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☆ Cramer’s week ahead: Earnings from Tesla, Merck and Big Tech
▼ + stars: | 2024-04-19 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Cramer said the Federal Reserve prefers to use the PCE index, not the consumer price index, to best evaluate inflation. He warned that even if the market is oversold next week, the PCE index report on Friday will be where the rubber truly meets the road. Companies like GM , GE Aerospace and Spotify report on Tuesday, but Cramer said Tesla is the one to watch that day. On Thursday, Caterpillar , Merck and the tech giants Microsoft and Alphabet will release earnings. It's going to be a busy week, and Cramer said to be wary of the market and to especially watch out for the PCE index report.

Persons: CNBC's Jim Cramer, Cramer, Tesla, Mark Zuckerberg, Elon Musk, It's Organizations: Verizon, Meta, Microsoft, Federal Reserve, GM, GE Aerospace, Spotify, Boeing, Caterpillar, Merck, Exxon Mobil, Chevron Locations: Cleveland

☆ Indonesia says Exxon Mobil plans to invest up to $15 bln in the country
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Exxon Mobil Corp FollowJAKARTA, Nov 16 (Reuters) - U.S. oil major Exxon Mobil (XOM.N) is planning to invest up to $15 billion in a petrochemical project and carbon capture and storage (CCS) facilities in Indonesia, President Joko Widodo said in a presidential palace statement on Thursday. The planned CCS facilities would be the biggest in Southeast Asia. Earlier this week, Indonesia signed an initial deal with an Exxon unit to explore investment in a petrochemical project in Indonesia to produce polymers. Exxon and Indonesian state energy company Pertamina also agreed to evaluate $2 billion in investments in CCS facilities using two underground basins in the Java Sea. "These large-scale opportunities could substantially boost industrial growth and decarbonisation in Indonesia, as well as the Asia Pacific region," said Carole Gall, president of Exxon Mobil Indonesia.

Persons: Dado Ruvic, Joko Widodo, Darren Woods, Pertamina, Carole Gall, Joe Biden, Fransiska Nangoy, Bernadette Christina, Muralikumar Anantharaman, Tom Hogue Organizations: ExxonMobil, REUTERS, Companies Exxon Mobil Corp, Exxon Mobil, Exxon, Asia, Economic Cooperation, Exxon Mobil Indonesia, CCS, U.S, APEC, Thomson Locations: JAKARTA, Indonesia, Southeast Asia, San Francisco, Asia, Washington

☆ How options traders are setting up for the major tech earnings this week
▼ + stars: | 2023-10-23 | by ( Michael Khouw | ) www.cnbc.com time to read: +15 min

Big Tech earnings This week is less about reading between the lines/through results, and contextualizing management comments, but rather it's about the market itself. AI - AI - AI! The options market is implying an earnings related move of 4.7%. Our options market sentiment score for GOOG/GOOGL is 80th percentile - which one may think of like a score/grade, so a B- in terms of options sentiment. Call open interest is 15% higher than put open interest, our options market sentiment score is 83% so B/B- territory.

Persons: ChatGPT, Bing, it's, AMZN, Mark Zuckerberg's, Zuckerberg, one's Organizations: Cambridge, JPMorgan Chase, Citigroup, Bank of America, BlackRock, Goldman, Equity, Big Tech, Microsoft, Apple, Nvidia, Inc, Investors, YouTube, Amazon, Google, Gaming, Activision, Logistics, Federal Express, CNBC, ExxonMobil, Chevron, Visa, Mastercard, Merck, Co Locations: financials, Wells Fargo

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSummaryCompanies Wells Fargo gains as Q3 profit risesJPMorgan Q3 profit rises on interest income boostBlackRock reports Q3 profit growthUnitedHealth gains on Q3 profit beatFutures: Dow flat, S&P down 0.18%, Nasdaq down 0.43%Oct 13 (Reuters) - Futures tracking Wall Street's main indexes fell on Friday as investors assessed earnings from big U.S. banks, while Treasury yields eased following a spike in the previous session. JPMorgan Chase(JPM.N), the biggest U.S. bank, posted a jump in third-quarter profit as higher interest rates boosted its income from loans. BlackRock (BLK.N) reported a 13% rise in third-quarter profit on a rebound in markets. UnitedHealth (UNH.N) advanced 2.5% after beating third-quarter profit estimates, helped by lower-than-expected medical costs for the healthcare conglomerate. Traders put the chance of interest rates remaining unchanged in November and December at around 92% and around 69%, respectively, according to CME's FedWatch tool.

