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☆ Wall Street needs a boost from earnings. Can JPMorgan Chase run a strong first leg?
▼ + stars: | 2023-10-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Analysts expect a 0.4% year-over-year decline in third-quarter earnings for companies in the S&P 500 index, according to FactSet. Analysts expect America’s biggest bank to report earnings per share of $3.90 and revenue of $39.57 billion for the third quarter, according to Refinitiv. Citigroup, Wells Fargo and BlackRock also report earnings Friday. “Our children are in crisis, and it is up to us to save them,” Hochul said, comparing social media algorithms to cigarettes and alcohol. Those who opt out would receive chronological feeds instead, like in the early days of social media.

Persons: ”, Michael Arone, Jay Hatfield, ” Hatfield, Banks, JPMorgan Chase, Jamie Dimon, Dimon, Wells, Chris Isidore, Darren Woods, Read, Kathy Hochul, Letitia James, Michael Mulgrew, Sen, Andrew Gounardes, Nily, “, ” Hochul, Athena Jones, Brian Fung Organizations: CNN Business, Bell, CNN, Investors, State Street Global Advisors, stoke, Infrastructure Capital Management, JPMorgan Chase, JPMorgan, First, Bank, Citigroup, ExxonMobil, Natural Resources, Midland Basins, New York Gov, New York, United Federation of Teachers Manhattan, New Locations: Wells Fargo, BlackRock, United States, Midland , Texas, Delaware, Midland, New York

☆ US Senator Warren concerned Exxon's plan to buy Pioneer will raise costs
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +1 min

Senator Elizabeth Warren, a Democrat on the Senate Banking panel, said on Wednesday she was concerned that Exxon Mobil's (XOM.N) agreement to buy U.S. rival Pioneer Natural Resources (PXD.N) would raise costs and should be probed by regulators. "Oil company profiteering hits American consumers right in the wallet — and I’m concerned that Exxon’s massive acquisition will reduce competition and drive up costs. Regulators should closely scrutinize this big oil merger," Warren said. The deal, valued at $59.5 billion, combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the U.S. into the world's largest oil producer in little more than a decade. Reporting by Diane Bartz; writing by Susan Heavey and Costas Pitas; Editing by Caitlin WebberOur Standards: The Thomson Reuters Trust Principles.

Persons: Sen, Elizabeth Warren, Rohit Chopra, Exxon Mobil's, Warren, Diane Bartz, Susan Heavey, Costas Pitas, Caitlin Webber Organizations: . Consumer Financial Protection Bureau, Banking, Housing, Urban Affairs, Consumer, Democrat, Exxon, Natural Resources, Oil, Thomson Locations: Washington , U.S, WASHINGTON, U.S

Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas. In the late 1990s, the merger between Exxon and Mobil was valued around $80 billion. Exxon Mobil Corp. has been using some of that cash on acquisitions. In July the company announced that it was buying pipeline operator Denbury in an all-stock deal valued at $4.9 billion. In 2020 the company said it was buying Parsley Energy in an all-stock deal valued at approximately $4.5 billion.

Persons: Darren Woods, Scott Sheffield, Citi's Alastair Syme, Syme Organizations: Exxon Mobil, Natural Resources, Mobil, Exxon, XTO Energy, U.S . Energy Information Administration, Midland Basin, ExxonMobil, Pioneer, “, Exxon Mobil Corp, Parsley Energy, DoublePoint Energy Locations: West Texas, Texas, New Mexico, Delaware, Midland, U.S

☆ Guyana contractor in US probe leaves $300 million Exxon shore base project
▼ + stars: | 2023-10-04 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +4 min

