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☆ Chevron tops estimates with Q1 profit gain despite slide in oil prices
▼ + stars: | 2023-04-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

HOUSTON, April 28 (Reuters) - Oil major Chevron Corp (CVX.N) beat market expectations on Friday as profit nudged higher in the first-quarter, with earnings from refining compensating for a slide in energy prices and in oil and gas production. Net profit climbed 5% to $6.57 billion or $3.46 per share. That compares with a Wall Street consensus for flat profit at $3.38 per share, according to figures compiled by Zacks Investment Research. The company's standout business was oil refining, where higher margins helped income surge more than five-fold to $1.8 billion. But its oil and gas production division saw its net profit tumble 25% on a big year-over-year declines in prices.

☆ Oil major BP braces itself for shareholder revolt after scaling back its climate targets
▼ + stars: | 2023-04-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Dutch group Follow This, a small activist investor and campaign group with stakes in several Big Oil companies, has tabled a resolution at BP's shareholder meeting. It calls on the energy giant to align its climate targets with the landmark Paris climate accord and commit to absolute carbon emissions cuts by 2030. Those emissions cuts, Follow This says, should include emissions generated by customers' use of their oil and gas, known as Scope 3 emissions. Follow This says it expects BP's annual general meeting to be a "contentious" one, warning investors will be "rightfully concerned" about BP dialing back its climate strategy amid an ever-worsening climate crisis. Proxy advisors ISS and Glass Lewis have recommended that shareholders of BP vote against the resolution tabled by Follow This.

☆ Chamber of Commerce gets nearly half its funding from those who give at least $1 million
▼ + stars: | 2023-04-26 | by ( Brian Schwartz | ) www.cnbc.com time to read: +3 min

The U.S. Chamber of Commerce pitches itself as representing the interests of millions of businesses of all shapes and sizes. The chamber, according to the study, brought in 18 contributions from those who donated anywhere from $2 million to over $4 million. The report says that the group raised around $54 million from those big-money contributors alone. And like America, the vast majority of our members — 90% — are small businesses and state and local chambers of commerce." By all measures, our impact for them is substantial and small businesses are strongly engaged with the Chamber."

☆ Supreme Court deals blow to oil companies by turning away climate cases
▼ + stars: | 2023-04-24 | by ( Lawrence Hurley | ) www.cnbc.com time to read: +2 min

WASHINGTON — The Supreme Court on Monday allowed lawsuits brought by municipalities seeking to hold energy companies accountable for climate change to move forward in a loss for business interests. The relatively narrow legal issue is whether the lawsuits should be heard in state court instead of federal court. Litigants care because of the widely held view that plaintiffs have a better chance of winning damage awards in state court. The municipalities' lawsuits say they have been harmed by the affects of climate change caused by carbon emissions that the oil companies are heavily responsible for. In an earlier case, the Supreme Court in 2021 ruled in favor of oil companies on a procedural issue in a similar lawsuit brought by the city of Baltimore.

☆ Inside the Wild World of Celebrity Keynote Speakers: Drugs, Alcohol
▼ + stars: | 2023-04-23 | by ( David Kushner | ) www.businessinsider.com time to read: +31 min

"I never saw myself as a speaker, let alone a motivational speaker," Leonard tells me while his assistant irons his jeans. 'When I ramble," Hunter told me, "hit me in the leg!" Every plane had been grounded, including the one stuck on the tarmac with an increasingly inebriated Hunter Thompson trapped inside. But by far the most all-consuming task was booking gigs for Hunter Thompson. Just before a debate with G. Gordon Liddy at Brown University, Hunter demanded that Betsy Berg, whom I now worked alongside at GTN, score him some crystal meth.

☆ Big Tech earnings, crucial inflation call — here comes the biggest week of earnings season
▼ + stars: | 2023-04-22 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Stocks stuck to a holding pattern this week as investors brace for an incoming wave of Big Tech earnings and the Fed's favorite inflation reading. Earnings reports have generally been better than expected so far this first quarter. Humana (HUM) reports before the bell Wednesday; Meta Platforms and Pioneer Natural Resources (PXD) report after the bell Wednesday. ET: Personal Spending & Income (includes PCE Price Index) Club trades this week Just one trade: We added 150 shares of Coterra Energy (CTRA) on Wednesday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Premarket stocks: Is Big Oil running out of gas?
▼ + stars: | 2023-04-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Oil and gas stocks have been on a two-year tear, ripping ahead as natural gas prices surged due to supply chain kinks, a strong economy, and Russia’s invasion of Ukraine. What’s happening: Brutally high oil and gas prices were the talk of the town last year and one of the largest contributing factors to sky-high inflation. That’s bad news for automobile drivers, but ended up being great for the energy industry as oil prices and energy stocks are closely interlinked. Blackstone is feeling the commercial real estate slumpThe ongoing commercial real estate slowdown has a new victim: Blackstone. Profits from the sale of commercial real estate assets fell 54% to $4.4 billion, down from $9.5 billion last year.

