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☆ 5G push catches European telecom kit makers short
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 14 (Reuters Breakingviews) - The race to roll out faster 5G networks in the past two years has turned into a trap for telecom kit makers in Europe. The Finnish telecom gear group surprised investors with a profit warning; it cut its full-year net sales guidance to between 23.2 billion euros and 24.6 billion euros ($26.05 billion and $27.62 billion) from 24.6 billion euros to 26.2 billion euros previously. Mobile networks in big markets like the United States invested aggressively to roll out 5G equipment in 2021 and 2022, ending up with excessively high inventories. Yet this came just as mobile equipment makers’ customers started to rein in spending on the back of inflation, exacerbating their problem. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Karen Kwok, Lisa Jucca, Oliver Taslic Organizations: Reuters, Nokia, Ericsson, U.S, Twitter, Cathay, Thomson Locations: Europe, Swedish, Scandinavian, United States, India

☆ Why Exxon Mobil is spending $4.9 billion on a company that pumps carbon dioxide back into the earth
▼ + stars: | 2023-07-14 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

That's a business Exxon, the biggest oil company in the US, is looking to expand. The largest US oil major said Thursday it would acquire Denbury, which has the largest network of carbon dioxide pipelines in the country, for $4.9 billion. Denbury is also in the business of what's called enhanced oil recovery, which involves using carbon dioxide to collect more oil from wells. Most of the captured carbon dioxide will likely be stored underground, however. Transporting CO2 requires pipelines, and Denbury has 1,300 miles of carbon dioxide pipelines; much of its network spans Louisiana, Texas, and Mississippi.

Persons: Denbury, what's, Joe Biden, Dan Ammann, there's, — Organizations: Exxon Mobil, Exxon, Service, Privacy, International Energy Agency, IEA, Exxon's, Carbon Solutions, Bloomberg, Denbury, United Nations Locations: Wall, Silicon, Louisiana , Texas, Mississippi, Louisiana, CCUS, US, Qatar, Australia

☆ Exxon Buys Pipeline Operator, Making Big Bet on Carbon
▼ + stars: | 2023-07-13 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/exxon-buys-pipeline-operator-making-big-bet-on-carbon-a1d0e347

Persons: Dow Jones Organizations: exxon

☆ 3-Stock Lunch: XOM, PEP & DAL
▼ + stars: | 2023-07-13 | by ( ) 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 Email3-Stock Lunch: XOM, PEP & DALJerry Castellini, CastleArk Management president, joins ‘Power Lunch’ to discuss three stocks: Exxon, Pepsi and Delta Air Lines.

Persons: DAL Jerry Castellini Organizations: PEP, DAL, CastleArk Management, Exxon, Pepsi, Delta Air Lines

☆ Exxon’s carbon-capture deal is pale shade of green
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

The oil titan’s $4.9 billion all-stock deal for Denbury (DEN.N) unveiled on Thursday provides a financially and strategically judicious way to capture and move carbon dioxide. The $89.75 a share is also lower than where Denbury was trading before Bloomberg reported news of a possible deal in October. Denbury says that 28% of it is “blue oil” that produces negative scope 3 emissions. Showcasing an evolving mindset while helping extract more oil is just the pale green hue that suits Exxon. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Darren Woods, Denbury, Robert Cyran, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, Exxon Mobil, Exxon, Denbury, Bloomberg, Twitter, Thomson

The deal builds out Exxon's plan to develop an emerging market that makes money from reducing its own and others' greenhouse gases. Carbon sequestration is the favored strategy for U.S. oil and gas companies to reduce emissions while continuing to expand oil and gas production. Last year, Exxon struck its first commercial carbon storage deal with top ammonia maker CF Industries. The Denbury deal "reflects our determination to profitably grow our low carbon solutions business," Exxon CEO Darren Woods said in a statement. The all-stock transaction represents a 1.9% premium to Denbury's Tuesday close at 0.84 Exxon shares for each Denbury share.