Mohamed's decision to leave the consortium could reduce complications for the Texas-based company should U.S. authorities decide to levy sanctions on the pair or file an indictment. The construction of the shore base is part of Exxon’s efforts to expand oil production off Guyana’s coast, an important part of the company's growth plans. Following the Reuters report in July, Exxon had made an internal decision to remain neutral on the Mohameds, according to four sources with knowledge of the matter. Nazar was quoted in local media on Tuesday saying his decision to leave the consortium was based on religious beliefs. Reporting by Sabrina Valle; Editing by Richard Valdmanis, Richard Chang and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Persons: Nazar Mohamed, Azruddin, Mohamed's, Alistair Routledge, Mohamed, Exxon, Andron Alphonso, Nicholas Deygoo, Boyer, Jan De Nul, Nazar, Washington, “, ”, George McEachern, Sabrina Valle, Richard Valdmanis, Richard Chang, Aurora Ellis Organizations: Exxon, Exxon Mobil Corp, Reuters, Mohamed’s, NRG Holdings, Company, U.S, FBI, International Corruption, Thomson Locations: Guyana HOUSTON, American, Texas, U.S, United States, Venezuela, Guyana, Vreed, European

☆ NextEra workers roll the dice with big bet on company stock
▼ + stars: | 2023-09-21 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +8 min

America’s largest renewable power company is among several U.S. energy and utility companies, including Exxon and Southern Company, that continue to promote big, concentrated bets on company stock in worker retirement plans. Nearly 50% of the investments in NextEra’s employee-funded 401(k) retirement plan are in company stock, the highest among all 30 companies in the S&P 500 Utilities Sector (.SPLRCU). NextEra declined to comment on its use of company stock in employee 401(k) plans. "If we saw a concentration of more than 20% in a single company stock, we would definitely tell them it's a big risk." `Keith Rasmussen, a retired geologist, said he still feels the financial repercussions of holding big bets on company stock in his retirement plans.

Persons: Robert Knoche, Yoon, NextEra, ”, Alicia Munnell, Kristin McKenna, McKenna, Ryan Frazier, Keith Rasmussen, jolt, Rasmussen, “, ” Rasmussen, Richard Valdmanis, Anna Driver Organizations: REUTERS, Exxon, Southern Company, Corporate America, Enron, Utilities, Vanguard Group, Center for Retirement Research, Boston College, Employees, Silicon Valley Bank, Darrow Wealth Management, SEC, Corporations, U.S . Securities, Exchange Commission, Southern Co, Dominion Energy Inc, Dominion, Chesapeake Energy Corp, Thomson Locations: Douglas County , Kansas, U.S, Silicon, Boston, Atlanta , Georgia

☆ Exxon Reports Leaner Earnings in Second Quarter
▼ + stars: | 2023-07-28 | by ( Santul Nerkar | ) www.nytimes.com time to read: +3 min

The NumbersExxon’s revenue declined in the latest quarter, to $82.9 billion from $115.7 billion a year earlier. The company reported earnings per share of $1.94, compared with $4.21 in the second quarter last year. Exxon’s reduced profit is relative to the unusual level achieved in a roiled energy market a year ago. Why It Matters: A reflection of lower oil prices. Still, at about $80 per barrel now, oil prices are lower than they were at the start of the war.

Persons: Exxon’s, Darren Woods, Biden Organizations: Chevron, Shell, Exxon, West, United, Strategic Petroleum Reserve Locations: Ukraine, West Texas, United States, Texas, New Mexico, Saudi Arabia, —, Russia

☆ Argenx drug boost is mixed blessing for suitors
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 17 (Reuters Breakingviews) - Argenx (ARGX.BR) has long been a presumed takeover target for drugmakers like Pfizer (PFE.N). Many of its remedies like Vyvgart, which delivered positive drug trial results on Monday, are likely to reach their peak just as the big drugmakers’ revenues come under patent pressure. Still, the more successful Argenx becomes the more expensive it will be for a potential bidder. Since then the company’s shares have nearly doubled, including a 26% bump on Monday thanks to the positive trial results. Argenx’s drug trial success may give bidders comfort they are not buying a dud, but that reassurance comes with a downside.

Persons: Argenx, Prometheus, Aimee Donnellan, George Hay, Pranav Kiran Organizations: Reuters, Pfizer, Big Pharma, Twitter, Cathay, Thomson Locations: Belgian

☆ Luxury tests limits of its immunity to downturns
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 17 (Reuters Breakingviews) - Compagnie Financiere Richemont (CFR.S) is testing the limits of luxury’s immunity to downturns. Shares of other big luxury players, including $236 billion Hermes International (HRMS.PA) and $502 billion LVMH (LVMH.PA), also fell 4.2% and 3.7% respectively. The top 5% of wealthiest shoppers who are probably less sensitive to inflation drove around 40% of global luxury sales last year, according to Boston Consulting Group. Shares in the European luxury sector are on average up 69% since the start of the pandemic in 2020. Meanwhile, revenue in Asia, which makes up 40% of Richemont's revenue, grew 40% year-on-year in the last quarter.

