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☆ They Propelled China’s Rise. Now They Have Nothing to Fall Back On.
▼ + stars: | 2023-11-01 | by ( Li Yuan | More About Li Yuan | ) www.nytimes.com time to read: +1 min

When Zhang left his village in northeastern China a decade ago to work as a welder in a big city, jobs were plentiful. He pays $55 a month in rent for a tiny studio apartment but pinches every other penny. The morning we talked, he said he’d had a bowl of instant noodles, one of two meals he eats a day. Mr. Zhang’s family grows corn on a tiny patch of land, generating about $200 a year. At 28, Mr. Zhang, who asked that I use only his surname, is not married and does not plan to have children.

Persons: Zhang, he’s, he’d, “, ” Locations: China, Guangzhou, Beijing

The uneven nature of economic activity in turn makes it a challenge to assess the likely toll on emissions in the world's largest polluter. RIPPLE EFFECTIn addition to retail sales and factory output data, statistics on China's air travel volumes also offer a gauge on broader economic activity and emissions potential. In turn, greater emissions from both the airlines themselves as well as from China's world-leading refining sector can also be expected. China’s exports of an array of goods – from toys to diesel – are risingThe pace of some of those exports may slow over the near term if China's domestic demand improves and helps tighten producer inventories. But if greater output in China helps to depress goods prices, then international consumer demand can be expected to recover, which may further boost China's economic recovery, as well as the emissions that go with it.

Persons: Thomas Peter, Gavin Maguire, Kim Coghill Organizations: REUTERS, National Energy Administration, Reuters, Thomson Locations: Wu'an, Hebei province, China, LITTLETON , Colorado, Beijing

☆ Sam Altman warns AI could kill us all. But he still wants the world to use it
▼ + stars: | 2023-10-31 | by ( Samantha Kelly | ) edition.cnn.com time to read: +10 min

New York CNN —Sam Altman thinks the technology underpinning his company’s most famous product could bring about the end of human civilization. As many as 300 million full-time jobs around the world could eventually be automated in some way by generative AI, according to Goldman Sachs estimates. Challenges aheadWhen starting OpenAI, Altman told CNN in 2015 he wanted to steer the path of AI, rather than worrying about the potential harms and doing nothing. OpenAI CEO Sam Altman addresses a speech during a meeting at Station F in Paris on May 26. Sam embodies that for AI right now.”The world is counting on Altman to act in the best interest of humanity with a technology by his own admission could be a weapon of mass destruction.

Persons: Sam Altman, OpenAI’s ChatGPT, Altman, ChatGPT, Goldman Sachs, ”, Patrick Semansky, ‘ Kevin Bacon, Mairo, ” Altman, Kamala Harris, Joe Biden, OpenAI, Elon Musk, Kyunghyun Cho, JP Lee, Greg Brockman, SeongJoon Cho, Kevin Bacon, Aaron Levie, “ I’ve, he’s, ” Levie, Bern Elliot, “, Rowan Curan, Forrester, –, Biden, Joel Saget, Emily Bender, Margaret O’Mara, O’Mara, Gates, Jobs Organizations: New, New York CNN, World Economic, Privacy, Technology, Capitol, Silicon, White House, New York University, Softbank Ventures, Bloomberg, Getty, CNN, Gartner Research, Israeli Defense Force, University of Washington, Laboratory Locations: New York, Washington ,, Washington, Valley, Silicon, Silicon Valley, Milan, Italy, Softbank Ventures Asia, Seoul, South Korea, Big Sur, Paris, AFP, Manhattan

☆ King Charles, Visiting Kenya, Faces Calls to Answer for Colonial Abuses
▼ + stars: | 2023-10-31 | by ( Abdi Latif Dahir | More About Abdi Latif Dahir | ) www.nytimes.com time to read: +1 min

At 86, his gnarled hands grasping a walking stick as he ambled around his small patch of land facing Mount Kenya, Joseph Macharia Mwangi recalled with bitterness the years that he had spent fighting the British colonial government in Kenya. Seven decades ago, he had camped with Mau Mau rebels on that mountain and in the forests, braving frigid rain, lions and elephants. And when the colonial forces eventually captured him, he said he was tortured and sentenced to two years of hard labor. “The British forces were really hard on us. It is his first state visit to any member of the Commonwealth group of nations since he became king last year, and the first to an African country.

