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☆ Pioneer Natural jumps on report of buyout talks with Exxon
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

April 10 (Reuters) - Pioneer Natural Resources Co's (PXD.N) shares rose as much as 8.5% on Monday following a report that Exxon Mobil Corp (XOM.N) held preliminary talks with the U.S. shale oil producer about a possible acquisition. Shares of Pioneer were up 6.5% at $221.74, while Exxon Mobil inched up 0.2% to $115.25. Pioneer is the third-largest oil producer after Chevron Corp (CVX.N) and ConocoPhillips (COP.N) in the Permian basin, the biggest in the United States. Analysts believe Pioneer and other exploration and production companies could be acquired in the coming quarters given oil giants such as Exxon are looking to boost inventory. "Would not be surprised to see Exxon step up for PXD's scale and inventory depth in the Midland Basin, but the price tag will ultimately be based on the oil prices underwritten by Exxon.

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Charles Schwab Corp (SCHW.N) gained 3.3% after the financial broker on Thursday disclosed upbeat new client assets inflow in March. Pioneer Natural Resources Co (PXD.N) jumped 5.7% after a report that Exxon Mobil Corp (XOM.N) held preliminary talks with the company about a possible acquisition of the shale oil producer. Micron Technology Inc (MU.O) and Western Digital Corp (WDC.O) surged 7.9% and 8.9%, respectively, on Samsung Electronics Co Ltd's (005930.KS) plans to cut chip production. Declining issues outnumbered advancers for a 1.07-to-1 ratio on the NYSE and a 1.16-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and no new low, while the Nasdaq recorded 30 new highs and 108 new lows.

"One has to step back and look at a bigger picture than just these week-to-week market battles over data. Several economic indicators last week, including weak private payrolls and job openings data, had initially raised hopes of a pause to the market-punishing rate hikes amid the recent banking sector turmoil. Declining issues outnumbered advancers for a 1.48-to-1 ratio on the NYSE and 1.74-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and no new lows, while the Nasdaq recorded 13 new highs and 57 new lows. Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Additional reporting by Medha Singh; Editing by Shounak Dasgupta and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

"One has to step back and look at a bigger picture than just these week-to-week market battles over data. ET, Dow e-minis were down 122 points, or 0.36%, S&P 500 e-minis were down 21.5 points, or 0.52%, and Nasdaq 100 e-minis were down 107.75 points, or 0.82%. Shares of regional banks slipped after Fed data on Friday showed overall credit from U.S. banks declined by a record of more than $120 billion in the latest week, on a nonseasonally adjusted basis. Semiconductor stocks such as Micron Technology Inc (MU.O) and Western Digital Corp (WDC.O) gained 5.5% and 4.7%, respectively, following Samsung Electronics Co Ltd's (005930.KS) plans to cut chip production. Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Additional reporting by Medha Singh; Editing by Varun H K and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Exxon, which has oil storage tanks in Beaumont, Texas, is flush with cash after posting record profits in 2022. Exxon Mobil Corp. has held preliminary talks with Pioneer Natural Resources Co. about a possible acquisition of the U.S. fracking giant, as the oil major hunts for a blockbuster deal in the shale patch, according to people familiar with the matter. Discussions between the two companies about a potential deal have been informal, the people said. But after posting record profits in 2022, Exxon is flush with cash and, according to people familiar with the company’s plans, has been exploring options that could reshape a swath of the U.S. oil and gas industry while pushing Exxon deeper into West Texas shale.

Exxon, which has oil storage tanks in Beaumont, Texas, is flush with cash after posting record profits in 2022. Exxon Mobil Corp. has held preliminary talks with Pioneer Natural Resources Co. about a possible acquisition of the U.S. fracking giant, as the oil major hunts for a blockbuster deal in the shale patch, according to people familiar with the matter. Discussions between the two companies about a potential deal have been informal, the people said. But after posting record profits in 2022, Exxon is flush with cash and, according to people familiar with the company’s plans, has been exploring options that could reshape a swath of the U.S. oil-and-gas industry while pushing Exxon deeper into West Texas shale.