Persons: Cartier, U.S . downer, Karen Kwok, George Hay, Sharon Lam Organizations: Reuters, Financiere, Hermes, Boston Consulting, Citi, U.S ., Twitter, Cathay, Thomson Locations: Asia

☆ U.S. probing Exxon contractor in Guyana for smuggling drugs, gold
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +6 min

Now, U.S. officials are considering imposing sanctions on the Mohameds, according to four of the sources and two additional people familiar with the matter. The construction of the shore base is part of Exxon’s efforts to expand oil production off Guyana’s coast. The companies plan to expand output to 1.2 million bpd by 2027, a massive haul that would make Guyana’s production higher than what many OPEC nations, including neighboring Venezuela, produce today. Guyana is Exxon’s top bet for global oil production growth outside of the United States. Neither Hess nor CNOOC responded to requests for comment on the investigations into the Mohameds or the government’s meetings with Exxon.

Persons: Nazar Mohamed, Washington, Mohamed, Irfaan Ali, ”, ” Nazar Mohamed, Azruddin Mohamed, “, Alistair Routledge, Hess, CNOOC Organizations: Guyana U.S, Exxon Mobil, Reuters, Exxon, Mohamed’s Enterprise, Drug Enforcement Administration, Federal Bureau of Investigation, Department of Homeland Security, Russian, FBI, DEA, Homeland Security, U.S, Routledge, The U.S, China National Offshore Oil Corporation Locations: GEORGETOWN, Guyana, U.S, The Texas, Venezuela, United States, Europe, Georgetown, China

☆ Byju’s virtue-signalling is late but valuable
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

India’s once-most valuable startup is luring big talent even after its auditor Deloitte resigned and three investors including Prosus (PRX.AS) quit the company’s board. His experience navigating government departments will be handy as the Ministry of Corporate Affairs ordered an inspection of Byju’s books per Bloomberg. It also could shore up Byju’s hopes of raising cash from new investors to meet creditor demands for early repayment of a $1.2 billion loan. Prosus for example thinks the company is only worth $5.1 billion, down from a peak valuation of $22 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Rajnish Kumar, Mohandas Pai, India’s, Kumar, Pai, Byju Raveendran, Divya Gokulnath, Pranav Kiran, Una Galani, Thomas Shum Organizations: Reuters, State Bank of India, Infosys, Deloitte, Ministry of Corporate Affairs, Bloomberg, Twitter, Thomson Locations: Bengaluru

☆ 5G push catches European telecom kit makers short
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 14 (Reuters Breakingviews) - The race to roll out faster 5G networks in the past two years has turned into a trap for telecom kit makers in Europe. The Finnish telecom gear group surprised investors with a profit warning; it cut its full-year net sales guidance to between 23.2 billion euros and 24.6 billion euros ($26.05 billion and $27.62 billion) from 24.6 billion euros to 26.2 billion euros previously. Mobile networks in big markets like the United States invested aggressively to roll out 5G equipment in 2021 and 2022, ending up with excessively high inventories. Yet this came just as mobile equipment makers’ customers started to rein in spending on the back of inflation, exacerbating their problem. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Karen Kwok, Lisa Jucca, Oliver Taslic Organizations: Reuters, Nokia, Ericsson, U.S, Twitter, Cathay, Thomson Locations: Europe, Swedish, Scandinavian, United States, India

☆ Cathay Pacific’s recovery finds its wings
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, July 14 (Reuters Breakingviews) - Cathay Pacific (0293.HK) is regaining its mojo. The return to profitability for the $7 billion airline, which expects earnings of as much as HK$4.5 billion, is well-timed. Dividends owed on the preference shares are due to rise from 3% to 5% in August and would continue to rise to as much as 9%. Buying back the shares, as the company plans to do within the next 12 months, will avoid the higher coupons. But as Cathay aims to return to 100% of pre-pandemic capacity by the end of 2024, confidence is returning to Hong Kong’s skies.

