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☆ Hess shares drop as fight with Exxon Mobil over Guyana oil threatens Chevron takeover
▼ + stars: | 2024-02-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

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

☆ Chevron-Hess deal in jeopardy? Here's what to know
▼ + stars: | 2024-02-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron-Hess deal in jeopardy? Here's what to knowNeal Dingmann, Truist Securities energy research energy, joins 'Squawk Box' to discuss the state of Chevron's $53 billion deal to buy Hess, the possible challenge posed from Exxon, how likely the deal will go through, and more.

Persons: Neal Dingmann, Hess Organizations: Chevron, Hess, Securities, Exxon Locations: Chevron's

☆ Exxon Raises Questions About Chevron’s $53 Billion Deal for Hess
▼ + stars: | 2024-02-27 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

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

☆ Occidental Petroleum CEO talks the CrownRock deal, Chevron and Hess and natural gas prices
▼ + stars: | 2024-02-27 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOccidental Petroleum CEO talks the CrownRock deal, Chevron and Hess and natural gas pricesVicki Hollub, Occidental Petroleum CEO, joins 'Closing Bell' to discuss the company, the CrownRock deal and Chevron and Hess deal and consolidation.

Persons: Vicki Hollub Organizations: Email Occidental Petroleum CEO, Chevron, Hess, Occidental Petroleum CEO

☆ Top Wall Street analysts pick these dividend stocks for enhanced returns
▼ + stars: | 2024-02-25 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +5 min

The Coca-Cola Company logo is being displayed at a New Year's fair in Kyiv, Ukraine, on December 31, 2023. Investors looking to enhance their portfolio returns can opt for a combination of growth and dividend stocks. Choosing the right dividend stock by analyzing multiple factors can be complex for investors. However, recommendations from analysts can help inform investors' research and guide them toward lucrative dividend stocks from companies with strong fundamentals. Here are three attractive dividend stocks, according to Wall Street's top experts on TipRanks, a platform that ranks analysts based on their past performance.

Persons: Wall, Nik Modi, Modi, TipRanks, Brian Bedell, mgmt, Bedell, Goldman Sachs, Neil Mehta, Hess, Mehta Organizations: Cola, RBC Capital, Owl, Deutsche Bank, Chevron Oil, Chevron, CNBC PRO Locations: Kyiv, Ukraine, Chevron, Kazakhstan

☆ The Rainmakers: These 20 bankers rode a choppy deals market to top the M&A charts in 2023
▼ + stars: | 2024-02-21 | by ( Alex Morrell | Reed Alexander | ) www.businessinsider.com time to read: +4 min

In 2023, the overall value of M&A transactions dipped globally to $2.9 trillion across 53,529 deals, down from $3.4 trillion across 57,830 transactions in 2022. Business Insider partnered with MergerLinks , a financial-data service that tracks deals, to present the fifth edition of "The Rainmakers," the 20 M&A bankers who orchestrated the largest deals in North America. MergerLinks tracks publicly announced deals and calculates deal values on a net basis, including both equity and debt pieces. This year’s list has a mix of returnees and first-timers and was dominated by energy bankers, including Goldman’s Sikhtian and Morgan Stanley’s Hoover. Nearly half of the bankers on this year's list worked on energy deals.

Persons: —, Scott Sheffield, Goldman Sachs, Suhail Sikhtian, Morgan Stanley, Greg Weinberger, Aaron Hoover —, Patrick Ramsey, Claudio Sauer, Hess, Goldman’s Sikhtian, Morgan Stanley’s Hoover Organizations: Service, Pioneer Natural Resources, ExxonMobil, Sheffield, Pioneer, Exxon, Business, Centerview Partners, LSEG, MergerLinks, Chevron, Centerview, Health Partners, Pfizer, & $ Locations: Sheffield, Texas, North America

☆ Geopolitical analyst discusses Alexei Navalny's death, European defense, and the war in Ukraine
▼ + stars: | 2024-02-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGeopolitical analyst discusses Alexei Navalny's death, European defense, and the war in UkraineMaximilian Hess, fellow at the Foreign Policy Research Institute and author of ‘Economic War’, discusses the death of Putin critic Alexei Navalny, the outlook for European defense, and the latest dynamics of the Russia-Ukraine war.

