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☆ Fangtooth oil discovery may justify Guyana's 7th platform, Hess CEO
▼ + stars: | 2023-01-05 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

HOUSTON, Jan 5 (Reuters) - The Fangtooth oil discovery in Guyana's waters is big enough to potentially require a platform for itself, which would be the seventh in the country, Hess Corp (HES.N) Chief Executive Office John Hess said in a conference on Thursday. The six units will lead to an estimated output of 1.2 million barrels of oil and gas per day by 2027, Hess said. "Fangtooth itself could potentially be the seventh boat," Hess said at a Goldman Sachs energy conference. Hess' operations in Guyana and the Bakken basin in the United States, will take up 80% of the $3.7 billion the company plans to invest this year, the CEO said. The United States can lift total oil production to 13 million to 13.5 million bpd before output plateaus, Hess said.

☆ Exxon signals strong Q4 profit to drive annual record
▼ + stars: | 2023-01-05 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Reuters GraphicsThe about $15.4 billion in operating profits excluding impairments indicates annual results will far exceed the record $45 billion Exxon posted in 2008, when oil prices peaked at $142 per barrel. The company posted back-to-back record profits in the second and third quarters last year. These record profits might lead to fresh calls to levy windfall taxes in the U.S. High international oil and natural gas prices last year generated record earnings among all oil majors. Sky-high oil prices that fueled gains for most of the year eased in the final quarter.

☆ Bank of America's top 2023 picks include an under-the-radar tech stock
▼ + stars: | 2023-01-04 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Investors looking for somewhere to park their money in the new year may want to consider these top stock picks, according to Bank of America. The bank outlined 11 of its favorite names for 2023 in a note to clients Wednesday. Some names, however, may be better positioned to ride out the volatility, according to the Wall Street firm. As uncertainty lingers, here are some of the names Bank of America recommends: One under-the-radar pick is Analog Devices , a semiconductor stock that sold off about 7% in 2022. Another 2023 name to buy is health-care stock Humana , which outperformed in 2022 as investors flocked toward safe-haven sectors.

That outage dropped the United States behind top exporter Australia as global demand for the fuel boomed. In 2022, U.S. exports of natural gas as LNG rose 8% to 10.6 bcfd, just shy of Australia's 10.7 bcfd. The United States remained ahead of Qatar, which in third place shipped 10.5 bcfd, according to data provider Refinitiv. CROWN WITHIN SIGHTHowever, the loss of Freeport LNG's supply at mid-year took away the U.S. chance to take the crown as top exporter in 2022. In 2021, when prices in Asia were higher, just 35%, or about 3.3 bcfd, of U.S. LNG exports went to Europe.

☆ Exxon, Chevron Focus on Oil Projects in the Americas
▼ + stars: | 2023-01-03 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

The globe is shrinking for Exxon Mobil Corp. and Chevron Corp. as the two largest U.S. oil companies pull back on big international oil projects and concentrate on a handful of more lucrative assets closer to home. The two fossil-fuel giants plan to spend most of their annual budgets in the Americas this year, with Chevron saying it will pour 70% of the capital allocated for production into oil fields in the U.S., Argentina and Canada, and Exxon saying it will spend a similar portion of its budget in the Permian Basin of New Mexico and West Texas, Guyana, Brazil and liquefied natural-gas projects.

Here are four climate and environment lawsuits that are likely to make headlines in 2023. The oil companies in the nation's high court are hoping to upend a series of circuit court decisions saying the cases belong in state courts where they were filed. If the court takes the appeal and rules for the oil companies, then the cases would be moved to federal court, the preferred venue for the industry defendants. (Bellwether trials are chosen as test cases and are used to work through common legal and factual issues.) "I think it will be a huge year for this issue," Conroy said of 2023.

☆ Grade My Trade: DG & XOM
▼ + stars: | 2023-01-03 | 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: DG & XOMCNBC’s ‘Halftime Report’ investment committee, Stephanie Link, Joe Terranova and Josh Brown, weigh in on the Dollar General and Exxon Mobil trades.

