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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.

☆ Exxon Mobil CEO: There is a need to reduce the emissions and we can do that
▼ + stars: | 2023-03-07 | 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: There is a need to reduce the emissions and we can do thatBrian Sullivan sits down with Exxon Mobil CEO Darren Woods on 'Squawk on the Street' to discuss his thoughts on inflation and reducing carbon.

☆ Exxon Sued by Federal Agency Over Nooses Allegedly Found at Louisiana Plant
▼ + stars: | 2023-03-06 | by ( Alyssa Lukpat | ) www.wsj.com time to read: 1 min

Exxon Mobil, based in Texas, operates refineries throughout the country, including in Baton Rouge, La. Federal authorities sued Exxon Mobil Corp. over five nooses they said were found at the oil company’s refinery in Baton Rouge, La., which they said had created a hostile work environment and subjected employees to racial discrimination. The Equal Employment Opportunity Commission said in the lawsuit filed last week that between April 2016 and December 2020, employees and contractors reported finding the nooses throughout the refinery. The EEOC said Exxon had received the reports about the nooses but didn’t do enough to stop people from putting them up.

☆ Growth stock vs. value stock? It's all in the eye of the beholder
▼ + stars: | 2023-03-06 | by ( Bob Pisani | ) www.cnbc.com time to read: +9 min

Most investors would say it's a growth stock, because it has the traditional characteristics of a growth stock: earnings are growing. But Microsoft is now being classified as partly a growth stock by Standard & Poors, and partly a value stock. S&P growth and value criteria: It's not that simpleThe S&P rebalances its growth and value indexes every year at the end of December. Growth ETFs in 2023 (year to date)Vanguard Growth (VUG) up 11.30%iShares S&P Growth ETF (IVW) up 5.6%iShares Russell 1000 Growth (IVW) up 9.2%However, these are unusually large discrepancies, Ullal said. But 30 years ago, issues like what is a value stock and what is a growth stock were largely determined by specialized stock pickers who set up mutual funds and hedge funds to attract investors.

HOUSTON, March 6 (Reuters) - Guyana's coming auction of offshore oil exploration blocks has lured at least 10 companies including Shell, Petrobras and Chevron, to consider the decade's hottest oil region, people close to the matter said. Guyana also has begun direct negotiations on the 14 blocks and other areas with governments that have state-controlled oil companies. The proposed rules will nearly double the government's take from oil production to 27.5% of royalties and profit oil, plus a new 10% corporate tax, compared to Exxon's main contract. "We believe it is asymmetric now, and a bit in favor of the companies," Jagdeo said. The Exxon group can use 75% of the oil production to offset a variety of costs, including construction of its new Guyana headquarters.

☆ ExxonMobil is accused of failing to protect workers after 5 nooses were found at its Louisiana chemical plant
▼ + stars: | 2023-03-03 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +4 min

ExxonMobil didn't protect workers from racial discrimination, a federal agency says in a new suit. Five nooses were found at a Louisiana Exxon plant, the EEOC says in the lawsuit. While the contractors were banned, the suit claims that ExxonMobil did not take other measures like counseling or policy changes. A supervisor removed the noose, but didn't notify human resources, and no investigation took place, the suit claims. McGhee reported the noose to his supervisor, and another investigation was unable to identify who installed the noose, the suit said.

☆ The Russia-Ukraine war remapped the world's energy supplies, putting the U.S. at the top for years to come
▼ + stars: | 2023-03-03 | by ( Patti Domm | In | ) www.cnbc.com time to read: +3 min

Russia's invasion of the Ukraine a year ago has shifted global energy supply chains and put the U.S. clearly at the top of the world's energy exporting nations. The U.S. story is part of a larger remapping of world energy," said Daniel Yergin, vice chairman of S&P Global. "What we're seeing now is a continuing redrawing of world energy that began with the shale revolution in the United States. "The price of global natural gas spiked but came back down. According to the Department of Energy, the U.S. has been an annual net total energy exporter since 2018.

☆ Premarket stocks: What you need to know about this earnings season
▼ + stars: | 2023-03-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —About 99% of all S&P 500 companies have reported fourth quarter earnings and the results aren’t great. Companies listed in the S&P 500 index beat analysts’ earnings estimates by an average of just 1.3% last quarter. The market is “rewarding positive earnings surprises more than average and punishing negative earnings surprises much less than average for the fourth quarter,” reports FactSet. Inflation is (still) a big dealMore than 325 S&P 500 companies have cited the term “inflation” during their earnings calls for the fourth quarter. This marks the lowest number of S&P 500 companies using the “I”-word on their calls since the third quarter of 2021.