Persons: Alexei Navalny's, Ukraine Maximilian Hess, Alexei Navalny Organizations: Foreign Policy Research Institute Locations: Ukraine, Russia

☆ These oil companies could be the next takeover targets in Permian Basin after Diamondback deal
▼ + stars: | 2024-02-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

Diamondback Energy took one of the last major, privately held operators in the Permian off the table this week when it agreed to buy Endeavor Energy Resources for $26 billion. The deal is poised to catapult Diamondback into the top tier in the Permian, the most prolific oil patch in the U.S. that stretches from western Texas into southeastern New Mexico. The top six companies in the Permian are set to own 62% of the basin's remaining oil reserves, according to Rystad Energy. The stubborn holdouts After the Diamondback-Endeavor and Occidental-CrownRock deals, the only other major privately held producers left in the Permian are Continental Resources and Mewbourne Oil. Conoco could potentially seek to acquire Permian Resources , Civitas , Coterra, Vital Energy or Ovintiv , Bernstein said.

Persons: Matthew Bernstein, Bernstein, Hess, Andy Lipow, Neal Dingmann, Mewbourne, Dingmann, Ovintiv, Enerplus, Bob Yawger, Yawger, weren't, Ryan Lance, Lance, Conoco, EOG Organizations: Diamondback Energy, Endeavor Energy Resources, Diamondback, Exxon Mobil, Chevron, Rystad Energy, Truist Securities, CRFA Research, Endeavor, CNBC, Exxon, Natural Resources, Occidental, Lipow Oil Associates, Resources, Mewbourne, Continental, Publicly, Civitas, Coterra, Vital Energy, Devon Energy, Marathon Oil, Bloomberg News, Marathon, Reuters, CFRA, ConocoPhillips, Mizuho Locations: U.S, Texas, New Mexico, Guyana, Devon, Bakken, North Dakota, Occidental, Mizuho Americas, Marathon

Diamondback Energy will attempt to buy rival Endeavor Energy Resources to create an energy giant in the Southwestern United States worth more than $50 billion. A tie-up between Diamondback and Endeavor, if it succeeds, would create a player in the massive Permian Basin oil and gas field that straddles Texas and New Mexico. Photos You Should See View All 22 ImagesEndeavor is the largest private operator in the Permian Basin. Lower oil prices are good for U.S. drivers, as it means they'll pay less at gas pumps. Shareholders of Diamondback Energy Inc. will own about 60.5% of the combined company, while Endeavor’s equity holders would own approximately 39.5%.

Persons: Hess, Diamondback, Travis Stice, ” Stifel's Derrick Whitfield, ” Stice Organizations: Diamondback Energy, Endeavor Energy Resources, Southwestern United, Exxon Mobil, Mobil, Diamondback, Endeavor, Exxon, Chevron, Drillers, OPEC, U.S, International Energy Agency, Diamondback Energy Inc, Chesapeake Energy, Southwestern Energy, Occidental Locations: Southwestern United States, U.S, Texas, New Mexico, United States, Israel, Midland , Texas

Still, it posted a healthy adjusted profit and the company raised its quarterly dividend. Exxon earned $7.63 billion, or $1.91 per share, for the quarter. Chevron also reported its financial results Friday, posting a fourth-quarter adjusted profit of $3.45 per share on revenue of $47.18 billion. Wall Street was calling for a profit of $3.29 per share on revenue of $52.59 billion. On Thursday, Shell plc reported an adjusted profit of $2.22 for the fourth quarter, with revenue totaling $80.13 billion.

Persons: Chevron, “ Organizations: Exxon Mobil's, Revenue, Zacks Investment Research, Exxon, Denbury Resources, Natural Resources, Federal Trade Commission, Hess Corp, Chevron, Shell plc, Analysts, Hamas, U.S Energy Information Administration Locations: California, , Texas, premarket, San Ramon , California, Saudi Arabia, Russia, Israel

☆ 10 of our stocks report earnings next week. Here's what we want to see from each
▼ + stars: | 2024-01-27 | by ( Zev Fima | ) www.cnbc.com time to read: +16 min

All three major averages posted gains for the third consecutive week, lifted by solid quarterly earnings and positive economic data. Earnings season ramps up next week, with five of the Super Six mega-cap stocks delivering results. Employment numbers are the most important economic data, with Friday's January nonfarm payrolls report carrying the most weight. The January ISM Manufacturing report on Thursday and December's factory orders report Friday are expected to show the sector still in contraction mode. But earnings and commentary this week from peer Sartorious made us encouraged about a return to growth in 2024.