Persons: Joseph Macharia Mwangi, “, ”, Mwangi, Dedan, King Charles III Organizations: British, Commonwealth Locations: Mount Kenya, Kenya, Mau, British, East, African

☆ Israeli official disgraced the memory of the Holocaust by comparing war on Hamas to WWII, memorial museum says
▼ + stars: | 2023-10-31 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

AdvertisementAdvertisementAfter an Israeli envoy wore a Nazi-era yellow star to a Security Council meeting, an Israeli Holocaust memorial museum quickly condemned him. During the Security Council meeting, Erdan repeatedly lamented the Council's inability to condemn Hamas, while drawing parallels to the Holocaust. Writing in Hebrew, he said wearing he was "sorry" to see members of the Israeli delegation wearing the yellow patch. AdvertisementAdvertisementDayan went on: "The yellow patch symbolizes the helplessness of Jews and being at the mercy of others. Dayan urged people to wear a blue and white flag, the colors of Israel's flag, instead of the yellow patch.

Persons: —, Yad Vashem, Dani Dayan, Gilad Erdan, Erdan, Jude, Dayan, " Dayan Organizations: Nazi, UN Security, Yad, Service, United Nations, UN, Hamas, Security Council, Assembly, Health Ministry Locations: Israeli, Israel, Canada

☆ The Apple-Picking Apocalypse of Upstate New York
▼ + stars: | 2023-10-31 | by ( Elizabeth G. Dunn | ) www.nytimes.com time to read: +1 min

It was a beautiful Friday afternoon in the Hudson Valley, 70 degrees in October and not a cloud in the sky: perfect weather for apple picking. A small crowd awaited a pig race, some of them clutching little checkered flags they had purchased for a dollar. “That’ll be eight weekends in a row,” Mr. Barton said. “It’s absolutely, absolutely unheard-of.”According to Mr. Barton, this has been, without question, the most miserable fall tourism season since he converted the family apple orchard to a pick-your-own outfit in the 1990s. In recent years, he said, the property has drawn more than 10,000 visitors on peak weekends.

Persons: Peter Barton, “ That’ll, Mr, Barton, “ Organizations: Barton Orchards Locations: Hudson, Barton, Poughquag, Beacon

☆ I got accepted to Amazon's DSP program and launched my own delivery business. I now make $3 million in revenue and own 38 vans.
▼ + stars: | 2023-10-29 | by ( Kiara Byrd | ) www.businessinsider.com time to read: +7 min

Sophia Strother became an Amazon Delivery Service Partner in 2020. The article said that for $10,000, anyone could work with Amazon and potentially make $74,000 to $3 million a year. After 18 months, my delivery company grew to become a multimillion-dollar business. AdvertisementAdvertisementIt took almost a year to process my Amazon Delivery Service Partner applicationI submitted an online application, a resume, and some financial documents. However, I don't directly control the growth of my business — Amazon does.

Persons: Sophia Strother, Strother, —, I've, I'm, that's, we're, haven't Organizations: Amazon, Service, L2E Industries, Delivery, Las, Austin, Industries, — Locations: Austin , Texas, Seattle , Washington, Las Vegas, Central Texas, Texas

☆ Earnings playbook: Your guide to trading another busy week of reports, including Apple and Pfizer
▼ + stars: | 2023-10-29 | by ( Fred Imbert | ) www.cnbc.com time to read: +6 min

About 30% of the S & P 500 is set to report earnings this week, bringing the reporting past the halfway mark. Monday McDonald's is set to report earnings before the bell, followed by a call with management at 8:30 a.m. What CNBC is watching: Pfizer is coming into this latest earnings report limping. What history shows: Starbucks only beats earnings expectations 55% of the time, according to Bespoke, but the stock averages a 0.5% gain on earnings days. What history shows: Apple shares tend to do well on earnings days, averaging a 1.3% advance, according to Bespoke.

