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Speculation that Chevron and Exxon might try to buy rivals BP (BP.L) and Shell (SHEL.L) intensified over the last two years as the European majors underperformed their U.S. rivals. Investors punished the European companies for their pivot towards renewables and low carbon energy while rewarding the U.S. companies' focus on oil and gas production that drove record profits last year. The oil industry last went through an era of major consolidation in the late 1990s when Exxon, Shell, BP and France's TotalEnergies merged with rivals to create huge integrated companies. A senior industry source close to the issue, as well as analysts and investors dismissed any imminent U.S. purchase of European rivals. Some European investors have also campaigned for energy companies to shift their business models to help tackle climate change.

Persons: Hess, Dado Ruvic, Tyler Tebbs, Bernard Looney, Lucas Herrmann, Shell's, Exxon's, Ron Bousso, Simon Webb, Barbara Lewis Organizations: REUTERS, Chevron, Hess, LONDON, Exxon Mobil, Exxon, BP, Shell, Investors, France's, Natural Resources, MKP Advisors, BNP, Reuters, European, Thomson Locations: Ukraine, Chevron, U.S

☆ There's a bull market in the oil and gas cohort, says Jim Cramer
▼ + stars: | 2023-10-23 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's a bull market in the oil and gas cohort, says Jim Cramer'Mad Money' host Jim Cramer takes a closer look at the oil industry as prices waiver again.

Persons: Jim Cramer

☆ Hess CEO John Hess on Chevron deal: Strategic combination creates the premier oil and gas company
▼ + stars: | 2023-10-23 | 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 EmailHess CEO John Hess on Chevron deal: Strategic combination creates the premier oil and gas companyChevron chairman and CEO Mike Wirth and Hess Corp. CEO John Hess join 'Squawk on the Street' to discuss Chevron's deal to buy Hess for $53 billion in stock, the second proposed mega-merger among the biggest U.S. oil players after Exxon Mobil bid $60 billion for Pioneer Natural Resources earlier this month.

Persons: John Hess, Mike Wirth, Hess Organizations: Chevron, Hess Corp, U.S, Exxon Mobil, Natural Resources

☆ Jim Cramer says there is a bull market in oil and gas thanks to recent big mergers
▼ + stars: | 2023-10-23 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Monday said he sees a bull market in oil and gas. He said oil stocks are increasing in value thanks to two major oil company mergers as well as the rising price of crude. "I'd argue that there's always a bull market somewhere and right now it's in the oil and gas cohort group," Cramer said. Chevron announced Monday it would buy Hess in a deal worth $53 billion. These recent mergers reminded Cramer of oil takeovers in the early 1980s, when he said major companies realized "it was cheaper to drill for oil on Wall Street than in the ground."

Persons: CNBC's Jim Cramer, there's, Cramer, Hess Organizations: Chevron, Exxon Mobil, Natural Resources

☆ There are too many public oil and gas companies relative to investor interest, says Mark Viviano
▼ + stars: | 2023-10-23 | 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 EmailThere are too many public oil and gas companies relative to investor interest, says Mark VivianoHosted 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.

Persons: Mark Viviano, Brian Sullivan, “ Organizations: CNBC

☆ Stocks like Nvidia have 'earnings upside' ahead of quarterly reports, Wall Street analysts say
▼ + stars: | 2023-10-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Earnings season is in full swing, and Wall Street analysts named a slew of well-positioned stocks heading into quarterly results. CNBC Pro combed through recent Wall Street research to find stocks with earnings upside. They include Nvidia, Dover, Arista Networks , Xcel Energy, Pfizer and Costco. Analyst Amit Daryanani and his team added a tactical outperform to the stock ahead of earnings on Oct. 30. … We continue to see multiple paths to double digit growth for Arista in 2024 and their analyst day should confirm this outlook."