☆ Jim Cramer's top 10 things to watch in the market Tuesday: Wages too high, China reopening
▼ + stars: | 2023-01-03 | by ( Jim Cramer | ) www.cnbc.com time to read: +5 min

Barclays raises price target on Club holding Eli Lily (LLY) by $5-per-share to $400. UBS downgrades PG & E (PCG) to neutral from buy, with a $17-per-share price target; just above where the stock closed Friday. Barclays raises Exxon Mobil (XOM) price target to $129 per share from $111; keeps overweight (buy) rating. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ JPMorgan, Citi among firms facing potential divestment by Kentucky over energy 'boycott'
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Kentucky on Tuesday warned 11 major financial companies, including Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and BlackRock Inc (BLK.N), of potential divestment over their "boycott" of energy companies. State government entities must notify the Treasurer of direct or indirect holdings in the companies in the list. They must also write to the firms, asking them to stop the "boycott" failing which, they could be subject to divestment, Kentucky State Treasurer Allison Ball said. In the past year, other states like West Virginia and Texas have also boycotted several financial firms. In the testimony, Blass said BlackRock is a significant investor in many energy companies like Exxon Mobil Corp (XOM.N) and Occidental Petroleum Corp (OXY.N).

☆ Stocks in 2023: Many strategists think prices will be higher but earnings lower
▼ + stars: | 2023-01-03 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

I noted last week that there is an unusual divergence in thinking among Wall Street strategists for earnings and prices in 2023. Yet, in 2023, strategists do not seem to agree on this. A survey of 22 strategists indicated the average price target for the S & P 500 for year-end 2023 was 4,078. That would be about 7% higher than where the S & P is now. It means "patient accumulation" of what seems like odd choices, including China ADRs and what Emanuel calls "Misperceived Value" stocks.

☆ Three painful lessons for investors in 2022. How to put them to work in the new year
▼ + stars: | 2023-01-02 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Perhaps the one thing that investors can rally around is this: 2022 is finally over. Here are three valuable lessons for investors in the aftermath of 2022. Before we entered a rising interest rate environment, high-flying tech stocks seemed to have limitless potential. "Many investors saw a high rate, high inflation year for the first time since the 1980s. And if we think about [2023] as well, it's still a high rate, high inflation environment."

☆ The 10 biggest winners in the S&P 500 this year were led by an oil giant Warren Buffett owns. The top stocks saw a combined $357 billion increase in market value.
▼ + stars: | 2022-12-31 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Oil stocks dominated the S&P 500's top 10 winners this year as commodity prices spiked. These are the index's 10 best performing stocks in 2022, which added a combined $357 billion in market value. Buffett also owns a stake in Chevron, which was the 17th best S&P 500 performer in 2022 with a gain of about 50%. Combined, the top 10 performing S&P 500 stocks in 2022 added a total of $357 billion in market value. SchlumbergerThe exterior of a Schlumberger Corporation building is pictured in West Houston ReutersTicker: SLB2022 Return: 76.7%Market Value Gained: $33.5 billion5.

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☆ The S&P 500's best and worst stocks of 2022, and where they will go from here
▼ + stars: | 2022-12-30 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

The S & P 500 may be headed for its worst yearly performance since 2008, but some stocks still outperformed this year. The strategist has a 12-month target of 4,575 on the S & P 500, implying about a 19% gain from Thursday's close. Here are the best and worst stocks in the S & P 500. First Solar shares are also in the top 10 best-performing stocks in the S & P 500. Other worst performers in the S & P 500 include Match Group , Align Technology and SVB Financial Group .

☆ Premarket stocks: Wall Street's biggest winners and losers in 2022
▼ + stars: | 2022-12-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

The S&P 500 is down nearly 20% and with two trading days left in the year, investors’ hopes of a miraculous recovery have been dashed. The energy sector has so far returned more than 60% this year, significantly outperforming every other S&P 500 sector. Occidental Petroleum has been the biggest gainer of the year in the S&P 500, up 122% year-to-date. The energy sector reported the highest year-over-year earnings growth of all 11 sectors, at 137.3%. Elon Musk’s Tesla (TSLA) is also down about 70%, making the auto tech company the third worst performer this year.