Persons: It's, Oppenheimer, Brian Bittner, PFE, Kif Leswing, Cowen, Andrew Charles, bode, Tim Cook, — CNBC's Michael Bloom Organizations: Apple, Pfizer, Meta, CNBC, Investment, AMD, Nvidia, Starbucks, Corporate Locations: U.S, Covid, China

☆ Hertz's embrace of Teslas isn't going so well
▼ + stars: | 2023-10-28 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

Hertz had initially aimed to make 25% of its fleet electric by the end of 2024. Today, 11% of Hertz's cars are electric, and 80% of those are Teslas. AdvertisementAdvertisementIn 2021, Hertz started going all-in on EVs, announcing a plan to buy 100,000 Teslas as part of an effort to give customers electric options. Add it all up, and Hertz's third-quarter profits would have been "several margin points higher" if its fleet was similarly sized but didn't include EVs, Scherr said. This year, electric cars have been languishing on dealer lots, forcing automakers to cut prices and lather on other incentives.

Persons: Hertz, EVs, —, Stephen Scherr, Scherr, it's, Elon Musk, Tesla, General Motors — Organizations: Service, General Motors, EV, Manufacturers, Ford, General, EVs Locations: EVs

WASHINGTON (AP) — New House Speaker Mike Johnson inherits many of the same problems that bedeviled Republican leaders with far more experience. But can he unite House Republicans where others failed? Trump, who is running for a second White House term, enthusiastically backed Johnson and said he will be “a fantastic speaker." The House Republican Conference is deeply divided on those issues. The intractability of many House Republicans forced McCarthy to turn to Democrats for help in keeping the government running.

Persons: Mike Johnson, Kevin McCarthy, Jim Jordan, Johnson, “, ” Johnson, McCarthy, John Boehner, Christian, Donald Trump, Democrat Joe Biden, Johnson's, Trump, Biden, Matt Gaetz, Gaetz, Alejandro Mayorkas, Chip Roy, Roy, Veronica Escobar, George Santos, Santos, Jordan, ”, Don Bacon, Rep, Thomas Massie, stabby Organizations: WASHINGTON, Republican, House, Louisiana Republican, GOP, Caucus, Republicans, Committee, Democrat, Trump, lotto, Ukraine, Democratic, White, Fox, Homeland, Republican Conference, Texas Republican, Texas Democrat, New York Republicans, Nebraska Republican, Jordan, Kentucky Republican Locations: Louisiana, Ohio, California, Israel, Ukraine, Mexico, Texas, Kentucky

We're buying 200 shares of Coterra Energy (CTRA) at roughly $28 each. Following Thursday's trade, Jim Cramer's Charitable Trust will own 1950 shares of CTRA, increasing its weighting to about 2% from 1.83%. CTRA 1M mountain Coterra Energy 1-month Coterra Energy is an exploration and production company that is roughly split evenly between oil and natural gas . More importantly, the reason to own Meta stock has not changed as it has effectively leveraged AI to increase engagement on its platforms as well as monetization. An oil pumpjack pulls oil from the Permian Basin oil field in Odessa, Texas, on March 14, 2022.

Persons: Jim Cramer's, We've, Exxon Mobi, we've, BOE, Hess, Coterra, Mark Zuckerberg's, Jim Cramer, Jim, Joe Raedle Organizations: Coterra Energy, CTRA, Natural Resources, Exxon, Coterra, Chevron, Reality Labs, Meta, CNBC, Getty Locations: Odessa , Texas

☆ Underperforming Pakistan eyeing win streak at World Cup, says Shadab
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

Oct 26 (Reuters) - Pakistan have underperformed at the World Cup having lost three matches in a row but they are eyeing a winning streak starting with their group match against South Africa, all-rounder Shadab Khan said on Thursday. Pakistan began the tournament with wins over the Netherlands and Sri Lanka before losing to India, Australia and Afghanistan. We know that we are not playing good cricket," Shadab told reporters ahead of Friday's game against second-placed South Africa in Chennai. Our team was playing well before the World Cup. Pakistan also have a negative run rate to contend with as they fight for a top-four spot and Shadab said the clash against South Africa is the first of many "do-or-die matches".

Persons: Shadab Khan, Shadab, It's, Rohith Nair, Christian Radnedge Organizations: South, Pakistan, Thomson Locations: Pakistan, South Africa, Netherlands, Sri Lanka, India, Australia, Afghanistan, Chennai, Bengaluru

That has allowed forests to become four to seven times more densely wooded than they once were, Safford said. Fire scientists advocate more deliberate burning at low-to-moderate severity to clear vegetation that makes forests susceptible to big fires. Susan Britting, executive director of one of the groups, Sierra Forest Legacy, acknowledged any cutting triggers skepticism because loggers historically took the largest, most marketable trees. But she said thinning trees up to a certain diameter is acceptable, though she prefers prescribed burning. Homeowners are anxious prescribed fires will jump perimeters and destroy houses.