Persons: Oppenheimer, Bryan Blair, Blair, Dover's, Murphy, Dover, Amit Daryanani, Daryanani, Julien Dumoulin, Smith, Xcel, XEL, Dover – Oppenheimer, DOV, William Blair, Pfizer – Cantor Fitzgerald, PFE, …, Nvidia – Jefferies Organizations: Wall Street, CNBC, Nvidia, Arista Networks, Xcel Energy, Pfizer, Costco, Dover, ISI, Arista, Xcel Energy Bank of America, Energy – Bank of America, …, … Arista, Automotive, & $ Locations: Dover

☆ Stocks making the biggest premarket moves: SolarEdge, Intuitive Surgical, Knight-Swift and more
▼ + stars: | 2023-10-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves in premarket trading: SolarEdge Technologies — The solar stock tumbled nearly 29% after the company lowered its third-quarter guidance post market Thursday. Revenue came in at $1.74 billion, versus the $1.77 billion expected from analysts polled by LSEG. Net interest also fell short at $1.29 billion, versus the $1.32 billion expected. Analysts surveyed by LSEG expected 36 cents per share and $1.89 billion of revenue. Analysts polled by LSEG expected a profit of $2.94 per share on revenue of $15.36 billion.

Persons: SolarEdge, Zvi Lando, Sunnova, Swift, LSEG, David Jackson, —, Jesse Pound Organizations: Technologies, Deutsche Bank, Enphase Energy, Schlumberger, Revenue, LSEG, StreetAccount, American Express Locations: SolarEdge

☆ SLB profit beats on strength in global drilling activity
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

Courtesy of SLB/Handout via REUTERS/File photo Acquire Licensing RightsCompanies Schlumberger NV FollowOct 20 (Reuters) - SLB (SLB.N) edged past estimates for quarterly profit on Friday as strength in the overseas drilling market to meet the insatiable global appetite for oil drove demand for its oilfield equipment, offsetting weakness in North America. Oilfield services firms have been kept busy as oil and gas companies reinvest their windfall profit, reaped when Russia invaded Ukraine, to secure more offshore and international sources. International revenue rose 12% to $6.6 billion in the third quarter, compared with a year earlier. North America revenue climbed 6%, but declined sequentially due to reduced drilling activity in the onshore U.S. and the Gulf of Mexico. Reporting by Arunima Kumar in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Olivier Le Peuch, Arunima Kumar, Anil D'Silva Organizations: REUTERS, Schlumberger, Thomson Locations: Houston , Texas, Handout, North America, Russia, Ukraine, America, Gulf of Mexico, MidEast, Asia, Bengaluru

☆ Greenpeace loses legal challenge to UK's new North Sea oil and gas licences
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

Vessels that are used for towing oil rigs in the North Sea are moored up at William Wright docks in Hull, Britain November 2, 2017. REUTERS/Russell Boyce/File Photo Acquire Licensing RightsLONDON, Oct 19 (Reuters) - Britain's decision to authorise new licences for oil and gas exploration in the North Sea was lawful, London's High Court ruled on Thursday, dismissing a legal challenge by Greenpeace. Judge David Holgate rejected Greenpeace's case on Thursday, saying in a written ruling that the decision not to assess end-use emissions was not irrational. A Department for Energy Security and Net Zero spokesperson welcomed the decision. Britain says domestic oil and gas production is key to its plan to improve energy security and that doing so is consistent with its target of net zero carbon emissions by 2050.

Persons: William, Russell Boyce, David Holgate, Greenpeace's, Philip Evans, Tessa Khan, Sam Tobin, William James, Tomasz Janowski Organizations: REUTERS, Greenpeace, Britain's Department for Energy Security, Department for Energy Security, Thomson Locations: William Wright, Hull, Britain, North, Europe

☆ Can hydrogen be green? The debate heats up as the White House pours $7 billion into hydrogen hubs
▼ + stars: | 2023-10-19 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

The White House is spending $7 billion to spur "clean" hydrogen. The goal is to spur the production of "clean" hydrogen, because the way it's currently produced is a dirty business. Anna Menke, the task force's senior hydrogen-hubs manager, said she wants the debate to move away from green versus blue hydrogen because each technology has its pros and cons. Korgel noted that the federal definition of "clean" hydrogen has been evolving, but should be more clear soon. The Internal Revenue Service has to decide what "clean" hydrogen is eligible for a tax credit worth up to an estimated $100 billion over its lifetime.