Persons: nonfarm, December's, Sartorious, We've, Stanley Black, Decker, We're, We'd, Royal Philips, Crane, Woodward, ServisFirst, Cadence Bancorporation, CADE, Johnson, Phillips, Avery Dennison, Columbus McKinnon, Robinson, SIRI, Cardinal Health, Parker, DOV, Pitney Bowes, Ferrari N.V, CSW, COLM, W.W, Grainger, Dwight Co, Jim Cramer's, Jim Cramer, Jim, Tim Cook, Justin Sullivan Organizations: Gross, Procter, Gamble, Gillette, Super, Consumer, JPM Healthcare, Amazon, Microsoft, Honeywell, Aerospace, Solutions, Apple Watch, Masimo, Vision Pro, Franklin Resources, Resource Partners, Bank of Marin Bancorp, Bank7 Corp, Pacific Premier Bancorp Inc, Provident Financial Holdings, Dynex, Cliffs Inc, Nucor Corp, Whirlpool Corp, F5 Networks, Capital Southwest Corp, Harbors Investment Corp, Crane Co, Payne, Equity, Heartland Financial, Cadence, FinWise Bancorp, Five Star Bancorp, PotlatchDeltic Corporation, Sanmina Corporation, Pfizer, General Motors Corp, United Parcel Service, JetBlue Airways Corporation, Smith Corp, Marathon Petroleum Corp, HCA Healthcare, Oshkosh Corporation, SYSCO Corp, Danaher Corp, Johnson Controls, M.D.C . Holdings, Commvault Systems Inc, Hope Bancorp, Hubbell Incorporated, Malibu Boats, Polaris Industries, Inc, Camden National Corp, Cambridge Bancorp, Microsoft Corp, Starbucks Corp, Devices, Electronic Arts Inc, Juniper Networks, Stryker Corp, Lending, Canadian, Canadian Pacific Kansas City Limited, Mondelez, Chubb Corporation, Modine Manufacturing, Partners, Management, Hawaiian Holdings, Manhattan Associates, Unum Group, UNM, Axos, Enova, Boston Properties, Boeing Co, Novo Nordisk, Mastercard Inc, Roper Technologies, Boston Scientific Corporation, MarketAxess Holdings, Fisher, Aptiv PLC, Hess Corp, Nasdaq, United Microelectronics Corp, Rockwell Automation, Teva Pharmaceutical Industries, Ltd, Avery, Avery Dennison Corp, Extreme Networks, Otis Worldwide Corporation, OTIS, Columbus, Columbus McKinnon Corp, Central Pacific Financial Corp, Brinker International, Fortive Corporation, Qualcomm, Technology, Metlife, Hanover Insurance, Barn Holdings, CONMED Corporation, DLH Holdings Corp, Meritage Homes Corporation, Honeywell International, Eaton Corp, Altria, Royal Caribbean Cruises Ltd, Merck, Co, Enterprise Products Partners, Dorian LPG, SiriusXM Holdings, Cardinal, Hannifin Corporation, Allegheny Technologies Incorporated, Tractor Supply Company, Trane Technologies, Dover Corp, Huntington Ingalls Industries, Brunswick Corporation, Dickinson, Canada Goose Holdings, Kirby Corp, WEC Energy Group, WestRock Company, Allegro MicroSystems, Ball Corporation, Broadridge Financial, BrightSphere Investment Group, CMS Energy Corp, Lancaster Colony Corp, Rogers Communications Inc, Sanofi, Apple, Atlassian Corporation, United States Steel Corp, Corp, Adtalem Global, Homes, DXC Technology Company, Eastman Chemical Company, Gen, Post Holdings, America, Columbia Sportswear Company, Exxon Mobil Corp, Chevron Corporation, Myers Squibb Co, CIGNA Corp, Regeneron Pharmaceuticals, Charter Communications, AON, Cboe, Dwight, Banco Santander, Jim Cramer's Charitable, CNBC, Apple Vision, Getty Locations: China, East, United States, Europe, Cleveland, Alexandria, California, Corning, Canadian Pacific, Teradyne, TER, Novo, Hanover, PBI, Skechers U.S.A, Bristol, Chile