Persons: Raymond James, Pavel Molchanov, Denbury, Darren Woods, Sabrina Valle, Arathy, Arunima Kumar, Savio D'Souza, Shilpi Majumdar, Conor Humphries Organizations: Denbury, Exxon Mobil Corp, Denbury Inc, Exxon, Linde AG, CF Industries, Carbon Solutions, Thomson Locations: HOUSTON, Plano , Texas, U.S, Texas, Alabama, Houston, Bengaluru

☆ Exxon Mobil CEO Darren Woods on $4.9 billion Denbury deal: It allows us to further reduce emissions
▼ + stars: | 2023-07-13 | 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 EmailExxon Mobil CEO Darren Woods on $4.9 billion Denbury deal: It allows us to further reduce emissionsExxon Mobil chairman and CEO Darren Woods joins CNBC's Becky Quick from Sun Valley, Idaho to discuss the $4.9 billion acquisition of Denbury, how the Inflation Reduction Act played a role in the deal, and more.

Persons: Darren Woods, Becky Quick Organizations: Exxon Mobil, Mobil, Denbury Locations: Sun Valley , Idaho

☆ Iraq, TotalEnergies sign massive oil, gas, renewables deal
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

BAGHDAD, July 10 (Reuters) - Iraq and French oil major TotalEnergies (TTEF.PA) on Monday signed a long-delayed $27 billion energy deal that aims to increase oil production and boost the country's capacity to produce energy with four oil, gas and renewables projects. TotalEnergies Chairman and CEO Patrick Pouyanne signed the agreement with Iraqi oil minister Hayan Abdel-Ghani at a ceremony in Baghdad, with Pouyanne calling it a "historic day". "I hope that this will be a strong signal to other investors to come to Iraq," Pouyanne said. Exxon Mobil, Shell and BP have all scaled back their operations in Iraq in recent years, contributing to a stagnation in oil production. Iraq's oil production capacity has remained at around 5 million barrels per day in recent years.

Persons: TotalEnergies, QatarEnergy, Patrick Pouyanne, Hayan Abdel, Ghani, we'll, Abdel, Pouyanne, Maher Nazeh, Nadine Awadalla, Timour, Louise Heavens, Jason Neely, Christina Fincher Organizations: Monday, Exxon Mobil, Shell, BP, Thomson Locations: BAGHDAD, Iraq, Baghdad, Basra, Saudi, U.S, Saudi Arabia, Dubai

☆ These funds offer yields exceeding 4% and they’re on discount. Here’s why it might be time to buy them
▼ + stars: | 2023-07-10 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

But whether it's time to back up the truck and stock up on cheap dividend payers will depend on a range of factors, including risk appetite and style. Notable constituents include Altria Group, which has an 8.3% dividend yield, and Verizon , which touts a yield exceeding 7%. This would include the Vanguard High Dividend Yield ETF (VYM) , which has a total return of about -1.6% this year, and the WisdomTree U.S. Total Dividend ETF (DTD) , with a total return of 2.5%. VIG, for instance, has a total return of 6% this year, but offers a 30-day SEC yield of 1.82%. Whether it's time to snap up these dividend payers will also depend on your risk appetite and your timeline.

Persons: Johnson, Ryan Jackson, Jackson, VIG, Jordan Benold, Benold Organizations: Exxon Mobil, Johnson, Morningstar, SEC, Altria, Verizon, Vanguard, Microsoft, Apple, Dow Locations: U.S

☆ Major business group slams disclosure rules as House Republicans probe ESG investing
▼ + stars: | 2023-07-10 | by ( Emily Wilkins | ) www.cnbc.com time to read: +2 min

WASHINGTON – As Republicans in the House dig in to investigate environmental, social and governance, or ESG, investing, a major industry group that represents thousands of companies is urging them to make reforms. The letter is addressed to committee Chairman Rep. Patrick McHenry, R-N.C., and ranking member Rep. Maxine Waters, D-Calif. The letter underscores the business muscle behind the GOP's battle against policies that back ESG investing. ESG investing has become a heated policy battleground. Progressive Democratic lawmakers have pushed back, arguing that considering ESG makes investors more aware of potential risks and opportunities.

