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☆ Cool investors buy time for First Republic fix
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, April 28 (Reuters Breakingviews) - If investors are worried that stresses at First Republic Bank (FRC.N) will hurt other lenders, they aren’t showing it. Stocks of regional U.S. banks are generally faring well despite fears that the San Francisco-based lender might fail. As the government and the private sector mull a rescue, the market’s composure buys precious time for reaching a deal. The difference between now and March, when Silicon Valley Bank and Signature Bank crumpled, is marked. Regional Bank exchange-traded fund (IAT.P) closed with a 0.7% gain.

☆ Exxon surges in April despite softer oil prices
▼ + stars: | 2023-04-28 | by ( Melissa Lee | ) 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 EmailExxon surges in April despite softer oil pricesThe Fast Money traders weigh in on Exxon, which is trading at all-time highs with CNBC's Melissa Lee.

[1/2] Gas prices are advertised at a Chevron station as rising inflation and oil costs affect the consumers in Los Angeles, California, U.S., June 13, 2022. Exxon's net hit $11.4 billion while Chevron earned $6.6 billion and with analysts expecting the strong results to continue this year. Exxon CEO Darren Woods says he is happy to see cash balances rise so the company is well-positioned for a cycle downturn. "The question is obviously when, but that will come," Woods said, after saying he would "expect to see cash balances higher" in times when the markets are on the top end of the cycle. "We don't intend to hold $15-plus billion of cash on our balance sheet," he said, describing too much cash on the books as "economically inefficient for us to hold it, and it is not our cash, it is our shareholders' cash."

☆ Watch CNBC's full interview with Exxon Mobil CEO Darren Woods on
▼ + stars: | 2023-04-28 | 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 EmailWatch CNBC's full interview with Exxon Mobil CEO Darren Woods onExxon Mobil CEO Darren Woods joins 'Squawk Box' to discuss the company's first-quarter earnings results, production outlook, the establishment of a new global trading division, and more.

☆ The moderated demand for oil with impact earnings from Exxon and Chevron, says RBC Capital Markets
▼ + stars: | 2023-04-28 | 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 EmailThe moderated demand for oil with impact earnings from Exxon and Chevron, says RBC Capital MarketsBiraj Borkhataria, Associate Director of European Research at RBC Capital Markets, previews earnings from Exxon Mobil and Chevron.

☆ Exxon delivers record first-quarter profit on higher output
▼ + stars: | 2023-04-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

Exxon doubled profits from the same quarter last year as higher output more than compensated for lower energy prices. Shares rose 2.3% to a record high of $119.52 per share after Exxon reported its results on Friday. "We delivered a first-quarter record despite the fact that energy prices and refining margins are softening a bit," Chief Financial Officer Kathryn Mikells said in an interview. Exxon's oil and gas output rose to the highest level in almost four years. Exxon's oil and gas production rose to the most since 2019 to 3.83 million barrels of oil equivalent per day (boed), up by 160,000 boed from the previous quarter.

☆ Exxon Mobil CEO Darren Woods: Industry could be very successful with the prices we see today
▼ + stars: | 2023-04-28 | 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: Industry could be very successful with the prices we see todayExxon Mobil CEO Darren Woods joins 'Squawk Box' to discuss the company's first-quarter earnings results, production outlook, and more.

☆ Exxon and Chevron Report More Modest Profits as Oil and Gas Prices Ease
▼ + stars: | 2023-04-28 | by ( Clifford Krauss | ) www.nytimes.com time to read: +1 min

“We’re delivering strong financial results and increasing cash returned to our shareholders,” said Mike Wirth, Chevron’s chief executive. But despite higher prices for crude and fuels through much of last year, the two companies have been cautious about investing more to raise production. Exxon, Chevron and other oil companies emerged from 2022 with record profits, after Russia’s invasion of Ukraine last February pushed crude and natural gas prices higher. In recent days, the price of oil has dropped below $80 a barrel, after a jump to over $120 last June. Actual cuts have amounted to about half that much, a reduction of less than 1 percent of the global supplies.

Exxon has held eight exploration and production contracts in Colombia, including the fracking pilot. All either have been or are being ended, suspended or liquidated, Colombia's National Hydrocarbon Agency (ANH) told Reuters. The proposed bill would ban development of non-conventional energy projects including fracking. "We will continue to have constructive dialogue with the Colombian government on a comprehensive assessment of our unconventional investments," Exxon spokesperson Michelle Gray told Reuters. Exxon said it continuously evaluates and prioritize investments, including those in Colombia.

☆ Opinion | Tucker Carlson Was Both More and Less Important Than You Think
▼ + stars: | 2023-04-27 | by ( David French | ) www.nytimes.com time to read: +1 min

To understand the importance and unimportance of Tucker Carlson, it’s necessary to rewind the clock all the way back to the period just after Donald Trump won the 2016 election. It’s easy to forget now that Trumpism is so well known and understood, but many conservatives didn’t quite know what the Trump years would bring. We knew who Donald Trump was, but we didn’t know what Trumpism would be. would become more like the man or if the man would become more like the G.O.P. to be just as cruel, just as dishonest and sometimes even more populist than Donald Trump himself.

