DIRS.INFO The most relevant business & tech news

☆ Exxon’s Climate Opponents Were Infiltrated by Massive Hacking-for-Hire Operation
▼ + stars: | 2023-03-29 | by ( Christopher M. Matthews | ) www.wsj.com time to read: 1 min

In the midst of perpetrating what federal prosecutors say was a massive corporate hacking campaign, Israeli private detective Aviram Azari in 2017 received welcome news. A group of hackers in India wrote him to say they had successfully infiltrated the email and social-media accounts of a group of environmental activists campaigning against Exxon Mobil Corp.

☆ Chad approves bill to nationalise assets ExxonMobil sold to Savannah Energy
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

N'DJAMENA, March 29 (Reuters) - Chad's parliament on Wednesday approved a bill to nationalise oil assets and rights acquired last year by Savannah Energy (SAVES.L) from ExxonMobil's (XOM.N) affiliate, Esso Exploration and Production Chad. In December, ExxonMobil closed the sale of its operations in Chad and Cameroon to Africa-focussed oil and gas producer Savannah Energy in a $407 million deal, but the Chadian government challenged the agreement. Out of 175 lawmakers present, 172 backed the law to nationalise the assets - a move Savannah vowed last week to contest. Chad's energy and hydrocarbons ministry said last week that all the relevant assets and rights would be nationalised, including hydrocarbon permits and exploration and production authorisations that belonged to the Exxon Mobil subsidiary. Reporting by Mahamat Ramadane Writing by Anait Miridzhanian Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Buying the dip on energy stocks? Wall Street pros name their top picks
▼ + stars: | 2023-03-28 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

Energy was the second-best-performing sector of the S & P 500 last week, as investors flocked back into the stocks amid a recent dip in oil prices. Thummel also likes two energy infrastructure stocks — Cheniere Energy and Energy Transfer . He likes Viper Energy Partners , which owns a royalty portfolio of oilfield assets. "Viper Energy has one of the largest backlogs of tier-one locations in the [Permian] basin. Viper Energy is thus able to leverage improving energy prices while having "strong" downside support, according to Davolos.

The project is expected to cost 83.7 billion yuan ($12.2 billion), partner Panjin Xicheng Industrial Group said in a statement on WeChat on Sunday. Construction at the complex will start in the second quarter after the project secures the required administrative approvals, Aramco said. Before the pandemic, Aramco signed two other initial agreements for refinery-petrochemical investments in China. The other is with Shandong Energy that includes a potential crude supply agreement and chemical products offtake deal, as well as exploring collaboration on an integrated refining and petrochemical complex in China. Earlier in March, Saudi Aramco also broke ground on a $7 billion project to produce petrochemicals from crude oil at its South Korean affiliate S-Oil Corp's (010950.KS) refining complex in the port city of Ulsan.

☆ Stocks making the biggest moves premarket: Deutsche Bank, Coinbase, Block, Marathon Oil and more
▼ + stars: | 2023-03-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

A Deutsche Bank AG flag flies outside the company's office on Wall Street in New York. Banks — Shares of U.S. banks fell as investors worried about the global banking system. First Republic Bank fell 3%, while Western Alliance , Zions Bancorporation and Fifth Third all lost more than 2%. Energy stocks — Energy names fell in in the premarket as oil prices slid, with investors worried about potential oversupply. Marathon Oil and Devon Energy fell about 3%.

☆ UBS says it's 'time for quality' with recession near. 10 stocks to buy
▼ + stars: | 2023-03-24 | by ( Brian Evans | ) www.cnbc.com time to read: +4 min

Investors should turn their attention toward quality stocks as market volatility persists and a recession becomes more likely, UBS said in a note this week. Because of this, UBS thinks stocks are likely to remain volatile, and investors should turn to quality names to ride out the storm. UBS highlighted four stock baskets that investors should turn their attention to, including one titled "Time for quality." Bank of America is another "time for quality" stock on the UBS list, which highlights earnings per share growth and profitability. Other stocks that made UBS' list include Merck , American Express, Oracle and Lockheed Martin.

