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☆ Wall Street Week Ahead Recession fears pose challenge to energy shares after stellar year
▼ + stars: | 2023-01-27 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

The S&P 500 energy sector (.SPNY) is up 4.2% year-to-date, slightly lagging the rise for the broader index (.SPX). Goldman Sachs, RBC Capital Markets and UBS Global Wealth Management are among the Wall Street firms recommending energy stocks. He said he is slightly overweight the energy sector, including shares of Chevron and Pioneer Natural Resources (PXD.N). But earnings are expected to decline 15% this year, the biggest drop among the 11 S&P 500 sectors. Energy companies executed $22 billion in share buybacks in the third quarter, just over 10% of all S&P 500 buybacks.

☆ Stocks may face an inflection point in the week ahead as the Fed meets and Apple posts earnings
▼ + stars: | 2023-01-27 | by ( Patti Domm | In | ) www.cnbc.com time to read: +9 min

The Fed's meeting Tuesday and Wednesday comes amid a flood of corporate earnings reports, with about 20% of the S & P 500 reporting that week. The most important day for earnings is Thursday, when Apple , Alphabet and Amazon report after the bell. The Nasdaq Composite was up 11% for the month as of Friday afternoon, well ahead of the 6.2% gain in the S & P 500. Traders have been watching the S & P 500 edge closer to the key threshold of 4,100 , its high from December. AAPL 1Y line apple Apple is also important because of the signals it can send about the strength of the consumer, supply chains and China's reopening.

WASHINGTON, Jan 27 (Reuters) - The White House on Friday launched a fresh attack against U.S. oil companies, accusing them of using profits to pay shareholders instead of boosting supply, after Chevron Corp (CVX.N) said its annual profit doubled for 2022. Other oil companies are expected to follow suit. "Companies clearly have everything they need – record profits and thousands of approved permits – to increase production," White House spokesperson Abdullah Hasan said in a statement. "The only thing getting in the way is their own decision to keep plowing windfall profits into the pockets of executives and shareholders instead of using them to boost supply." Hasan's comments mark the latest set of attacks from the White House lambasting oil companies for funneling a windfall of profits to investors.

Jan 25 (Reuters) - U.S. oil and gas producer Hess Corp (HES.N) on Wednesday beat Wall Street estimates for fourth-quarter profit on better-than-expected production in Guyana, allowing it to consider a dividend increase this quarter. Hess has a 30% stake in the Exxon Mobil Corp (XOM.N)-led consortium that is responsible for all production in Guyana. Excluding Libya, the company produced 376,000 boed in the fourth quarter, from 295,000 boed last year, despite weaker production in North Dakota. Bakken operations delivered 158,000 boed in the fourth quarter, about 6% under the midpoint expectations, due to severe winter weather. Hess says it plans to steadily increase production in the basin to 200,000 boed by 2025.

☆ Chevron pledges $75 bln for share buybacks as cash grows
▼ + stars: | 2023-01-26 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Chevron on Friday is expected to report profits for 2022 doubled to $37.2 billion, according to estimates by Refinitiv. Those unprecedented earnings led analysts at Citi on Wednesday to ask if one of the two might buy BP (BP.L) , Shell (SHEL.L) or TotalEnergies (TTEF.PA) . Reuters Graphics Reuters GraphicsThe White House last year criticized oil producers for distributing cash to shareholders instead of investing in production to reduce energy prices for consumers. It also pressed oil producers to raise investments in renewable energy. The White House had no immediate comment on Chevron's buyback.

☆ Swimming in cash, Chevron plans a $75 billion slap in the face to drivers
▼ + stars: | 2023-01-26 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

All of that helped make Chevron the top-performing Dow stock of last year, with shares surging more than 50%. To be clear: It’s not that Chevron, or any of its peers, did anything special to earn their windfall profits last year. Instead, Chevron is buying $75 billion worth of its own shares, and jacking up its quarterly shareholder dividend. Of course, Chevron and other US oil producers, including Exxon Mobil, are putting some money into new energy projects this year. That was far less than the $6.3 billion that Union Pacific spent repurchasing shares of stock.

