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[1/2] Gas prices are advertised at a Chevron station as rising inflation and oil costs affect the consumers in Los Angeles, California, U.S., June 13, 2022. Exxon's net hit $11.4 billion while Chevron earned $6.6 billion and with analysts expecting the strong results to continue this year. Exxon CEO Darren Woods says he is happy to see cash balances rise so the company is well-positioned for a cycle downturn. "The question is obviously when, but that will come," Woods said, after saying he would "expect to see cash balances higher" in times when the markets are on the top end of the cycle. "We don't intend to hold $15-plus billion of cash on our balance sheet," he said, describing too much cash on the books as "economically inefficient for us to hold it, and it is not our cash, it is our shareholders' cash."

☆ Exxon and Chevron Report More Modest Profits as Oil and Gas Prices Ease
▼ + stars: | 2023-04-28 | by ( Clifford Krauss | ) www.nytimes.com time to read: +1 min

“We’re delivering strong financial results and increasing cash returned to our shareholders,” said Mike Wirth, Chevron’s chief executive. But despite higher prices for crude and fuels through much of last year, the two companies have been cautious about investing more to raise production. Exxon, Chevron and other oil companies emerged from 2022 with record profits, after Russia’s invasion of Ukraine last February pushed crude and natural gas prices higher. In recent days, the price of oil has dropped below $80 a barrel, after a jump to over $120 last June. Actual cuts have amounted to about half that much, a reduction of less than 1 percent of the global supplies.

☆ Walmart is using AI to negotiate prices with suppliers, report says — and the suppliers are loving it
▼ + stars: | 2023-04-27 | by ( Ben Tobin | ) www.businessinsider.com time to read: +3 min

Walmart is using technology from Pactum AI to negotiate with suppliers, per a Bloomberg report. The retailer tells the AI chatbot its budget, and the chatbot communicates with a human vendor. The Bentonville, Arkansas-based retail giant has embraced artificial intelligence a lot recently. Walmart is using a chatbot to conduct negotiations with equipment vendors, according to a recent report from Bloomberg. Walmart's shopping app also uses AI technologyThis is not the first time Walmart has embraced artificial intelligence.

☆ Truck Drivers Bear Big Burden on Data Collection. Some Companies Want to Change That.
▼ + stars: | 2023-04-26 | by ( Isabelle Bousquette | ) www.wsj.com time to read: +1 min

Former truck driver Darren Suarez is terminal manager at Estes Express Lines’ Pine Brook loading dock in New Jersey. Photo: Isabelle BousquetteBeing a truck driver in the 1980s was terrible. Just ask former driver Darren Suarez, who spent years perched in boiling hot cabs with no air conditioning and only crank-down windows. Truck cabs today typically have air conditioning, and a lot else has changed since then, but one thing hasn’t: Drivers are still tasked with collecting and keeping track of detailed shipment data for logistics companies. And although that process has transitioned from paper to digital via app, drivers still bear the brunt of that burden—and it is one of the modern supply chain’s major inefficiencies.

☆ Horse racing-Australian jockey Holland dies after fall
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

April 24 (Reuters) - Australian jockey Dean Holland has died as a result of injuries sustained after falling during a race at the Donald Racecourse in Victoria on Monday, Racing Victoria said. He was immediately attended to by on-course paramedics, however, was unable to be saved due to the nature of his injuries," Racing Victoria said in a statement. "Jockey Alana Kelly, who was the other rider to fall in the incident, was cleared of any serious injuries. The 34-year-old, who was the son of former jockey Darren Holland, won the Newmarket Handicap last month as well as the Adelaide Cup in 2015 and 2019. More than 870 jockeys have died in race falls in Australia over the last 180 years, according to the Australian Jockeys Association.

☆ NBA roundup: Warriors survive late gaffe, tie series with Kings
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +4 min

Mike Conley added 19 points, while Karl-Anthony Towns had 17 points and 11 rebounds before fouling out for the Wolves. Nikola Jokic had 43 points and 11 rebounds to pace the Nuggets. Josh Hart chipped in 19 points and seven rebounds for the Knicks, who outrebounded the Cavaliers 47-33. The Hawks were within five points with 3:36 to play, but the Celtics took control by scoring the next seven points. Dejounte Murray finished with 23 points, nine rebounds and six assists.