☆ Exxon eyes potential purchase of shale driller Pioneer -WSJ
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +1 min

April 7 (Reuters) - Exxon Mobil Corp (XOM.N) has held preliminary talks with Pioneer Natural Resources Co (PXD.N) about a possible acquisition of the U.S. shale oil producer, the Wall Street Journal reported on Friday, citing people familiar with the matter. Discussions between the two companies about a potential deal have been informal, the newspaper said, adding that Exxon executives have discussed a potential tie-up with at least one other company. Exxon and Pioneer declined to comment on the report. Exxon views Pioneer as a top target to put its "windfall profits to use," the report said, adding that the talks may not lead to formal negotiations and Exxon may target another company. The largest U.S. oil producer this week signaled that its first-quarter operating profits dropped about 25% from the fourth quarter of last year, as oil and gas prices eased and refinery maintenance costs rose.

☆ World Court says it can rule on Guyana-Venezuela border dispute
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

THE HAGUE, April 6 (Reuters) - Judges at the International Court of Justice (ICJ) on Thursday ruled they had jurisdiction over a long-running border dispute between Guyana and Venezuela, which could determine which country has rights to offshore oil and gas fields. Guyana asked the ICJ, also known as the World Court, in 2018 to confirm that the border was laid down in an 1899 arbitration between Venezuela and the then-colony of British Guiana. The court "by 14 votes to 1, rejects the preliminary objection raised by the Bolivarian Republic of Venezuela," said presiding judge Joan Donoghue, while reading the decision. Venezuela does not want the ICJ to rule and instead insists on a bilateral negotiated solution to determine the course of the land border, which may ultimately determine which country has rights to certain offshore oil and gas fields. Offshore oil discoveries in recent years have given Guyana, which has no history of oil production, the potential to become one of the largest producers in Latin America.

☆ New Exxon Beaumont, Texas crude unit completes startup -sources
▼ + stars: | 2023-04-06 | by ( Erwin Seba | ) www.reuters.com time to read: +1 min

The new 250,000 barrel-per-day (bpd) Crude C CDU lifts the Beaumont refinery's capacity to 619,024 bpd, second only to the Motiva Enterprises (MOTIV.UL) refinery in nearby Port Arthur, Texas, the people said. Exxon has also restarted the Beaumont refinery's 65,000 diesel-producing hydrocracker, which was shut by a compressor outage on March 22, the people said. Alongside Crude C, Exxon has said it built a hydrotreater. Crude C is the third CDU at the Beaumont refinery. The CDUs break down crude oil into feedstock for all other production units.

☆ 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.

☆ Exxon quits drilling in Brazil after failing to find oil - WSJ
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

Companies Exxon Mobil Corp FollowApril 5 (Reuters) - Exxon Mobil Corp (XOM.N) has ended a major campaign to find oil in Brazil, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. However, the company has not ruled out future projects in the country, the report added, citing sources. Exxon had bet billions of dollars on offshore drilling in Brazil, and the country was one of the three geographic areas the company was counting on for most of its future production. The other two - Guyana and U.S. shale country - are performing well, but Exxon is yet to make a major oil discovery as an operator in Brazil's water. The reported news comes less than a day after Exxon signalled that its first-quarter operating profits dropped about 25% from last year's record levels on easing oil and gas prices.

☆ Futures edge higher as tech and growth stocks gain; focus on jobs data
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +3 min

Oil prices extended gains on Tuesday, with investor attention shifting to demand trends and the impact of higher prices on the global economy. Energy firms Chevron Corp (CVX.N), Exxon Mobil Corp (XOM.N) and Occidental Petroleum Corp (OXY.N) were set to extend gains, rising between 0.5% and 0.9% premarket. Among stocks, Virgin Orbit Holdings Inc (VORB.O) tanked 25% after the satellite launch company filed for Chapter 11 bankruptcy on failing to secure long-term funding. Etsy Inc (ETSY.O) gained 3.8% after Piper Sandler upgraded the consumer e-commerce platform's stock to "overweight". Reporting by Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Asia stocks wobble as OPEC+ output cuts, weak US data raise uncertainty
▼ + stars: | 2023-04-04 | by ( Julie Zhu | ) www.reuters.com time to read: +4 min

