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☆ Saudi Arabia set to raise over $11.2 billion from Aramco stock sale, priced at lower end of range
▼ + stars: | 2024-06-07 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Saudi Arabia is set to raise more than $11.2 billion from its secondary public share offering in state-controlled oil giant Aramco, after the stock was priced at the lower end of its expected range. The company on Friday said it will price the 1.545 billion of shares on offer at 27.25 Saudi riyal ($7.27) apiece, with the sale expected to take place when markets next open on Sunday. A range of between 26.70 and 29 Saudi riyals per share was floated in the firm's initial marketing. The 27.25 Saudi riyal price is nearly 4% below the public stock's last settlement on the Tadāwul Saudi stock exchange. Investors typically expect a discounted price when new shares enter the public market, because of the increase in the overall supply of stock available to trade.

Persons: Prince, Mohammed bin Salman Organizations: Saudi, Investors, of, Petroleum, Reuters, CNBC, Aramco, Exxon Mobil, Chevron, Aramco's, Public Investment Fund Locations: Saudi Arabia, Aramco, Saudi, Neom

Oppenheimer raised its price target on Microsoft to $500 on the potential of increasing AI adoption. Shares of AT & T are up 9% on the year, but analyst Michael Rollins' $20 price target implies that shares could rise another 9%. Analyst Andrew Obin upgraded the Post-it and Scotch parent to buy from neutral and raised his price target by $15 to $120. Analyst Christopher Nardone upgraded the shoe maker to buy from neutral and raised his price target by $16 to $87. Analyst Jay Sole upped his price target on the clothing maker by $14 to $174, now suggesting upside of 43.4%.

Persons: Oppenheimer, Exxon, Neal Dingmann, Dingmann, aren't, — Spencer Kimball, Michael Rollins, Rollins, Lisa Kailai Han, BofA, Andrew Obin, William Brown, Michael Roman, Brown, Obin, — Alex Harring, Christopher Nardone, Nardone, Skechers, Jeffrey Zekauskas, Zekauskas, Huntsman, Benjamin Soff, Soff, Fred Imbert, PVH, Jay Sole, Calvin Klein, Tommy Hilfiger, Sole, Alex Harring, Morgan Stanley, Dara Mohsenian, Mohsenian, Anthony Chukumba, Chukumba, Gavin Parsons, Parsons, Tami Zakaria, Zakaria, Herc, Morgan, Tim Hsiao, Bernstein's Eunice Lee, NIO, America's Ming Hsun Lee, Timothy Horan, Horan, Rob Sanderson, Sanderson Organizations: CNBC, Microsoft, Loop, Exxon, Natural Resources, Citi, AT, VZ, Bank of America, Huntsman, JPMorgan, Deutsche Bank, UBS, Colgate, Palmolive, Loop Capital, UBS shaves, Boeing, Rentals, United Rentals, Herc Holdings, Wall, 3Q, Bank, OpenAI Locations: Truist, Guyana, OPEC, Thursday's, America's

☆ What slumping oil prices mean for our stake in Coterra Energy
▼ + stars: | 2024-06-04 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

U.S. crude prices fell for the fifth straight day Tuesday, but we remain committed to our lone oil-and-gas stock in Coterra Energy . Elevated oil prices have, as a result, pressured discretionary spending and corporate margins. If we get that, then we should see lower oil prices and sustained buying power along with a healthy environment for business investments. And yet we still see reason to stick with Coterra Energy. Indeed, analysts at Citigroup published a research note Tuesday exploring potential takeover targets for Devon Energy, another ex-Club oil stock.

Persons: Goldman Sachs, we've, Coterra, It's, Jim Cramer's, Jim Cramer, Jim, Brandon Bell Organizations: Coterra, West Texas, Organization of, Petroleum, Coterra Energy, ConocoPhillips, Exxon Mobil, ex, Natural Resources, Citigroup, Devon Energy, CNBC, Getty Locations: Coterra Energy, U.S, Gaza, OPEC, Devon, Grandfalls , Texas

☆ Stocks making the biggest moves midday: Bath & Body Works, Carnival, GameStop and more
▼ + stars: | 2024-06-04 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading: Bath & Body Works — Shares of Bath & Body Works sank nearly 13% and headed for their worst day since 2021. Bath & Body Works expects earnings to range between 31 cents and 36 cents a share, behind a FactSet estimate of 38 cents in earnings per share. Saia — The freight company popped 6.7% after it posted higher less-than-truckload shipments per workday for April and May compared to a year earlier. Shares of BP and Exxon Mobil fell around 2.3% and 1.6%, respectively, while Diamondback Energy and Chevron shares fell nearly 1%. Stanley Black & Decker — The industrials stock fell about 3.7% after Barclays downgraded the stock to equal weight from overweight.

