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☆ Here are Wednesday's biggest analyst calls: Apple, IBM, Amazon, Tesla, Exxon, Gap, Netflix & more
▼ + stars: | 2023-01-18 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Morgan Stanley upgrades Gap to equal weight from underweight Morgan Stanley said it sees more "upside than downside" for the stock. Morgan Stanley downgrades Skechers to equal weight from overweight Morgan Stanley downgraded the stock on valuation. Morgan Stanley names Apple a top 2023 pick Morgan Stanley said Apple is a "rare best-of-both worlds outperformer." Morgan Stanley names Amazon a top 2023 pick Morgan Stanley said Amazon is operating from a "leading e-commerce profit generating position." Morgan Stanley downgrades IBM to equal weight from overweight Morgan Stanley downgraded IBM and said "late cycle outperformance [has] runs its course."

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☆ UN chief slams fossil fuel industry expansion in Davos speech
▼ + stars: | 2023-01-18 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +3 min

Guterres pointed blame squarely at the fossil fuel industry when addressing the Davos crowd, composed of billionaires, politicians and business leaders, including dozes of high level executives from the world’s biggest oil and gas companies. And like the tobacco industry, those responsible must be held to account,” Guterres told the conference. A new report published on Tuesday by the campaign group Reclaim Finance revealed that dozens of banks and financial institutions with net zero pledges are still pouring money into fossil fuels. Since signing, however, it found members have invested hundreds of billions into fossil fuels. Guterres called on companies to “put forward credible and transparent transition plans on how to achieve net zero,” by the end of 2023.

☆ Guyana projects state oil revenue to hit $1.63 billion this year
▼ + stars: | 2023-01-17 | by ( Neil Marks | ) www.reuters.com time to read: +1 min

The drilling results drove the nation's reserves to more than 11 billion barrels of recoverable oil. The country's oil production could reach some 810,000 barrels per day by 2025 with the startup of the third production vessel, he said. A consortium led by U.S. producer Exxon Mobil Corp (XOM.N) is responsible for all the country's oil output. The nation's oil and gas sector is estimated to have expanded by 125% last year, with a total of 101.4 million barrels of oil produced, compared with 42.7 million in 2021. The county's Natural Resource Fund held $1.27 billion at the end of 2022 after withdrawing about $608 million to finance state development priorities, Singh said.

[1/2] Logo of British Petrol BP is seen e at petrol station in Pienkow, Poland, June 8, 2022. Reuters GraphicsWINDFALL WOESBut the bumper profits could revive calls on governments around the world to further hike windfall taxes on the sector as economies struggle with high energy prices. They benefited the most from high energy prices, rewarded by a fossil-focused cash generation strategy that contrasted with European majors' bet on renewables. Banks including HSBC and J.P. Morgan predict more upside potential for European stocks this year after U.S. oil majors led in share performance and profits in 2022. "The European majors appear much more attractively valued than the U.S. majors on our estimates," HSBC said in a note.

☆ Guyana expects proposal from India for long-term crude purchases
▼ + stars: | 2023-01-17 | by ( Neil Marks | ) www.reuters.com time to read: +1 min

[1/2] Vessels carrying supplies for an offshore oil platform operated by Exxon Mobil are seen at the Guyana Shore Base Inc wharf on the Demerara River, south of Georgetown, Guyana January 23, 2020. REUTERS/Luc CohenGEORGETOWN, Jan 17 (Reuters) - Guyana expects to soon receive a proposal from India for long-term purchases of the South American country's oil, President Irfaan Ali said on Tuesday, a new attempt to reach a government-to-government deal potentially leading to better sale terms for Guyana. Guyana's government is entitled to a share of crude produced off the nation's coast by a consortium led by Exxon Mobil Corp (XOM.N). In 2022, Ali's government received a total of 13 cargoes of crude, and it expects to receive and export 17 cargoes this year, the finance minister said earlier this week. Guyana and India in 2021 failed to reach an agreement for direct sales of Guyana's sweet crude to Indian state refiners.