[1/2] A passerby walks past an electric monitor displaying recent movements of various stock prices outside a bank in Tokyo, Japan, March 22, 2023. An announcement on Sunday of output target cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, propelled oil prices higher and complicated the inflation outlook. Early in the Asian day, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was trading steady. Japan's Nikkei stock index (.N225) rose 0.24% while Australian shares (.AXJO) were up 0.1%. On Monday, gains in energy shares helped lift world stock indexes following the surprise OPEC+ group's new production cuts that could push oil prices toward $100 a barrel.

☆ 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.

☆ S&P, Nasdaq futures fall on inflation worries after OPEC+ output cut
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures mixed: Dow up 0.36%, S&P down 0.10%, Nasdaq down 0.64%April 3 (Reuters) - Futures tracking the S&P 500 and the Nasdaq fell on Monday as soaring oil prices renewed worries of persistent inflationary pressures, while energy stocks surged at the start of the week. Saudi Arabia and other OPEC+ oil producers announced further oil output cuts of around 1.16 million barrels per day, threatening an immediate rise in prices. Oil prices jumped 5.4% on Monday, propelling over 3% gains in energy firms such as Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N) in premarket trade. ET, Dow e-minis were up 119 points, or 0.36%, S&P 500 e-minis were down 4 points, or 0.10%, and Nasdaq 100 e-minis were down 84.5 points, or 0.64%. Remarks by Federal Reserve Board Governor Lisa Cook on economic outlook and monetary policy are also expected later on Monday.

☆ Want to play higher oil prices? Analysts back these stocks, giving one over 160% upside
▼ + stars: | 2023-04-03 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

OPEC+ oil producers announced output cuts of around 1.16 million barrels a day Sunday, sending oil prices higher . The surprise cut in production could boost oil prices to $100 a barrel and beyond , analysts said. It comes after oil prices dipped last month, falling to $70 per barrel — the lowest in 15 months. Kathleen Flynn | ReutersOPEC+ oil producers announced output cuts of around 1.16 million barrels a day Sunday, sending oil prices higher. The surprise cut in production could boost oil prices to $100 a barrel and beyond, analysts said.

This comes just days after cooling inflation raised hopes that the Fed could soon end its aggressive monetary tightening. Shares of other energy firms such as Exxon Mobil Corp (XOM.N) and Occidental Petroleum Corp (OXY.N) were also up 4.9% and 6.0%, respectively, helping drive a 5.2% jump in the energy sector. The tech-heavy Nasdaq recorded its strongest first-quarter jump of 17% since mid-2020. Among other stocks, shares of American Airlines Group Inc (AAL.O) and Delta Air Lines Inc (DAL.N) edged 0.6% and 1.3% lower on rising crude prices. The S&P index recorded seven new 52-week highs and no new low, while the Nasdaq recorded 40 new highs and 28 new lows.

☆ 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.

☆ Falling US gasoline stockpiles signal a repeat of last summer's high prices
▼ + stars: | 2023-03-22 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Companies Exxon Mobil Corp FollowMarch 22 (Reuters) - U.S. motorists face a repeat of last summer's high gasoline prices, analysts warned on Wednesday, with fuel stockpiles heading towards multi-year lows ahead of the peak summer driving season that begins in two months. Retail gasoline prices, now averaging $3.44 a gallon nationwide, hit a record $5.02 a gallon last June as crude oil prices jumped on Russia's invasion of Ukraine and the waning of COVID-19 travel curbs unleashed pent up travel demand. Vehicle travel in the U.S. started the year 5.6% higher than last year, leading to a drop in gasoline stockpiles for five straight weeks. Rising travel coupled with declining inventories could lift retail prices again this year, said Yawger, with last summer's $5 a gallon a possibility again. When fully operating this month, it will be able to process 250,000 additional barrels of crude daily into gasoline and diesel.