☆ Biden to order all federal agencies to prioritize environmental justice
▼ + stars: | 2023-04-21 | by ( Emma Newburger | ) www.cnbc.com time to read: +2 min

(Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)President Joe Biden on Friday will sign an executive order directing federal agencies to invest in disadvantaged communities disproportionately affected by pollution and climate change, the White House said. The order will create a new Office of Environmental Justice in the White House to coordinate all environmental justice efforts across the federal government and require agencies to notify nearby communities if toxic substances are released from a federal facility. The president, who is preparing to announce his reelection bid next week, will make the announcement during a ceremony at the White House Rose Garden. Biden is expected to argue that his administration's historic environmental justice and climate agenda contrasts with "the dangerous vision Speaker McCarthy and his extreme caucus have for our planet, our economy, and public health," the official said. Early in his presidency, Biden pledged that addressing environmental justice would be a core component of his climate agenda and signed an executive order that launched the Justice40 Initiative, which requires agencies to deliver at least 40% of benefits from investments to overburdened communities.

We're buying 150 shares of Coterra Energy (CTRA), at roughly $25.43 each. Following Wednesday's trade, Jim Cramer's Charitable Trust will own 1,150 shares of CTRA, increasing its weighting in the portfolio to 1.1% from 0.95%. We're adding Coterra Energy and upgrading the stock back to a 1 rating . Coterra Energy has outperformed most of its peers year to date, which can be traced, in part, back to that change in its capital return framework. @NG.1 YTD mountain Natural gas YTD performance We think the upside move outweighs the downside potential as we have seen an unwillingness from the commodity to break below $2 and stay there.

☆ Analysis: Italian first! Meloni's nationalists defend cultural identity at risk of irking EU
▼ + stars: | 2023-04-12 | by ( Angelo Amante | ) www.reuters.com time to read: +5 min

[1/2] General view of the Colosseum next to a subway's construction sites in Rome, Italy, February 16, 2023. Almost six months after taking office, Prime Minister Giorgia Meloni's right-wing government is pushing out bills that promise to promote national identity, defend the traditional family, protect cultural heritage and hold back migrants. Recent proposals include a bill to safeguard the Italian language and a ban on lab-grown food. "Italian mines are made up of culture, gastronomy, language, arts, fashion, history, archaeology and monuments. "Identity messages are meant to tell the electorate that Brothers of Italy will not give up its line," analyst Panarari said.

EURNOK and inflationGoldman Sachs and UBS said that the rising cost of borrowing would likely support the Norwegian crown. But those daily sales are well down from the 4.3 billion crowns per day the central bank sold in October. "Any budget surplus that was generated from the commodity exports was basically being neutralized by the Norges bank," said Simon Harvey, head of FX analysis at Monex. Much of the crown's fate could also depend on what the U.S. central bank does. If the Fed stops hiking rates, this would likely boost global equities, which have a strong positive correlation to the Norwegian crown.

LONDON, April 6 (Reuters) - A group of investors with $1.1 trillion in assets under management has joined climate activist group Follow This in asking TotalEnergies (TTEF.PA) shareholders to push for more ambitious targets on emissions cuts. "These climate resolutions at Big Oil will show which investors are serious about resolving the climate crisis and which prefer to just talk about it." TotalEnergies has said its emissions will not register a big reduction by 2030 in absolute terms. In 2020, the last time TotalEnergies shareholders voted on a Follow This resolution, the activist received 17% of the votes. TotalEnergies' climate strategy was approved by about 90% of shareholder votes in 2021 and 2022.

