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☆ 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.

After a dearth of plant approvals last decade, developers have secured dozens of long-term contracts to finance new multibillion-dollar LNG plants. The United States was long an importer of LNG, but natural gas discoveries and production from the shale revolution flipped the country into an LNG exporter in 2016. U.S. LNG exports hit 10.6 billion cubic feet per day (bcfd) in 2022, making the country the second biggest LNG exporter behind Australia. But their production volumes will allow the United States to remain ahead of output from Australia and Qatar. The seven U.S. export plants already in service, including Freeport LNG, can turn about 13.8 billion cubic feet of gas into LNG each day.

☆ Buy these 12 stocks to profit from higher-than-expected price growth, according to an inflation fund manager who beat 96% of his competitors last year
▼ + stars: | 2023-02-16 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Top fund manager Simon Lack shared 12 top stocks to buy while inflation remains hot. The news confirmed what Simon Lack, a 37-year market veteran who runs a leading inflation fund, has long suspected: that price growth will remain an issue for investors throughout 2023 — and possibly beyond. If high inflation is the new normal, the Fed will struggle to achieve its goal of stabilizing prices, Lack said — at least not without causing a recession. His Rational Inflation Growth Fund (IGOAX) finished in the top 4% of its category in 2022 after beating its index by 14 percentage points, according to Morningstar. By contrast, his fund goes on offense by owning stocks in sectors that benefit from high prices.

☆ Repsol's profit beats forecasts, flags big spending increase
▼ + stars: | 2023-02-16 | by ( Inti Landauro | ) www.reuters.com time to read: +2 min

Its fourth-quarter profit surged to 2.01 billion euros ($2.15 billion) from 872 million a year earlier, topping the 1.75 billion euros expected by analysts polled by Refinitiv Eikon. Net income for 2022 jumped to 4.25 billion euros up from 2.5 billion euros in 2021. "Repsol plans to spend more than 5 billion euros in organic investments. Repsol used its higher cash flow to increase capital investment by 40% in 2022, reduce its net debt by 60% to 2.26 billion euros and increase shareholders' remuneration. Repsol's hefty profit follows similar reports from larger rivals TotalEnergies (TTEF.PA), BP (BP.L), Shell (SHEL.L), Exxon Mobil (XOM.N) and Chevron (CVX.N), prompting calls to further tax the sector as households struggle to pay energy bills.

"From 2020 onwards, we've achieved extremely strong real economic growth overall," Singh said at Guyana's Energy Conference and Expo in Georgetown. Guyana's economy registered a real growth of 62% last year and it has been forecasted to expand by another 25% this year. "Real economic growth of 25% over a sustained period is an achievement that is rare in the historic economic context." By the end of 2026, the fund is expected to have increased its balance to $5.4 billion. Reporting by Neil Marks in Georgetown and Marianna Parraga in Houston Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman Sachs upgrades Occidental Petroleum, says recent underperformance puts energy stock at right place to buy
▼ + stars: | 2023-02-14 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Occidental Petroleum 's recent underperformance has brought the stock to a more attractive level, according to Goldman Sachs. Analyst Neil Mehta upgraded the energy stock to buy from neutral. "Instead, it reflects a view that the current valuation is difficult to reconcile with the quality of the underlying assets and cash flow power through a cycle." Mehta said he expects Occidental to return around $9 billion in free cash flow to shareholders in 2023 through share repurchases and equity redemption. The chemicals business is one source of consistent cash flow, he said, and a reason to be bullish on the stock.

[1/2] A Pilot Flying J travel center is pictured, as motor fuel retailer has expanded into oil and petroleum trading, transportation and biofuels, in Channelview, Texas, U.S., October 31, 2021. REUTERS/Gary McWilliams/File PhotoFeb 14 (Reuters) - U.S. fuel retailer Pilot Company is trimming its energy trading operation, according to three people familiar with the matter, days before billionaire investor Warren Buffett is expected to take majority control of the firm. About 15 employees were released on Monday, most tied to an expansion two years ago into crude oil trading, said two of the people. "Pilot Company is committed to sustained growth and innovation across our travel center network and energy division," Konar said. That year, Pilot expanded its fuel trading business by adding financial trading and a Mexico trading specialist to gain better insight into the market and sell fuel it did not need for its own operations.