☆ How HBO survived mergers and strategy shifts to dominate prestige TV
▼ + stars: | 2023-04-23 | by ( Darren Geeter | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow HBO survived mergers and strategy shifts to dominate prestige TVStarting with uncut movies, live boxing matches, concerts and comedy specials to critically acclaimed shows such as the "The Sopranos," "Sex and the City," "Game of Thrones" and "Succession," HBO has continuously offered viewers some of the most prestigious television in its over 50 years in existence. Despite the reputation of being the gold standard of storytelling on TV, HBO has never had it easy on the business side, undergoing merger after merger.

☆ How HBO survived merger after merger and changed television forever
▼ + stars: | 2023-04-23 | by ( Darren Geeter | ) www.cnbc.com time to read: +4 min

The network has survived merger after merger with one of the mergers, AOL Time Warner, considered the worst deal in modern American corporate history. The birth of HBO coincided with the modernization of television across the United States with the emergence of cable in the 1960s and 70s. HBO debuted on November 8, 1972, and it was one of the first paid television networks with 344 total subscribers in Wilkes Barre, Pennsylvania. We're going to have to do original series," Bewkes told CNBC. The Time Warner era ushered in a multiplex model for HBO to reduce churn and debuted original programming "Dream On" and "The Larry Sanders Show."

☆ A real estate investor who got started at age 38 explains how he built a 16-unit portfolio worth $2.7 million in just 4 years by adopting a compound growth mindset
▼ + stars: | 2023-04-22 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +12 min

Dan Rivers didn't buy his first real estate property until 2019, when he was 38 years old. A late start to real estate investingWhen Rivers was 16 years old, doctors discovered he had a congenital heart murmur. Although he didn't know anybody there and had never sold real estate, Rivers decided that he wanted to capitalize on his newfound confidence by trying his hand at becoming a real estate agent. But his real estate investing journey began picking up steam in 2019, when he met a local real estate flipper. How a compound growth mindset contributed to Rivers' successIn fact, Rivers credits much of his real estate investing success to this compound growth mindset.

☆ Paralympics TikTok account uses 'edgy and unique content' but has been critiqued by some for lack of sensitivity
▼ + stars: | 2023-04-21 | by ( Ben Morse | ) edition.cnn.com time to read: +10 min

CNN —Social media is awash with memes and GIFs and, at times, ‘edginess,’ but it can be a difficult balancing act as the official Paralympics TikTok account is discovering. The account is run by the International Paralympic Committee (IPC), the organization which organizes and manages the Paralympic Games. In the comments, the official Paralympic account replied: “This is Brad Snyder. Mixed reactionsAs a result, the videos posted on the official account have received a mixed reaction, with commentators on many of them left disbelieving that the content published there is permitted. “Looking through that whole account, I might have seen one or two [videos] where the athlete actually does something successfully.

The PMI was driven by the services sector as consumer spending on travel, leisure and entertainment showed strength while manufacturing remained weak. S&P Global's input price index - a good guide to future inflation pressures - showed the slowest growth in costs for firms since March 2021, although overall cost pressures remained high by historical standards. There were also signs of recovery in Friday's consumer confidence survey by polling firm GfK which rose to its highest since February last year, albeit to weak levels. There was a reminder of the problems facing many consumers in official retail sales data also published on Friday. "A strong performance from retailers in January and February means the three-month picture shows positive growth for the first time since August 2021," he said.

☆ Rainy March dampens shopper spending in Britain
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

Economists polled by Reuters had forecast that sales volumes would fall by a monthly 0.5% after rising in January and February. Darren Morgan, director of economics at the Office for National Statistics, said the broader trend for retail sales was less subdued than the figures for March alone suggested. Retail sales volumes in March were 3.1% lower than a year earlier. "That said, even though the worst of the declines in retail sales are in the past, higher interest rates will restrain spending this year," he said. The BoE is expected to raise interest rates for the 12th consecutive meeting in May, taking Bank Rate to 4.5% from its current level of 4.25%.