Persons: Joe Biden, it's, Robert Howarth, Howarth, Anna Menke, Menke, Brian Korgel, Biden, Korgel Organizations: Service, Cornell University, Air Task Force, US Department of Energy, Energy Institute, University of Texas, Chevron, ExxonMobil, Sempra Infrastructure, Internal Revenue Service Locations: Gulf Coast, Pacific Northwest, Appalachia, Austin, Gulf

☆ What tie-ups in the U.S. oil patch could mean for players like Coterra Energy
▼ + stars: | 2023-10-19 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +6 min

While we don't own companies as mergers-and-acquisition plays, the potential for more tie-ups could have significant implications for our remaining oil name: Coterra Energy (CTRA). Chevron's market cap is around $324 billion, while ConocoPhillips is worth roughly $152 billion, based on Thursday's stock prices. Companies in this basket could include Coterra, Devon Energy (DVN) and Diamondback Energy (FANG). Coterra is valued at roughly $22.4 billion Thursday, while Devon and Diamondback are valued at $31.7 billion and $30.5 billion, respectively. The shift has generally been positive for the stock prices of oil companies.

Persons: Gabriele Sorbara, Siebert Williams Shank, Nitin Kumar, I'm, Kumar, Pioneer's, Devon, Paul Cheng, Cheng, Jim Cramer's, Mizuho's Kumar, Jim Cramer, Jim, Paul Ratje Organizations: Exxon Mobil, Natural Resources, Coterra Energy, Exxon, Co, Chevron, ConocoPhillips, Mizuho Securities, Companies, Devon Energy, Diamondback Energy, Marathon, Bloomberg, Scotiabank, Pioneer, Jim Cramer's Charitable Trust, CNBC, Afp, Getty Locations: U.S, West Texas, New Mexico, Coterra, Devon, Oklahoma, Houston

☆ From Russia to the Middle East: Why China can’t afford another big conflict
▼ + stars: | 2023-10-19 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Now, as Israel’s war against Palestinian militant group Hamas threatens to spiral into a broader conflict that could shatter stability in the Middle East, China has called for a ceasefire while criticizing Israel’s actions. It also highlights China’s deep economic interests in both Russia and the Middle East, which it wants to safeguard at all cost. The world’s second largest economy depends on Russia and the Middle East for much of its energy needs. The Middle East is also a cornerstone in the Belt and Road Initiative. “Regional conflagration means long instability and long instability means no business for China in the Middle East,” he added.

Persons: ”, Eswar Prasad, refiners, Vladimir Putin, Xi, Sergei Guneyev, Russia’s, Putin, Russia —, Wang Yi, Jean, Loup Samaan, Joe Biden, QatarEnergy, Ahmed Aboudouh, Antony Blinken, Blinken, “ Organizations: Hong Kong CNN —, Moscow, Palestinian, Cornell University, Getty, Initiative, Shanghai’s Fudan University, United, China’s, Middle East Institute of, National University of Singapore, Wednesday, Jihad, Energy, China Petroleum & Chemical Co, Sinopec, Fudan University, Chatham House, US Department of State Locations: China, Hong Kong, Hong Kong CNN — Beijing, Ukraine, East, Palestine, Israel, United States, Russia, Beijing, Moscow, Saudi Arabia, Russian, AFP, Pakistan, Iran, Hamas, Tehran, Gaza, Qatar, China’s, Qatari, London, “, Persian, ”

☆ Technip Energies shares plunge after Le Monde report on Russian gas project
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +3 min

Oct 19 (Reuters) - Technip Energies (TE.PA) shares plummeted on Thursday after French newspaper Le Monde said the oil and gas company may have failed to comply with European Union sanctions against Russia by continuing to supply equipment to a Russian gas project. Technip Energies said in a statement after its shares fell as much as 22% that it had always respected international sanctions and its contractual obligations regarding the Arctic LNG2 project in Russia. "Technip Energies has worked with the relevant authorities and has complied with sanctions gradually imposed by the European Union, the United States and Britain," it said. The equipment delivered by Technip involved two modules for the construction of a liquefaction train worth around 450 million euros, Le Monde said, citing Russian customs records, maritime data and satellite images. "$800 million of market cap came off, it's a very harsh response, and suggests the news scared investors out there," said the analyst, who spoke on condition of anonymity, referring to the Le Monde story.