☆ Exxon Is an Exile on Wall Street and Loving It
▼ + stars: | 2023-02-13 | by ( Spencer Jakab | ) www.wsj.com time to read: 1 min

Membership in the Dow Jones Industrial Average confers ‘blue chip’ status that impresses some individual stock investors. The pros prefer more sophisticated indexes weighted by market value. Want to annoy an investing pedant? Just talk about U.S. stocks in terms of the Dow Jones Industrial Average. While the pros vastly prefer more sophisticated indexes weighted by market value over the Dow’s clunky price formula dating to the pre-calculator 1890s, everyone knows it was a bad day when “the market fell 300 points.” Telling your neighbor the drop in the S&P 500 or Russell 2000 is like describing the weather in Celsius.

☆ Chevron’s CEO short-termism has benefits
▼ + stars: | 2023-02-13 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

That helps explain why the $330 billion oil giant is considering extending his contract beyond mandatory retirement age, according to the Wall Street Journal. Wirth faces mandatory retirement in 2025 when he turns 65, a stipulation that was in place when the company appointed him to be CEO in 2018. Chevron's operating margin last year was 18%, the highest in four decades, and the firm earned a record $35 billion. A year later, after oil prices had fallen by a third, Wirth launched a deal to buy Noble Energy on the cheap. If so, oil companies will be well served by executives who can squeeze additional pennies out of existing production, while buying potentially available rivals when they are cheap.

☆ How to Invest in the S&P 500
▼ + stars: | 2023-02-12 | by ( ) www.wsj.com time to read: +9 min

The S&P 500 index, short for Standard & Poor’s 500 index, is one of the most widely traded and talked about stock indexes in the world. The Largest S&P 500 Index Funds Ticker Symbols Expense Ratio Fund Size Vanguard S&P 500 Index Fund VOO, VFFSX, VFIAX 0.010%-0.040% $792 billion SPDR S&P 500 ETF Trust SPY 0.095% $380 billion Fidelity 500 Index Fund FXAIX 0.015% $374 billion iShares Core S&P 500 ETF IVV 0.030% $307 billion Vanguard Institutional Index Fund VINIX, VIIIX 0.020%-0.035% $238 billion Morningstar DirectS&P 500 mutual funds vs. S&P 500 ETFsAnother thing to consider is whether you want to buy a traditional mutual fund or an exchange-traded fund, which trades like a stock. Equal weight, value or ESG S&P 500 fundsMoreover, if you’re concerned about the heavy weighting of certain sectors in the S&P index you can invest instead in an equal weight S&P 500 index fund or add those shares to your portfolio. Alternatively, you can buy an S&P 500 value fund, which represents stocks that are considered undervalued or an S&P 500 growth fund, which represents the fastest-growing companies in the S&P 500. Another variation on the S&P 500 index theme incorporates ESG (environmental, social and governance) values while maintaining similar overall industry group weights as the S&P 500.

☆ Column: Fantasy league matchmaking between oil majors and transition upstarts
▼ + stars: | 2023-02-10 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +6 min

But the eye-catching headline numbers also drew scrutiny from climate trackers and policymakers anxious to see fossil fuel majors show leadership in the renewable energy field. Reuters GraphicsSome of so-called Big 5 majors, especially Europe-based firms BP (BP.L), Shell (SHEL.L) and TotalEnergies (TTEF.PA), already boast major business segments tied to renewable energy. Big exposure to U.S.-based production assets, along with lucrative export streams of oil, gas and fuel were key drivers behind the outsized earnings of U.S. firms. Both firms operate at the front edge of the energy transition in different sectors, and present potentially appealing entry points for majors seeking access to fast-growing specialist areas. As the largest utility company in the United States, the firm is already in the starting line-up for any energy sector discussion.

☆ Premarket stocks: Share buybacks could beat last year's record $1.2 trillion
▼ + stars: | 2023-02-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Companies have announced about $175 billion worth of planned stock buybacks so far this year. This year will likely be the first with at least $1 trillion in completed S&P 500 company buybacks, said Howard Silverblatt at S&P Dow Jones Indices. ▸ GM (GM) just inked an exclusive deal for the hottest product in automaking: Semiconductors. The strong dollar is hurting multinationalsThe rip-roaring dollar cut deeply into the earnings of multinational companies selling their wares overseas last quarter. “We got hit with that.”McDonald’s (MCD) and 3M (MMM) also said in earnings reports that they were worried that the strong dollar would affect future sales.

Companies Exxon Mobil Corp FollowFeb 9 (Reuters) - Exxon Mobil Corp (XOM.N) said on Thursday it is merging some smaller business units as part of an effort to cut annual costs by $9 billion by 2023 from 2019 levels. The changes follow the restructuring of Exxon's top businesses disclosed last year, and address a second layer of management. Exxon now says it will combine smaller units to concentrate decisions related to supply chain, procurement and the acquisition of raw materials, among others. The change is aimed at giving more negotiating power to Exxon on deals with third parties, for instance by removing the possibility of more than one Exxon unit negotiating separate deals with the same supplier. Exxon has been on a major cost-cutting drive after suffering a historic loss in 2020.