CNN —The family of seven-time Formula One champion Michael Schumacher is planning legal action after a German magazine published a fake artificial intelligence (AI) interview, a family spokesperson told CNN on Thursday. “I can confirm that Michael Schumacher’s family is planning to take legal action over a fake artificial intelligence interview by German outlet Die Aktuelle,” a Schumacher spokesperson told CNN on Thursday. German weekly magazine Die Aktuelle published a fake AI interview with Michael Schumacher. “Please understand that we do not comment on this topic,” Barkhausen told CNN on Thursday. Since the accident, the Schumacher family has kept updates about the health of the motorsport legend to a minimum to protect their privacy.

☆ Blue-collar job openings have 'gone gangbusters'—workers aren’t finding them on LinkedIn
▼ + stars: | 2023-04-20 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +5 min

Currently, "Fry Cook," "Short Order Fry Cook" and "Fast Food Fry Cook" are all available as job titles on the platform. In 2015, LinkedIn cofounder Allen Blue told The Financial Times there was "a growing number of blue-collar workers on the site." Even so, blue-collar workers — those in trade sectors like construction who work outside of office settings — say they're not yet seeing the benefits in their job hunts. Courtesy of: Darren RamboRambo says he uses LinkedIn "to read or as something to look at when I'm bored. Sonja Wiltz, a 54-year-old construction safety coordinator, says, "All the years I've been on LinkedIn, I've never gotten a job on there."

☆ Congressional Democrats bash Ron DeSantis for alienating Florida job creator Disney World in service of a 'flailing presidential campaign'
▼ + stars: | 2023-04-18 | by ( Warren Rojas | Kimberly Leonard | ) www.businessinsider.com time to read: +7 min

Ron DeSantis's Tuesday swing through DC, calling it ill-timed, his political resume goofy, and his ongoing fight with Walt Disney World a devastating vanity project. Walt Disney World has roughly 80,000 employees in Florida and is the state's biggest tourist attraction. The Florida governor wasn't being offered much cover by Florida Republicans on Capitol Hill. When another reporter asked whether DeSantis had gone too far by threatening Disney with state prisoners for neighbors, Scott claimed ignorance. "Ron DeSantis is out campaigning outside of the state of Florida and picking fights with Mickey Mouse," Fried said.

☆ A real estate investor who owns 12 units shares the 10 business, investing, and personal development books that helped him build a $2.7 million portfolio in just 4 years
▼ + stars: | 2023-04-16 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +9 min

These books cover real estate and investing, business, personal development, and leadership. Intrigued by real estate investing, in 2019 Rivers decided to take the plunge and buy his first real estate investment property. In a recent interview with Insider, Rivers recalled only making $28,000 during his first year of selling real estate. It taught him the expectations to set for his employees while he was building up his full-service real estate firm, Rivers Capital Group. While much of the focus for entrepreneurs is on building a business, Rivers believes that selling a business is just as important.

☆ Exxon CEO’s Pay Jumps 52% Amid Rising Oil Prices, Record Profit
▼ + stars: | 2023-04-14 | by ( Joseph Pisani | ) www.wsj.com time to read: 1 min

Exxon Mobil Corp. Chief Executive Darren Woods ’s compensation rose 52% to $35.9 million last year, as the oil-and-gas company brought in record profit. Most of Mr. Woods’s compensation came from stock awards of $24.9 million, according to a company filing Thursday made to the U.S. Securities and Exchange Commission. That is up more than $11 million from the year prior.

☆ Exxon CEO's pay rose 52% in 2022, highest among oil peers
▼ + stars: | 2023-04-13 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Oil company workers did not see the same level of increases with median annual compensation for workers declining at several big energy companies. The median pay for an Exxon worker fell 9% last year to $171,582 while Chevron's median worker pay dropped 12%, to $161,488, filings showed. The two largest U.S. oil majors posted record profits in 2022 on high energy prices and costs cuts measures including payroll reductions. Occidental Petroleum's CEO Vicki Hollub's pay rose 35% while ConocoPhillips CEO Ryan Lance's pay fell 16%, all compared to their prior year. Under a new calculation disclosure required by the SEC on potential gains by executives on unvested stock awards, Woods' pay was $89.7 million in 2022, a securities filing showed.