Persons: Patrick McHenry, Maxine Waters, David Marcus, Facebook’s Calibra, McHenry, ESG Organizations: Financial, Consumers, Investors, American, WASHINGTON –, National Association of Manufacturers, Financial Services Committee, SEC, CNBC, NAM, Johnson, Exxon Mobil, Pfizer, Progressive Democratic Locations: Washington , U.S, R

☆ Shell warns of significant drop in gas trading results
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: 1 min

July 7 (Reuters) - Energy giant Shell (SHEL.L) expects second-quarter gas trading results to be "significantly lower" than in the previous quarter, it said on Friday. In an update ahead of second-quarter results on July 27, the world's biggest liquefied natural gas (LNG) trader also flagged $3 billion in writedowns for the quarter, primarily driven by a 1% increase in the discount rate used for impairment testing. It added that trading performance in its chemicals and products business was also expected be lower than in the first quarter, with the indicative refining margin forecast to drop to $9 a barrel from $15 a barrel. U.S. rival Exxon also guided for lower refining margins this week. Reporting by Eva Mathews in Bengaluru Additional reporting by Shadia Nasralla Editing by Krishna Chandra Eluri and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Eva Mathews, Shadia, Krishna Chandra Eluri, David Goodman Organizations: Energy, Shell, Exxon, Thomson Locations: writedowns, Bengaluru

☆ Shell warns of big drop in gas trading results
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

July 7 (Reuters) - Shell (SHEL.L), the world's biggest liquefied natural gas (LNG) trader, said on Friday second-quarter gas trading results were expected to come in "significantly lower" quarter-on-quarter, though in line with the previous two years' second quarters. Shell cited "seasonality and fewer optimisation opportunities" as reasons for its lower gas trading result. The company does not provide figures for its gas trading results or say what proportion of its business it accounts for. "Shell's trading update included a number of operational indicators which were broadly in line with our forecasts," said RBC equity analyst Biraj Borkhataria in a note. "Weaker trading across oil and gas which should be expected by the market given lower gas prices and the seasonality of Shell's LNG portfolio."

Persons: Shell, Biraj Borkhataria, Eva Mathews, Nora Buli, David Goodman, Mark Potter Organizations: Shell, RBC, Exxon, Thomson Locations: Norway, writedowns, Bengaluru, Shadia, London

Private payrolls surged far more than expected in June, data showed, suggesting the labor market remained solid despite growing risks of a recession. “We don’t see any softening in the labor market,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. All 11 S&P 500 sectors ended down. U.S. interest rate futures saw an increased probability of another rate hike by the Federal Reserve in November, according to CME's FedWatch. Second-quarter corporate reports will arrive in coming weeks with S&P 500 earnings expected to fall 5.7% from a year-ago, according to Refinitiv data.

Persons: payrolls, ”, Brad McMillan, CME's, Lorie Logan, Lip, judge's, Lewis Krauskopf, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi, Shinjini Ganguli, David Gregorio Our Organizations: Energy, Exxon, Dow, Nasdaq, Reserve, Commonwealth Financial Network, Dow Jones, Microsoft, Apple, Treasury, Federal Reserve, Fed, Dallas, Exxon Mobil Corp, Wealth Management, JetBlue Airways, American Airlines, Spirit Airlines, NYSE, Thomson Locations: U.S, New York, Bengaluru

Private payrolls surged far more than expected in June, data showed, suggesting the labor market remained on solid ground despite growing risks of a recession. “We don’t see any softening in the labor market,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. Treasury yields jumped following the labor market data. The benchmark 10-year yield burst above 4% while the two-year Treasury yield, which typically moves in step with interest rate expectations, hit a 16-year high. U.S. interest rate futures saw an increased probability of another rate hike by the Federal Reserve in November, according to CME's FedWatch.