Companies Exxon Mobil Corp FollowMarch 2 (Reuters) - Exxon Mobil Corp (XOM.N) was sued for racial discrimination by a U.S. federal agency on Thursday, with charges alleging that the oil major failed to protect workers from harassment after nooses were found at one of its facilities in 2020. The EEOC said that at the time of this report, Exxon was already aware of three other such instances of nooses being displayed at the complex and a nearby refinery, and that a fifth noose was reported later in 2020. According to the EEOC, Exxon investigated some of these incidents, but not all, and "failed to take measures reasonably calculated to end the harassment." The federal agency alleged that Exxon's actions and omissions regarding the noose incidents "created a racially hostile work environment." The symbols of hate are unacceptable, offensive, and in violation of our corporate policies", Exxon said in a statement.

☆ Grade My Trade: UBER, XOM, PANW
▼ + stars: | 2023-03-02 | 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 EmailGrade My Trade: UBER, XOM, PANWCNBC's 'Halftime Report' investment committee, Jenny Harrington, Jim Lebenthal and Steve Weiss, weigh in on Uber, Exxon Mobil and Palo Alto Networks.

☆ Grade my trade: UBER, XOM & PANW
▼ + stars: | 2023-03-02 | 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 EmailGrade my trade: UBER, XOM & PANWCNBC’s ‘Halftime Report’ investment committee, Josh Brown, Steve Weiss, Jim Lebenthal and Jenny Harrington, weigh in on the Uber, Exxon and Palo Alto trades.

☆ A fund manager who's beaten 99% of his peers over the last decade shares 5 energy stocks he's betting on right now as 'oil and gas profits could become one of the only games in town' during a recessio
▼ + stars: | 2023-03-02 | by ( William Edwards | ) www.businessinsider.com time to read: +3 min

Energy stocks still have more upside even after their big run, says Bill Smead. Energy stocks have soared since their pandemic lows, with the Energy Select Sector SPDR Fund (XLE) up 230% since March 2020 compared to the S&P 500's 71%. Further, Smead said an incoming recession could wipe out profits in other industries, leaving investors to flock to the oil industry. Nothing could be better than producing addictive fossil fuel energy at higher and higher prices for the next decade." 5 energy stocks to watchWhile Smead is bullish on energy broadly, he especially likes firms that aren't giants in the industry.

☆ ExxonMobil sued after a Black employee allegedly discovered a noose at work. It was the fifth at the same facility
▼ + stars: | 2023-03-02 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

The EEOC alleges that in January 2020, a Black employee at Exxon (XOM)Mobil’s Baton Rouge chemical plant found a noose at his worksite and reported it to the company. The company failed to investigate each event and didn’t do enough to prevent further incidents, the EEOC alleges. Todd Spitler, a spokesperson for ExxonMobil, said in a statement that the company disagrees with the EEOC’s findings. “ExxonMobil promptly performed a thorough investigation of this claim, and there was no evidence to support allegations of discrimination,” he said. “The symbols of hate are unacceptable, offensive, and in violation of our corporate policies.”In 2021, multiple nooses were discovered at the construction site of an Amazon fulfillment center in Windsor, Connecticut.

☆ Chevron CEO does not rule out consolidation among oil majors
▼ + stars: | 2023-02-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

HOUSTON, Feb 28 (Reuters) - Chevron Corp. (CVX.N) Chief Executive Michael Wirth on Tuesday said a consolidation between the five top Western oil producers remains a possibility but would face regulatory hurdles. Soaring stock prices and cash levels at oil-focused U.S. energy majors has driven Wall Street talk of potential deals for European oil producers. Citi analysts in January speculated Chevron or Exxon Mobil (XOM.N) could acquire BP PLC (BP.L), Shell PLC (SHEL.L) or TotalEnergies (TTEF.PA) due to valuation differences. "I never say never about anything," Wirth said in a media briefing following the company's annual business update for investors. Chevron is not in a hurry for M&A in oil or renewable energy and remains committed to keeping a tight rein on spending even during periods of high energy prices and cash abundance, he said.