☆ Shale producer Pioneer's chief Sheffield to retire
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Pioneer Natural Resources Co (PXD.N) on Wednesday said its chief executive officer, Scott Sheffield, will retire by the end of 2023, sending the U.S. shale producer's shares down 2% in extended trading. Sheffield, an energy veteran, served as Pioneer’s founding CEO from 1997 to 2016 and chairman since 1999. Its net income also fell 39% to $1.2 billion from $2 billion last year as oil prices cooled. The oil and gas producer anticipates second-quarter oil production between 357,000 and 372,000 barrels per day and total oil and gas production of between 647,000 and 702,000 barrels of oil equivalent per day. Natural gas producer EQT Corp (EQT.N) also beat profit estimates for the first quarter on higher sales volumes.

☆ Final Trades: 3M, Exxon, CarMax & more
▼ + stars: | 2023-04-26 | 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 EmailFinal Trades: 3M, Exxon, CarMax & moreThe "Halftime Report" traders give their top picks to watch for the second half.

☆ Pioneer beats on earnings, announces succession, tweaks dividend — a mix pressuring the oil stock
▼ + stars: | 2023-04-26 | by ( Jeff Marks | ) www.cnbc.com time to read: +6 min

Pioneer set its second-quarter base plus variable dividend at $3.34 a share – factoring in a base dividend of $1.25, which was raised 14% from $1.10, and a variable dividend of $2.09. Management wants more flexibility to repurchase shares instead of paying a huge variable dividend. This means that Pioneer will likely shift what previously went to the variable dividend into share buybacks. Notably, Pioneer doesn't hedge its oil production, making its realized pricing closer to that of the underlying commodity. Oil production is forecast between 357,000 to 372,000 barrels per day, which at the midpoint tops estimates of 364,000.

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.

☆ State leaders targeting climate investing have quiet stakes in the fossil fuel industry
▼ + stars: | 2023-04-24 | by ( Brian Schwartz | ) www.cnbc.com time to read: +12 min

Fitzpatrick is among a group of powerful Republican state leaders who have waged similar fights against environmentally conscious investing as they held personal investments in, or saw political support from, the fossil fuel industry. Some of the state officials have received campaign donations from fossil fuel companies or their executives. "He has never 'had private briefings tied back to the fossil fuel industry' nor does he personally direct or execute trades himself. Hegar co-signed an open letter in 2021 with other state financial officers that was addressed to the U.S. banking industry and defended the fossil fuel industry. He also co-signed the 2022 letter to Biden from a slate of other state financial officers defending the fossil fuel industry.

The justices turned away five appeals by the oil companies of lower court decisions that determined that the lawsuits belonged in state court, a venue often seen as more favorable to plaintiffs than federal court. A separate appeal filed by the oil companies challenging lower court decisions in cases out of New Jersey and Delaware is still pending before the Supreme Court. Theodore Boutrous, an attorney for Chevron, expressed confidence that the cases will be dismissed in state court. That decision prompted other federal appeals courts to reconsider whether they should send similar lawsuits by state and local governments back to state courts. Four other appeals courts reached similar conclusions in the lawsuits by Rhode Island and jurisdictions in California, Colorado, Hawaii and Maryland.

☆ Big Tech earnings are on deck this week. Why that matters
▼ + stars: | 2023-04-23 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —With Microsoft, Alphabet, Amazon and Meta Platforms all slated to report earnings this coming week, investors are turning their attention away from bank earnings to Big Tech. Another major theme for tech earnings is the race toward artificial intelligence. Earnings reports from Meta Platforms (META), Boeing (BA) and ServiceNow (NOW). Earnings reports from Amazon (AMZN), MasterCard (MA), T-Mobile (TMUS), Keurig Dr Pepper (KDP) and Capital One (COF). Earnings reports from Exxon Mobil (XOM), Chevron (CVX), Colgate-Palmolive (CL) and New York Community Bancorp (NYCB).

A Reuters review of testimony, previously unreported public documents and interviews with elected leaders, lobbyists and attorneys detail mounting challenges to many pending anti-ESG bills. The tussles have financial implications for some of the largest investment firms that manage billions of dollars for state pension plans. Lauren Doroghazi, senior vice president at government relations consultant MultiState Associates, said the debates show lawmakers coming to terms with the anti-ESG bills' practical impact. Several public pension systems raised concerns about it, including the largest, the $182 billion Texas Teacher Retirement System (TRS). For instance, if federally-regulated local banks faced new national rules on an issue like climate change disclosures, banks would need special permissions from local officials to keep public business in Utah he said.