☆ Exxon Sues EU Over Windfall Profit Levy
▼ + stars: | 2022-12-28 | by ( Kim Mackrael | Collin Eaton | ) www.wsj.com time to read: 1 min

An Exxon refinery at the port of Rotterdam in the Netherlands. About 26% of the company’s revenue came from Europe last year. BRUSSELS— Exxon Mobil Corp. said Wednesday it has filed a lawsuit against European Union authorities over the bloc’s decision to impose a windfall levy on energy companies’ high profits triggered by Russia’s invasion of Ukraine. The EU approved a plan this past fall to redistribute some energy company profits and revenue in a bid to shield consumers from high energy prices. The plan sought to cap producers’ revenue from electricity generated by fuels other than natural gas and demanded that oil-and-gas companies hand over one third or more of money the EU considers to be excess profit.

☆ Exxon sues EU in move to block new windfall tax on oil companies
▼ + stars: | 2022-12-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Dec 28 (Reuters) - U.S. oil major Exxon Mobil Corp (XOM.N) is suing the European Union in a bid to force it to scrap the bloc's new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy. Record profits this year by oil companies benefiting from high energy prices have boosted inflation around the world and led to fresh calls to further tax the sector. The windfall profits tax is "counter-productive," discourages investments and undermines investor confidence, Exxon spokesperson Casey Norton said on Wednesday. Exxon will factor in the tax as it considers future multibillion-euro investments in Europe’s energy supply and transition, he said. Chevron Corp (CVX.N) had also warned that taxing oil production would serve only to reduce energy supply by discouraging company investments.

☆ Republicans went after BlackRock and sustainable investing in 2022. Meet 12 officials crusading against 'woke capitalism.'
▼ + stars: | 2022-12-28 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +14 min

A group of vocal conservative officials are criticizing aspects of ESG investing. Players in the ESG ecosystem, like S&P Global and BlackRock, the world's largest money manager and an influential proponent of ESG investing, are often the subject of their critiques. Instead, officials often paint large financial firms' ESG strategies as functions of left-leaning agendas. Here are key GOP players who are taking aim at ESG investing. Abbott, who is seeking reelection in November, was early to denouncing ESG investing.

☆ Analysis: Wood’s ARK slammed by higher interest rates in 2022 along with other growth funds
▼ + stars: | 2022-12-27 | by ( David Randall | ) www.reuters.com time to read: +4 min

The ARK Innovation Fund has lost around 67% year to date, more than tripling the decline of the S&P 500 index (.SPX). With the S&P 500 on pace for its biggest annual decline since the Great Financial Crisis, few funds are likely to escape 2022 unscathed. Wood's fund ranked 3,544 among all 3552 actively-managed U.S. equity mutual funds tracked by Morningstar. The worst performing fund of the year, by comparison, was the Voya Russia fund, which is down 92% for the year to date. CRASH LANDINGOther funds that soared in recent years on the backs of large bets on technology stocks fell on hard times in 2022.

☆ The CIO of a top-performing fund says 2023's stock market will be a tale of 2 halves. He shares the sectors he expects to outperform.
▼ + stars: | 2022-12-27 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

Mike Morey believe the stock market may retest its 2022 lows during the first half of the year. Despite the market chaos, there were two clear standouts that outperformed the broad market: the energy sector and defensive sectors, both of which fall under his area of expertise. The second fund, the Integrity Mid-North American Resources Fund (ICPAX), focuses on the energy sector. He favors defensive sectors such as healthcare, utilities, staples, and traditional telecommunications sectors, which are found in the IDIVX fund. ICPAX's top 10 holdings are Cheniere Energy, Diamondback Energy, OvintivInc., ExxonMobil Corp., Cactu, Nextier Oilfield., Halliburton, Enbridge, Champion, and Marathon Oil.