☆ These 13 beaten-down stocks offer a 'margin of safety' from a possible credit shock, according to a top-1% fund manager
▼ + stars: | 2023-02-28 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

Higher-than-anticipated interest rates could lead to economic pain and even a credit shock. Top-1% fund manager James Abate explained why he hasn't given up on stocks yet. Here are 13 value stocks to buy in this shaky environment, according to Abate. Leading fund manager James Abate isn't predicting a repeat of the financial crisis, but he is worried that banks could get their biggest test in years if interest rates keep rising. While nothing is guaranteed in markets, Abate said that 2023 will provide many opportunities for fund managers like him to outperform.

☆ Dutch gov't, Shell and Exxon ignored Groningen risks for years, inquiry finds
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +3 min

[1/4] Workers rebuild homes in the northern Dutch town of Overschild, where earthquakes from natural gas extraction have made them unsafe, Netherlands, March 10, 2022. REUTERS/Anthony Deutsch/File PhotoAMSTERDAM, Feb 24 (Reuters) - The Dutch government and energy companies Shell (SHEL.L) and Exxon Mobil (XOM.N) ignored the risks of gas production in Groningen for years, to the detriment of people living in the province, a parliamentary inquiry concluded on Friday. The massive Groningen field is operated by Shell and Exxon joint venture NAM and was one of Europe's major suppliers of natural gas for decades. Groningen gas production has been cut back significantly over the past decade and will be halted in the coming year because of the threat to life and property from the resulting earth tremors. "Gas extraction in Groningen was so successful and lucrative for the Dutch government, Shell and Exxon Mobil that they hardly took any notion of the long-term risks and the ever-clearer signs of the detrimental effects for the people in Groningen," it said.

☆ Here's why it makes sense that stocks are rallying as rates rise and a recession approaches, and what to own because they could keep going, according to research firm Leuthold Group.
▼ + stars: | 2023-02-24 | by ( Marley Jay | ) www.businessinsider.com time to read: +3 min

Leuthold Group CIO Doug Ramsey says the "irrational" stock market rally could continue. Ramsey says that when economic indicators hit a low point, it's generally very good for stocks. It might not make a lot of sense that stocks have jumped in 2023 even as recession concerns have risen and interest rates have climbed to 15-year highs, notes Doug Ramsey, investment chief at Leuthold Group. Ramsey concedes that the moves are "irrational," but that doesn't mean there is no reason to be optimistic about stocks. He notes that a closely watched measurement of economic activity, the Conference Board's Leading Economic Index, is in a downturn.

☆ Exxon warns of Russia risks to its $2.5 billion Kazakhstan income
▼ + stars: | 2023-02-23 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

HOUSTON, Feb 22 (Reuters) - Exxon Mobil Corp (XOM.N) on Wednesday warned in a securities filing of potential risks to its Kazakhstan oil operations, which provided $2.5 billion in earnings last year. Threats to Kazakhstan oil exports have been in the spotlight since Moscow invaded Ukraine a year ago this week. Exxon and Chevron (CVX.N) are major holders in the Central Asia country's oil production and related export pipeline. Kazakhstan shares a 4,750 mile (7,644 km) border with Russia and its oil exports travel mainly through a Caspian Pipeline Consortium (CPC) line through Russia and lands at a Russian Black Sea export terminal. Any closure of the CPC pipeline or terminal would shut in more than 1% of global oil supply and cost its producers billions of dollars in lost income.

☆ Premarket stocks: How oil and gas companies think about their shareholders
▼ + stars: | 2023-02-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Two days later, a report found that the soaring energy prices could push 141 million people worldwide into extreme poverty. High prices have swelled profits for energy companies, leaving them flush with cash. Commitment to shareholders has certainly helped bolster stock prices — the S&P 500 ended 2022 down nearly 20%, while the energy sector grew by about 60%. And how do companies navigate appeasing shareholders who want immediate profit while also thinking about ways to invest in sustainable energy? GDP, inflation and retail earnings: What investors are watching this week▸ Investors have a busy week of new data readings ahead of them.