Persons: Keith Gill, Goldman Sachs, TZE, Goldman, Stanley Black, Decker, Julian Mitchell, Oppenheimer, Jed Kelly, —, Samantha Subin, Michelle Fox, Yun Li, Pia Singh, Lisa Han Organizations: Body, O Cruises, Carnival Cruise, GameStop, Street, Trade, Dominion Freight, Technologies, Energy, BP, Exxon Mobil, Diamondback Energy, Chevron, Barclays

☆ Chevron could outperform Exxon if battle over Guyana assets is resolved this year, fund manager says
▼ + stars: | 2024-05-31 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Exxon and Chevron are the fund's top two holdings , representing 9.73% and 9.27% of total assets in FSTEX as of April 30. Exxon vs. Chevron Chevron came into the year facing production issues in the Permian Basin and cost overruns at its Tengiz project in Kazakhstan that frustrated investors, Holt said. And investors have taken notice of Exxon's lead position in the lucrative offshore oil development in Guyana. Chevron would look very attractive if the Hess deal closes due to the latter's large stake in Guyana, he said. "There's a little concern that if Chevron doesn't do the Hess deal, then they have to go and do another deal," Holt said.

Persons: Kevin Holt, Hess, Holt, hasn't, XOM, Chevron's, Tengiz Organizations: Exxon Mobil, Chevron, Invesco Energy, Exxon, Hess Corp, Hess, Chevron Chevron Locations: Guyana, U.S, Stabroek, FSTEX, Kazakhstan, Holt, Tengiz

☆ Exxon trouncing Salesforce since software stock replaced oil giant in the Dow four years ago
▼ + stars: | 2024-05-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

An Exxon gas station sign is seen in the Brooklyn borough of New York City, on Oct. 6, 2023. Four years ago, Exxon Mobil's reign as the longest-serving component in the Dow Jones Industrial Average abruptly ended when the oil major was replaced by Salesforce in August 2020 in the biggest shake-up in years. That reshuffling of the Dow was seen as a sign of the times, with the energy sector struggling from a total collapse in oil prices into negative territory during the Covid-19 pandemic. Meanwhile, technology stocks booked strong gains during the work-from-home era. The oil major's stock has gained nearly 170% since the August 24, 2020, announcement of its exit from the Dow, while Salesforce has gained just 4% over the same period.

Persons: Exxon Mobil's, Salesforce, Dow Organizations: Exxon, Dow Jones, Dow Locations: Brooklyn, New York City

☆ CalPERS CEO Marcie Frost on voting against Exxon Mobil board and Elon Musk's pay package
▼ + stars: | 2024-05-29 | 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 EmailCalPERS CEO Marcie Frost on voting against Exxon Mobil board and Elon Musk's pay packageCalPERS CEO Marcie Frost joins 'Squawk Box' to discuss why the agency is voting in opposition to all of Exxon’s 12 director nominees and CEO Darren Woods at the company's annual shareholder meeting, Elon Musk's Tesla pay package, and more.

Persons: Marcie Frost, Darren Woods, Elon Musk's Tesla Organizations: Exxon Mobil, Elon

☆ ConocoPhillips to buy Marathon Oil in $17 billion all-stock deal that bolsters shale assets
▼ + stars: | 2024-05-29 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

ConocoPhillips agreed on Wednesday to buy Marathon Oil in an all-stock transaction worth $17 billion that would bolster the company's shale assets as the broader oil and gas industry undergoes a major wave of consolidation. The deal will add 2 billion barrels of resources to ConocoPhillips' inventory in the U.S., extending the company's reach across shale fields in Texas, New Mexico and North Dakota. ConocoPhillips expects share buybacks worth $7 billion in the first year after the deal is completed and $20 billion in the first three years. ConocoPhillips' stock was down 3.3% in early trading following the announcement as Marathon Oil shares surged 7.3%. ConocoPhillips is the third-largest U.S. oil company with a market capitalization of $137 billion, while Marathon Oil has a market cap of $14.4 billion.