☆ US House Republicans face unity test with major energy bill
▼ + stars: | 2023-03-30 | by ( David Morgan | ) www.reuters.com time to read: +4 min

WASHINGTON, March 30 (Reuters) - The Republican-controlled U.S. House of Representatives is expected to vote on its first major legislation of the year on Thursday, a partisan energy bill that poses an early test of unity for House Speaker Kevin McCarthy's majority. The 175-page measure, dubbed the Lower Energy Costs Act, represents a top 2022 Republican campaign pledge to lower Americans' energy costs by scaling back Democratic President Joe Biden's climate policies and increasing oil and gas production through deregulation. 1 - House Resolution One, is the most important bill to this Congress," Republican Representative August Pfluger of Texas told reporters. Both Republicans and Democrats are keen to pass legislation that streamlines permitting for energy projects, but the disagreement over the House bill reflects gaping divisions over how to do that. "It does absolutely nothing to lower energy costs for American families.

☆ Gov. Newsom vs. Big Oil: California law targets oil companies for price gouging
▼ + stars: | 2023-03-29 | 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 EmailGov. Newsom vs. Big Oil: California law targets oil companies for price gougingHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC. Brian Jones, Republican state senator in California, and Nancy Skinner, Democratic state senator in California, join the show to discuss California's new law that targets Big Oil companies.

☆ California governor signs bill giving energy commission oversight power on oil companies
▼ + stars: | 2023-03-28 | by ( Taylor Romine | ) edition.cnn.com time to read: +3 min

Gavin Newsom signed a bill into law Tuesday that gives the state’s energy commission oversight power on oil companies to determine potential price gouging and impose corresponding penalties. If their office determines price gouging occurred, they will be able to impose a penalty on oil companies. The law will give needed transparency into the state’s petroleum market and how the oil companies are coming up with pricing, according to state legislators who worked on the bill. “California has sent a clear message to the oil industry – open your books and prove that you’re not price gouging. Last November, Newsom called a special session on a potential “price gouging penalty” after previously calling on the legislature to enact a windfall tax on oil companies.

☆ EU was set to ban internal combustion engine cars. Then Germany suddenly changed its mind
▼ + stars: | 2023-03-24 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +8 min

CNN —When EU lawmakers voted to ban the sale of new combustion engine cars in the bloc by 2035, it was a landmark victory for climate. With cars and vans responsible for around 15% of its total greenhouse gas emissions, a phase-out of polluting vehicles is a key part of EU climate policy. The law envisions a total ban on the sale of new diesel and gasoline cars by 2035. Germany is now pushing against the idea that all internal combustion engines must be banned. Other European countries, including Italy, Poland and the Czech Republic, have joined Germany in demanding the exception.

☆ New California bill attempts to reign in energy prices
▼ + stars: | 2023-03-24 | 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 EmailNew California bill attempts to reign in energy pricesJamie Court, Consumer Watchdog president, joins CNBC's Brian Sullivan and 'Last Call' to discuss a new California proposal to create an agency that would reign in big oil profits.

☆ Big Oil Eyes New Deals in North Africa Amid Rising Energy Demand
▼ + stars: | 2023-03-23 | by ( Chao Deng | Benoit Faucon | ) www.wsj.com time to read: 1 min

North Africa’s massive oil-and-gas reserves and its proximity to Europe make it an attractive alternative energy supplier to Russia. CAIRO—After years of underinvestment in North Africa’s energy infrastructure, global oil-and-gas giants from Halliburton Co. and Chevron Corp. to Eni SpA are ramping up their presence in the region as demand from Europe grows. Executives in the industry are betting it is worth drilling again in some of the hardest places to do business in the world as Europe increasingly turns to other sources for its energy needs after shunning its main supplier, Russia, over the invasion of Ukraine. In recent months, a string of European officials have visited the region to help advance talks over potential supply deals.

☆ Your Data Is Diminishing Your Freedom
▼ + stars: | 2023-03-20 | by ( David Marchese | ) www.nytimes.com time to read: +13 min

What inequalities are baked into these data systems? Oregon State UniversityBut it’s almost impossible to function in the world without participating in these data systems that we’re told are mandatory. Which is a concern with, How are these data systems proscribing my freedoms? This is the question of equality and the implications of these data systems’ being obligatory. You get these data systems that load people in, but it’s clear there wasn’t sufficient care taken for the unequal effects of this datafication.