Persons: payrolls, ”, Brad McMillan, CME's, Lorie Logan, Lip, judge's, Lewis Krauskopf, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi, Shinjini Ganguli, David Gregorio Our Organizations: Energy, Exxon, Reserve, Commonwealth Financial Network, Nasdaq, Dow Jones, Treasury, Federal Reserve, Fed, Dallas, Exxon Mobil Corp, Wealth Management, JetBlue Airways, American Airlines, Spirit Airlines, Thomson Locations: U.S, New York, Bengaluru

Private payrolls increased more than expected in June, the ADP National Employment report showed, indicating the labor market remained strong despite growing risks of a recession from higher interest rates. Another survey showed the number of Americans filing new claims for unemployment benefits increased moderately last week. "The Fed has been hopeful to see a modest deterioration in the labor market," said Randy Frederick, managing director of trading and derivatives for Charles Schwab. "But since the ADP number was almost twice of what was expected, it generally implies there's potential for more rate hikes going forward." Reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: payrolls, Randy Frederick, Charles Schwab, Lorie Logan, Janet Yellen, judge's, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi Organizations: Exxon, Dow, ADP, Dallas, Twitter, Dow Jones, Nasdaq, Institute for Supply, Qualcomm, Intel, Treasury, Exxon Mobil, JetBlue Airways, American Airlines, Spirit Airlines, NYSE, Thomson Locations: ., Beijing, Washington, China, U.S, Bengaluru

Most tech and growth megacaps, whose valuations come under pressure when borrowing costs rise, fell in early premarket trading, with Alphabet (GOOGL.O) and Tesla (TSLA.O) down 0.7% each. Meta Platforms (META.O) rose 1.8% after attracting millions of users within hours of launching Threads on Wednesday. After a dismal 2022, big growth and technology stocks have seen outsized gains in 2023, with the Nasdaq Composite (.IXIC) clocking its best first-half in 40 years. ET, Dow e-minis were down 139 points, or 0.4%, S&P 500 e-minis were down 19 points, or 0.42%, and Nasdaq 100 e-minis were down 69.25 points, or 0.45%. Reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen's, judge's, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi Organizations: Exxon, Dow, Nasdaq, Wall, Meta, Twitter, Victoria, Interactive Investor, Investors, Institute for Supply, Dow e, Qualcomm, Intel, Treasury, Exxon Mobil, JetBlue Airways, American Airlines, Spirit Airlines, Coty, Thomson Locations: Beijing, Washington, China, U.S, Bengaluru

SummarySummary Companies Tesla jumps on upbeat Q2 vehicle deliveriesChinese automakers climb on strong June salesOil stocks up as Saudi Arabia, Russia announce supply cutsFutures: Nasdaq up 0.18%, Dow down 0.14%, S&P flatJuly 3 (Reuters) - Nasdaq futures rose on Monday as Tesla shares extended gains after the electric-vehicle maker reported record vehicle deliveries in the second quarter. Tesla (TSLA.O) gained 6.6% in premarket trading, a day after the company's quarterly vehicle deliveries topped market estimates on the back of incentives and steeper discounts. ET, Dow e-minis were down 49 points, or 0.14%, S&P 500 e-minis were up 1.5 points, or 0.03%, and Nasdaq 100 e-minis were up 27.5 points, or 0.18%. Trading volumes are expected to be thin with markets open for just half the day, ahead of the Independence Day holiday on Tuesday. U.S.-listed shares of Chinese carmakers Xpeng , Li Auto and Nio rose between 5.8% and 9.1% after the companies reported a surge in June vehicle deliveries compared with a year earlier.

Persons: Tesla, Susannah Streeter, Hargreaves Lansdown, Investors, Li Auto, Bansari Mayur Kamdar, Johann M, Pooja Desai, Vinay Dwivedi Organizations: Nasdaq, Dow, Hargreaves, Investors, Dow e, Chevron, Exxon Mobil, Fidelity National Information Services, Financial, Thomson Locations: Saudi Arabia, Russia, Worldpay, Bengaluru

PARIS, June 29 (Reuters) - French minerals group Imerys (IMTP.PA) on Thursday announced plans to mine lithium in the UK and said the site could supply two-thirds of batteries for Britain's electric vehicles by 2030. Imerys aims to produce around 20,0000 tonnes a year of lithium carbonate equivalent by the end of the decade at its mining site in Cornwall, southwest England, in partnership with British Lithium. Imerys' UK development, and its previously announced plan to mine the metal in central France, would reduce Europe's current reliance on imported lithium for batteries, CEO Alessandro Dazza said. In its UK partnership, Imerys has taken an 80% stake and will draw on British Lithium's processing technology and existing pilot for battery-grade lithium, the French group said. In the search for battery minerals, traditional energy companies, including Exxon Mobil (XOM.N), are also looking at emerging technologies to boost lithium supply.