Persons: Brendan McDermid, JPMorgan Chase, Wells Fargo, Rob Swanke, Patrick Harker, Susan Collins, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Ankika Biswas, Saumyadeb Organizations: New York Stock Exchange, REUTERS, Companies Wells, JPMorgan, BlackRock, Dow, Nasdaq, U.S, Citigroup, Commonwealth Financial Network, Fed Bank of Philadelphia, Federal Reserve Bank of Boston, Traders, University of Michigan's, Dow e, Investors, Hamas, Exxon Mobil, Chevron, Callon Petroleum, Occidental Petroleum, Dollar, Boeing, Thomson Locations: New York City, U.S, BLK.N, Israel, Gaza City, Bengaluru

☆ 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

☆ US judge refuses to overturn Exxon permit denial to truck crude oil in California
▼ + stars: | 2023-09-27 | by ( Clark Mindock | ) www.reuters.com time to read: +3 min

REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsCompanies Exxon Mobil Corp FollowSept 27 (Reuters) - A U.S. judge on Wednesday refused to overturn a California county's decision to block Exxon Mobil Corp (XOM.N) from using tanker trucks to ship crude oil from coastal facilities to inland refineries while a ruptured pipeline is fixed. The company has said trucks are "essential" to restarting three offshore oil platforms and an onshore oil processing facility that have been shuttered since the spill. Gee's decision did not address Exxon's claims that the board's decision amounted to an unconstitutional taking of the company's property and other constitutional claims. Attorney Linda Kropp, who represented several of those groups, said Exxon's trucking plan is "reckless, dangerous and totally unwelcome" and said it puts the community at risk of oil tanker crashes. Exxon had sued in May 2022, alleging the board's denial was a "prejudicial abuse of discretion."

Persons: Yuri Gripas, Dolly Gee, Exxon's, Gee, Linda Kropp, Clark Mindock, Alexia Garamfalvi, Chris Reese Organizations: Exxon, Colonial Pipeline, REUTERS, Companies Exxon Mobil Corp, Exxon Mobil Corp, Santa Barbara County, Supervisors, Sierra Club, Thomson Locations: Washington , U.S, U.S, California, Los Angeles, Santa, Santa Barbara

☆ These 5 dividend stocks are safe, generate large income and analysts say buy them
▼ + stars: | 2023-09-26 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

But some stocks may offer a method for investors to weather the rising rate environment and find some safety. Treasury yields have marched higher in recent weeks, with the yield on both the 2-year and 10-year U.S. Treasury notes hitting levels not seen in more than 15 years. The company's debt-to-equity ratio sits at 42%. Energy companies Exxon Mobil and ConocoPhillips also made the list, offering dividend yield of 3.1% and 3.8%, respectively. Exxon also offers the lowest debt-to-equity ratio of the group at roughly 21%.

Persons: Exxon's, FANG, Medtronic Organizations: Treasury, Federal Reserve, CNBC Pro, Diamondback Energy, Energy, Exxon Mobil, ConocoPhillips, Exxon, Diamondback

☆ Exxon sees $16 billion in earnings for fuels, chemicals by 2027
▼ + stars: | 2023-09-20 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

REUTERS/Ernest Scheyder/File Photo Acquire Licensing RightsCompanies Exxon Mobil Corp FollowHOUSTON, Sept 20 (Reuters) - Exxon Mobil Corp (XOM.N) expects its motor fuels and chemicals earnings to reach $16 billion by 2027, up about $4 billion from current levels as demand continues to rise, executives said on Wednesday. Exxon combined its once separate chemicals and oil refining businesses and redesigned operations to quickly shift between fuels and chemicals based on which delivers the highest profit. Its fuels outlook differs from oil-consuming nations group International Energy Agency, which expects the use of oil for transportation fuels to decline after 2026. "We have the hypothesis this could be a game changer for Exxon Mobil," McKee said. The company's 564,440 barrel-per-day (bpd) Baytown, Texas refinery, which is co-located with a chemical unit, will allow it to evolve from primarily making fuels to chemicals, Williams said.