Persons: Ryan Lance, Lance Organizations: ConocoPhillips, Oil, Marathon, Marathon Oil, Exxon Mobil, Natural Resources, Federal Trade Commission, Hess Corporation, Chevron Locations: U.S, Texas , New Mexico, North Dakota

☆ U.S. Chamber's Tom Quaadman on Exxon activist lawsuit: Exxon had no alternative but to go to court
▼ + stars: | 2024-05-29 | 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 EmailU.S. Chamber's Tom Quaadman on Exxon activist lawsuit: Exxon had no alternative but to go to courtTom Quaadman, U.S. Chamber of Commerce EVP for capital markets competitiveness, joins 'Squawk Box' to discuss news of CalPERS voting against Exxon Mobil at the company's annual meeting today, why the U.S. Chamber joined Exxon Mobil's lawsuit against two activist groups, and more.

Persons: Chamber's Tom Quaadman, Tom Quaadman Organizations: U.S, Exxon, Chamber, Exxon Mobil, U.S . Chamber, Exxon Mobil's Locations: U.S

☆ Chevron’s $53 Billion Oil Deal Is Backed by Hess Shareholders
▼ + stars: | 2024-05-28 | by ( Rebecca Elliott | ) www.nytimes.com time to read: +1 min

A large oil industry deal advanced on Tuesday after shareholders of Hess approved a proposed sale of the company to Chevron for $53 billion. Control over one of the most prized oil assets, off the shores of Guyana, is at stake in the deal, which still faces significant hurdles. Exxon is contesting Chevron’s acquisition of Hess by arguing that Hess can’t sell itself without allowing Exxon to buy its stake in the Guyana project. Chevron and Hess have said Exxon’s interpretation of the terms of Exxon and Hess’s partnership is incorrect. But Hess prevailed at its shareholders’ meeting on Tuesday in convincing a majority that the deal was in their best interest.

Persons: Hess Organizations: Chevron, Exxon Mobil, Exxon Locations: Guyana, sweetening

☆ Hess shareholders to vote on Chevron deal as dispute with Exxon over Guyana assets creates uncertainty
▼ + stars: | 2024-05-28 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Exxon filed for arbitration in March to defend the rights it claims under the joint operating agreement. Chevron and Hess have told investors that the pending deal would terminate if Exxon prevails in the dispute. Hess shareholders would bear the risk if the deal terminates because Chevron is not obligated to pay a termination fee, according to ISS. Exxon is seeking to confirm its rights under the joint operating agreement and find out the value placed on Hess' Guyana assets under the deal, Woods said. Chevron has repeatedly maintained that the Exxon's claims under the joint operating agreement do not apply to its acquisition of Hess.

Persons: Hess, Glass Lewis, Mike Wirth, Darren Woods, Woods, Wirth Organizations: Chevron, Exxon Mobil, Mobil, Exxon, China National Offshore Oil Corporation, Institutional, Services, Hess, ISS, CNBC, Federal Trade Commission Locations: York, Guyana, China

Big Oil’s big climate showdownMonths of tensions between oil majors and activist investors could reach a boiling point at the annual meetings of Exxon Mobil and Chevron Wednesday, as the U.S. giants pump record levels of crude and sit on bumper profits. Activists’ efforts to pressure Big Oil to clean up its polluting ways are faltering. Last week, climate change protests rocked Shell’s annual meeting in London. Exxon could face an even fiercer battle this week — not only with the activist investors it is suing, but from powerful institutional investors as well. They include Norway’s huge sovereign wealth fund, and CalPERS, the California pension fund, both of which strongly oppose Exxon’s attempt to quiet some of its most vocal climate critics.

Persons: Vivienne Walt Organizations: Exxon Mobil, Chevron, DealBook, Exxon Locations: U.S, London, Dutch, Norway’s, California

☆ Stanley Goldstein, Who Helped Make CVS a Pharmacy Giant, Dies at 89
▼ + stars: | 2024-05-27 | by ( Trip Gabriel | ) www.nytimes.com time to read: +1 min

Stanley P. Goldstein, who in the early 1960s helped start a retail chain named Consumer Value Stores, which, after shortening its name to CVS — because, he said, fewer letters meant cheaper signs — grew into the largest drugstore chain in the United States, died on Tuesday at his home in Providence, R.I. The company, which is headquartered in Rhode Island, announced his death. Family members told The Providence Journal that the cause was cancer, diagnosed about a month ago. When he retired as chief executive in 1998, the company had more than 4,000 stores. Today, it has more than 9,000 outlets in the United States and its territories, and its revenues are larger than those of Exxon Mobil, Microsoft and Ford.