☆ Italy's Eni, Esso, other firms' offices searched in fuel pricing probe
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +1 min

MILAN, Jan 16 (Reuters) - Italy's antitrust authority said on Monday it had searched the offices of several oil companies, including Italy's Eni (ENI.MI) and Exxon Mobil Corp's (XOM.N) ESSO Italiana unit, over alleged fuel price violations. The authority, which carried out the inspections with the help of Italy's tax police, said it was probing irregularities concerning prices being charged at the pump which were higher than those advertised, as well as failures in advertising fuel prices. Eni, Esso, Italia Petroli, Kuwait Petroleum Italia and Tamoil allegedly failed to adopt appropriate measures "to prevent and counteract this unlawful conduct to the detriment of consumers", the competition watchdog said in a statement. Fuel prices have taken centre stage in Italy after Prime Minister Giorgia Meloni's executive dropped a costly reduction in excise duties introduced by the previous government when the price of petrol exceeded 2 euros per litre. Reporting by Cristina Carlevaro, Francesca Landini, editing by Federico Maccioni, Valentina Za and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Exxon set to order 5th Guyana oil vessel, sizing up more blocks
▼ + stars: | 2023-01-16 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

The efforts would add significantly to the $30 billion committed thus far by Exxon and Guyana partners Hess Corp (HES.N) and CNOOC Ltd (0883.HK). Guyana has emerged as the world's fastest-growing oil region since Exxon made its first offshore discovery in 2015. It would be the consortium's largest and most expensive project, outstripping the $10 billion cost of the fourth project. Its oil would start flowing in 2027 and continue for 20 years, according to the Guyana government's estimate. Guyana President Mohamed Irfaan Ali visited India last week to try to entice private companies and the government to join its oil business.

☆ Italy's Eni, Esso offices raided in antitrust probe over fuel price breaches
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +1 min

MILAN, Jan 16 (Reuters) - Italy's antitrust authority said on Monday the offices of several oil companies, including Italy's Eni (ENI.MI) and Exxon Mobil Corp's (XOM.N) ESSO Italiana unit, have been searched over alleged fuel price violations. Eni, Esso, Italia Petroli, Kuwait Petroleum Italia and Tamoil allegedly failed to adopt appropriate measures "to prevent and counteract this unlawful conduct to the detriment of consumers," the competition watchdog said in a statement. Eni had no immediate comment, while the other companies involved were not immediately available for a comment. Fuel prices have taken centre stage in Italy after Prime Minister Giorgia Meloni's executive dropped a costly reduction in excise duties introduced by the previous government when the price of petrol exceeded 2 euros per litre. Reporting by Cristina Carlevaro, Francesca Landini, editing by Federico Maccioni and Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

Refiner Indian Oil Corp (IOC.NS) also is looking to work in Guyana in collaboration with ONGC Videsh, two people close to the talks told Reuters. Guyana is offering three deepwater and 11 shallow-water blocks, each averaging 2,000 square kilometers (722 sq miles). Exxon is considering bids on the blocks, said the company's Guyana country chief, Alistair Routledge. To bring more companies into the auction, Guyana did not restrict the amount of blocks companies can bid for, but will limit the awards to three per company. Last year, Exxon, Hess Corp (HES.N) and China's CNOOC (0883.HK) ramped up oil output and exports with their second production vessel.

☆ Chevron, Exxon and Total keen to invest in India, says minister
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Jan 13 (Reuters) - Global energy majors Chevron Corp (CVX.N), Exxon Mobil Corp (XOM.N) and TotalEnergies (TTEF.PA) are interested in investing in India's oil and gas exploration and production sector, the country's oil minister said in a speech on Friday. India, the world's third biggest oil importer and consumer, buys more than 84% of its oil needs from overseas and wants to quickly monetise its hydrocarbon reserves to reduce its dependence on costly imports. "India is ready to explore opportunities for joint development production of oil and gas assets for mutual benefit and also invites investment in our domestic E&P (exploration and production) sector," Hardeep Singh Puri said. The minister added that India aims to double the area under oil and gas exploration to 500,000 sq km by 2025. Reporting by Nidhi Verma Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Exxon prepares to start up $1.2 bln Texas oil refinery expansion - sources
▼ + stars: | 2023-01-13 | by ( Erwin Seba | ) www.reuters.com time to read: +4 min