Persons: Ernest Scheyder, Jack Williams, Karen McKee, McKee, Exxon's, Beaumont, Williams, Refining's, Erwin Seba, Deepa Babington Organizations: Exxon, REUTERS, Companies Exxon Mobil Corp, Exxon Mobil Corp, International Energy Agency, Product Solutions, Exxon Mobil, Thomson Locations: Spring , Texas, U.S, , Texas, Beaumont , Texas, West Texas, Baytown , Texas

A person uses a petrol pump, as the price of petrol rises, in Lisbon, Portugal, March 7, 2022. The October WTI contract expires on Wednesday and the more active November contract was up 9 cents, or 0.1%, at $90.57 a barrel. Industry data on Tuesday showed U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures. "A large drop in U.S. oil inventories and slow U.S. shale output have added to supply concerns coming from extended production curbs by Saudi Arabia and Russia," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. "There will be some short-term adjustments in oil prices because of the recent spike, but expectations of reaching $100 a barrel on both Brent and WTI later this year will remain unchanged," he said.

Persons: Pedro Nunes, Hiroyuki Kikukawa, Brent, WTI, Yuka Obayashi, Sonali Paul Organizations: REUTERS, Companies Exxon Mobil Corp Follow, Brent, . West Texas, American Petroleum Institute, NS, Nissan Securities, Reuters, Exxon Mobil Corp, Investors, U.S . Federal Reserve, Thomson Locations: Lisbon, Portugal, ., Saudi Arabia, Russia, Nigeria, Europe, Asia

☆ Exxon says world set to fail 2°C global warming cap by 2050
▼ + stars: | 2023-08-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

The largest U.S. oil producer projects the world will reach 25 billion metric tons of energy related carbon dioxide (CO2) emissions in 2050, according to its energy outlook published on Monday. That is more than twice of the 11 billion metric tons the United Nations Intergovernmental Panel on Climate Change (IPCC) say would be needed on average in its Lower 2°C scenarios. Only two of the 55 technologies needed to reach net-zero emissions by 2050 are “on track,” Exxon said citing the IEA. Overall, Exxon projects energy-related CO2 emissions will peak at more than 34 billion metric tons sometime this decade as economies and energy demand grow, and then decline to 25 billion metric tons in 2050. It expects wind and solar to provide 11% of the world’s energy supply in 2050, five times today’s contribution.

Persons: Pascal Rossignol, Exxon, Sabrina Valle, Josie Kao Organizations: IPC Petroleum France, REUTERS, Companies Exxon, HOUSTON, Exxon Mobil Corp, United Nations, Exxon, International Energy Agency, Thomson Locations: Soudron, Reims, France, U.S

☆ Dominican Republic signs preliminary pact to explore building refinery in Guyana
▼ + stars: | 2023-08-08 | by ( Kiana Wilburg | ) www.reuters.com time to read: +2 min

Guyana President Irfaan Ali meets with U.S. Secretary of State Antony Blinken at the State Department in Washington, U.S., July 25, 2022. Any project would be at least 51% owned by the Dominican Republic government, according to the terms of the preliminary agreement, which was seen by Reuters. The pact was signed by Guyana President Irfaan Ali and Dominican Republic President Luis Abinader during Ali's trip to Santo Domingo. "(The) Dominican Republic is also interested in exploring for oil, food production and petrochemicals," in Guyana, Ali added without providing details. The potential alliance with the Dominican Republic is for a second refinery project in Guyana.

Persons: Irfaan Ali, Antony Blinken, Sarah Silbiger, Luis Abinader, Ali, Kiana Wilburg, Matthew Lewis, Grant McCool Organizations: U.S, State Department, REUTERS, Companies Exxon Mobil Corp, GEORGETOWN, Dominican Republic, Reuters, Guyana, Guyanese, Authorities, Exxon Mobil, Thomson Locations: Guyana, Washington , U.S, Dominican Republic, Dominican, Santo Domingo, Guyanese, Georgetown

☆ Australian state bans gas to new homes from 2024 in push to cut emissions
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

Companies Exxon Mobil Corp FollowSYDNEY, July 28 (Reuters) - The Australian state of Victoria will ban natural gas connections to new homes from next year as part of a plan to cut emissions and lower energy bills, the state climate action minister said on Friday. Australia's second-most populous state is the country's largest consumer of natural gas with around 80% of homes connected but also has ambitious plans to reach net zero emissions by 2045, five years ahead of the federal government. Minister for Climate Action Lily D'Ambrosio said on Friday that new homes requiring planning permits must connect to all-electric networks. The changes will apply to all new public buildings yet to reach the design stage, including housing, schools, and hospitals. Australia last month finalised a package of rules for the domestic gas market including a cap on wholesale prices that was first introduced in December.