Persons: Imerys, Alessandro Dazza, Kemi Badenoch, Dazza, Gus Trompiz, Clara Denina, Benoit Van Overstraeten, Jason Neely, Sonali Paul, Susan Fenton Organizations: Global, Exxon Mobil, Thomson Locations: Cornwall, England, British, France, Europe, Argentina, Bolivia, Chile, Britain, Imerys, Paris, London

☆ Exclusive: Exxon Mobil expands lithium bet with Tetra Technologies deal
▼ + stars: | 2023-06-28 | by ( Ernest Scheyder | Thomson Reuters | Ernest Scheyder Is An Award-Winning Senior Correspondent Covering The Green Energy Transition | ) www.reuters.com time to read: +3 min

Exxon acquired it earlier this year when it bought a neighboring Arkansas parcel of 100,000 acres from Galvanic Energy. Galvanic remains an independent, privately held company and is not affiliated with Tetra or Exxon. By partnering with Exxon, Tetra gains a large partner with capital to help it produce bromine, which is used in flame retardants, from the acreage. Exxon, meanwhile, gains access to yet another U.S. supply of lithium as the country rapidly expands its EV supply chain. Tetra had previously agreed to lease more than 27,000 acres in Arkansas to Standard Lithium (SLI.V) to produce lithium.

Persons: Tetra, Ernest Scheyder, Chris Reese Organizations: Exxon Mobil, Tetra Technologies Inc, Exxon, Energy, Tetra, Representatives, Eos Energy Enterprises, Arkansas, Reuters, Battery Metals, EnergySource Minerals, Thomson Locations: Arkansas, Tetra

☆ Guyana not interested in joining OPEC, VP says
▼ + stars: | 2023-06-26 | by ( Kiana Wilburg | ) www.reuters.com time to read: +2 min

[1/2] Guyana's Vice President Bharrat Jagdeo poses for a photo during an interview with Reuters in Georgetown, Guyana, February 16, 2022. REUTERS/Sabrina ValleGEORGETOWN, June 26 (Reuters) - Nascent oil producer Guyana is not interested in joining the Organization of the Petroleum Exporting Countries (OPEC), Guyanese Vice-President Bharrat Jagdeo said on Monday, as the South American country looks to rapidly boost production and attract new operators. The Wall Street Journal reported on Monday that Saudi Arabia's energy minister, Abdulaziz bin Salman, and Haitham al-Ghais, OPEC's secretary-general, have invited Guyana to join the cartel. Guyana is planning an oil auction within a couple of months in hopes it can bring in other oil and gas companies. "We are committed to responsibly developing the resources offshore Guyana to maximize value for all stakeholders, including the government and people of Guyana," said Exxon spokesperson Meghan Macdonald in response to questions about the country and OPEC.

Persons: Bharrat Jagdeo, Sabrina Valle GEORGETOWN, Jagdeo, Abdulaziz bin Salman, Haitham, Meghan Macdonald, Kiana Wilburg, Sabrina Valle, Julia Symmes Cobb, Sandra Maler Organizations: Reuters, REUTERS, Organization of, Petroleum, OPEC, The, Natural Resources, Street, Exxon Mobil Corp, Exxon, Thomson Locations: Georgetown, Guyana, American, Vienna, Saudi

☆ Peak oil is another reason to shun OPEC club
▼ + stars: | 2023-06-26 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

The group known as OPEC+, which includes the organization’s 13 oil-producing members as well as allied nations like Russia, produces over 40% of the world’s oil. Guyana’s recoverable reserves of around 11 billion barrels in that field alone make it an obvious candidate to join OPEC. Non-OPEC oil nations, such as the United States, Brazil and Canada, are growing production. Even OPEC+ members aren’t united in their desire to prioritize price over production. OPEC+, which comprises the cartel’s 13 oil-producing states and ten other allied nations such as Russia, represents over 40% of the world’s oil production.