Persons: Stanley P, Goldstein Organizations: CVS, Providence Journal, Exxon Mobil, Microsoft, Ford Locations: United States, Providence, R.I, Rhode Island

☆ Judge rules Exxon can sue activist shareholder over climate proposal
▼ + stars: | 2024-05-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

A federal judge in Texas on Wednesday said Exxon Mobil can sue to bar a climate change proposal from an activist investor, in a case that has raised concerns about its future effect on shareholder resolutions. Exxon sued the two investors in January after they submitted a proposal to be tabled at the May 29 annual shareholder meeting that called for the company to accelerate carbon dioxide emissions reductions. Arjuna and Follow This subsequently withdrew the proposal, but Exxon proceeded with its claims against the two firms, arguing that they could file similar proposals at future shareholder meetings. The judge, appointed to the federal bench by former President Donald Trump in 2019, said Exxon should not be faulted for distrusting the activist investors. He said Arjuna could slightly modify its withdrawn 2024 proposal for submission to future shareholder meetings.

Persons: Mark Pittman, Arjuna, Exxon's, Pittman, Donald Trump, that's Organizations: Exxon Mobil, U.S, District, Northern, Northern District of, Boston, Exxon, Securities, Exchange Commission, Oil, Defendant, CNBC Locations: Texas, Northern District, Northern District of Texas, Netherlands

☆ Trump VP prospect Doug Burgum and GOP megadonor Harold Hamm are allies in business and politics
▼ + stars: | 2024-05-21 | by ( Brian Schwartz | ) www.cnbc.com time to read: +12 min

Continental Resources donated $1 million to the super PAC in April, according to Federal Election Commission records. A spokeswoman for both Continental Resources and Hamm, its executive chairman, did not respond to a request for comment. All seven wells have been active since 2011, just two years after Burgum's family signed an agreement with Continental Resources. The Burgum Farm Partnership LLP, which oversees the family farm land in Williams County and Cass County, is worth between $500,001 and $1 million, according to the financial disclosure. Doug Burgum is a managing partner of the Burgum Farm Partnership, and he signed the businesses' latest annual report in March.

Persons: Donald Trump, Doug Burgum, Vivek Ramaswamy, Jabin, Harold Hamm, Burgum, Theodore Roosevelt, Sen, Marco Rubio, Rubio, Trump, Hamm, Bradley Burgum, Mike Nowatzki, Nowatzki, Burgum's, He's, Barbara, Edward Hirs, Brandon Bell, Jack Balagia, Ryan Kellog, Kellog, Ted Borrego, —, Virginia Canter, Canter, Chip Somodevilla, he's, Kathryn, Dan Eberhart, Eberhart, Leah Millis Organizations: North Dakota Gov, Margate, Washington Post, Continental Resources, Trump White House, CNBC, Trump, Republican, Trump that's, Inc, Commission, Continental, Federal, North Dakota's Minerals Department, Drilling, LLP, University of Houston, Getty, University of Texas, Exxon Mobil, University of Chicago, University of Houston Law Center, Trump White, North, Canter . North, Burgum Locations: Laconia, NH, Hamm, North Dakota, Williams County, Burgum, Fla, Florida, Dakota, North, Brooklyn, Cass County, Fort Stockton , Texas, Washington, Canter ., Canter . North Dakota, Laconia , New Hampshire, Continental Resources . North Dakota, Pittsburgh , Pennsylvania, U.S

☆ Exxon faces opposition from CalPERS after 'devastating' anti-ESG activist suit
▼ + stars: | 2024-05-20 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Exxon Mobil 's monthslong battle with two environmentally focused activist investors has cost the company the support of the California Public Employees' Retirement System. The two activists submitted a shareholder proposal that would have forced the company to reduce direct emissions and set a target for lowering emissions at suppliers and customers. Exxon sued the investors in Texas federal court in January, prompting them to withdraw the proposal. Even with the activists backing off, Exxon has continued its lawsuit to prevent the activists from ever again submitting such a proposal. CalPERS said in its letter that Exxon's "reckless" lawsuit threatened shareholder activism efforts on any issue.