Persons: Ronald Lam, Thomas Shum, Una Galani, Pranav Kiran Organizations: Reuters, Cathay, HK, Hong, Pilots, Twitter, Thomson Locations: HONG KONG, HK, Hong Kong, Chengdu, Hong

☆ Exxon’s carbon-capture deal is pale shade of green
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

The oil titan’s $4.9 billion all-stock deal for Denbury (DEN.N) unveiled on Thursday provides a financially and strategically judicious way to capture and move carbon dioxide. The $89.75 a share is also lower than where Denbury was trading before Bloomberg reported news of a possible deal in October. Denbury says that 28% of it is “blue oil” that produces negative scope 3 emissions. Showcasing an evolving mindset while helping extract more oil is just the pale green hue that suits Exxon. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Darren Woods, Denbury, Robert Cyran, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, Exxon Mobil, Exxon, Denbury, Bloomberg, Twitter, Thomson

Climate investors aren’t expecting a triumphant repeat of what happened two years ago, when Engine No. 1, a San Francisco-based activist hedge fund, stunned the corporate world by landing three of its eco-conscious nominees on Exxon’s board. Mark van Baal, founder of the activist shareholder group Follow This, was more blunt. The hedge fund, he said, was “the biggest disappointment in the fight against climate change.”Engine No. But critics say that green investments are still a tiny percentage of Exxon’s spending, and that the company remains committed to fossil fuels.

Persons: aren’t, DealBook, Vivienne Walt, ”, Mark Kramer, “, Danielle Fugere, Mark van Baal Organizations: Exxon, Legal, General Investment Management, Harvard Business School Locations: San Francisco, Berkeley, Calif, Texas, New Mexico

☆ Exxon’s Canadian Affiliate Struggles With Oil Sands Wastewater Leak
▼ + stars: | 2023-04-29 | by ( Vipal Monga | ) www.wsj.com time to read: 1 min

Mining in 2017 at the Kearl oil sands project in Alberta, one of the largest in Canada. Photo: LARRY MACDOUGAL/ASSOCIATED PRESSTORONTO— Exxon Mobil Corp.’s Canadian affiliate, Imperial Oil Ltd., is struggling to contain the environmental and social effects of a continuing leak of toxic wastewater at one of its projects in the oil sands of western Canada. The full extent of the leak went unreported to nearby indigenous communities and Canada’s federal government for nine months, according to indigenous leaders, Imperial Oil and government officials.

☆ 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.

☆ 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.

☆ Exxon Mobil: Eyes on the Permian Prize
▼ + stars: | 2023-04-08 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Exxon could be looking to make a major deal soon. Texas-based oil major Exxon Mobil was once known for exploring for oil in all sorts of exotic places, but right now its own backyard is looking like the best option. The oil major has reportedly held preliminary talks with U.S. producer Pioneer Natural Resources about a possible acquisition, according to a Wall Street Journal report Friday. An acquisition of Pioneer, which has a market capitalization of about $49 billion, would be Exxon’s largest deal since its merger with Mobil in 1999. It is clear that Exxon is itching to put its cash to some use: The company is also said to have approached Denbury , an oil producer with an extensive carbon-dioxide-gathering infrastructure, according to a Bloomberg report late last year.

☆ ExxonMobil: Eyes on the Permian Prize
▼ + stars: | 2023-04-08 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Exxon could be looking to make a major deal soon. Texas-based oil major ExxonMobil was once known for exploring for oil in all sorts of exotic places, but right now its own back yard is looking like the best option. The oil major has reportedly held preliminary talks with U.S. producer Pioneer Natural Resources about a possible acquisition, according to a Wall Street Journal report Friday. An acquisition of Pioneer, which has a market capitalization of about $49 billion, would be Exxon’s largest deal since its merger with Mobil in 1999. It is clear that Exxon is itching to put its cash to some use: The company is also said to have approached Denbury , an oil producer with an extensive carbon-dioxide-gathering infrastructure, according to a Bloomberg report late last year.