☆ This could be Big Oil's last surge
▼ + stars: | 2023-03-19 | by ( Catherine Boudreau | Jacob Zinkula | ) www.businessinsider.com time to read: +12 min

The era of Big Oil could end sooner than its massive profits suggest, analysts told Insider. But the worst-case scenario for the environment — that oil and gas companies reinvest all their extra money to keep growing — isn't happening, Logan said. The role of oil and gas companies in the energy transition is an ongoing debate, analysts told Insider. The UK company cited the need for an "orderly" energy transition. And while Big Oil's finances may begin to show some cracks over the next decade, he doesn't expect them to "suffer financially" for another 25 to 35 years.

☆ Tech leaders remain oblivious to the true lessons of Silicon Valley Bank
▼ + stars: | 2023-03-19 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: Insider's Madeline Renbarger shares what happened at the SXSW Festival in Texas as tech founders and entrepreneurs learned about the implosion of Silicon Valley Bank. The festival began just as the FDIC announced it was taking control of Silicon Valley Bank to stop the catastrophic, social media-instigated bank run that was in full swing. Silicon Valley's blame gameiStock; Rebecca Zisser/InsiderIn the wake of Silicon Valley Bank's collapse, there's been plenty of finger-pointing but little self-reflection on the part of Silicon Valley, writes Insider's Linette Lopez. But in recent weeks, as companies like Meta and Twitter braced for tougher times ahead, the assault on middle managers has picked up new steam. But middle managers move the needle on a company's overall performance far more than senior executives do — and make a bigger difference to the bottom line.

☆ Big Oil Prepares for Upheaval at the Gas Station
▼ + stars: | 2023-03-17 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

Electric vehicles are a small but growing share of cars on the road. Energy companies already need to prepare for how they will change the gas station. On Thursday, Paris-listed TotalEnergies agreed to sell around 2,200 gas stations in Europe to Canadian convenience-store company Alimentation Couche-Tard for €3.1 billion, worth $3.3 billion at current exchange rates. It is the second big deal in this space this year. BP paid $1.3 billion for TravelCenters of America in February, which has 280 locations on U.S. highways.

☆ Biden administration tells Supreme Court Big Oil climate cases belong in state court
▼ + stars: | 2023-03-17 | by ( Clark Mindock | ) www.reuters.com time to read: +2 min

SummarySummary Companies Solicitor general urged SCOTUS to reject Big Oil's appealFive appeals courts have supported state jurisdictionMarch 16 (Reuters) - A lawsuit filed by several Colorado municipalities accusing ExxonMobil Corp and Suncor Energy Inc. of exacerbating climate change belongs in state court where it was filed, the Biden administration told the U.S. Supreme Court on Thursday. The administration urged the justices to reject the oil companies’ petition for review of a February 2022 appeals court's ruling that sent the case back to state court, a venue generally considered more favorable to the municipal plaintiffs. The oil companies have denied the local and state governments' allegations and argued that despite the municipalities only raising state law claims, the cases clearly raise federal questions. The Supreme Court first considered the jurisdiction question in 2021 in case brought by the city of Baltimore. Circuit Court of Appeals to reconsider arguments for removal raised by the oil companies in that case, but didn't weigh in directly on which courts were proper.

☆ Big Oil’s old profligacy lives on Down Under
▼ + stars: | 2023-03-15 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

Throw in dividends and Santos shareholders have received a measly 6% total return during that period. Santos’ 15% return on capital employed last year puts it at the bottom of the class; BP delivered almost 25%. It looks slated to stay in the basement, with analysts projecting a sub-8% return for 2025, per Refinitiv data. The bonus is mostly tied to successful “growth projects”, which arguably encourages him to overinvest. If that happens again at next month’s annual meeting, it would, under Australian rules, allow investors to boot the entire board.

March 14 (Reuters) - U.S. senators reintroduced a bipartisan bill on Tuesday that would allow nationwide sales of gasoline with a higher blend of ethanol year-round, as a second heavy-weight oil trade group appeared ready to back the idea. Year-round sales of E15 have been long sought by the biofuel industry and corn farmers, who would benefit from the increased market. The American Petroleum Institute (API), one of the largest U.S. oil trade groups, has supported the bill since it was introduced last autumn. On Tuesday, another top U.S. oil group, the American Fuel and Petrochemical Manufacturers (AFPM), signaled it could support a national standard. In response to their request, the EPA in early March proposed to allow year-round E15 sales in those states.

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