☆ Big Tech earnings, crucial inflation call — here comes the biggest week of earnings season
▼ + stars: | 2023-04-22 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Stocks stuck to a holding pattern this week as investors brace for an incoming wave of Big Tech earnings and the Fed's favorite inflation reading. Earnings reports have generally been better than expected so far this first quarter. Humana (HUM) reports before the bell Wednesday; Meta Platforms and Pioneer Natural Resources (PXD) report after the bell Wednesday. ET: Personal Spending & Income (includes PCE Price Index) Club trades this week Just one trade: We added 150 shares of Coterra Energy (CTRA) on Wednesday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Russia's war on Ukraine latest: Moscow expels German diplomats
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +2 min

April 22 (Reuters) - Russia said it was expelling a number of German diplomats in a tit-for-tat move. Germany did not immediately confirm any expulsions of its own, but said the arrival of a Russian government plane in Berlin was connected to the issue. Russia's RIA Novosti news agency said Germany had decided to expel more than 20 Russians. TANKS, BATTLE* Russia's Defence Ministry said Russian forces had captured three more blocks in the western part of the Ukrainian city of Bakhmut. * The U.S. said on Friday it would soon start training Ukrainian troops to use its Abrams tanks as Germany announced a deal to establish a hub in Poland to repair German Leopard tanks deployed in Ukraine.

☆ Premarket stocks: Is Big Oil running out of gas?
▼ + stars: | 2023-04-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Oil and gas stocks have been on a two-year tear, ripping ahead as natural gas prices surged due to supply chain kinks, a strong economy, and Russia’s invasion of Ukraine. What’s happening: Brutally high oil and gas prices were the talk of the town last year and one of the largest contributing factors to sky-high inflation. That’s bad news for automobile drivers, but ended up being great for the energy industry as oil prices and energy stocks are closely interlinked. Blackstone is feeling the commercial real estate slumpThe ongoing commercial real estate slowdown has a new victim: Blackstone. Profits from the sale of commercial real estate assets fell 54% to $4.4 billion, down from $9.5 billion last year.

☆ Chad recalls envoy to Cameroon as dispute over Exxon's asset sale escalates
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

Exxon closed the sale of its operations in Chad and Cameroon to Africa-focused oil and gas producer Savannah in a $407 million deal in December. Chad has nationalized the assets on its side of the border, including Exxon's share of the over 1,000 km (621 miles) Chad-Cameroon oil pipeline. Savannah Energy has said it will pursue its legal rights over Chad's decision to nationalize Exxon's assets it had acquired. The company said on Wednesday that it had sold a 10% stake of the share capital of the Cameroon Oil Transportation Company which owns and operates the 903km Cameroon section of the Chad-Cameroon pipeline to Cameroon national oil company (SNH). Chad said in its statement that it was not informed of this sale which was contrary to the status of the pipeline company.

☆ Naftogaz held talks with US oil companies about energy projects in Ukraine -FT
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

Oleksiy Chernyshov, chief executive of Naftogaz, told the FT that he held meetings in Washington with Halliburton and ExxonMobil in recent days. The talks with Exxon and Chevron are at an early stage and would take longer to yield results, FT said. The talks are a part of Ukraine's push to increase natural gas production. Ukraine has substantial reserves of natural gas, but consumption far outstrips production and the country is forced to import gas. Last month, Chernyshov said he plans to increase its natural gas production by more than 5% in 2023 to 19 billion cubic metres despite the Russian invasion.

☆ A week of earnings and economic data mean a 'wholesale reshuffling' for stocks, Jim Cramer says
▼ + stars: | 2023-04-21 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Investors should brace for a "wholesale reshuffling of the stock guard" in the next two weeks, CNBC's Jim Cramer said Friday, with a spate of critical earnings and economic data ahead. Investors should be primed for market-moving earnings releases from the likes of Coca-Cola , industrial concern 3M , consumer favorite McDonald's , General Electric , General Motors and far more. Those major names mean investors who want to play their cards right need to "do their homework" ahead of earnings calls, review analyst notes, and, of course, read each respective earnings release, Cramer said. General Electric and Raytheon report earnings Tuesday, followed by Boeing on Wednesday. In terms of economic data, investors should be primed for the Personal Consumption Deflator number, which is the Federal Reserve's "best way to measure inflation," Cramer said.

☆ Here are Wednesday's biggest analyst calls: Netflix, Apple, Tesla, Amazon, Bowlero, Exxon & more
▼ + stars: | 2023-04-19 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

UBS upgrades Exxon to buy from neutral UBS said in its upgrade of the oil and gas giant that it likes the company's balance sheet. Bank of America reiterates Meta as buy Bank of America says it likes "self-help stocks in an uncertain macro." Bank of America reiterates Nvidia as buy Bank of America raised its price target on the AI beneficiary to $340 per share from $310. Bank of America downgrades CDW to neutral from buy Bank of America downgraded the technology products company after its disappointing earnings report on Tuesday. Wolfe reiterates Amazon as outperform Wolfe says it's standing by its outperform rating on the stock heading into earnings next week. "

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