☆ Exxon’s Climate Opponents Were Infiltrated by Massive Hacking-for-Hire Operation
▼ + stars: | 2023-03-29 | by ( Christopher M. Matthews | ) www.wsj.com time to read: 1 min

In the midst of perpetrating what federal prosecutors say was a massive corporate hacking campaign, Israeli private detective Aviram Azari in 2017 received welcome news. A group of hackers in India wrote him to say they had successfully infiltrated the email and social-media accounts of a group of environmental activists campaigning against Exxon Mobil Corp.

☆ Big Oil made $200 billion in profit last year. Shareholders won big, clean energy missed out
▼ + stars: | 2023-02-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

But the flood of cash has not delivered a commensurate boom in renewable energy investments, despite clear evidence that the world needs to move much faster with efforts to address the climate crisis. The record-setting results mark a dramatic turnaround for a sector that suffered brutal losses and slashed shareholder payouts in 2020, when pandemic lockdowns sharply reduced demand for energy and oil prices collapsed. An aerial view of the BP oil refinery in Whiting, Indiana on August 29, 2019. Tannen Maury/EPA-EFE/ShutterstockJust three years ago, BP unveiled a plan to slash oil and gas production by 40% from 2019 levels by 2030. It is also now aiming to cut carbon emissions from its oil and gas production by 20%-30% by 2030, down from the previous goal of 35%-40%.

☆ BP strategy is still caught between two stools
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 7 (Reuters Breakingviews) - BP (BP.L) is trying to stop the rot. The $108 billion UK oil group’s bumper 2022 results on Tuesday recorded a stellar 30.5% return on average capital employed. But fresh investment in oil and gas means he only plans to cut oil production by 25% by 2030, rather than 40%. The reason that probably won’t happen any time soon is that BP is still planning to cut oil production and hike non-fossil fuel investment more than American rivals. Otherwise, BP may remain too dirty for sustainable investors, and too clean for the rest.

☆ Big Oil mega-deals would put investors on the spot
▼ + stars: | 2023-02-02 | by ( George Hay | ) www.reuters.com time to read: +5 min

So are Shell (SHEL.L), BP (BP.L) and TotalEnergies (TTEF.PA), but investors value U.S. oil majors way higher than European ones. $473 billion Exxon and $331 billion Chevron trade at 6 times expected EBITDA for 2023, twice the average of $210 billion Shell, $154 billion Total and $109 billion BP. One reason why is that as oil prices have soared, American drillers look more attractive than European ones that are also pressing into potentially lower-return renewable energy. Imagine Chevron or Exxon acquired BP for $170 billion, factoring in a 30% premium to its market capitalisation, plus debt. Any cross-border deal would see Chevron’s Mike Wirth or Exxon’s Darren Woods take a big bet on continuing high oil prices, and also attract political heat.

☆ Exxon Vaults to Record Annual Profit of $55.7 Billion
▼ + stars: | 2023-01-31 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

Exxon Mobil Corp. rocketed to its highest-ever annual profit last year, riding surging oil prices to resurrect its status as one of America’s most profitable companies and erase billions of dollars of losses incurred during the pandemic. The largest U.S. oil company turned in record annual earnings of $55.7 billion for 2022 in its quarterly earnings Tuesday, outpacing big banks, tech giants and vaccine makers. Among companies that have reported fourth-quarter earnings, only Apple Inc. and Microsoft Corp. have surpassed Exxon’s profit in fiscal 2022 so far, and only Google parent Alphabet Inc. is projected to post a higher return, according to a Wall Street Journal analysis.

☆ Big oil can be lean and not mean
▼ + stars: | 2023-01-31 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

The $460 billion firm said on Tuesday that it earned $13 billion in the fourth quarter, while Chevron said last week it earned over $6 billion. Oil demand growth has peaked, and may start to decline soon, according to BP’s 2023 Energy Outlook released on Monday. It’s conceivable both could have more cash than debt at the end of the year if the price of oil rises. Big oil can be lean, but not mean. The oil company retired $7.2 billion of debt in 2022.

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