☆ Oil spills and near misses: more ghost tankers ship sanctioned fuel
▼ + stars: | 2023-03-23 | by ( Jonathan Saul | ) www.reuters.com time to read: +9 min

REUTERS/Ronen ZvulunSummary Risk of accidents in focus as 'shadow' fleet growsStirs fears of oil spills, decades after Exxon ValdezHundreds of ships carry oil from sanctioned nationsMany ship certifiers and insurers have pulled servicesLONDON, March 23 (Reuters) - An oil tanker runs aground off eastern China, leaking fuel into the water. Many leading certification providers and engine makers that approve seaworthiness and safety have withdrawn their services from ships carrying oil from sanctioned Iran, Russia and Venezuela, as have a host of insurers, meaning there's less oversight of vessels carrying the flammable cargoes. Reuters was unable to independently verify the numbers regarding the size and growth of the shadow fleet. The U.S. Treasury didn't immediately respond to a request for comment on ships carrying sanctioned oil. SHIP-TO-SHIP TRANSFERSAround 774 tankers out of 2,296 in the overall global crude oil fleet are 15 years old or more, according to data provider VesselsValue.

☆ Chad says it has nationalized all assets owned by Exxon Mobil
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

N'DJAMENA, March 23 (Reuters) - Chad has nationalized all the assets and rights including hydrocarbon permits and exploration and production authorisations that belonged to a subsidiary of Exxon Mobil (XOM.N), the Central African nation's energy and hydrocarbons ministry said in a statement on Thursday. Exxon Mobil said in December that it had closed the sale of its operations Chad and Cameroon to London-listed Savannah Energy (SAVES.L) in a $407 million deal, but the Chadian government contested the agreement, saying the final terms were different from what Exxon Mobil had presented. It warned that it may ask courts to block Savannah's purchase of Exxon's assets in the country and take further steps to protect its interests. Exxon's assets included a 40% stake in Chad's Doba oil project, which comprises seven producing oilfields with combined output of 28,000 barrels per day (bpd). Exxon Mobil and Savannah Energy were not immediately available for comment.

☆ Falling US gasoline stockpiles signal a repeat of last summer's high prices
▼ + stars: | 2023-03-22 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Companies Exxon Mobil Corp FollowMarch 22 (Reuters) - U.S. motorists face a repeat of last summer's high gasoline prices, analysts warned on Wednesday, with fuel stockpiles heading towards multi-year lows ahead of the peak summer driving season that begins in two months. Retail gasoline prices, now averaging $3.44 a gallon nationwide, hit a record $5.02 a gallon last June as crude oil prices jumped on Russia's invasion of Ukraine and the waning of COVID-19 travel curbs unleashed pent up travel demand. Vehicle travel in the U.S. started the year 5.6% higher than last year, leading to a drop in gasoline stockpiles for five straight weeks. Rising travel coupled with declining inventories could lift retail prices again this year, said Yawger, with last summer's $5 a gallon a possibility again. When fully operating this month, it will be able to process 250,000 additional barrels of crude daily into gasoline and diesel.

☆ Exxon vs. Chevron? Goldman Sachs reveals its favorite — and other energy picks
▼ + stars: | 2023-03-22 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Energy stocks dropped last week as oil prices fell to a 15-year low , with the banking crisis roiling markets. Amid the volatility, Goldman Sachs named the energy stocks it likes in a March 16 note. Exxon vs. Chevron For investors looking for a defensive play, Goldman analysts recommend Exxon as a top pick, adding that they prefer it over rival Chevron . Targa vs. Oneok Within midstream stocks, Goldman said it was "more positive" on U.S.-based companies Targa Resources and Cheniere Energy following the pullback. That's because lower oil prices would not hit Targa's operations as much as Oneok's, they added.

☆ Here are Tuesday's biggest analyst calls: Apple, Meta, Harley-Davidson, Exxon, Amazon, Roblox & more
▼ + stars: | 2023-03-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Here are Tuesday's biggest calls on Wall Street: Morgan Stanley upgrades Meta to overweight from equal weight Morgan Stanley said it sees a more "structurally" disciplined company. " Morgan Stanley upgrades Emerson Electric to overweight from neutral Morgan Stanley said shares of the multinational tech company are too attractive to ignore. Morgan Stanley reiterates Apple as overweight Morgan Stanley said Microsoft is a long-term threat to Apple that's worth watching. Morgan Stanley upgrades Harley-Davidson to overweight from equal weight Morgan Stanley said the stock is attractive at current levels. Morgan Stanley reiterates Exxon as overweight Morgan Stanley said it likes the oil and gas giant's robust "competitive positioning."