Persons: Darren Woods, Arjuna, CalPERS, Marcie Frost, Theresa Taylor, it's, Greg Goff, Kaisa Hietala, Andy Karsner, Jeff Ubben Organizations: APEC, Summit, Moscone West, Exxon Mobil, California Public Employees, Exxon, CNBC, ExxonMobil, Securities and Exchange Commission, Inclusive Capital Locations: San Francisco , California, Texas

Stock Chart Icon Stock chart icon The Dow, all-timeThe average was created by Charles Dow in 1896 with just 12 industrial stocks. Paired with the Dow Jones Transportation Average , the two were collectively meant to offer a gauge for the broader economy. The sole caveat: No utility or transportation stocks are included, given the existence of the Dow Jones Utility Average and Transportation Average. 1972: Dow hits 1,000It may be hard to imagine given the recent achievement, but the Dow traded below 1,000 until the early 1970s. The Dow saw its worst year since 2008 in 2022, though 2023's rebound allowed the index to erase those losses.

Persons: Spencer Platt, Dow, Charles Dow, There's, Richard Nixon, Alcoa Esmark, Du Pont, Dow didn't, Walt Disney, Eastman Kodak Merck Alcoa ExxonMobil Phillip Morris, T General Motors Sears, Morgan, Phillip Morris, Walmart Du Pont J.P, Morgan Chase Walt, Donald Trump, General Electric Nike American Express Goldman Sachs, Morgan Chase, Johnson, Joe Biden, Trump, Goldman Sachs, Gamble Amgen, — Organizations: New York Stock Exchange, Getty, Dow Jones, Dow Jones Transportation, P Global, Dow, CNBC, General Foods, Harvester, Chevron, Procter, Gamble, Alcoa, Manville, ExxonMobil, Illinois Glass American Tobacco General Electric Procter, General Foods Sears Roebuck AT, T General Motors Texaco Bethlehem Steel, T General Motors Texaco Bethlehem Steel Goodyear Union Carbide Chevron Honeywell United Technologies Chrysler International Harvester US, Nickel Westinghouse Electric Eastman Kodak International, Woolworth, Oasis, Eastman Kodak Merck Alcoa ExxonMobil, Express General Electric Procter, Gamble AT, T General Motors, T General Motors Sears Roebuck Bethlehem Steel Goodyear Texaco Boeing Honeywell Union Carbide Caterpillar IBM United Technologies Chevron International, Walt Disney, Morgan Chase Westinghouse, Apple, Microsoft, Sears and Union Carbide, Eastman Kodak Johnson, Johnson Alcoa ExxonMobil, American Express General Electric Merck AT, T, Goodyear Procter & Gamble Caterpillar Hewlett, Packard Sears, Chevron Honeywell Union Carbide Citigroup IBM United Technologies, Walmart, Morgan Chase Walt Disney, Visa, Travelers, Nike, General Electric Nike American Express, General Electric Nike American Express Goldman Sachs Pfizer Apple Home Depot Procter, Gamble Boeing IBM Travelers Caterpillar Intel United Technologies Chevron, Morgan Chase UnitedHealth, Cisco Systems Johnson, Johnson Verizon, Cola McDonald’s, Du Pont Merck Walmart ExxonMobil Microsoft Corporation Walt Disney, Exxon Mobil, Walgreens Boots Alliance, Goldman Sachs Nike American Express Home Depot Procter, Gamble Amgen Honeywell, Apple Intel Travelers Cos Boeing IBM, Caterpillar Johnson, Johnson Verizon Chevron, Cisco Systems, Walgreens, Alliance Coca Cola Merck Walmart Dow Microsoft Walt Disney Locations: New York City, T General Motors Texaco Bethlehem Steel Goodyear, America

☆ Shell and TotalEnergies listings: Europe risks losing its biggest oil companies to America
▼ + stars: | 2024-05-07 | by ( Anna Cooban | Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —Two of Europe’s biggest oil companies, Shell and TotalEnergies, are considering abandoning their stock exchanges for Wall Street in a move that would deal a hammer blow to London and Paris. Shares of TotalEnergies and Shell trade on a price-to-cash flow ratio of 4.7 and 5.2 respectively, compared with a ratio of 8.4 for Exxon Mobil (XOM) and 7.6 for Chevron (CVX). Alastair Syme, managing director of global energy equity research at Citi, says Shell and TotalEnergies have long traded at a discount. Investors would “be much more comfortable” buying European energy companies if they were part of the more valuable S&P 500 benchmark index of US equities, according to Syme. London languishesStill, the slightest hint that Shell may consider leaving London will have rattled the city’s beleaguered main stock exchange.