☆ Chevron’s mammoth buyback plan – Here’s why Wall Street loves share repurchases
▼ + stars: | 2023-01-26 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

With a market cap of $346 billion, a $75 billion buyback is about 20% of the shares outstanding. Exxon Mobil also has a $50 billion buyback plan, for example. Wall Street loves buybacks Buybacks have become an important part of returning shareholder profits. "Wall Street loves buybacks for two reasons," Howard Silverblatt, senior index analyst, product management for S & P Dow Jones Indices, told me. Here's a list of larger companies that had significant share count reduction in Q3, the last quarter with complete data.

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☆ Favorite income ideas of top performing funds cluster around similar stocks
▼ + stars: | 2023-01-26 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

CNBC Pro found four income funds that have performed well over the past three years, which could be opportunities for investors searching for reliable income as the year progresses: The BNY Mellon Income Stock Fund , Neuberger Berman Dividend Growth Fund , Invesco Value Opportunities Fund and Invesco Comstock Fund . Here are the funds: Three stocks stand out as being among the most heavily weighted across three of the funds: JPMorgan , Goldman Sachs and Caterpillar . Financial services names make up a large part of both the BNY Mellon and Invesco Comstock funds, with roughly 30% and 22% of the funds' investments in the sector. Both of them, as well as the Neuberger fund, include JPMorgan, which is the single biggest weighting in the BNY Mellon fund. Goldman Sachs is another favorite financial stocks, being heavily weighted in the BNY Mellon and both Invesco funds.

☆ NextEra shares tumble as revenue misses, head of key unit leaves
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +3 min

Jan 25 (Reuters) - NextEra Energy Inc (NEE.N) on Wednesday posted mixed quarterly results, sending its shares sliding as the renewable power company announced the retirement of the head of its key Florida utility unit. NextEra's shares dropped 6% on Wednesday, making the company one of the day's biggest losers in the Standard & Poor's 500 Index. The company is the third-largest U.S. energy company by market value, trailing only oil and gas giants Exxon Mobil (XOM.N) and Chevron Corp (CVX.N). NextEra is banking on increased use of renewable energy like solar and wind for power generation amid a global push to shift to cleaner fuel sources. Natural gas prices averaged $6.10 per million British thermal units (mmBtu) in the October-December quarter, about 26% higher than the previous year.

☆ U.S. oil refining margins hit 3-month high as plant outages rise
▼ + stars: | 2023-01-25 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Jan 24 (Reuters) - U.S. oil refining margins on Tuesday hit a three-month high and are likely headed higher, analysts said, as unplanned refinery outages weigh on already-tight fuel supplies. The outages have pushed up gasoline prices in Texas and Oklahoma this year ahead of what is expected to be a heavier than usual turnaround season for refineries. The rising prices and margins are unusual for this time of year, when travel falls. Average gasoline prices in Texas hit about $3.07 a gallon on Tuesday, up almost 44 cents from a month ago, according to the AAA motor group. A diesel producing unit at PBF Energy's (PBF.N) Chalmette, Louisiana, refinery was shut following a fire on Saturday.

☆ NYSE Glitch Causes Erroneous Prices in Hundreds of Stocks
▼ + stars: | 2023-01-25 | by ( Alexander Osipovich | ) www.wsj.com time to read: 1 min

For most of the affected stocks, trading was halted 15 seconds after markets opened and resumed between five and 15 minutes later. A technical glitch at the New York Stock Exchange on Tuesday briefly caused wild price swings and a temporary trading freeze in stocks of major companies such as Exxon Mobil Corp., McDonalds Corp. and Walmart Inc. Hundreds of stocks experienced erroneous prices as a result of the incident, the biggest snafu to hit a U.S. stock exchange in several years, according to a spreadsheet of affected securities released by the NYSE.

DUBAI/LONDON, Jan 25 (Reuters) - Qatar is in talks to acquire a stake from French company TotalEnergies' (TTEF.PA) $27 billion cluster of energy projects in Iraq, three sources told Reuters, as Baghdad hopes to stem efforts by Western energy companies to exit the country. The TotalEnergies deal with Iraq, which will require an initial investment of $10 billion, followed a visit from French President Emmanuel Macron in September 2021. Sources told Reuters last year that disputes over terms had risked scrapping the project. A senior Iraqi oil ministry official said he was not aware of QatarEnergy plans to acquire a stake in the TotalEnergies' project. One of the sources told Reuters Sudani would also meet TotalEnergies Chief Executive Officer Patrick Pouyanne in a bid to end the deadlock.