☆ Top Companies for Innovation
▼ + stars: | 2023-03-17 | by ( ) www.wsj.com time to read: 1 min

Microsoft is the No. 1 company overall in the Management Top 250 and is in the top 10 in four of the five main ranking categories. Microsoft Corp. scored highest for innovation in the latest Management Top 250 ranking, followed by Amazon .com Inc. and Exxon Mobil Corp. The Management Top 250 ranking, developed by the Drucker Institute, measures corporate effectiveness by examining performance in customer satisfaction, employee engagement and development, innovation, social responsibility and financial strength.

Among methods that produce what is known as green hydrogen are electrolysis to split water into hydrogen and oxygen using power from renewables. The technology for shipping hydrogen is still in early stages of development, said Chevron's vice president of hydrogen Austin Knight. About 30-35% of the total energy system will need hydrogen to decarbonize, he said. NextEra is working with the U.S. Treasury on rules that govern what can be considered green hydrogen, he said. The process is complicated by the variability of renewable power supply from wind and solar, he said.

☆ Exxon Sued by Federal Agency Over Nooses Allegedly Found at Louisiana Plant
▼ + stars: | 2023-03-06 | by ( Alyssa Lukpat | ) www.wsj.com time to read: 1 min

Exxon Mobil, based in Texas, operates refineries throughout the country, including in Baton Rouge, La. Federal authorities sued Exxon Mobil Corp. over five nooses they said were found at the oil company’s refinery in Baton Rouge, La., which they said had created a hostile work environment and subjected employees to racial discrimination. The Equal Employment Opportunity Commission said in the lawsuit filed last week that between April 2016 and December 2020, employees and contractors reported finding the nooses throughout the refinery. The EEOC said Exxon had received the reports about the nooses but didn’t do enough to stop people from putting them up.

Companies Exxon Mobil Corp FollowMarch 2 (Reuters) - Exxon Mobil Corp (XOM.N) was sued for racial discrimination by a U.S. federal agency on Thursday, with charges alleging that the oil major failed to protect workers from harassment after nooses were found at one of its facilities in 2020. The EEOC said that at the time of this report, Exxon was already aware of three other such instances of nooses being displayed at the complex and a nearby refinery, and that a fifth noose was reported later in 2020. According to the EEOC, Exxon investigated some of these incidents, but not all, and "failed to take measures reasonably calculated to end the harassment." The federal agency alleged that Exxon's actions and omissions regarding the noose incidents "created a racially hostile work environment." The symbols of hate are unacceptable, offensive, and in violation of our corporate policies", Exxon said in a statement.

☆ Exxon warns of Russia risks to its $2.5 billion Kazakhstan income
▼ + stars: | 2023-02-23 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

HOUSTON, Feb 22 (Reuters) - Exxon Mobil Corp (XOM.N) on Wednesday warned in a securities filing of potential risks to its Kazakhstan oil operations, which provided $2.5 billion in earnings last year. Threats to Kazakhstan oil exports have been in the spotlight since Moscow invaded Ukraine a year ago this week. Exxon and Chevron (CVX.N) are major holders in the Central Asia country's oil production and related export pipeline. Kazakhstan shares a 4,750 mile (7,644 km) border with Russia and its oil exports travel mainly through a Caspian Pipeline Consortium (CPC) line through Russia and lands at a Russian Black Sea export terminal. Any closure of the CPC pipeline or terminal would shut in more than 1% of global oil supply and cost its producers billions of dollars in lost income.

☆ Suncor Energy names Exxon veteran Rich Kruger as CEO
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - Canada's Suncor Energy Inc (SU.TO) said on Tuesday former Exxon Mobil Corp executive Rich Kruger would take over as its chief executive from April 3, replacing interim boss Kris Smith, sending its shares up nearly 3% in afternoon trading. Kruger, a near 40-year veteran of Exxon (XOM.N), served as CEO of Imperial Oil Ltd (IMO.TO) for six years before retiring in 2019. "Investors are likely going to see this as a key reason to expect a complete positive change in the safety culture at SU," Eight Capital analysts said. Smith replaced Mark Little as CEO in July following a worker death, which was the fifth fatality at the company since 2019. The company named Smith as its finance chief in place of Alister Cowan, who plans to retire at the end of the year.

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