Initial startup of a 250,000 barrels per day (bpd) crude distillation unit (CDU) at the 369,000 bpd refinery is expected by Jan. 31, the sources said, making the Beaumont refinery the second largest in the United States. SHALE OIL TO DIESELExxon had no immediate comment on the start up of the new processing unit, called the Beaumont Light Atmospheric Distillation Expansion (BLADE) project. BLADE, considered as early as 2014 and formally approved in 2019, was planned to process Exxon's crude oil pumped from the Permian shale field in West Texas and New Mexico. Operators at the Beaumont refinery this week were purging the new CDU of air in preparation to introduce its first crude, the people familiar with the matter said. POST-PANDEMIC MILESTONEExxon's Beaumont expansion marks a return to an era of steady refining capacity gains through processing tweaks and adding new equipment to existing plants.

The government's $1.1 billion share of oil revenue was up sharply from a combined $409 million in profit and royalties in 2021. Guyana is producing about 360,000 barrels per day (bpd) of oil and aims to raise output to 1.64 million bpd by end of the decade. Guyana's exports averaged 265,693 bpd last year, more than double the 100,645 bpd in 2021, according to shipping data from Refinitiv Eikon. Crude exports from Latin America's newest oil producer almost tripled in 2022, encouraged by rising production and solid demand in Europe in the aftermath of the Ukraine invasion. Total exports represented over $8 billion in gross oil revenue, based on Reuters calculations.

☆ Exxon Mobil accurately predicted warming since 1970s, study finds
▼ + stars: | 2023-01-12 | by ( Associated Press | ) www.nbcnews.com time to read: +7 min

This was during the same time that the oil giant publicly doubted that warming was real and dismissed climate models’ accuracy. Exxon said its understanding of climate change evolved over the years and that critics are misunderstanding its earlier research. The Exxon-funded science was “actually astonishing” in its precision and accuracy, said study co-author Naomi Oreskes, a Harvard science history professor. And I’d say in that sense, our analysis really seals the deal on ‘Exxon knew’,” Supran said. “It was clear that Exxon Mobil knew what was going on,” Wuebbles said.

☆ French refinery, metro strikes loom in clash over pension reform
▼ + stars: | 2023-01-12 | by ( Blandine Henault | ) www.reuters.com time to read: +2 min

[1/2] Protestors and French CGT labour union workers attend a demonstration as part of a nationwide day of strike and protests to push for government measures to address inflation, workers' rights and pension reforms, in Paris, France, September 29, 2022. REUTERS/Gonzalo FuentesPARIS, Jan 12 (Reuters) - France's CGT trade union on Thursday called for strikes in the refinery sector against plans to make people work longer before they can retire and Paris metro unions said they would do "everything they can" to stop the pension reform. The French will have to work two years longer, to age 64, before retiring, if the reform, announced by Prime Minister Elisabeth Borne on Tuesday, is adopted by parliament. They will also need to work longer to get a full pension. "There is a right to strike, there is a right to demonstrate, but I think it is also important not to penalise the French," she said.

☆ Evercore ISI's top picks for 2023 include a tech comeback story and a car racing play
▼ + stars: | 2023-01-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Finding opportunities amid the market volatility is "mission critical," and there are several to be had this year, according to Evercore ISI. The Wall Street firm is predicting an economic and earnings recession, catalyzing a "cathartic" volatility spike in 2023. "Alpha opportunities are surfacing in 2022's wreckage from inflation's breakout resulting in record tightening, catalyzing a stock/bond correlated decline. With that in mind, Evercore came up with its top stock picks for 2023. The streaming company should enjoy a comeback this year, after losing 51% in 2022, according to analyst Mark Mahaney.