Persons: Le Monde, Monde, Technip, China's CNPC, Piotr Lipinski, Nathan Vifflin, Benjamin Mallet, Silvia Aloisi, David Evans Organizations: Union, Russia, European Union, Le, Japan, Mitsui & Co, Thomson Locations: Russian, Russia, United States, Britain, Paris, EU, Ukraine, Gdansk

But even EU countries clashed over how ambitious to be - and their ministers were locked in talks into the evening on Monday. The faultlines tended to fall between wealthier EU members seeking rapid climate action, and poorer economies concerned about the cost of quitting fossil fuels. Another submission, by Saudi Arabia, did not explicitly mention a fossil fuel phase-out. 'NOT VERY HOPEFUL'The resistance shows how hard it will be to strike an ambitious climate deal at COP28. "I am not very hopeful," Carlos Fuller, U.N. climate negotiator for Belize, said of the fossil fuels phase-out - which Belize supports.

Persons: Wolfgang Rattay, Carlos Fuller, COP28, Jennifer Morgan, Natalie Jones, Kate Abnett, Glwadys Fouche, Katy Daigle, Barbara Lewis Organizations: REUTERS, Rights, Diplomats, Reuters, African Group, International Institute for Sustainable Development, Thomson Locations: Niederaussem, Germany, Rights BRUSSELS, Poland, Czech Republic, COP28, Russia, Saudi Arabia, Belize, COP27, China, Japan, United States, Colombia, Norway, U.N, Paris, Oslo

☆ QatarEnergy, Shell agree 27-year LNG supply
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

Two LNG sale and purchase agreements were signed between affiliates of QatarEnergy and Shell (SHEL.L), QatarEnergy said on Wednesday, in a deal that mirrors one reached with TotalEnergies last week. Qatari LNG from the massive North Field LNG production expansion project will be delivered to Gate LNG terminal at the Port of Rotterdam beginning in 2026. Shell holds a 6.25% stake in the North Field East project and a 9.375% share in the North Field South project. The deal follows an identical one between QatarEnergy and TotalEnergies last week, until then Qatar's biggest and longest gas supply deal with Europe. QatarEnergy has signed deals to supply LNG from the expansion to Asian buyers over the past year in China and elsewhere.

Persons: Chris Helgren, QatarEnergy, Shell, TotalEnergies, China's Sinopec, Saad al, Kaabi, Yousef Saba, Lincoln Organizations: Shell, REUTERS, Rights, TotalEnergies, LNG, Field, Port, China National Petroleum Corporation, Thomson Locations: Vancouver , British Columbia, Canada, Rights DUBAI, Qatar, Europe, Netherlands, Rotterdam, QatarEnergy, Asia, China, Ukraine

Oct 18 (Reuters) - An Alaska state agency on Wednesday sued the Biden administration over its decision to cancel oil and gas leases in the state’s North Slope, one of the country's largest reserves of pristine federal land. Interior Department’s Sept. 6 decision to scrap seven oil and gas leases in Alaska’s 19 million-acre (7.7 million-hectare) Arctic National Wildlife Refuge, an area that is acutely vulnerable to climate change and home to grizzly and polar bears, herds of moose and snowy owls. The canceled leases were sold during the waning days of the Trump administration following a decades-long effort by Alaska officials to open up drilling in the refuge and bolster the state's petroleum-reliant economy. The state agency emerged as the sole bidder for most of the acreage after major oil and gas companies chose to skip the sale in 2020, which generated around $14.4 million. The two other entities that won leases at the 2020 sale withdrew from their holdings in 2022.

Persons: ”, Mike Dunleavy, Trump, Clark Mindock, Alexia Garamfalvi, Jamie Freed Organizations: Wednesday, Biden, Washington , D.C, U.S . Interior, Wildlife Refuge, Alaska Industrial Development, Export Authority, U.S, District of Columbia, Republican, U.S . Interior Department, Department, Thomson Locations: Alaska, Washington ,, U.S, Alaska’s, Republican Alaska, North

☆ UK police charge climate activist Greta Thunberg after protest
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

Swedish climate campaigner Greta Thunberg is detained during an Oily Money Out and Fossil Free London protest in London, Britain, October 17, 2023. REUTERS/Clodagh Kilcoyne Acquire Licensing RightsLONDON, Oct 18 (Reuters) - Climate activist Greta Thunberg was charged by British police on Wednesday after she and others were arrested at a protest outside a London hotel where an oil and gas conference was taking place. Twenty-five other individuals were also charged in relation to Tuesday's protest, police added. Thunberg became the face of young climate activists worldwide after staging weekly protests in front of the Swedish parliament in 2018. Video footage from Tuesday showed Thunberg, wearing a badge with the slogan 'Oily Money Out' standing calmly as two police officers spoke to her and still images showed her being placed in the back of a police van.

