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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 20, 2023. The yield on the note touched the July 2007 milestone that it briefly attempted to scale last week. Of the 86 companies in the S&P 500 that have reported earnings so far in the third quarter, 78% have been above analyst estimates, according to the LSEG data. The benchmark stock index is down 8% from late July, when it hit its highest for the year, though still up 10% year-to-date. ET, Dow e-minis were down 224 points, or 0.67%, S&P 500 e-minis were down 31.5 points, or 0.74%, and Nasdaq 100 e-minis were down 129.75 points, or 0.88%.

Persons: Brendan McDermid, Hess, Hadjikyriacos, Benjamin Netanyahu, Jerome Powell, Piper Sandler, Morgan, Shubham Batra, Shashwat Chauhan, Nivedita Bhattacharjee, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Chevron, Walgreens, Dow, Nasdaq, XM, Apple, Microsoft, Nvidia, Intel, Exxon Mobil, General Motors, Federal, Market, Dow e, Walgreens Boots Alliance, Hess Corp, Thomson Locations: New York City, U.S, megacap, Israel, Gaza, Bengaluru

☆ VIEW Chevron to buy Hess Corp for $53 bln in all-stock deal
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +4 min

A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken Feb. 8, 2022. The transaction might also create a peculiar coexistence of the United States' two leading oil majors in Guyana... Hess is geared towards crude production, with oil accounting for 60% of its current output which fits in very nicely with Chevron's similarly oil-focused portfolio. On the deal itself, the Chevron-Hess merger is expected to have a significant impact on the shale oil industry with Chevron becoming the second-largest shale producer in the United States. The merger is also likely to lead to increased M&A and industry consolidation in the North America shale sector.

Persons: Dado Ruvic, bode, Hess, John Hess, PETER MCNALLY, VIKTOR KATONA, KPLER Hess, Chevron, ROBIN HELANDER, Seher Dareen, Ron Bousso, Dmitry Zhdannikov, Mark Potter Organizations: Chevron, REUTERS, Chevron Corp, Hess Corp, Exxon Mobil, ROYAL, Third, Natural Resources, Hess, Thomson, & $ Locations: Guyana, Chevron, North Dakota, United States, North America

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

☆ Chevron’s $53 billion deal is risky Exxon copycat
▼ + stars: | 2023-10-23 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

The $318 billion oil giant said Monday it would buy New York-based Hess (HES.N) for $53 billion in an all-stock deal. The main appeal for Chevron is Hess’s 30% stake in a consortium producing oil offshore in Guyana. Importantly, Chevron is catching up to Exxon, which runs and owns 45% of the same Guyana consortium. Higher production in Guyana after 2024 will increase Chevron’s returns, assuming the price of oil remains favorable. Hess owns a 30% share in a consortium in Guyana alongside Exxon, which owns a 45% interest, and Chinese oil company CNOOC, which owns the remaining 25%.

Persons: Hess, It’s, Mike Wirth, Scott Sheffield, John Hess, Hess’s, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Reuters, Chevron, Exxon Mobil, New York Stock Exchange, Natural Resources, drillers, Brent, Exxon, Pioneer, Exxon Mobil’s, Thomson Locations: New York, Texas, Guyana, Gulf of Mexico

☆ Morning Bid: Markets juggle 5% yields and 150 yen
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike DolanPartly unwinding pre-weekend safety hedges related to the Middle East conflict, world markets are back focused on some critical macro priced levels and milestones that may once again define the week. The dollar retained its bid as a result and continued to probe the 150 yen level many suspect the Bank of Japan will be keen to protect against with open-market yen buying. But even these megacaps are still in thrall to the worrying squeeze in U.S. bond markets and the breach of the 5% threshold on 10-year tenors on Monday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Goldman Sachs, thrall, that's, That's, Sergio Massa, Javier Milei, Maria Corina Machado, Hess, Berkley, Brown, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Bank of Japan, European Central Bank, Industrial, China, Goldman, Microsoft, Meta, Federal Reserve, Economy, Banco BBVA Argentina, Peronist, Massa, Venezuelan, Chevron, Exxon, Natural Resources, Brown, Cadence, Packaging Corp of America, Fed, Bank of Israel, Trade Organization, Treasury, Reuters, Thomson Locations: New York City, U.S, Gaza, China, Taiwan, outflows, 50bps, York, America, Venezuela, Geneva

☆ Chevron to buy Hess Corp for $53 billion in all-stock deal
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

Chevron has offered 1.025 of its shares for each Hess share held, or $171 per share, implying a premium of about 4.9% to the stock's last close. Chevron's shares were trading 3% lower premarket. Exxon and partners Hess and China's CNOOC (0883.HK) are the only active oil producers in the country. Hess Corp CEO John Hess is expected to join Chevron's board of directors once the deal closes around the first half of 2024. Goldman Sachs was the lead adviser to Hess while Morgan Stanley was the lead adviser to Chevron.