Persons: ” Hugh Safford, Davis, John Muir, What’s, Safford, “ We're, ”, Brandon Collins, Chad Hanson, there's, Hanson, Christy Brigham, ” John Muir, Jeffrey, “ John Muir, ” Safford, gesturing, “, it's, Weeks, Susan Britting, ” Britting, John Muir Project's Hanson, Safford —, that's, what’s Organizations: University of California, Eldorado National, Sierra, U.S ., American Geophysical Union, John Muir Project, Earth Island Institute, Sequoia, National Parks, National Park Service, U.S . Forest Service, Service, Forest Service, Infrastructure Law, Sierra Forest Locations: Calif, Lake, Eldorado, Sierra Nevada, U.S, California, . California, Yosemite, Sequoia, Canyon, —, Berkeley, Lake Tahoe, Safford, New, Sierra

☆ Is It Time to Give Candy Corn the Respect It Deserves?
▼ + stars: | 2023-10-26 | by ( Derrick Bryson Taylor | More About Derrick Bryson Taylor | ) www.nytimes.com time to read: +1 min

Sitting in her Wiggins, Miss., home one fall afternoon, Wanda King began counting all of the candy corn flavors she has collected over the years. There is sea salt chocolate, caramel, peppermint, cookies, Starburst, Sour Patch Kids, apple pie, pumpkin pie, s’mores and three separate coffee flavors. Some are holiday themed, like eggnog and witch’s teeth, which are off white with green tips. “It is the ultimate survival sugar rush,” she said, noting that she’d recently checked the freshness of a batch from 2017. “Candy corn don’t go bad.

Persons: Wiggins, Wanda King, King, ”, she’d, It’ll Locations: Miss, Mason

SEOUL, Oct 26 (Reuters) - South Korea's economy fared better than expected in the third quarter with the expansion underpinned by exports, backing the case for the central bank to keep rates on hold for the months ahead. Government spending grew 0.1%, and construction investment expanded 2.2% after contracting 0.8% in the second quarter. On an annual basis, Asia's fourth-largest economy grew 1.4% in the third quarter, after a 0.9% gain in the second quarter and beating a 1.1% rise expected by economists. South Korea's central bank held interest rates steady for a sixth straight meeting last week, retaining a tightening bias on monetary policy as it warned of inflationary risks from the Israel-Hamas conflict and global oil prices. In a separate Reuters survey conducted early this month, South Korea's economic growth was forecast to slow to 1.2% in 2023 from 2.6% in 2022.

Persons: Ed Davies, Sam Holmes Organizations: Gross, Bank of, Thomson Locations: SEOUL, Bank of Korea, Korea's, Israel

☆ This Moroccan startup is growing crops in the desert
▼ + stars: | 2023-10-24 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +4 min

Sand to Green is a Moroccan startup that can transform a patch of desert into a sustainable and profitable plantation in five years, according to Wissal Ben Moussa, its co-founder and chief agricultural officer. Wissal Ben Moussa, Sand to Green co-founder and chief agricultural officer. “My top three favorite trees are carob, fig and pomegranate,” Ben Moussa says. “With this system we create biodiversity, which means better soil, healthier crops and a bigger yield,” Ben Moussa says. “We can go anywhere in the world as long as we have access to brackish water,” Ben Moussa says.

Persons: Wissal Ben Moussa, ”, Ben Moussa, Sand, Morocco that’s, ” Ben Moussa, “, Green Organizations: London CNN, United Nations, UN Convention, Biosaline Agriculture Locations: Africa, South America, Europe, China, Moroccan, Biochar, Morocco, Asia, Dubai, Tanzania, Sand, Mauritania, Senegal, Namibia, Egypt, United States

☆ Knicks sign jersey patch deal with owner James Dolan's Sphere Entertainment
▼ + stars: | 2023-10-24 | by ( Jessica Golden | ) www.cnbc.com time to read: +3 min

The National Basketball Association's New York Knicks are keeping it in the family for their next jersey patch sponsor. Madison Square Garden Sports announced Tuesday that Sphere Entertainment will become the NBA team's official jersey patch partner for the 2023-24 season. Terms of the jersey patch deal were not disclosed. The NBA's jersey patch sponsor program kicked off during the 2017-18 season and has been an important source of revenue for many clubs. Dolan reportedly was shopping around the jersey patch rights for $30 million, according to SBJ.