☆ Cyclone Ilsa threatens to hit Western Australia as strongest storm in a decade
▼ + stars: | 2023-04-12 | by ( Chris Lau | ) edition.cnn.com time to read: +3 min

Tourists staying along the portion of coast between Broome and Port Hedland have been told to move from the projected path of the storm. Broome and Port Hedland are relatively small towns with a combined population of around 30,000 people. Many people employed by the iron ore mines live and work in Port Hedland. On Tuesday, the Pilbara Port Authority said it was clearing boats from all berths in the inner harbor of the Port Hedland port, and urged recreational boat owners to secure their vessels. Darren Klemm, Fire and Emergency Services Commissioner of Western Australia, said it had been 10 years since a cyclone of that size had hit the WA coast.

Companies HP Inc FollowApril 11 (Reuters) - A U.S. appeals court on Tuesday revived a lawsuit alleging HP Inc (HPQ.N) defrauded shareholders by secretly using unprofitable tactics to boost sales of its printing supplies in 2015 and 2016. Circuit Court of Appeals reversed a judge's ruling dismissing the lawsuit as filed too late. The SEC said in 2020 that some HP regional managers used incentives to accelerate sales they expected to materialize in later quarters. It also said sales managers sold steeply discounted supplies to distributors known to resell HP products outside their own territories, "cannibalizing" sales from local distributors and violating company policy. Circuit Court of Appeals, No.

☆ Buying Pioneer would be iffy use of Exxon capital
▼ + stars: | 2023-04-10 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

And boss Darren Woods is on track to deliver nearly $10 billion of quarterly net profit with only $11 billion of net debt. All told, Pioneer is expected by analysts to generate about $7.4 billion of operating profit this year. Assume tight-fisted Exxon could manage the same proportion at Pioneer, and it would lead to some $1.8 billion of savings. Pioneer produced about 650,000 barrels of oil equivalent per day in 2022. The company expects total production to rise to 670,000 to 700,000 barrels of oil equivalent in 2023.

☆ Warren Buffett's Berkshire Hathaway faces a brutal mix of economic headwinds. It will capitalize on the chaos, 8 experts say.
▼ + stars: | 2023-04-06 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +10 min

Berkshire Hathaway faces high inflation, rising rates, and a potential recession and credit crunch. Warren Buffett's company will weather the storm and scoop up the bargains that emerge, experts say. Experts say Berkshire's ample cash reserves, strong brands, and prudent management will enable it to comfortably navigate a harsh economic environment. "Shareholders who plan on holding Berkshire for years into the future should hope for a near-term bear market in stocks. Brian Gongol, longtime Buffett follower and Berkshire shareholder:"It's better to be in Berkshire's shoes during challenging times than during a boom.

☆ Exxon Quits Drilling in Brazil After Failing to Find Oil
▼ + stars: | 2023-04-05 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

Darren Woods, chief executive of Exxon, in December called Brazil one of the company’s growth opportunities. Exxon Mobil Corp. has ended a major campaign to find oil in Brazil, after coming up empty-handed on a multibillion-dollar wager that produced a series of disappointing wells, according to people familiar with the matter. After failing for the third time to find commercially viable amounts of crude in Brazil’s deep waters last year, the Texas oil giant has stopped its current drilling efforts in the offshore acreage it started snapping up with partners for $4 billion in 2017, these people said.

☆ Former Time Warner Chief Jeff Bewkes: How HBO revolutionized television
▼ + stars: | 2023-04-05 | by ( Darren Geeter | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Time Warner Chief Jeff Bewkes: How HBO revolutionized televisionHBO has often been credited for having revolutionized television. Since its early days, the value proposition was clear by offering viewers what they couldn't find anywhere else: uncensored movies, comedy, boxing matches and music concerts. But original content came from a necessity: to compete with Blockbuster. CNBC's Alexander Sherman spoke with Jeff Bewkes, former CEO of HBO and later Time Warner.

☆ Exxon says its decarbonization business could outgrow oil, in multi-trillion market
▼ + stars: | 2023-04-04 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

Exxon is tackling what should be a multi-trillion market in 10 years or more, Woods said. The result will be an Exxon less prone to commodity price swings through predictable, long-term contracts with customers striving to reduce their own carbon footprint. "This business is going to look quite a bit different than the base business of Exxon Mobil," vowed Dan Ammann, president of Exxon's two-year-old Low Carbon Business Solutions unit. Exxon is tackling carbon capture, hydrogen, biofuels, which it estimates have a combined potential of $6.5 trillion by 2050, equivalent to the traditional oil and gas business. The business can achieve "robust double-digit returns" off these long-term contracts, Ammann said.

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