, Bristol Myers, BMY, Goldman Sachs, Chris Shibutani, Shibutani, Umang Choudhary, Choudhary, EOG, Nitin Kumar, Eagle, Kumar Organizations: Cisco Systems Inc, Civitas, Civitas Resources, Vencer Energy, Jefferies, Midland, Bristol, Bristol Myers Squibb, Mirati Therapeutics, Chesapeake Energy, Management, Chesapeake, EOG, Eagle Ford, TipRanks, Cisco Locations: San Jose , California, Denver, Midland, West Texas

White Sands officials warned online that the wait to enter the gates could be as long as two hours. Visitors also are being warned to come prepared as Trinity Site is in a remote area with limited Wi-Fi and no cell service or restrooms. Scientists and military officials established a secret city in Los Alamos during the 1940s and tested their work at the Trinity Site some 200 miles (322 kilometers) away. While the lore surrounding the atomic bomb has become pop culture fodder, it was part of a painful reality for residents who lived downwind of Trinity Site. The notoriety from “Oppenheimer” has been embraced in Los Alamos, more than 200 miles (321 kilometers) north of the Tularosa Basin.

Persons: Christopher Nolan's, “ Oppenheimer, Willy Wonka's, White, J, Robert Oppenheimer, filmgoers, Barbie, Lois Lipman, “, ”, “ Oppenheimer ” Organizations: Historic Landmark, White, White Sands, Visitors, Trinity, U.S, Union of Concerned, Santa Fe, Alamos National Laboratory, Oppenheimer Locations: New Mexico, Manhattan, Los Alamos, Trinity, Tularosa

☆ Fracking Pioneer Cashes in as Twilight Sets in the Shale Patch
▼ + stars: | 2023-10-19 | by ( Benoît Morenne | ) www.wsj.com time to read: 1 min

Scott Sheffield transformed Pioneer Natural Resources from a fledgling outfit into one of the largest oil producers in West Texas and, until recently, put no limits on his ambition to grow. But after two weeks of negotiations, he agreed to sell his company for $60 billion to Exxon Mobil last week, the oil giant he had lapped for years in the Permian Basin.

Persons: Scott Sheffield Organizations: Natural Resources, Exxon Mobil Locations: West Texas

☆ What tie-ups in the U.S. oil patch could mean for players like Coterra Energy
▼ + stars: | 2023-10-19 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +6 min

While we don't own companies as mergers-and-acquisition plays, the potential for more tie-ups could have significant implications for our remaining oil name: Coterra Energy (CTRA). Chevron's market cap is around $324 billion, while ConocoPhillips is worth roughly $152 billion, based on Thursday's stock prices. Companies in this basket could include Coterra, Devon Energy (DVN) and Diamondback Energy (FANG). Coterra is valued at roughly $22.4 billion Thursday, while Devon and Diamondback are valued at $31.7 billion and $30.5 billion, respectively. The shift has generally been positive for the stock prices of oil companies.

Persons: Gabriele Sorbara, Siebert Williams Shank, Nitin Kumar, I'm, Kumar, Pioneer's, Devon, Paul Cheng, Cheng, Jim Cramer's, Mizuho's Kumar, Jim Cramer, Jim, Paul Ratje Organizations: Exxon Mobil, Natural Resources, Coterra Energy, Exxon, Co, Chevron, ConocoPhillips, Mizuho Securities, Companies, Devon Energy, Diamondback Energy, Marathon, Bloomberg, Scotiabank, Pioneer, Jim Cramer's Charitable Trust, CNBC, Afp, Getty Locations: U.S, West Texas, New Mexico, Coterra, Devon, Oklahoma, Houston

☆ Higher rates may not threaten these stocks that generate cash and have low debt
▼ + stars: | 2023-10-19 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

The country's largest energy producer Exxon Mobil also made the list, with a free operating cash flow three-year CAGR of nearly 100%. Exxon Mobil also maintains a nearly 21% debt-to-equity ratio. Average consensus analyst forecasts imply more than 13% further upside for Exxon Mobil stock from Thursday's $112.95 close. Exxon Mobil last week agreed to buy Permian Basin driller Pioneer Natural Resources in an all-stock deal for $60 billion, the largest merger and acquisition of 2023. Chipmaker Advanced Micro Devices touts a 4.4% debt-to-equity ratio and a roughly 4% debt-to-asset ratio.

Persons: Jerome Powell, Salesforce Organizations: Treasury, Federal Reserve, Economic, of New, CNBC, Exxon Mobil, ExxonMobil, Natural Resources, AMD Locations: of New York

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