Persons: Greta Thunberg, Clodagh, Thunberg, Farouq Suleiman, Sachin Ravikumar Organizations: REUTERS, British, Intercontinental, Energy Intelligence, Thomson Locations: London, Britain, Sweden, Norway, Germany

☆ Deutsche Bank just cut its price target on nearly 30 global stocks ahead of earnings — and upgraded 1
▼ + stars: | 2023-10-18 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Ahead of the upcoming earnings season, Deutsche Bank has cut price targets on nearly 30 European stocks this week and upgraded just one to "buy." The bank's biggest cut to price target was for Denmark's energy giant, Orsted . In online food delivery, Deutsche Bank said its proprietary data shows demand stabilizing for takeaway apps across markets it monitors. Elsewhere in the European utility sector, the investment bank struck a positive tone in its outlook despite the price target cuts. Deutsche Bank analysts prefer integrated utilities like RWE , Enel , SSE , and E.ON , reiterating "buy" ratings on the stocks but lowering their price targets by 2% and 12%.

Organizations: Deutsche Bank, E.ON, Fineco Bank Locations: Swiss, Enel

CNN —Greta Thunberg was arrested at a protest outside an oil and gas conference – formerly known as the “Oil and Money” conference – at a luxury five-star hotel in London on Tuesday, eyewitnesses told CNN. But it wouldn’t confirm to CNN that Thunberg was among those arrested. Thunberg and other protestors blocked entrances at the hotel, trying to prevent delegates from entering. We are choking from their fumes.”Greta Thunberg joined protesters during the demonstration which used the slogan: "Oily Money Out." Tuesday’s protest marks the first of three days of action aimed at shutting down the conference, Greenpeace said

Persons: Greta Thunberg, Thunberg, Henry Nicholls, “, ” Organizations: CNN, Money, London’s Metropolitan Police, Intercontinental, Energy Intelligence Forum, Aramco, Free, Getty, Greenpeace Locations: London, London’s Park, Shell, Free London, greenwashing, AFP, Swedish, Malmö, Sweden

☆ Climate Activist Greta Thunberg Detained by Police in London -Witness
▼ + stars: | 2023-10-17 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +1 min

LONDON (Reuters) -Climate activist Greta Thunberg was detained by police in London on Tuesday, a Reuters witness reported, after she addressed protesters at a demonstration against oil and gas companies in the centre of the city. Thunberg, who became the face of young climate activists worldwide after staging weekly protests in front of the Swedish parliament in 2018, has this year been detained by police or removed from protests in Sweden, Norway and Germany. Video footage showed Thunberg, wearing a badge with the slogan 'Oily Money Out' standing calmly as two police officers spoke to her. London's Metropolitan Police did not immediately provide a statement when contacted by Reuters. (Reporting by Toby Melville, wiritng by Sarah Young, editing by UK bureau)

Persons: Greta Thunberg, Thunberg, Wael Sawan, Toby Melville, wiritng, Sarah Young Organizations: London's Metropolitan Police, Reuters, Environmental, Greenpeace, Shell Locations: London, Thunberg, Sweden, Norway, Germany, Mayfair

☆ Climate activist Greta Thunberg detained by police in London
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 17 (Reuters) - Climate activist Greta Thunberg was detained by police in London on Tuesday, a Reuters witness reported, after she addressed protesters at a demonstration against oil and gas companies in the centre of the city. Thunberg, who became the face of young climate activists worldwide after staging weekly protests in front of the Swedish parliament in 2018, has this year been detained by police or removed from protests in Sweden, Norway and Germany. Video footage showed Thunberg, wearing a badge with the slogan 'Oily Money Out' standing calmly as two police officers spoke to her. [1/5]Swedish climate campaigner Greta Thunberg is detained during an Oily Money Out and Fossil Free London protest in London, Britain, October 17, 2023. Reporting by Toby Melville, wiritng by Sarah Young, editing by UK bureauOur Standards: The Thomson Reuters Trust Principles.