Persons: Groucho Marx, It’s, aren’t, Abdulaziz bin Salman, Haitham, Bharrat Jagdeo, Hess, Peter Thal Larsen, Oliver Taslic Organizations: YORK, Reuters, Organization of, Petroleum, Wall Street, Exxon Mobil, International Energy Agency, OPEC, United Arab Emirates, Cooperation, Saudi Energy, Wall Street Journal, Exxon, Thomson Locations: Guyana, OPEC, Russia, United States, Brazil, Canada, Nigeria, Saudi Arabia

☆ US climate change lawsuit seeks $50 billion, citing 2021 heat wave
▼ + stars: | 2023-06-23 | by ( Clark Mindock | ) www.reuters.com time to read: +3 min

June 22 (Reuters) - An Oregon county on Thursday sued Exxon (XOM.N), Chevron (CVX.N), other major oil and coal companies, and industry groups, seeking over $50 billion to counter the harms caused by extreme weather fueled by climate change. It said the companies and trade groups must now help pay for past and future harms from the extreme weather that has resulted, including a 2021 heat wave in the Pacific Northwest that killed dozens. The lawsuit also targets the consulting firm McKinsey, which it said advises major oil companies, including on strategies to downplay or deny the link between greenhouse gas emissions and extreme weather. Since the area normally has mild weather, the lawsuit said residents were not equipped with things like air conditioners to handle the elevated temperatures. The county said 69 people in the county died from overheating and the heat wave caused a "crushing economic burden."

Persons: Theodore Boutrous, Clark Mindock, Alexia Garamfalvi, Matthew Lewis, Diane Craft Organizations: Exxon, Chevron, American Petroleum Institute, McKinsey, U.S, U.S . Constitution, Congress, Thomson Locations: An Oregon, Multnomah County, Portland, Pacific Northwest, U.S ., U.S, United States, New York

☆ 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

☆ Reformer fire quickly put out at Exxon Baytown, Texas, refinery -sources
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: 1 min

HOUSTON, June 21 (Reuters) - A fire on a reformer at Exxon Mobil Corp's (XOM.N) 564,440 barrel-per-day (bpd) Baytown, Texas, refinery was quickly extinguished on Wednesday, said people familiar with plant operations. The fire was put out a few minutes after it began on Wednesday afternoon on the 65,000-bpd Hydroformer 4, the sources said. Exxon spokesperson Lauren Kight said the company does not comment on the status of specific refinery units. "We're continuing to meet our contractual commitments," Kight said. Reporting by Erwin Seba; Editing by Jacqueline Wong and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Lauren Kight, We're, Kight, Erwin Seba, Jacqueline Wong, Tom Hogue Organizations: Exxon Mobil Corp's, Exxon, Thomson Locations: Baytown , Texas

☆ Lithium producers warn global supplies may not meet electric vehicle demand
▼ + stars: | 2023-06-22 | by ( Ernest Scheyder | Thomson Reuters | Ernest Scheyder Is An Award-Winning Senior Correspondent Covering The Green Energy Transition | ) www.reuters.com time to read: +4 min

"You could end up in a crisis situation where the battery companies don't have the security of (lithium) feedstock," Stu Crow, chairman of Lake Resources (LKE.AX), said on the sidelines of this week's Fastmarkets Lithium and Battery Raw Materials conference in Las Vegas. This week, Lake Resources became the latest lithium company to announce a project delay, pushing back first production from its Kachi lithium project in Argentina by three years. Albemarle (ALB.N), the world's largest lithium producer, is growing rapidly across the Americas, Asia and Australia. Still, it expects global lithium demand to exceed supply by 500,000 metric tons in 2030. ATTENDANCEOnce a niche event attended by industry die-hards, the Fastmarkets conference has grown rapidly alongside breakneck lithium demand.

Persons: Stu Crow, Eric Norris, Sarah Maryssael, Allkem, Goldman Sachs, Rahim Bapoo, Tara Berrie, Ernest Scheyder, David Gregorio Our Organizations: LAS VEGAS, Ford, Lake Resources, Raw Materials, Exxon Mobil, Banking, JPMorgan, BMO Capital Markets, Mitsui, hasn't, Rivian, Thomson Locations: Stellantis, Las Vegas, Argentina, Americas, Asia, Australia

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