☆ Suncor Energy names Exxon veteran Rich Kruger as CEO
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - Canada's Suncor Energy Inc (SU.TO) said on Tuesday former Exxon Mobil Corp executive Rich Kruger would take over as its chief executive from April 3, replacing interim boss Kris Smith, sending its shares up nearly 3% in afternoon trading. Kruger, a near 40-year veteran of Exxon (XOM.N), served as CEO of Imperial Oil Ltd (IMO.TO) for six years before retiring in 2019. "Investors are likely going to see this as a key reason to expect a complete positive change in the safety culture at SU," Eight Capital analysts said. Smith replaced Mark Little as CEO in July following a worker death, which was the fifth fatality at the company since 2019. The company named Smith as its finance chief in place of Alister Cowan, who plans to retire at the end of the year.

☆ Buy these 16 dividend stocks to collect consistent cash payments while inflation stays high, according to a fund manager who outperformed 95% of his peers last year
▼ + stars: | 2023-02-20 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

"Just simply by focusing on quality companies with strong free cash flows is going to get you through any economic cycle. When looking for dividend stocks, the fund manager said it's crucial to consider a company's cash flow to ensure that it will be able to provide consistently high cash payments each quarter. "We do think it's prudent for investors to focus on — whether it's sectors as a whole or companies — strong, resilient cash flows," Morey said. "Because in an environment that we're in right now, cash is king, and cash flows are the life of companies. And without cash flows, you're tapping into other sources for capital, which is now at a much higher rate."

☆ S&P 500 ends down as investors fret about interest rates
▼ + stars: | 2023-02-18 | by ( Noel Randewich | ) www.reuters.com time to read: +4 min

S&P 500 tradingMicrosoft Corp <MFST.O> fell 1.6% and Nvidia (NVDA.O) dipped 2.8%, both weighing on the S&P 500 as the yield on 10-year Treasury notes hit a three-month high. Of the 11 S&P 500 sector indexes, six rose, led by consumer staples (.SPLRCS), up 1.29%, followed by a 1% gain in Utilities (.SPLRCU). For the week, the S&P 500 fell 0.3%, the Dow lost 0.1% and the Nasdaq climbed 0.6%. Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) by a 1.1-to-one ratio. The S&P 500 posted eight new highs and one new low; the Nasdaq recorded 75 new highs and 68 new lows.

☆ Global Sustainability Disclosure Standards for Companies Set to Take Effect in 2024
▼ + stars: | 2023-02-17 | by ( Dieter Holger | ) www.wsj.com time to read: +3 min

The International Sustainability Standards Board said it has agreed to rules that would harmonize corporate environmental disclosures across the globe. More than 150 countries follow the IFRS, and the group will promote its sustainability disclosure standards to market regulators. For example, the ISSB standards require companies to report emissions from their direct operations, energy purchases and from their value chains, including suppliers. The ESRS is also more exacting than the ISSB standards, disclosure professionals say. “For companies reporting under multiple frameworks, this will make reporting less challenging.”Write to Dieter Holger at dieter.holger@wsj.com

☆ Exclusive: Guyana aims to reclaim, offer 20% of Exxon oil block
▼ + stars: | 2023-02-17 | by ( Sabrina Valle | ) www.reuters.com time to read: +5 min

The group's contract allows Guyana to reclaim unexplored portions this year, Jagdeo said in an interview from the country's capital. Guyana is pursuing a multi-pronged strategy to lessen the consortium's grip on the country's oil resources, Jagdeo said, and spur new oil production. The decision to reclaim existing Exxon blocks signals urgency to speed development. Guyana also has development areas outside the soon-to-be-auctioned 14 blocks, and is prepared to offer them to "these countries on a bilateral level." The PSA draft will go through public consultation through March 8 and is expected to be finalized before an April 14 auction, Jagdeo said.

☆ Investors pull cash from classic risk plays as Fed rate picture shifts
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +2 min

BofA Global Research's weekly "Flow Show", released on Friday, showed the largest outflows from technology funds since September, the largest outflows from emerging market debt funds in 14 weeks, and the largest outflows from junk debt funds in eight weeks. Emerging market debt funds saw outflows of $700 million, the largest weekly outflow in 14 weeks, according to the report which attributed the decline to debt investors reducing risk. High yield - or junk - debt saw outflows of $2.6 billion, the largest in eight weeks, and tech funds had $1.1 billion of outflows, the most since September. Elsewhere, there were $5.5 billion inflows to bonds, $1 billion inflows to cash, $300 million to equities and $45 million to gold. Reporting by Alun John; editing by Amanda Cooper and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

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