Persons: Liz Hampton, Hess, China's CNOOC, John Hess, Chevron, Goldman Sachs, Morgan Stanley, Mrinalika Roy, Nivedita Bhattacharjee Organizations: REUTERS, Chevron, U.S, Exxon Mobil, Natural Resources, Exxon, RBC, Pioneer, HK, Hess Corp, Thomson Locations: Chevron, Kersey , Colorado, U.S, Guyana, American, Brazil, Mexico, Bengaluru

Sept 28 (Reuters) - U.S. oil producers Exxon Mobil (XOM.N) and Hess Corp (HES.N) have withdrawn from exploring the Kaieteur block in Guyana’s deepwaters, Exxon said on Thursday, after disappointing exploration results. The exit comes as the producers focus on their larger and highly productive Stabroek block, where more than 11 billion barrels of oil and gas have been discovered so far. The companies have transferred their stakes in the block to Ratio Guyana Limited and Cataleya Energy Limited, which originally held the exploration licenses, Exxon said. A consortium composed of Exxon, Hess and CNOOC Ltd (0883.HK) control all offshore production in Guyana through the Stabroek block. Exxon and Hess were among oil companies that submitted bids in an auction for 14 other oil and gas exploration blocks.

Persons: Exxon, Hess, Kiana Wilburg, Sabrina Valle, Chris Reese, Leslie Adler Organizations: Exxon Mobil, Hess Corp, Exxon, Guyana, Cataleya Energy, Hess, CNOOC Ltd, Qatar Energy, Thomson Locations: deepwaters, HK, Guyana, Stabroek, Georgetown, Houston

☆ Dan Schulman Took PayPal to New Heights. He’s Having a Bumpy Landing.
▼ + stars: | 2023-08-19 | by ( Peter Rudegeair | Angel Au-Yeung | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, schulman Organizations: paypal

☆ Carl Icahn Should Be Sailing Into the Sunset. Instead, He’s Scrambling to Save His Empire.
▼ + stars: | 2023-08-13 | by ( Cara Lombardo | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, carl, icahn

☆ He Went to Prison for Crypto Crime. Now He’s an Advocate for Compliance.
▼ + stars: | 2023-07-27 | by ( Mengqi Sun | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ The Tragedy of Hunter Biden and the Daughter He’s Never Met
▼ + stars: | 2023-07-24 | by ( Lance Morrow | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, biden Locations: joan, arkansas

☆ Analysis: Contrarians bet U.S. energy shares will shake doldrums in 2023's second half
▼ + stars: | 2023-06-28 | by ( David Randall | ) www.reuters.com time to read: +4 min

That has hurt shares of energy companies: after soaring in 2022, the S&P 500 energy sector (.SPNY) has lost nearly 10% this year, making it the index’s worst performing sector. Most investors believe central bank interest rate hikes to fight inflation should keep a lid on global growth for the time being. Yet some are positioning for a rebound in energy shares, drawn by attractive valuations and signs the U.S. will continue to stave off an economic downturn. Stan Majcher, a portfolio manager at Hotchkis & Wiley, is among those counting on oil prices rebounding due to tight supply. “If you don’t get it, the path of least resistance is for oil prices to move much higher," he said.

Persons: Brent, David Lefkowitz, Baker Hughes, Stan Majcher, Refinitiv, Charles Lemonides, Sam Peters, David Randall, Lewis Krauskopf, Ira Iosebashvili, David Gregorio Our Organizations: YORK, UBS Wealth Management, UBS, Federal Reserve, TD Securities, . West Texas, Brent, U.S, drillers, Hotchkis, Wiley, Kosmos Energy Ltd, Bank of America Survey, Hess Corp, Occidental Petroleum Corp, ClearBridge Investments, Thomson Locations: U.S, China, Saudi Arabia

☆ SoftBank’s Masayoshi Son Says He’s Focusing on AI Inventions
▼ + stars: | 2023-06-21 | by ( Megumi Fujikawa | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ SoftBank’s Masayoshi Son Had His Cry. Now He’s in Love Again—With ChatGPT.
▼ + stars: | 2023-06-21 | by ( Megumi Fujikawa | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ ChatGPT Told SoftBank’s Masayoshi Son His Ideas Are Great. Now He’s Investing Big in AI.
▼ + stars: | 2023-06-21 | by ( Megumi Fujikawa | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ ChatGPT Told Softbank’s Masayoshi Son His Ideas Are Great. Now He’s Investing Big in AI.
▼ + stars: | 2023-06-21 | by ( Megumi Fujikawa | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Exclusive: Exxon, Guyana in talks to return unexplored offshore oil areas
▼ + stars: | 2023-06-21 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