☆ Exxon Plans to Cut Costs, Reorganize Units After Record Profit
▼ + stars: | 2023-02-09 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

Exxon is trying to save $9 billion in annual costs by the end of this year, compared with 2019. Exxon Mobil Corp. is combining business units as part of a continuing corporate reorganization that will cut costs and trim some jobs. The U.S. oil company, which posted a record profit in 2022, plans to form three new organizations under which it will wed several smaller units later this year such as its financial-services, procurement and customer-service groups, according to a memo that was sent to employees and viewed by The Wall Street Journal.

☆ Exxon plans to cut costs, reorganize units - WSJ
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: 1 min

Companies Exxon Mobil Corp FollowFeb 9 (Reuters) - Exxon Mobil Corp (XOM.N) is combining business units as part of a continuing corporate reorganization that will cut costs and trim some jobs, the Wall Street Journal reported on Thursday, citing a company memo. Exxon did not immediately respond to a Reuters request for comment. Reporting by Arunima Kumar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Here are Thursday's biggest analyst calls: Exxon, Disney, Tesla, Apple, Affirm, Ulta, Alphabet & more
▼ + stars: | 2023-02-09 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Baird downgrades Bunge to neutral from outperform Baird downgraded the agribusiness and food company's after its disappointing earnings report on Wednesday. JPMorgan reiterates Uber as a top pick JPMorgan says it's sticking with the stock after its "strong" earnings report on Wednesday. Goldman Sachs reiterates Exxon as buy Goldman says it's sticking with its buy rating on shares of Exxon. Bank of America reiterates Apple as neutral Bank of America says Apple Services are at risk for further deceleration. Oppenheimer reiterates Ulta as outperform Oppenheimer says the bull case still has legs" for Ulta.

☆ Stocks making the biggest moves midday: Sonos, Salesforce, Disney, Credit Suisse and more
▼ + stars: | 2023-02-09 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

Sonos — Shares surged 17% after Sonos reported a big beat in its fiscal first-quarter results. The audio products developer posted per-share earnings of 57 cents, compared to consensus estimates of 40 cents per share, according to Refinitiv. Affirm Holdings — The buy now, pay later finance company slumped 20% a day after its fiscal second-quarter earnings and revenue missed analysts' estimates, according to Refinitiv. Revenue and earnings were both below analysts' estimates, according to Refinitiv. Credit Suisse Group — Shares plunged 14% after the Swiss bank reported a fourth-quarter and annual net loss that missed estimates, according to Eikon.

☆ Expect bigger dividends if Joe Biden's tax on stock buybacks increases, says PepsiCo's CFO
▼ + stars: | 2023-02-09 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Dividends could be larger if a plan to boost taxes on stock buybacks becomes law, PepsiCo's CFO told CNBC. President Biden called for quadrupling the tax on buybacks during his State of the Union remarks Tuesday. That comes as oil companies and tech giants have approved massive repurchase plans. Biden also tied the criticism of buybacks specifically to big oil companies, which have earned massive profits amid the tight energy market. In December, Exxon Mobil announced plans to pay $50 billion in buybacks through 2024, after spending $15 billion on them in 2022.

☆ APA strikes oil off Suriname coast
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - U.S. oil producer APA Corp (APA.O) said on Wednesday that it had found oil after drilling Sapakara South-2 (SPS-2) appraisal well in Block 58, offshore Suriname. Exploration off the South American country's coast has been watched closely as it is just over the border from massive oil discoveries made by an Exxon Mobil Corp (XOM.N)-led consortium in Guyana that are estimated to hold nearly 11 billion barrels of oil equivalent. The well is located about 4.6 kms south of the Sapakara South-1 (SPS-1) appraisal well, where APA found oil in 2021. The company had in November wound up drilling operations at the Awari well in Block 58 as it was "deemed noncommercial." French energy major TotalEnergies SE (TTEF.PA) operates Block 58, with a 50% working interest, while APA holds the other half.

☆ Canada's Imperial ordered to fix seepage from oil sands tailing ponds
▼ + stars: | 2023-02-08 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

Feb 8 (Reuters) - Canada's Imperial Oil (IMO.TO) on Wednesday said it is working with the Alberta Energy Regulator (AER) to fix industrial wastewater seepage from tailings ponds at its Kearl oil sands project that has been ongoing for months. The order steps up regulatory enforcement from the AER, which previously issued Imperial with two non-compliance notices and conducted site inspections. Kearl is a 240,000-barrel-per-day bitumen mine in northern Alberta, and the wastewater, or tailings, from its industrial processes include dissolved iron and arsenic. However, Imperial on Saturday also reported a separate leak of more than 5,000 cubic metres of tailings water from one of its holding ponds. Schmidt said the cause of that release is still being determined and Imperial has notified local communities.