Persons: Britain’s Shell, France’s, Alastair Syme, Syme, Patrick Pouyanne, “, ”, Wael Sawan, Sawan, London languishes, Chris Beauchamp, Shell, TotalEnergies, New York “ would’ve, ” Lindsey Stewart, Ben van Beurden, ” Syme Organizations: London CNN, Shell, CAC, Exxon Mobil, Chevron, Citi, CNN, Investors, Bloomberg, London Stock Exchange, Nasdaq, BP, Morningstar, Financial, Commodities Locations: London, Paris, New York, Chevron, Europe, United States, Switzerland, “

☆ Exxon Mobil CEO Darren Woods on getting to net zero by 2030 and Pioneer deal
▼ + stars: | 2024-05-06 | 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 Darren Woods on getting to net zero by 2030 and Pioneer dealExxon Mobil CEO Darren Woods joins 'Squawk on the Street' to discuss the oil industry, the Pioneer deal, and low carbon business.

Persons: Darren Woods Organizations: Exxon Mobil

☆ Exxon CEO says dispute with Chevron over Hess Guyana oil assets could drag into 2025
▼ + stars: | 2024-05-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Darren Woods, chairman and chief executive officer of Exxon Mobil Corp, speaks during the 2024 CERAWeek by S&P Global conference in Houston, Texas, US, on Monday, March 18, 2024. Exxon CEO Darren Woods said Monday that the dispute with Chevron over Hess Corporation 's oil assets in Guyana likely will not be resolved until 2025. "This is an important arbitration obviously not only for Exxon Mobil but for Chevron and Hess," Woods said. Exxon is claiming a right of first refusal on Hess' assets in Guyana under a joint operating agreement that governs a consortium that is developing the South American nation's prolific oil resources. The CEO has repeatedly expressed confidence that Exxon will prevail in the dispute, saying the company wrote the agreement that governs the consortium.

Persons: Darren Woods, Woods, CNBC's David Faber, Hess Organizations: Exxon Mobil Corp, P Global, Exxon, Chevron, Hess Corporation, Milken Institute's Global Conference, Exxon Mobil, Hess, International Chamber of Commerce Locations: Houston , Texas, Guyana, Los Angeles, Paris

☆ Apple dominated Wall Street's buyback business even before its latest $110 billion
▼ + stars: | 2024-05-03 | by ( Bob Pisani | ) www.cnbc.com time to read: +1 min

Apple's $110 billion stock buyback announcement Thursday is large, but the iPhone maker already dominated the league table of companies making the largest stock buybacks in the S & P 500, measured in dollar terms. In the last 12 months, Apple has bought back $84.5 billion in stock, far beyond anyone else in the S & P 500. Share count has gone from 26.2 billion in 2013 to 15.3 billion today, a reduction of 41%. Largest quarterly buybacks in history Apple (Q4 2020) $27.6 billion Apple (Q2 2021) $25.6 b Apple (Q3 2022) $24.7 b Apple (Q2 2022) $24.5 b Apple (Q1 2019) $23.8 b Source: S & PDowJonesIndices Buybacks are the preferred mode of returning cash In recent years buybacks have become the preferred method of returning cash to shareholders. $925 billion 2023 $815 b 2022 $950 b 2021 $919 b 2020 $538 b 2019 $749 b Source: Goldman Sachs

Persons: Goldman Sachs Organizations: Apple, Microsoft, Exxon Mobil, Chevron, Mobile, Comcast, Petroleum Locations: America

☆ 'Shark Tank' star Kevin O'Leary says pro-Palestinian student protesters are 'screwed' when they apply for jobs because employers will identify them through AI
▼ + stars: | 2024-05-03 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

The "Shark Tank" host said employers could identify applicants who joined in the protests using AI. Advertisement"Shark Tank" host and investor Kevin O'Leary says pro-Palestinian student protesters will be "screwed" when they start job hunting. That goes in this pile over here, cause I can get the same person's talent in this pile that's not burning anything," O'Leary told Fox News' The Five on Wednesday. So if you're burning down something, or taking a flag down, or fighting with police, I'm sorry, you're trashing your personal brand," O'Leary told CNN's Laura Coates. "Harassment and intimidation, there's no place for that, frankly at those universities, and certainly no place for that at a company like Exxon Mobil," Woods told the outlet.