☆ Stocks making the biggest moves midday: Tesla, First Republic, KeyCorp, UBS and more
▼ + stars: | 2023-03-21 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

U.S. Bancorp rose nearly 8%. UBS — U.S.-listed shares of the Swiss-based bank gained 12% during midday trading following its agreement over the weekend to buy Credit Suisse for $3.2 billion. Roblox — Shares rose more than 3% after D.A. Emerson Electric — Shares added nearly 2% after Morgan Stanley said shares of the multinational tech company are too attractive to ignore. Exxon Mobil — The oil and gas giant's stock price gained 3% after Morgan Stanley said it likes the company's robust "competitive positioning."

☆ Here are Morgan Stanley's favorite quality stocks to buy as bear market nears end
▼ + stars: | 2023-03-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

As investors start preparing for the end of the bear market, Morgan Stanley has identified a number of stocks it expects to outperform once the next bull market begins. He has an overweight rating on the stock and a $135 price target, which suggests about 33% upside from Monday's close. He has an overweight rating on Costco and a $520 price target, which implies a little more than 6% upside from Monday's close. Graseck has an overweight rating on JPM and a $173 price target, which implies 36% upside from Monday's close. His $155 price target suggests the stock could rally more than 20% from Monday's close.

☆ This could be Big Oil's last surge
▼ + stars: | 2023-03-19 | by ( Catherine Boudreau | Jacob Zinkula | ) www.businessinsider.com time to read: +12 min

The era of Big Oil could end sooner than its massive profits suggest, analysts told Insider. But the worst-case scenario for the environment — that oil and gas companies reinvest all their extra money to keep growing — isn't happening, Logan said. The role of oil and gas companies in the energy transition is an ongoing debate, analysts told Insider. The UK company cited the need for an "orderly" energy transition. And while Big Oil's finances may begin to show some cracks over the next decade, he doesn't expect them to "suffer financially" for another 25 to 35 years.

☆ Top Companies for Innovation
▼ + stars: | 2023-03-17 | by ( ) www.wsj.com time to read: 1 min

Microsoft is the No. 1 company overall in the Management Top 250 and is in the top 10 in four of the five main ranking categories. Microsoft Corp. scored highest for innovation in the latest Management Top 250 ranking, followed by Amazon .com Inc. and Exxon Mobil Corp. The Management Top 250 ranking, developed by the Drucker Institute, measures corporate effectiveness by examining performance in customer satisfaction, employee engagement and development, innovation, social responsibility and financial strength.

☆ ExxonMobil's new facility to increase capacity by 250,000 barrels per day
▼ + stars: | 2023-03-16 | 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 EmailExxonMobil's new facility to increase capacity by 250,000 barrels per dayCNBC's Kayla Tausche joins 'The Exchange' to discuss Exxon's expansion plans, meeting long-term energy demand and building energy resiliency through severe weather events.

☆ Big Oil’s old profligacy lives on Down Under
▼ + stars: | 2023-03-15 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

Throw in dividends and Santos shareholders have received a measly 6% total return during that period. Santos’ 15% return on capital employed last year puts it at the bottom of the class; BP delivered almost 25%. It looks slated to stay in the basement, with analysts projecting a sub-8% return for 2025, per Refinitiv data. The bonus is mostly tied to successful “growth projects”, which arguably encourages him to overinvest. If that happens again at next month’s annual meeting, it would, under Australian rules, allow investors to boot the entire board.

☆ BP recommends vote against climate activist resolution at April 27 AGM
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 13 (Reuters) - BP's (BP.L) board recommended on Monday that shareholders vote against a climate activist resolution asking for more emissions cuts by 2030 at its April 27 shareholder meeting. BP called the Follow This resolution "unclear", "simplistic" and "disruptive" and said it encroached on the board's responsibility to set the firm's strategy. As a result, BP reduced its ambitions to cut emissions from fuels sold to customers to 20%-30% by 2030, from 35%-40%. Last year, shareholder support for Follow This' resolution fell to around 15% of BP shareholders from around 21% the previous year. BP said its board did not consider the activist resolution to be in the company's or its shareholders' best interests.