The company already has a presence in both continents through stakes in projects in Mozambique, Brazil and Venezuela among others. "It's better to invest in bigger hot spots where you can get larger discoveries... Africa and Latin America still hold a lot of potential. Some of the hydrocarbon assets in Africa and Latin America hold large volumes, he said, adding his company is also looking for assets in southeast Asia and Middle East. OVL currently has a stake in 32 oil & gas projects in 15 countries, spanning projects in various phases, including exploration, development, producing and pipelines. Gupta said current production at Sakhalin 1 is about 150,000 barrels per day and the production would rise to 200,000 bpd by June.

☆ Big Oil doubles profits in blockbuster 2022
▼ + stars: | 2023-02-08 | by ( Ron Bousso | ) www.reuters.com time to read: +4 min

The profit surge gave the oil companies scope to increase spending on oil and gas projects, and a chance for some to rethink energy transition strategies to meet new demands for security of supply. The combined $219 billion in profits allowed BP (BP.L), Chevron (CVX.N), Equinor (EQNR.OL), Exxon Mobil (XOM.N), Shell (SHEL.L) and TotalEnergies (TTEF.PA) to shower shareholders with cash. Oil companies last year also pulled out of Russia, a major energy producer, leading to huge writedowns, including BP's $24 billion exit from its 19.75% stake in Kremlin-controlled oil giant Rosneft (ROSN.MM). Benchmark oil prices are currently near $85 a barrel. BP will lean more into oil & gas for the remainder of this decade," Clint said in a note.

☆ BP's shares hit 3-1/2-year high after it cuts emissions targets
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 8 (Reuters) - BP's (BP.L) shares hit their highest in three and a half years on Wednesday, a day after it reported record profits and said it would produce more oil and gas for longer and cut its emissions reductions targets for this decade. BP's shares rose to as high as 533.7 pence early on Wednesday, their highest since August 2019, after rising 8% on Tuesday, when it reported record annual profits leading to hiked dividends and share buybacks. As a result, BP reduced its ambitions to cut emissions from fuels sold to customers to 20-30% by 2030, from 35-40%. BP will lean more into oil & gas for the remainder of this decade," Bernstein Oswald Clint said in a note. Surging energy prices in the wake of Russia's invasion of Ukraine have boosted profits in the sector, with BP rivals TotalEnergies (TTEF.PA), Shell (SHEL.L), Exxon Mobil(XOM.N) and Chevron (CVX.N) all reporting bumper earnings.

☆ TotalEnergies net profits double to record $36.2 bln in 2022
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

PARIS, Feb 8 (Reuters) - French oil major TotalEnergies (TTEF.PA) posted a record net profit of $36.2 billion in 2022, double the previous year, joining in the sector's bumper earnings thanks to higher oil and gas prices since Russia invaded Ukraine. TotalEnergies' fourth-quarter adjusted net income was $7.6 billion, including a $4.1 billion impairment related to the deconsolidation of its stake in Russian gas firm Novatek (NVTK.MM). The net income for the last three months of the year was in line with analyst estimates in a consensus by Refinitiv and compared with $6.8 billion a year earlier, and $9.9 billion in the third quarter of 2022. The company said it expected net investments of $16-18 billion in 2023, including $5 billion for low-carbon energy. Reporting by America Hernandez and Benjamin Mallet, editing by Silvia Aloisi and Richard LoughOur Standards: The Thomson Reuters Trust Principles.

☆ Big Oil rakes in record profit haul of nearly $200 billion, fueling calls for higher taxes
▼ + stars: | 2023-02-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Exxon Mobil's 2022 haul of $56 billion marked a historic high for the Western oil industry. Chicago Tribune | Tribune News Service | Getty ImagesThe West's five largest oil companies raked in combined profits of nearly $200 billion in 2022, intensifying calls for governments to impose tougher windfall taxes. Altogether, the five Big Oil companies reported combined profits of $196.3 billion last year, more than the economic output of most countries. His comments came shortly after Shell reported its highest-ever annual profit of nearly $40 billion, comfortably surpassing its previous record of $28.4 billion in 2008. watch nowThe CEO of Saudi Aramco, the world's largest energy company, has previously warned about the dangers of pressuring oil companies through higher taxes.

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