Persons: James Dolan, David Hopkinson, Micky Arison, Squarespace, Andrew Lustgarten, Dolan, SBJ, Patrick Rishe, Louis, Bob Dorfman Organizations: Association's New York Knicks, Madison, Garden Sports, NBA, Knicks, Boston Celtics, Garden, MSG Sports, Golden State Warriors, Brooklyn Nets, Los Angeles Lakers, Miami Heat, Carnival Cruise, Sports Business, Washington University, Pinnacle Advertising, CNBC Locations: Madison, Las Vegas, St

☆ Big banks are done reporting earnings. Here’s how our financial names performed against peers
▼ + stars: | 2023-10-22 | by ( Morgan Chittum | ) www.cnbc.com time to read: +7 min

Morgan Stanley vs. Goldman Sachs MS YTD mountain Morgan Stanely YTD Morgan Stanley reported better-than-expected third-quarter results on Wednesday. GS YTD mountain Goldman Sachs YTD As a point of comparison, outside our portfolio, Goldman Sachs on Tuesday also reported stronger-than-expected quarterly revenue and profits . Wells Fargo vs. JPMorgan WFC YTD mountain Wells Fargo (WFC) year-to-date performance On the money center side, Wells Fargo reported stellar quarterly results on Friday, Oct. 13, topping analysts' expectations for both earnings and revenues. Wells Fargo got a boost from better-than-expected net interest income and non-interest income, along with a decline in non-interest expenses. A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.

Persons: Morgan Stanley, Goldman Sachs, Jeff Marks, Wells Fargo, Wells, Morgan Stanley's, Morgan Stanely YTD Morgan Stanley, Marks, they've, James Gorman, Goldman, David Solomon, Mike Santomassimo, Jamie Dimon, Jim Cramer's, Jim Cramer, Jim, JPMorgan Organizations: JPMorgan, CNBC, Federal Reserve, Goldman, JPMorgan WFC, JPMorgan Chase, Citibank, Bank of America, Reuters Locations: Wells, Wells Fargo

On a clear day in March 2023, the snowy peaks surrounding the California Institution for Men in Chino were visible. Cleveland Lindley stood on a green patch in the prison yard, taking in the view. He was wearing dark wraparound glasses and using crutches for support because he had overexerted himself during a recent visit from family. At age 53, he is considered elderly in the prison system. “My body don’t work the way it used to, my mind don’t work like it used to be, and it’s intimidating,” Mr. Lindley told us.

Persons: Cleveland Lindley, overexerted, Mr, Lindley, ” Organizations: California Institution, Men Locations: California, Chino

☆ Hey managers, we should be answering Gen Z's questions, not just complaining
▼ + stars: | 2023-10-21 | by ( Tim Paradis | Diamond Naga Siu | ) www.businessinsider.com time to read: +8 min

It's easy for older workers to complain about Gen Zers as being lazy or entitled. Yet some Gen Z workers are questioning norms that need to be reconsidered, experts tell Insider. AdvertisementAdvertisementWe've all heard the complaints about Gen Z and how they're rattling older managers . People older than Gen Z created the social platforms some Gen Zers are sounding off on. 1 thing she hears from older workers is that Gen Zers ask too many questions.

Persons: Gen Zers, —, Gen, Gen Z, Zers, TikTok, Kenneth Matos, Matos, who's, Xer, " Matos, Rebecca Fagan, she's, Fagan, Maia Ervin, Ervin, it's, millennials, they're, Z Organizations: Service, Boomers, KPMG, Gen, JUV Consulting Locations: Zaria