☆ These 3 energy stocks offer the most upside in oil sector this year, Bank of America says
▼ + stars: | 2024-01-05 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Leggate has selected Occidental , Chevron and Exxon Mobil as his top picks. Bank of America is broadly cutting stock price targets in the oil and gas sector on a declining oil curve. He has set Occidental's price target at $80, implying 35% upside. The analyst has a price target of $180 for Chevron, suggesting the company's stock could rise 19% from here. Exxon's target is $140, suggesting nearly 37% upside, while Chevron has 19% upside with a target of $180.

Persons: Doug Leggate, Leggate, Hess Organizations: Bank of America, Occidental, Chevron, Exxon Mobil, Exxon, Natural Resources Locations: Ukraine, Occidental

Here are 6 signals investment bankers are watching as they pray for an M&A rebound in 2024. By contrast, activity from private equity firms "was off almost 40%," he said. In 2021, private equity firms transacted $1.5 trillion across 2,869 deals, according to Dealogic. Last year, private equity M&A made up 40% of total activity, according to Goldman Sachs. AI companies, many of which are only now being formed, need to mature, and the winners and losers need to come into focus, bankers said.

Persons: Wall, LSEG, Goldman Sachs, Vito Sperduto, Sperduto, we've, Stephan Feldgoise, Hess, Anthony J, Carfang, Cash, Goldman, Goldman's Feldgoise, Feldgoise, Mark Sorrell, I'm, Harold M, Lambert, Jerome Powell, Greg McBride, McBride, Jonathan Gray, dealmaking, Gray, Rob Chisholm, Chisholm Organizations: Fed, London Stock Exchange, Business, RBC Capital Markets, Conference Board, Conference, Federal, Goldman, Federal Reserve, Private, Bankers, DOJ, FTC, Federal Reserve Board, Bankrate, of Labor Statistics, Cisco, LSEG, Qatalyst Partners, Citi, & $ Locations: LSEG, Ukraine

☆ Occidental Petroleum to buy Permian producer CrownRock for $12 billion, raise dividend
▼ + stars: | 2023-12-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Occidental will issue $9.1 billion in debt and about $1.7 billion in common stock to finance the transaction. Occidental Petroleum on Monday agreed to buy CrownRock , a major privately held energy producer that operates in the Permian Basin, for $12 billion. Occidental CEO Vicki Hollub said the company is purchasing CrownRock to increase its scale in the Midland Basin. Occidental is the ninth-largest energy company in the U.S. with a market capitalization of $49.7 billion. Occidental's purchase of CrownRock is the third major deal in the energy sector in less than two months.

Persons: Vicki Hollub, Hollub, CNBC's, CrownRock, Timothy Dunn, Warren Buffett's, Warren Buffett's Berkshire Hathaway, Berkshire Hathaway, Buffett, Carl Icahn, Enverus, Weeks, Hess Organizations: Midland Basin, U.S . Energy Information Administration, U.S, Occidental Petroleum, Occidental, Endeavor Resources, Houston, Lime Rock Partners, Warren Buffett's Berkshire, Anadarko Petroleum, Exxon Mobil, Natural Resources, Chevron, Pioneer, Texas Intermediate, CNBC, Energy Information Administration Locations: Occidental, Midland, Texas, U.S, Warren, Berkshire, CrownRock

WASHINGTON (AP) — Federal regulators are investigating ExxonMobil's $60 billion deal to acquire a Texas oil company in what would be one the largest mergers in the energy industry in two decades, according to securities filings. The Federal Trade Commission, which enforces federal antitrust law, has asked for additional information from the companies about Exxon’s proposed acquisition of Pioneer Natural Resources. Exxon reported $9.1 billion in profits in the quarter that ended Sept. 30, while Chevron reported $6.5 billion in profits. Exxon has said the proposed deal with Texas-based Pioneer Resources would enhance U.S. energy security and benefit the American economy and consumers. Chevron said its proposed deal with New York-based Hess would strengthen long-term performance while “delivering higher returns and lower carbon” dioxide emissions that contribute to global warming.