☆ Here are Thursday's biggest analyst calls: Meta, Apple, Tesla, Netflix, Roku, Disney, Exxon & more
▼ + stars: | 2023-01-12 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Here are the Thursday's biggest calls Wall Street: Credit Suisse upgrades AECOM to outperform from neutral Credit Suisse said the company is a key beneficiary of infrastructure stimulus. UBS reiterates Apple as buy UBS said it's sticking with its buy rating on the stock but is concerned about App Store revenue declines. Credit Suisse upgrades Boeing to neutral from underperform Credit Suisse said in its upgrade of Boeing that it sees "stronger aircraft deliveries." RBC names Meta a top 2023 pick RBC said it sees "multiple expansion" on the horizon for Meta shares. " Rosenblatt reiterates Disney as buy Rosenblatt said activist investor Nelson Peltz's push for a Disney board seat could help shares.

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☆ ExxonMobil's secret projections of the climate crisis were astonishingly accurate, and a legal expert says that's 'a stick of dynamite' for the oil giant's court battles
▼ + stars: | 2023-01-12 | by ( Morgan Mcfall-Johnsen | Paola Rosa-Aquino | ) www.businessinsider.com time to read: +8 min

ExxonMobil scientists knew about the coming climate crisis in precise detail, a Harvard study found. The analysis is "dynamite" for an array of lawsuits against ExxonMobil, legal experts told Insider. A growing wave of 'unassailable' evidence suggests Exxon lied about what it knewDespite having accurate predictions about global warming, the oil giant denied it would happen. That's exactly the track global warming is on right now. Those "stranded assets" are now a real possibility, due to global climate goals outlined in the Paris Agreement.

☆ Exxon accurately predicted global warming from 1970s but still cast doubt on climate science, new report finds
▼ + stars: | 2023-01-12 | by ( Laura Paddison | ) edition.cnn.com time to read: +7 min

CNN —ExxonMobil’s own scientists accurately predicted future global warming in reports dating back to the late 1970s and early 1980s, despite the company publicly continuing for years to cast doubt on climate science and lobby against climate action, according to a new analysis. They found the company’s science was not only good enough to predict long term temperature rise, but also accurately predicted when human-caused climate change would become discernible, according to the report published Thursday in the journal Science. Between 63% to 83% of the projections were accurate in predicting subsequent global warming and their projections were also consistent with independent academic models, the report found. Exxon won the case, which alleged the company had misled over climate change. Angela Weiss/AFP/Getty Images“We now have tight, unimpeachable evidence that ExxonMobil accurately predicted global warming years before it turned around and publicly attacked climate science,” Supran said.

☆ Exxon predicted global warming with remarkable accuracy years ago, study shows
▼ + stars: | 2023-01-12 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +4 min

"We now have airtight, unimpeachable evidence that ExxonMobil accurately predicted global warming years before it turned around and publicly attacked climate science and scientists. Our findings show that ExxonMobil's public denial of climate science contradicted its own scientists' data," Supran told CNBC. They were surprised to discover is the extent and accuracy of Exxon's knowledge of climate science. That gave me pause, seeing quantitatively that Exxon didn't just know some climate science, they helped advance it," Supran told CNBC. "They didn't just vaguely know 'something' about global warming decades ago, they knew as much as independent academic and government scientists did.

☆ Exclusive: Shell energy transition prompted talks to sell Norway business
▼ + stars: | 2023-01-10 | by ( Ron Bousso | ) www.reuters.com time to read: +3 min

SummarySummary Companies Shell, Harbour Energy held talks late last yearTalks included Norway, Italy and some UK assetsShell shifting focus to low-carbon, renewablesLONDON, Jan 10 (Reuters) - Shell (SHEL.L) held talks with Harbour Energy (HBR.L) to sell its Norwegian oil and gas fields last year but could not reach a deal due to gas price volatility and uncertainty over the long-term outlook, three company sources told Reuters. Shell and Harbour Energy declined to comment. Shell and ConocoPhillips (COP.N) are the last two oil majors to operate offshore fields in Norway, while TotalEnergies (TTEF.PA) only retains stakes in non-operated fields. Negotiations with Harbour Energy included Shell's assets in Norway and its small-scale operations in Italy and several ageing assets in the British North Sea, the sources said. Beyond oil and gas, Shell is involved in several major renewables and low-carbon projects in Norway including in offshore wind blocks, a biofuels plant and the Northern Lights carbon storage and use project.