☆ Clean and Cheap Oil Is a Heavy Lift
▼ + stars: | 2023-03-13 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Darren Woods, Exxon Mobil CEO, says the company is one of the least emissions-intensive producers of fuel. Energy executives are all making the same shiny, new pitch: Let us keep drilling, and we’ll produce cheaper, less carbon-intensive oil and gas. Exxon Mobil Chief Executive Darren Woods said last week at industry conference CERAWeek by S&P Global that the company is one of the least emissions-intensive producers of fuel in the world. As long as there is gasoline and diesel demand, having Exxon make it will be a cleaner option, he said. While he was referring to the company’s refining operations, he touted a similar advantage in the company’s upstream activities, pointing to the Permian Basin as a source of cleaner hydrocarbons.

The profits follow similar reports in February from international peers BP, Shell, Exxon Mobil and Chevron which have mostly posted record profits for last year. Aramco's capital expenditure rose 18% to $37.6 billion in 2022 and the company said it expects this year's spending to be around $45.0 billion to $55.0 billion including external investments. Aramco declared a dividend of $19.5 billion for the fourth quarter, an increase of 4% from the previous quarter. Free cash flow reached a record of $148.5 billion in 2022, compared to $107.5 billion in 2021. Prices cooled rapidly in the second half of 2022 as central banks hiked interest rates and fanned worries of recession.

☆ Saudi oil giant Aramco reports record profits in 2022, up 46% from the year before
▼ + stars: | 2023-03-12 | by ( ) edition.cnn.com time to read: +1 min

Dubai CNN —Saudi Arabian oil giant Aramco on Sunday reported a record annual net profit of $161.1 billion for 2022, up 46% from the year earlier, on higher energy prices, increased volumes sold and improved margins for refined products. The profits follow similar reports in February from international peers BP, Shell, Exxon Mobil and Chevron which have mostly posted record profits for last year. Oil prices swung wildly in 2022, climbing on geopolitical worries amid the war in Ukraine, then sliding on weaker demand from top importer China and worries of an economic contraction. Aramco’s capital expenditure rose 18% to $37.6 billion in 2022 and the company said it expects this year’s spending to be around $45.0 billion to $55.0 billion including external investments. Free cash flow reached a record of $148.5 billion in 2022, compared to $107.5 billion in 2021.

☆ Here are Friday's biggest analyst calls: Apple, Tesla, SVB Financial, United, Roblox, JPMorgan Chase, Meta & more
▼ + stars: | 2023-03-10 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

LightShed downgrades Apple to sell from neutral LightShed said in its downgrade of Apple that it sees moderating growth. Baird reiterates Tesla as a top pick Baird said it sees Tesla launching heat pump technology for homes. " Baird upgrades KeyCorp to outperform from neutral Baird said it sees an attractive risk/reward for the regional bank. Baird downgrades Allbirds to neutral from outperform Baird downgraded the footwear company after its disappointing earnings report. " Oppenheimer reiterates Pool Corp as outperform Oppenheimer said it sees a compelling entry point for shares of the pool company.

Among methods that produce what is known as green hydrogen are electrolysis to split water into hydrogen and oxygen using power from renewables. The technology for shipping hydrogen is still in early stages of development, said Chevron's vice president of hydrogen Austin Knight. About 30-35% of the total energy system will need hydrogen to decarbonize, he said. NextEra is working with the U.S. Treasury on rules that govern what can be considered green hydrogen, he said. The process is complicated by the variability of renewable power supply from wind and solar, he said.

Others welcomed it as a sign the energy industry would get involved in the transition. Russia's invasion of Ukraine sparked an energy crunch that disrupted fossil fuel supplies to industry and consumers. A disorderly energy transition could be "painful and chaotic", Wirth said. Top U.S. oil firm Exxon said each country would take a different path to energy transition, depending on the resources available. In some countries, gas would be a transition fuel, said Liam Mallon, the president upstream oil and gas at Exxon.

Last month he applied the brakes, slowing BP's planned cuts in oil and gas and scaling back planned renewables spending in the wake of the war in Ukraine. The oil major isn't backing away from renewables though, its green chief Anja-Isabel Dotzenrath stresses, it's simply changing the terms of the relationship. "I'm (now) just reviewing the onshore renewables part - so the onshore wind and solar part." BP's head of renewables and gas didn't elaborate on the nature of the latest review. The green stakes are high, though, given solar alone comprises more than half of BP's 43-gigawatt renewables project pipeline.

Search resuls for: "Exxon"

25 mentions found