Persons: Australia's, Lily D'Ambrosio, ” D'Ambrosio, Lewis Jackson, Stephen Coates Organizations: Exxon Mobil Corp, SYDNEY, Thomson Locations: Australian, Victoria, Australia

☆ Oregon county sues oil, gas companies including Exxon, Shell, Chevron for deadly 2021 Pacific Northwest heat dome
▼ + stars: | 2023-06-23 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +4 min

Multnomah County in Oregon is suing oil and gas companies Exxon Mobil , Shell , Chevron , BP, ConocoPhillips and related organizations for the damages caused by the 2021 Pacific Northwest heat dome. Multnomah County said these and other fossil fuel companies and entities operating in the region are significantly responsible for causing and worsening the deadly heat event. Starting on June 25, 2021, Multnomah County had three consecutive days where the heat reached 108, 112 and 116 degrees Fahrenheit, respectively. The heat event is called a heat dome which is a weather event caused by a high-pressure system that in this case prevented cooler maritime winds to blow and also prevented clouds from forming. Jessica Vega Pederson, the chair of Multnomah County, is seeking to protect the residents of the county she represents.

Persons: Shanton Alcaraz, Eddy Norby, Jessica Vega Pederson, Pederson, Caron PC, Thomas, Coon, Frost Organizations: Salvation Army Northwest Division, Exxon Mobil, Shell, BP, ConocoPhillips, Anadarko Petroleum, Occidental Petroleum, American Petroleum Institute, Chevron, Koch Industries, Marathon Petroleum, McKinsey & Company, Motiva, Peabody Energy, Specialties USA, Valero Energy, Western States Petroleum Association, Worthington Locations: Seattle , Washington , U.S, Multnomah County, Oregon, Chevron, Pacific, Occidental

☆ Exxon Mobil not quitting exploration in Brazil
▼ + stars: | 2023-05-01 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

Companies Exxon Mobil Corp FollowHOUSTON, May 1 (Reuters) - Exxon Mobil Corp (XOM.N) is not giving up on oil exploration in Brazil, the company's country chief Alberto Ferrin said on Monday during the Offshore Technology Conference (OTC) in Houston. "I would say very crystal clear that Exxon Mobil is not quitting exploration in Brazil at all," Ferrin said, disputing a U.S. newspaper report published last month. Brazil's government, regulators and the company's exploration partners are aware it has no intentions of leaving. Exxon is searching for exploration opportunities such as the one it encountered in Guyana, where it has had an 89% success rate, Ferrin said. "Brazil offers those exploration success enablers that we look for globally, no doubt about that.

On its last day as the front-month, Brent futures for June delivery rose $1.13, or 1.4%, to $79.50 a barrel by 1:54 p.m. EDT (1754 GMT). U.S. West Texas Intermediate (WTI) crude rose $1.92, or 2.6%, to $76.68. "But, today there were headlines showing there may be a solution to the First Republic problem, and there was data pointing to a rise in oil demand and a decline in output," Flynn said. Fuel demand rose to nearly 20 million bpd, its highest since November, according to the Energy Information Administration (EIA). Crude prices have been lower in recent weeks and months due to uncertainty over further interest rate hikes that could reduce demand for oil.

☆ 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.

☆ 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.

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.

Companies Exxon Mobil Corp FollowFeb 9 (Reuters) - Exxon Mobil Corp (XOM.N) said on Thursday it is merging some smaller business units as part of an effort to cut annual costs by $9 billion by 2023 from 2019 levels. The changes follow the restructuring of Exxon's top businesses disclosed last year, and address a second layer of management. Exxon now says it will combine smaller units to concentrate decisions related to supply chain, procurement and the acquisition of raw materials, among others. The change is aimed at giving more negotiating power to Exxon on deals with third parties, for instance by removing the possibility of more than one Exxon unit negotiating separate deals with the same supplier. Exxon has been on a major cost-cutting drive after suffering a historic loss in 2020.