☆ IBM beat all its large-cap tech peers in 2022 as investors shunned growth for safety
▼ + stars: | 2022-12-27 | by ( Jordan Novet | ) www.cnbc.com time to read: +6 min

But in a year that saw investors abandon all major tech stocks, Big Blue was in the green. High gas prices, soaring inflation and the Federal Reserve's steady pace of rate increases have punished growth stocks and favored more mature, less volatile names that are viewed as more recession-resistant. Among U.S. tech companies valued at $50 billion or more, IBM was one of only two to generate positive returns in 2022. IBM beats Big Tech in 2022 CNBCIBM is "trading well above its historical range," Bernstein Research analysts wrote in a Dec. 20 note to clients. IBM's model through 2024 calls for mid-single-digit revenue growth, translating into free cash flow growth in the high single digits.

☆ U.S. oil refiners restoring lost output, some outages to run into January
▼ + stars: | 2022-12-27 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

An Arctic blast sent temperatures well below freezing and led to power, instrumentation and steam losses at facilities along the U.S. Gulf Coast. Retail gasoline prices ticked up along the Gulf Coast this week, but nationwide prices have not been affected by the temporary outages. LyondellBasell Industries was in the early stages of resuming production at its Houston refinery, people familiar with plant operations said. read moreMarathon Petroleum, which operates the second-largest Gulf Coast facility after Motiva, aims to get production back by week's end, the people said. It was in the process of restarting its Port Arthur plant over the weekend, people familiar with the matter said.

☆ Energy stocks had a blowout performance this year. In 2023, the outlook is more uncertain
▼ + stars: | 2022-12-25 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

After enjoying a monster rally in 2022, energy stocks are heading into an uncertain new year. Energy stocks surged this year after the war in Ukraine interrupted the global oil supply, and drove up the price of a barrel of oil. Ongoing geopolitical risks To be sure, not everyone believes that the outlook is positive for energy stocks, especially without the resolution of some ongoing geopolitical disruptions. That would be bad even for energy stocks. If they do add to their energy allocation, he stressed a preference for U.S. energy over global energy for a "more stable" investment environment.

☆ Focusing on fundamentals helped these two BNY Mellon funds outperform in 2022
▼ + stars: | 2022-12-23 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

John Bailer and Brian Ferguson don't chase growth stocks. And that's an approach that's helped their five- and four-star-rated mutual funds beat this year's market rout. "What I'm talking about is a focus back on fundamentals in the market," said Bailer, a portfolio manager at Newton Investment Management, a subsidiary of BNY Mellon. In nearly two decades, the managers delivered roughly 300 basis points in alpha to investors, Bailer said. "With these high oil prices, good refining margins, they've been able to build a lot of cash," Bailer said.

☆ Elon Musk is 'asleep at the wheel' at a pivotal moment for Tesla and has lost credibility, Wedbush's Dan Ives says
▼ + stars: | 2022-12-23 | by ( Brian Evans | ) www.businessinsider.com time to read: +3 min

Ives wrote in a Friday note that Musk is now viewed as "asleep at the wheel." He added that "Musk has lost credibility with the broader investment community." "Need a leader at this time for Tesla, not Ted Striker," Ives said, referring to a character in the movie "Airplane." Tesla stock is in its worst sell-off since going public in 2010 and plunged below $150 per share on Wednesday, bringing the company's valuation below oil giant Exxon. But Ives put the responsibility on Musk and attributed 70% of the Tesla's sell-off to worry over his focus on Twitter.

More than 1.5 million homes and businesses lost power, oil refineries in Texas cut gasoline and diesel production on equipment failures, and heating and power prices surged on the losses. Oil and gas output from North Dakota to Texas suffered freeze-ins, cutting supplies. Freeze-ins - in which ice crystals halt oil and gas production - this week trimmed production in North Dakota's oilfields by 300,000 to 350,000 barrels per day, or a third of normal. Power prices on Texas's grid also spiked to $3,700 per megawatt hour, prompting generators to add more power to the grid before prices fell back as thermal and solar supplies came online. That is the biggest drop in output since the February 2021 freeze knocked out power for millions in Texas.

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