☆ New York Stock Exchange blames ‘manual error’ for trading glitch
▼ + stars: | 2023-01-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —New York Stock Exchange officials said Wednesday that a “manual error” was responsible for the massive price swings and trading halt of hundreds of company stocks that punctuated Tuesday’s market open. The root cause of the error, which the exchange said has been resolved, was an error tied to the company’s “disaster recovery” configuration, they said. In total, more than 1,300 trades and 84 stocks were impacted by the error and marked as abnormal, according to NYSE. The exchange compiles these buy and sell orders and formats a single price that is then quoted at market open. The price is meant to balance out supply and demand for the stock and limit volatility in early trading.

CNN —The US could be approaching a 2011-style debt ceiling market meltdown, but worried investors shouldn’t abandon ship, Wall Street analysts say. That means that if Congress doesn’t raise the debt ceiling by then, the US could default on its debt. But lawmakers remain in a deadlock about whether to lift their self-imposed borrowing limit: Democrats want Congress to pass a debt ceiling increase without conditions but Republican leadership says that any debt limit increase should be accompanied by spending cuts. Wall Street’s response: A debt ceiling meltdown creates serious risk for investors. Even if the debt ceiling debates are resolved, it’s not a bad idea to have some money invested abroad just in case of upheaval.

☆ Exclusive: Equinor joins Western oil firms' retreat from Nigeria -sources
▼ + stars: | 2023-01-25 | by ( Ron Bousso | ) www.reuters.com time to read: +3 min

The company has hired investment bank Standard Chartered to run the sale process, which could raise up to $1 billion, the sources said. Several Western oil giants including Exxon Mobil (XOM.N), Shell (SHEL.L) and TotalEnergies (TTEF.PA), are seeking to exit or scale back their presence in Nigeria, particularly in onshore operations which have been plagued by theft and devastating spills for years. Equinor's exit is part of the company's efforts to focus on newer and more profitable assets, the sources said. Nigeria's offshore oil and gas operations remain lucrative due to their larger scale, better security and attractive financial terms offered by the government. Operations outside Norway account for around a third of the company's total oil and gas production.

☆ Dozens of NYSE Stocks Halted in Opening Minutes After Wild Price Swings
▼ + stars: | 2023-01-24 | by ( Alexander Osipovich | ) www.wsj.com time to read: 1 min

For most of the affected stocks, trading was halted 15 seconds after markets opened and resumed between five and 15 minutes later. An apparent glitch at the New York Stock Exchange on Tuesday briefly caused wild price swings and a temporary trading freeze in stocks of major companies such as Exxon Mobil Corp., McDonalds Corp. and Walmart Inc. The NYSE said in a notice to traders that it was investigating a reported issue with its opening auction, the critical process at 9:30 a.m. ET each day that determines the official, beginning-of-day prices for stocks listed on the exchange.

☆ Exclusive: Exxon halts routine gas flaring in the Permian, wants others to follow
▼ + stars: | 2023-01-24 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

Methane, the main component of natural gas, is a potent greenhouse gas. Reuters GraphicsLOW HANGING FRUITBurning less gas during production is an easy way to curb greenhouse gas emissions and increase gas production, according to consultants Rystad Energy. Exxon is allocating $17 billion through 2027 to lower its greenhouse gas emissions globally. PERMIAN FIRST Exxon is starting with 700 sites in the U.S. Permian basin to end routine flaring globally by 2030. Most of its U.S. shale operations are in New Mexico, one of the few states which already limits gas flaring.

Jan 24 (Reuters) - At least one chemical plant and an oil refinery were scrambling to recover from operational upsets on Tuesday after severe weather tore through an oil and gas refining hub outside Houston. Shell (SHEL.L) said it was experiencing an incident at its Deer Park chemicals facility following severe weather, according to a company tweet. Petroleos Mexicanos also reported operational upsets due to weather at its neighboring oil refinery, according to a company alert. The National Weather Service issued a tornado warning for the Houston area on Tuesday afternoon. Exxon Mobil (XOM.N) said operations at its Baytown, Texas, plant were stable following the severe weather, with no injuries reported.

☆ Why Goldman Sachs is bullish on Exxon Mobil and ConocoPhillips
▼ + stars: | 2023-01-24 | 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 EmailWhy Goldman Sachs is bullish on Exxon Mobil and ConocoPhillipsCNBC's Pippa Stevens and Goldman Sachs analyst Neil Mehta join 'The Exchange' to discuss energy stocks and why Mehta is bullish on U.S. oil giants like Exxon Mobil and ConocoPhillips.