☆ Exxon plans to cut costs, reorganize units - WSJ
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: 1 min

Companies Exxon Mobil Corp FollowFeb 9 (Reuters) - Exxon Mobil Corp (XOM.N) is combining business units as part of a continuing corporate reorganization that will cut costs and trim some jobs, the Wall Street Journal reported on Thursday, citing a company memo. Exxon did not immediately respond to a Reuters request for comment. Reporting by Arunima Kumar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Guyana projects state oil revenue to hit $1.63 billion this year
▼ + stars: | 2023-01-17 | by ( Neil Marks | ) www.reuters.com time to read: +1 min

The drilling results drove the nation's reserves to more than 11 billion barrels of recoverable oil. The country's oil production could reach some 810,000 barrels per day by 2025 with the startup of the third production vessel, he said. A consortium led by U.S. producer Exxon Mobil Corp (XOM.N) is responsible for all the country's oil output. The nation's oil and gas sector is estimated to have expanded by 125% last year, with a total of 101.4 million barrels of oil produced, compared with 42.7 million in 2021. The county's Natural Resource Fund held $1.27 billion at the end of 2022 after withdrawing about $608 million to finance state development priorities, Singh said.

☆ Exxon signals strong Q4 profit to drive annual record
▼ + stars: | 2023-01-05 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Reuters GraphicsThe about $15.4 billion in operating profits excluding impairments indicates annual results will far exceed the record $45 billion Exxon posted in 2008, when oil prices peaked at $142 per barrel. The company posted back-to-back record profits in the second and third quarters last year. These record profits might lead to fresh calls to levy windfall taxes in the U.S. High international oil and natural gas prices last year generated record earnings among all oil majors. Sky-high oil prices that fueled gains for most of the year eased in the final quarter.

☆ Exxon isolating a unit at Britain's Fawley refinery after incident
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

Companies Exxon Mobil Corp FollowLONDON, Nov 8 (Reuters) - Exxon Mobil (XOM.N) said on Wednesday it was isolating a unit at its Fawley oil refinery in Hampshire, southern England, following an incident that had led to gas flaring on Tuesday, adding that the site remains operational. A spokesperson for the oil major said onsite teams were working on isolating the unit in question after it reported on Tuesday an "operational matter" at the plant. The company did not provide any further details on the unit involved. Reporting by Ahmad Ghaddar; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Exxon faces $2 billion loss on sale of troubled California oil properties
▼ + stars: | 2022-11-06 | by ( Gary Mcwilliams | ) www.reuters.com time to read: +3 min

REUTERS/Lucas Jackson/File PhotoSummarySummary Companies Exxon will finance sale of offshore California oil fieldBlank-check firm to restart operation idled by 2015 spillHOUSTON, Nov 6 (Reuters) - Exxon Mobil Corp (XOM.N) will take up to a $2 billion loss on the highly leveraged sale of a troubled California offshore oil and gas field that have been idled since a 2015 pipeline spill. A subsea pipeline leak seven years ago sent 2,400 barrels of the Santa Ynez oil into the Pacific Ocean, leading to a shutdown. The Santa Ynez sale includes three oil and gas platforms that sit up to 9 miles (14 km) off the California coast, a pipeline and oil and gas processing facilities. He has run five U.S. oil companies beginning with Flores & Rucks Inc in 1992, and often sold his companies at sizeable gains. Last year, he raised $287.5 million through an initial public offering for the company that became Sable Offshore.

☆ Oil prices inch lower as dollar firms, China COVID worries dent demand
▼ + stars: | 2022-10-11 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

Brent crude futures fell 27 cents, or 0.3%, to $95.92 a barrel by 0342 GMT, after falling $1.73 in the previous session. U.S. West Texas Intermediate crude was at $90.73 a barrel, down 40 cents, or 0.4%, after losing $1.51 in the previous session. A strong greenback reduces demand for oil by making it more expensive for buyers using other currencies. The sustained zero COVID-19 policy in China ahead of the Communist Party Congress is "not helping" demand, the analysts added. EU sanctions on Russian crude and oil products will take effect in December and February, respectively, while the bloc last week gave its final approval for a new batch of sanctions against Russia including a price cap on Russian oil exports.

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