Persons: Kevin O'Leary, —, O'Leary, CNN's Laura Coates ., O'Leary isn't, Darren Woods, Woods, Winston, Strawn Organizations: Service, Palestinian, Fox News, CNN, BI, Columbia University, UCLA, Exxon Mobil, CNBC, New York University, Hamas Locations: Gaza, Israel

☆ F.T.C. Clears Exxon Mobil’s Acquisition of Pioneer Natural Resources
▼ + stars: | 2024-05-02 | by ( Clifford Krauss | More About Clifford Krauss | ) www.nytimes.com time to read: +1 min

The Federal Trade Commission on Thursday approved Exxon Mobil’s acquisition of Pioneer Natural Resources as long as Exxon excludes Pioneer’s chief executive from its board. Exxon’s purchase of Pioneer is one of several large mergers and acquisitions in the oil and gas industry in recent years. accused Pioneer’s chief executive, Scott Sheffield, of colluding with officers of the Organization of Petroleum Exporting Countries and its allies to control global oil production and prices. Sheffield’s past conduct makes it crystal clear that he should be nowhere near Exxon’s boardroom,” Kyle Mach, deputy director of the commission’s Bureau of Competition, said in a statement. “American consumers shouldn’t pay unfair prices at the pump simply to pad a corporate executive’s pocketbook.”

Persons: Pioneer’s, Scott Sheffield, Mr, Kyle Mach, ” Organizations: Federal Trade Commission, Exxon, Natural Resources, Pioneer’s, Organization of Petroleum, Competition Locations: Texas, New Mexico, commission’s

☆ FTC accuses ex-Pioneer CEO of colluding with OPEC, blocks him from Exxon board seat
▼ + stars: | 2024-05-02 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The FTC filed a complaint alleging that Scott Sheffield attempted to collude with representatives of OPEC to reduce oil and gas output to increase prices at the pump and inflate Pioneer's profits. "The FTC has a responsibility to refer potentially criminal behavior and takes that obligation very seriously," spokesman Doug Farrar told CNBC. In response, Exxon agreed to keep Sheffield off its board, the oil major said in a statement Thursday. The FTC alleged that Sheffield repeatedly held private conversations with high-ranking OPEC representatives to assure them that Pioneer and its competitors in the Permian Basin were working to keep oil output artificially low. "Notwithstanding, Pioneer and Mr. Sheffield are not taking any steps to prevent the merger from closing," the company said in the statement.

Persons: Scott Sheffield, Doug Farrar, Exxon, Sheffield, Sheffield's, Lina Khan, — CNBC's Pippa Stevens, Mary Catherine Wellons, Lina Khan's Organizations: Federal Trade Commission, Natural Resources, OPEC, Exxon Mobil, Pioneer, FTC, Justice Department, Wall Street, CNBC, Exxon, Sheffield

ImageHERE’S WHAT’S HAPPENINGExxon Mobil strikes an agreement to win regulatory approval of its $60 billion megadeal. Elsewhere, shares in Shell were up after the producer reported $7.7 billion in adjusted quarterly earnings, beating analyst expectations. The U.S. imposes sanctions on Chinese companies over military support for Russia’s war effort. The Biden administration announced on Wednesday nearly 300 sanctions, including on more than a dozen Chinese businesses, aimed at disrupting Moscow’s full-scale invasion of Ukraine. The culprit: pressure on prices, amid growing competition from Eli Lilly’s Zepbound, supply constraints and scrutiny from lawmakers.

Persons: Scott Sheffield, Biden, Janet Yellen, Antony Blinken, Eli Lilly’s Zepbound, James Comer, Comer Organizations: Labor Department, Exxon Mobil, Natural Resources, Wall Street, Novo Nordisk, Republican, European Commission Locations: Shell, U.S, Ukraine, Danish, Kentucky, iRobot

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