☆ NYSE's Tuesday trading glitch explained — Why some of the trades may be busted
▼ + stars: | 2023-01-24 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Dozens of stocks opened at prices well above or below their prior day closing prices. Every day, stocks open at the NYSE at or near 9:30 a.m. There is only a single opening price, which is determined by thousands of orders to buy and sell individual stocks. A single price is then quoted at the open and all orders are aggregated into a single opening "auction print." Most likely, the "correct" opening price will be the price when the stocks reopened.

☆ Netherlands sticks to plan to close Groningen gas field by October - FT
▼ + stars: | 2023-01-22 | by ( ) www.reuters.com time to read: +2 min

Jan 22 (Reuters) - The Netherlands remains convinced of the need to close production at Groningen, once one of Europe's largest gas fields, by October following earthquake risks which made it dangerous to keep operating, the Financial Times (FT) reported on Sunday citing a government official. Mining Deputy Minister Hans Vijlbrief said he would stick to the previously announced timetable and aimed to shut the earthquake-prone gas field by Oct. 1, with the option of keeping it operational one more year if there was a shortage of gas in Europe after the winter. I’m quite convinced it’s wise to close it down," Vijlbrief said to the FT.Netherlands on Friday said that it will stop the search for new onshore oil and gas fields in a drive to reach its climate goals and limit seismic risks. The Netherlands for decades was one of Europe's main gas suppliers through the Groningen field in the north of the country, until production there was cut to a minimum to limit the seismic risks. Reporting by Mrinmay Dey in Bengaluru and Bart Meijer in Amsterdam; Editing by William Mallard and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Unions vs Macron: French pension strikes snarl trains, close schools
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

PARIS, Jan 19 (Reuters) - French workers across the private and public sectors joined nationwide strikes on Thursday, snarling the rail network, closing schools and halting refinery deliveries. Here's where the impact is being felt:RAILWAYS, BUSES, METRONational train services and bus and metro operations in Paris were severely disrupted. The hard-left CGT's refinery federation has announced a further 48-hour strike next week and a 72-hour strike the week after. The Education Ministry said just 35% of high school teachers joined the industrial action, and 42% of primary school teachers. French law compels medics and other critical public services to guarantee a minimum level of cover.

☆ SLB wins Russia business as oilfield rivals exit after Ukraine invasion
▼ + stars: | 2023-01-19 | by ( Liz Hampton | ) www.reuters.com time to read: +7 min

Jan 19 (Reuters) - Following Moscow's invasion of Ukraine, world's largest oilfield firm SLB (SLB.N) has boosted its business in Russia by cherry-picking service and equipment contracts from rivals who left, according to company documents and people familiar with its operations. For example, SLB's Russia and Central Asia reservoir performance division in the third quarter of 2022 grew revenue by 25% over the prior quarter. The company said in March that, while it is continuing operations in Russia, it has halted new investments there. One reason SLB is finding new success in Russia is that rivals have exited the region. "The message from HQ is to take mostly exclusive contracts with high revenue," said a SLB employee involved in the business wins.

At least 15 U.S. oil refineries plan maintenance ranging from two to 11 weeks through May, tallies by Reuters and refining intelligence firm IIR Energy show. By mid-February, U.S. refiners will drop some 1.4 million barrels per day of processing capacity, double the five-year average, according to IIR. PBF Energy's (PBF.N) Toledo, Ohio, refinery remains largely offline from December, according to two people familiar with the matter. Heating oil margins are $58 per barrel, more than double the year-ago level. U.S. gasoline inventories are 226.8 million barrels, compared to 240.7 million at this time last year, while refinery capacity is 8% lower than before storm Elliott.

☆ ‘Big Oil peddled the big lie’: UN chief slams energy giants for ignoring their own climate science
▼ + stars: | 2023-01-18 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

U.N. Secretary-General Antonio Guterres said that without further action, humanity was on course for a global temperature increase of 2.8 degrees Ceslius. "Some in Big Oil peddled the big lie," Guterres said during a special address at the World Economic Forum in Davos, Switzerland. The study, published last week in the journal Science, said that Exxon's private projections of global temperature rise were often more accurate than world-leading NASA scientists. The burning of fossil fuels, such as coal, oil and gas, is the chief driver of the climate emergency. Guterres said that without further action, humanity was on course for a global temperature increase of 2.8 degrees Celsius.

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