Persons: Chuck Schumer, Schumer, Hess, Exxon, Alex Witt, Witt Organizations: WASHINGTON, —, Federal Trade Commission, Natural Resources, FTC, Exxon, Pioneer, Hess Corporation, Chevron, Justice Department, Resources, Climate, Center for American Progress Action Fund, League of Conservation Voters, Sierra Club Locations: Texas, Chevron, Ukraine, New York

☆ Carbon Trading Opens Loophole in Paris Climate Accord
▼ + stars: | 2023-12-04 | by ( Matthew Dalton | ) www.wsj.com time to read: 1 min

When the South American nation of Guyana wanted to sell millions of carbon-offset credits to preserve its rainforests, government officials knew they had a problem: The country’s lush Amazonian forests were actually in good shape. Guyana’s rate of deforestation was already low, meaning its forests wouldn’t yield much under standard methodologies for calculating carbon credits. So its government chose a new method that allows a large adjustment for countries with healthy forests. The change raised the credits that Guyana could issue sixfold. Guyana sold 37.5 million of them last year to U.S. oil giant Hess for at least $750 million, and is now shopping the remaining two thirds to countries facing pressure to comply with the landmark Paris climate accord, officials say.

Persons: Hess Locations: American, Guyana, Paris

☆ Now at a new 2023 high, the Dow is approaching a record. These stocks could push it over the top
▼ + stars: | 2023-11-30 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

The Dow Jones Industrial Average is nearing a major milestone — and certain members will lead the blue-chip average over the finish line if Wall Street analysts are correct. The 30-stock index hit a 2023 high during Thursday trading, coming at the tail-end of what's shaping up to be the strongest month of the year. .DJI ALL mountain The Dow To find who could lead the average to an all-time high, CNBC Pro screened for the Dow members with the largest upsides to average price targets among Wall Street analysts. Chevron can also help the Dow reach those milestones, with the average analyst forecasting a nearly 26% upside. Still, the average analyst polled by FactSet rates the stock a buy.

Persons: Hess Organizations: Dow Jones, Wall, CNBC Pro, Dow, Wall Street, Walgreens, CNBC Pro's, Chevron

☆ The Complex, Enduring Friendship of Shane MacGowan and Sinead O’Connor
▼ + stars: | 2023-11-30 | by ( Amanda Hess | More About Amanda Hess | ) www.nytimes.com time to read: +2 min

In a 2021 biography of MacGowan, O’Connor recalled performing a version of “Haunted” with him while he was using heroin. “The producers were freaking out because Shane was nodding out on smack in between the verses,” she told MacGowan’s biographer, Richard Balls. O’Connor and MacGowan first encountered each other in the 1980s in London, MacGowan told me over email in 2021, though he did not remember the exact circumstances. “In the locked ward where they put you if you’re suicidal, there’s more class A drugs than in Shane MacGowan’s dressing room,” she wrote. Shane MacGowan sounds Irish.” In our interview, MacGowan called O’Connor “a brilliant singer and a brilliant Irish singer, one of the best.”

Persons: MacGowan, O’Connor, Shane, ”, MacGowan’s, Richard Balls, “, Moya Brennan, Joey Cashman, Joey, “ Rememberings, ” O’Connor, Shane MacGowan’s, Bob Geldof, ” Geldof, “ Bono, Shane MacGowan Organizations: Pogues, “ Locations: London, St, Dublin, Irish

☆ OPEC says oil industry unjustly vilified ahead of COP28 climate talks
▼ + stars: | 2023-11-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

The Organization of Petroleum Exporting Countries on Monday said the oil and gas industry is being unjustly vilified ahead of a pivotal United Nations conference on the climate crisis later this week. OPEC Secretary General Haitham Al Ghais pushed back against accusations that the industry is not doing enough to reduce carbon emissions. The industry was taken to task last week for its role in the climate crisis and its commitment to clean energy by the Paris-based International Energy Agency (IEA). Just 1% of global investment in clean energy comes from the oil and gas industry, according to the IEA. Al Ghais also said oil and gas companies are making major investments in renewables and technologies that reduce emissions.