Persons: Greta Thunberg, Thunberg, Clodagh, Wael Sawan, Toby Melville, wiritng, Sarah Young Organizations: REUTERS, Metropolitan Police, Reuters, Environmental, Greenpeace, Shell, Thomson Locations: London, Thunberg, Sweden, Norway, Germany, Swedish, Britain, Mayfair

☆ Climate activist Greta Thunberg arrested at London protest after disrupting major oil conference
▼ + stars: | 2023-10-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

Henry Nicholls | Afp | Getty ImagesLONDON — Swedish climate activist Greta Thunberg on Tuesday was detained by police after joining hundreds of protesters to disrupt a major energy conference in London. Thunberg was arrested outside the InterContinental London Park Lane hotel during the "Oily Money Out" protest organized by Fossil Free London and Greenpeace. Their only plan is to profit at our expense," Nuri Syed Corser, an organizer with Fossil Free London, said in a statement. Fossil Free London said 27 people have been arrested so far and protests would continue outside the conference through to Thursday. Climate activists protest outside the InterContinental London Park Lane during the "Oily Money Out" demonstration organised by Fossil Free London on the sidelines of the opening day of the Energy Intelligence Forum 2023 in London on October 17, 2023.

Persons: Greta Thunberg, Henry Nicholls, Thunberg, Nuri Syed Corser, Corser, Vicki Hollub, Amin Nasser, Wael Sawan, We've, Tengku Muhammad Taufik, I'm, Taufik Organizations: InterContinental, Fossil Free, Greenpeace, Energy Intelligence, Afp, Getty, LONDON, Lane, Government, Energy Intelligence Forum, Money, Occidental Petroleum, Shell, The Met Police, Amnesty, Petronas, CNBC, Fossil Locations: Swedish, Fossil Free London, London, Saudi Aramco, Abu Dhabi

☆ America's poorest workers are getting raises, but 80% of their spending is on increasingly pricey basic needs
▼ + stars: | 2023-10-17 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

This comes even as real wages are growing faster for lower-income Americans. AdvertisementAdvertisementThat comes even as real wages are growing faster for lower-income Americans than those with higher incomes. But even as lower-income Americans continue to see wage growth outpace inflation, it's not helping them as much as some believed it would. While most Americans who received salary raises did increase their discretionary spending, Americans are cautious about navigating the economy. AdvertisementAdvertisementGiven that lower-income Americans are on the whole hurting for cash, this data suggests Americans are bracing up for more economic pain in the coming months.

Persons: —, Morgan, J.P, It's, they'd, it's Organizations: Service, Bureau of Labor Statistics, Workers, Economic Policy Institute, Dallas Fed, of Labor Statistics Locations: Morgan

After college, Sheffield worked for Amoco Corp and later joined his father-in-law's oil company and became CEO five years later. That company would become Pioneer Natural Resources. On his return, he made Permian oil its sole focus: putting natural gas processing, oilfield services and South Texas shale assets on the block. He also embraced an emerging philosophy that emphasized shareholder returns over rapid production gains, rejecting a plan to more than quadruple Pioneer's oil production by 2026. Two of Sheffield's most significant insights were the major role technology would play in reshaping U.S. oil production and the recognition that big oil companies would eventually control the Permian, he said.

Persons: Scott Sheffield, Eduardo Munoz, Texas oilman Scott Sheffield, Dan Pickering, Sheffield's, Bryan Sheffield, Scott, Boone, Daniel Yergin, Sheffield, Darren Woods, he's, Doug Sheridan, He's, Bruce Vincent, Bryan, Arathy Somasekhar, Gary McWilliams, Marguerita Choy Organizations: Natural Resources Company, REUTERS, Rights, Natural Resources, Sheffield, Exxon Mobil, Pickering Energy Partners, SCHOOL Oil, Atlantic Richfield Co, Tehran school's American, Formentera Partners, Amoco Corp, Energy, Exxon, DoublePoint Energy, EnergyPoint Research, Swift Energy, Thomson Locations: New York, Texas, U.S, TEHRAN, Atlantic Richfield, Iran, Tehran, West Texas, Boone Pickens, South Texas, Sheffield, Houston

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