☆ Here are Tuesday's biggest analyst calls: Apple, Exxon, Amazon, Boeing, Spotify, Microsoft & more
▼ + stars: | 2023-01-10 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Morgan Stanley downgrades Boeing to equal weight from overweight Morgan Stanley downgraded the stock mainly on valuation. Morgan Stanley names Taiwan Semiconductor a catalyst driven idea Morgan Stanley said it's bullish heading into the semiconductor company's earnings later this week "Comments on 2023 full-year guidance and semi cycle recovery are keys to watch. Morgan Stanley resumes Virgin Galactic as equal weight Morgan Stanley resumed coverage of the space flight company and says it has first mover advantage. Morgan Stanley reiterates Spotify as overweight Morgan Stanley said Spotify has several levers to pull and that it's a self-help story. JPMorgan reiterates Apple as overweight JPMorgan said it appears that iPhone lead times are moderating for Apple.

☆ This dividend stock fund is beating the market. Here's its strategy and positions
▼ + stars: | 2023-01-10 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

The firm's Integrity Dividend Harvest Fund ended 2022 down just 1.45%, while the broader market saw its worst year since 2008. So far in 2023, Integrity Dividend has gained more than 5%, while the S & P is up only a little more than 1%. IDHIX 1Y mountain Integrity Dividend Harvest I outperformed the S & P 500 in 2022. The stock, which gained more than 19% last year, has a 3.65% dividend yield. "They're pointing to 6% to 7% long-term annual earnings growth, along with dividends growing in lockstep to their earnings," Radke said.

The sale of the plant to a consortium, led by Cypriot private equity firm G.O.I. The sale process is in contrast to Germany's confiscation of Rosneft's Schwedt refinery and Gazprom Germania, or Russia's takeover of Sakhalin 1 from Exxon Mobil (XOM.N). Energy is run by Michael Bobrov, who is also CEO of Israeli firm Green Oil that holds a major stake in Israel's biggest refiner Bazan Group. The deal marks an expansion into the refining sector for Trafigura that concluded a similar deal with Prax in 2021 for a refinery in Britain. Trafigura also holds a 3% stake in Italian refiner Saras, an indirect stake in India's major Nayara refinery and runs two small refineries via its subsidiary Puma Energy.

☆ Bank of America downgrades Chevron, calls energy stock a 'victim of its own success'
▼ + stars: | 2023-01-06 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Chevron likely won't see as large of gains as it did in 2022, Bank of America warned. Analyst Doug Leggate downgraded the stock to neutral from buy on Friday. The stock gained more than 50% in 2022 as energy prices soared following Russia's invasion of Ukraine. Still, Leggate said Chevron leads oil producers in capital discipline and has been able to execute large-scale projects following the 2015 drop in oil prices. He also said the acquisition of Noble Energy would "add long life production with options built around regional exploration."

☆ Goldman stays bullish on energy for 2023—sees several stocks jumping more than 40%
▼ + stars: | 2023-01-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

It should be another good year for energy stocks, according to Goldman Sachs. XLE 1Y mountain Energy Select Sector SPDR Fund's strong performance Goldman's bottom-up price targets imply 13% market cap weighted total return to the energy stocks it covers. The firm's buy-rated stocks have an implied 26% average total return. Of the stocks Goldman rates a buy, several have upside north of 40% to the firm's price targets. The stocks with the highest total return are Antero Resources and Cheniere Energy , both at 48%, according to Goldman Sachs.

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