Persons: Haitham Al Ghais, who's, Al Ghais, Fatih Birol, Birol Organizations: OPEC, of Petroleum, United Nations, International Energy Agency, Change, United Arab, UAE, Exxon, Chevron, Natural Resources, IEA, Producers, Occidental Petroleum, U.N Locations: Russia, Paris, Kuwaiti, United Arab Emirates, U.S, Al

☆ Chuck Schumer Doesn’t Know How Gas Prices Work
▼ + stars: | 2023-11-26 | by ( Jonathan Chanis | ) www.wsj.com time to read: +1 min

Senate Majority Leader Chuck Schumer (D., N.Y.) gives remarks at a press conference in the U.S. Capitol Building in Washington, Nov. 15. Photo: Anna Moneymaker/Getty ImagesSenate Majority Leader Chuck Schumer and 22 Democratic senators recently wrote to Federal Trade Commission Chairman Lina Khan calling for an investigation into the proposed mergers between Exxon Mobil and Pioneer Natural Resources and Chevron and Hess . The letter argues that these mergers will enable “anticompetitive coordination in the industry” and raise U.S. gasoline prices. A fair assessment of the proposed mergers and the fossil-fuel market doesn’t reveal a firm legal and economic basis to initiate antitrust enforcement proceedings against these deals. If the senators really want a competitive energy market that supplies American consumers with lower-priced fuel, they should support these mergers, not obstruct them.

Persons: Chuck Schumer, Anna Moneymaker, Lina Khan Organizations: U.S, Capitol, Getty, Democratic, Federal Trade, Exxon Mobil, Natural Resources, Chevron, Hess Locations: N.Y, Washington

☆ Oil and gas industry needs to let go of carbon capture as solution to climate change, IEA says
▼ + stars: | 2023-11-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

The Gorgon liquefied natural gas (LNG) and carbon capture and storage (CCS) facility, operated by Chevron Corp., on Barrow Island, Australia, on Monday, July 24, 2023. The oil and gas industry needs to let go of the "illusion" that carbon capture technology is a solution to climate change and invest more in clean energy, the head of the International Energy Agency said Thursday. Just 1% of global investment in clean energy has come from oil and gas companies, according to Birol. The industry needs to face the "uncomfortable truth" that a successful clean energy transition will require scaling back oil and gas operations, not expanding them, the IEA chief wrote. One of the major pitfalls in the energy transition is excessive reliance on carbon capture, according to the report.

Persons: Fatih Birol, Birol, Hess Organizations: Chevron Corp, International Energy Agency, United Nations, IEA, Exxon Mobil, Chevron, Shell, BP, Exxon, Resources Locations: Barrow Island, Australia, Dubai

☆ Cramer: Diversification is crushing investors this year. Will 2024 be different?
▼ + stars: | 2023-11-19 | by ( Jim Cramer | ) www.cnbc.com time to read: +12 min

The stock of Club holding Morgan Stanley (MS) dropped to $70 from $100 before bouncing back to $80 when interest rates recently peaked. Morgan Stanley and Schwab did nothing bad or shameful, but their multiples are shadows of their former selves. At least Morgan Stanley has a nice dividend yield of 4.25%. Key, Huntington, First Horizon, Morgan Stanley and Schwab are all good franchises that are regarded as cheap. The Morgan Stanley headquarters is seen in New York City on Jan. 17, 2023.

Persons: It's, Huntington Bancshares, Stephen Steinour, Chris Gorman, Bryan Jordan, Morgan Stanley, That's, Charles Schwab, Schwab, We're, Macy's, Albert Bourla, Myers, Meyers, Eli Lilly, let's, Mills, Campbell Soup, WK Kellogg, McCormick, Neutrogena, Johnson, Edwards, Zimmer Biomet, Becton Dickenson, Baxter, BAX, Ford, Hess, Tesla, Jim Cramer's, Jim Cramer, Jim, Michael M Organizations: Dominion, Federal Reserve, Nordstrom, Pfizer, Bristol, Myers, Hostess Brands, Novo Nordisk, PepsiCo, Hershey, Brands, Spice, Johnson, Moderna, American Electric Power, Duke Energy, Motors, JetBlue, EOG Resources, ConocoPhillips, Exxon Mobil, Nvidia, Apple, Federal Trade Commission, CNBC, Santiago, Getty Locations: Huntington, Memphis, Tennessee, Toronto, United States, Celgene, Bristol, New York City

☆ Chevron takeover of Hess resurrects multi-billion dollar tax shield
▼ + stars: | 2023-11-14 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +5 min

“The tax benefits were definitely factored into how Chevron valued Hess,” said Donald Williamson, an accounting professor at American University’s Kogod School of Business. “When you combine the companies, we have the greater U.S. income, and we can use those net operating losses,” he said. The bottom line effect, when that loss limit is multiplied by the U.S. federal tax rate of 21%, is extra cash flow that could top $400 million a year. “There’s a strong and appropriate case to increase the corporate income tax rate.”Last year, corporate tax revenue totaled a record $425 billion, according to the Congressional Budget Office. Over the past decade, Chevron's current U.S. federal tax expense has averaged $40 million a year.