HOUSTON, June 21 (Reuters) - Exxon Mobil Corp (XOM.N) and Guyana are in talks over which unexplored offshore areas will be returned to the government, people close to the discussions said, as the nascent oil nation seeks to attract new operators to the country. The Exxon-led consortium that controls offshore production in Guyana this year was required to return 20% of unexplored acres, under the original 2016 production contract. Reuters Graphics Reuters GraphicsCONTRACT FORCE MAJEUREThe relinquishment deadline for the 20% unexplored portion of the Stabroek block is due in October, one of the people said. Guyana plans to hold its first competitive oil blocks auction in August, which it expects to attract new operators to the country. It will offer 14 offshore blocks outside the Exxon group's domains.

Persons: Hess, Sabrina Valle, Lincoln Organizations: Exxon Mobil Corp, Exxon, HK, Reuters Graphics Reuters, Guyana's Energy Ministry, Thomson Locations: Guyana, U.S

☆ SEC’s Gary Gensler Had Crypto in His Sights for Years. Now He’s Suing Binance and Coinbase.
▼ + stars: | 2023-06-08 | by ( Dave Michaels | Paul Kiernan | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Exxon says it spent more than $900 million locally in Guyana since 2015
▼ + stars: | 2023-05-16 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

HOUSTON, May 16 (Reuters) - Exxon Mobil Corp. (XOM.N) and its contractors spent more than $400 million locally in Guyana in 2022, and more than $900 million since the company's first oil discovery in the South American country in 2015, it said on a statement on Tuesday. The government has approved on Monday Exxon's 2023 local content plan, in which the company describes its strategies to promote local industry. Exxon and contractors had employed over 5,000 Guyanese workers by the end of 2022, the company said, representing more than 65% of the overall workforce in the local oil and gas industry. Among the 2,700 personnel supporting Exxon's operations in Guyana, over 1,300 were Guyanese, it said. Reporting by Sabrina ValleOur Standards: The Thomson Reuters Trust Principles.

Exxon "engaged in a disingenuous attempt" to dilute its obligations under its environmental permit for Liza One, the project that inaugurated Guyana's oil production in 2019, High Court Justice Sandil Kissoon said in the ruling. Guyana's Environmental Protection Agency and the energy ministry so far has approved five offshore oil and gas projects submitted by the group. According to Kissoon's ruling, Exxon must furnish Guyanese authorities with a liability agreement from an insurance company by June 10, or the Liza One environmental permit will be suspended. The company "engaged in a course of action made permissible only by the omissions of a derelict, pliant, and submissive Environmental Protection Agency," the judge wrote. Exxon is reviewing the court decision and evaluating next steps, a company spokesperson said.

☆ Historic Stone of Scone moved to London for King Charles' coronation
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

[1/5] The Stone of Destiny lies in Edinburgh Castle before onward transportation to Westminster Abbey for the Coronation of King Charles III, in Edinburgh, Scotland, Britain April 27, 2023. REUTERS/Russell Cheyne/PoolLONDON, April 28 (Reuters) - The historic Stone of Scone, the ancient coronation stone upon which monarchs in Britain have been crowned for centuries, has left Scotland for London under tight security ahead of next week's coronation of King Charles III, officials said on Friday. England's King Edward I seized the stone from the Scots in 1296, and it was incorporated into the Coronation Chair he ordered in 1308 for London's Westminster Abbey. That chair has since been used in the coronation ceremonies of English and British monarchs since Henry IV in 1399. However, it was officially moved to Scotland on a permanent basis in 1996 and will return there after Charles' coronation.

April 26 (Reuters) - Oil and gas producer Hess Corp (HES.N) on Wednesday topped Wall Street's first-quarter profit estimates and disclosed its consortium with Exxon Mobil Corp (XOM.N) made a new discovery off the coast of Guyana. Hess holds a 30% stake in the consortium, and said the discovery may help justify a new oil project. Production from Hess' share of output in Guyana was 12% above estimates at 112,000 boepd. The company expects current quarter production of between 105,000 boepd and 110,000 boepd due to planned maintenance at the Liza phase 2 platform. On a per share basis, the company reported a profit of $1.13 for the first quarter and an adjusted profit of $1.30.

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

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

☆ Font Wars Spread After State Department Replaces Times New Roman With Calibri
▼ + stars: | 2023-03-14 | by ( Katie Deighton | ) www.wsj.com time to read: 1 min

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☆ He’s a Times New Roman Traditionalist. She’s a Calibri Modernist. Can This Marriage Last?
▼ + stars: | 2023-03-14 | by ( Katie Deighton | ) www.wsj.com time to read: 1 min

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