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSummary Oil prices drop on Friday but gain over 1% for the weekHamas releases two US hostages in GazaEarlier, Israeli minister said troops to see Gaza 'from inside'Global oil market already faces supply concernsBENGALURU, Oct 20 (Reuters) - Oil prices settled lower on Friday after the Islamist group Hamas released two U.S. hostages from Gaza, leading to hopes the Israeli-Palestinian crisis could de-escalate without engulfing the rest of the Middle East region and disrupting oil supplies. Brent crude futures fell 22 cents, or 0.2%, to settle at $92.16 a barrel. U.S. West Texas Intermediate crude futures for November delivery , which expired after settlement on Friday, fell 62 cents, or 0.7%, to $88.75 a barrel. Hamas' armed wing released two U.S. hostages from Gaza - a mother and her daughter - "for humanitarian reasons" in response to Qatari mediation efforts in the war with Israel, its spokesman Abu Ubaida said on Friday. "The report took some of the risk premium out of the market," said Phil Flynn, analyst at Price Futures Group.

Persons: Andrew Kelly, Abu Ubaida, Phil Flynn, Yoav Gallant, John Kilduff, Kilduff, Giovanni Staunovo, Brent, Staunovo, Shariq Khan, Paul Carsten, Florence Tan, Sudarshan, Shri Navaratnam, Jason Neely, David Gregorio, Jane Merriman Organizations: REUTERS, Hamas, Brent, . West Texas, Price Futures, Israeli, Pentagon, UBS, U.S . Commodity Futures Trading Commission, Thomson Locations: Manhattan , New York City, U.S, Gaza, BENGALURU, Hamas, Israel, Yemen, New York, Saudi Arabia, Russia

A person puts gas in a vehicle at a gas station in Manhattan, New York City, U.S., August 11, 2022. Brent crude futures rose $1.00, or 1.1%, to $93.26 a barrel by 11:24 a.m. EDT (1524 GMT). Both front-month contracts were headed for a second weekly gain on heightened fears of the Middle East conflict spreading. "The Middle East remains a big focus of the market because of fears of a region-wide conflict that would likely involve a disruption of oil supplies," said John Kilduff, a partner at New York-based Again Capital. "Venezuelan oil production will not be a significant factor in shaping the global oil balance in the foreseeable future," Tamas Varga of oil broker PVM wrote in a note.

Persons: Andrew Kelly, Brent, John Kilduff, Kilduff, Yoav Gallant, Washington's, Phil Flynn, Tamas Varga, PVM, Shariq Khan, Paul Carsten, Florence Tan, Sudarshan, Shri Navaratnam, Jason Neely, David Gregorio Our Organizations: REUTERS, . West Texas, Israeli, Pentagon, . Strategic Petroleum Reserve, Price Futures, Reuters, Thomson Locations: Manhattan , New York City, U.S, Gaza, Venezuela, BENGALURU, Israel, New York, Yemen, Saudi Arabia, Russia, OPEC

Ricardo Pires, a spokesman for UNICEF, says his organization urgently needs access to Gaza to facilitate the movement of supplies and relief workers. In response, Israel sealed border crossings with Gaza as it began targeting Hamas positions. Pires says UNICEF currently has amassed supplies in Egypt that are ready for delivery into Gaza once the Rafah crossing – the sole border crossing with Egypt – reopens. Biden told reporters the U.S. plans to coordinate with the Egyptian government to repair the roads into Gaza. “Water supplies are reaching a life-threatening low across Gaza amidst the sustained blockade,” Slater says.

Persons: Biden, Ricardo Pires, ”, Joe Biden, –, Pires, Egypt –, ” Pires, “ They’re, Meredith Slater, ” Slater, Slater, Elis Organizations: UNICEF, West Bank, The New York Times, Palestinian Ministry of Health, ”, ActionAid USA, ActionAid International, Jewish Federations of America Locations: Gaza, Israel, U.S, Egypt, Rafah

☆ Fracking Pioneer Cashes in as Twilight Sets in the Shale Patch
▼ + stars: | 2023-10-19 | by ( Benoît Morenne | ) www.wsj.com time to read: 1 min

Scott Sheffield transformed Pioneer Natural Resources from a fledgling outfit into one of the largest oil producers in West Texas and, until recently, put no limits on his ambition to grow. But after two weeks of negotiations, he agreed to sell his company for $60 billion to Exxon Mobil last week, the oil giant he had lapped for years in the Permian Basin.

Persons: Scott Sheffield Organizations: Natural Resources, Exxon Mobil Locations: West Texas

☆ 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

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