Persons: Dado Ruvic, Hess, ”, Donald Williamson, “, Pierre Breber, Williamson, Jim Seida, Jean Ross, Exxon, Darren Woods, ” Woods, Tim McLaughlin, Marguerita Choy Organizations: Chevron, Hess, REUTERS, Kogod School of Business, Internal Revenue Service, U.S, University of Notre Dame, Center for American Progress, Congressional, Graphics, Exxon Mobil, Pioneer Resources, Exxon, Reuters, Boston College, Thomson Locations: U.S, Chevron

☆ As the West courts Russia's neighbors, Putin shows he won't give up its backyard without a fight
▼ + stars: | 2023-11-09 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +8 min

Russian President Vladimir Putin at the Eurasian Economic Summit on Nov. 9, 2022, in Bishkek, Kyrgyzstan. Russian President Vladimir Putin and Kazakh President Kassym-Jomart Tokayev at a joint news conference at the Kremlin in Moscow, on Feb. 10, 2022. "Central Asia obviously has to keep a fine balance and tread that line," Hess said. Analysts note that while an economically isolated Russia wants and needs to keep Central Asia on side, it is gradually losing its grip on the region. Russian President Vladimir Putin, Kazakh President Kassym-Jomart Tokayev and Uzbek President Shavkat Mirziyoyev arrive for a working breakfast of the leaders of the Commonwealth of Independent States in Moscow, Russia, on May 9, 2023.

Persons: Vladimir Putin, Keen, Emmanuel Macron, Putin, Ilham Aliyev, Serdar Berdimuhamedow, Emomali Rahmon, Alexander Lukashenko, Sergei Lavrov, —, it's, Max Hess, Hess, Kassym, Mikhail Klimentyev, Xi Jinping, Florence Lo, they've, Temur Umarov, Tokayev, Shavkat Mirziyoyev, Vladimir Smirnov Organizations: Economic, Getty, Russia, Commonwealth of Independent States, Russian, Central Asia —, Central Asian, Kazakh, CIS, West, Georgia, Foreign Policy Research Institute, CNBC, Kremlin, Reuters Central, Central, Central Asia Summit, Afp, Shanghai Cooperation Organization, Carnegie Russia Eurasia Center, Commonwealth of Independent, Sputnik Locations: Bishkek, Kyrgyzstan, Central Asia, Moscow, Russian, Kazakhstan, Uzbekistan, Kazakh, Russia, Tajikistan, Turkmenistan, China, Soviet, Armenia, Azerbaijan, Belarus, Baltic States, Soviet Union, Moldova, Ukraine, U.S, Afghanistan, Asia, Xian, Shaanxi

[1/5] Stephan Feldgoise, co-head of global M&A for of Goldman Sachs, speaks at the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 8, 2023. This has fueled soul-searching among investment bankers about the prospects for their business. "I'm reasonably bullish that this will return, but obviously it will be in fits and starts." "Our (deal pipelines) are at one of the largest levels that you've seen in five-six years. Reporting by Anirban Sen in New York; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephan Feldgoise, Goldman Sachs, Brendan McDermid, Goldman, Steven Baronoff, Anu Aiyengar, Aiyengar, Anthony Kim, Kim, Michal Katz, Katz, Anirban Sen, Chizu Organizations: REUTERS, Goldman Sachs Group Inc, Reuters NEXT, Federal Reserve, Bank of America, Chevron Corp, Hess Corp, Exxon Mobil Corp, Natural Resources, JPMorgan Chase &, Microsoft Corp, Illumina Inc, Centerview Partners, Greenhill, Co Inc, Thomson Locations: New York City , New York, U.S, East, Ukraine, Americas, United States, New York

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