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☆ Shell, Exxon face delays in exiting California oilfield
▼ + stars: | 2022-12-08 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: Petroleum pump jacks are pictured in the Kern River oil field in Bakersfield, California November 9, 2014. The closing is expected by the end of the first quarter next year, said Patrick Evans, a spokesperson for IKAV. Shell owns a 51.8% stake and Exxon the remainder of the 25-year-old Bakersfield, California, venture that pumped about 95,000 barrels of oil and gas per day last year. A Shell spokesperson confirmed the delay. Shell has said it faces a $300 million to $400 million impairment charge on the deal.

☆ Exxon, Chevron to spend billions more on oil projects next year
▼ + stars: | 2022-12-08 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

The Biden administration has criticized oil companies for not raising their oil production to help lower prices to consumers. Exxon sees potential for $100 billion in surplus cash by 2027, assuming global oil prices of $60 per barrel. Chevron should generate about $34 billion in free cash flow next year, according to Jefferies equity research, twice its oil investments levels. U.S. and European producers have also been partially recovering project spending slashed during the pandemic. The five western majors posted record profits this year, and Exxon and Chevron shares have hit historical highs this quarter.

☆ Exxon plans to raise spending in 2023 closer to $25 billion
▼ + stars: | 2022-12-08 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

The largest U.S. oil producer also said it will raise to $17 billion its spending in lower carbon projects through 2027, up from $15 billion. Exxon has one of the most ambitious plans in the industry to increase crude production over the next five years. Exxon stuck to its target to raise oil and gas production to a record 4.2 million barrels of oil equivalent per day (boepd) by end-2027. But short-term production was reduced and will stay flat in this year and 2023 at 3.7 million boepd - assuming a $60 per barrel Brent price. By year-end 2022, Exxon expects to distribute about $30 billion to shareholders, including $15 billion in dividends and $15 billion in buybacks.

[1/2] FILE PHOTO: Larry Fink, Chairman and CEO of BlackRock, arrives at the DealBook Summit in New York City, U.S., November 30, 2022. The major prize Bluebell has so far scored was at Danone, where it helped oust a chief executive. By comparison, the average activist hedge fund was down 14% for 2022 in November, according to Hedge Fund Research data. BlackRock has also not responded to Bluebell's request to shake up its board and review its environmental, social, and corporate governance (ESG) strategy. Even if Bluebell does not win concessions from BlackRock, it has at least bet on a company that has performed well in the past.

☆ Exxon Holds Firm on Its Five-Year Spending Outlook
▼ + stars: | 2022-12-08 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Exxon Mobil Corp. maintained its spending plans for the next five years, sticking to its annual budget ranges that were set before the war in Ukraine caused an increase in energy prices and political pressure to increase production. High prices at the pump have propelled Exxon and other oil companies to record quarterly profits this year. President Biden and Democrats in Congress have urged oil companies to use their profits to boost refining capacity to make more gasoline and diesel, lowering prices for consumers.

☆ A trail of oil: Keystone pipeline's history of oil spills
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

The following is a timeline of some of Keystone's biggest oil spills, along with recent other spills of crude, both onshore and offshore. 2016April: TC shut down the pipeline after about 400 barrels of oil leaked in Hutchinson County, South Dakota. 2017November: TC shut part of the Keystone pipeline system after a leak in South Dakota, caused by mechanical damage from original construction. 2019February: Portions of the Keystone pipeline were shut down after 42 barrels of oil leaked on land in rural St. Charles County, Missouri. OTHER ONSHORE SPILLS:Since 2010 there have been two spills of crude oil larger than this most recent Keystone spill.

☆ These stocks may be cheap buys even if a recession hits in the next 12 months
▼ + stars: | 2022-12-08 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

As investors deliberate over whether the Federal Reserve can navigate a soft landing, CNBC Pro identified stocks that are cheap even in a recession. To find stocks that are cheap in a recession scenario, we lowered earnings estimates for the next 12 months on S & P 500 companies by 30%. We then calculated the new forward price-earnings and compared it to the average forward P/E of the stocks over the past five years. The automobile manufacturing stock has a recession P/E of 10.6, and a 5-year average forward P/E of 48.7. Shares of Exxon Mobil has a recession P/E of 12.8, while its 5-year average forward P/E is 23.3.

☆ Exxon starts new polypropylene unit at Baton Rouge, Louisiana complex
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: 1 min

Dec 6 (Reuters) - Exxon Mobil Corp (XOM.N) started production at a new polypropylene unit at its Baton Rouge, Louisiana refining and petrochemical complex, the company said in a statement on Tuesday. The new unit, with a pricetag over half a billion dollars, adds 450,000 metric tons of polypropylene production, doubling the Baton Rouge Polyolefins plant’s capacity, Exxon said. The new unit employs 65 full-time staff, the company said. Polypropylene is used in making a wide variety of products from food and drink containers, plumbing, disposable diapers and in medicine. Reporting by Erwin Seba, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Former Rep. David Rivera of Florida is arrested in Venezuela probe
▼ + stars: | 2022-12-06 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

David Rivera, a Republican who served from 2011 to 2013, was arrested at Atlanta’s airport, said Marlene Rodriguez, a spokesperson for the U.S. Attorney’s Office in Miami. To justify the large payments, PDV USA allegedly created “phony contracts” backdated to March 20, 2017 — the day before the consulting agreement took effect. Rivera’s consulting contract had all the hallmarks of a sham, according to PDV USA, which since 2019 has been run by directors appointed by the U.S.-backed opposition. Rivera never met in person with anyone from Citgo or PDV USA while supposedly working on its behalf. “The written record is bereft of any evidence that Interamerican performed any of the contracted services,” PDV USA argues in the new filings.

☆ Exxon Mobil raises CEO, top executives base pay
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

Dec 5 (Reuters) - Exxon Mobil Corp (XOM.N) is raising the annual base salaries of its top boss and other executives for next year, the largest U.S. oil company said on Monday. Kathryn Mikells, who became the company's chief financial officer in August last year, will receive a base pay of $1.22 million in 2023. Base salaries, however, represent less than 10% of total pay, with stock awards and bonuses making up a bigger share of what Exxon's executives pocket every year. The Houston-based oil major paid Woods a total compensation of $23.6 million in 2021 and $15.6 million in 2020. Biden has repeatedly called on U.S. oil and gas companies to use their record profits to increase production and reduce pump prices for Americans.

☆ Meet 12 Republican officials crusading against BlackRock and ESG investing
▼ + stars: | 2022-12-01 | 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.

☆ Eni’s $6 bln Neptune swoop will be a haggle-fest
▼ + stars: | 2022-12-01 | by ( George Hay | ) www.reuters.com time to read: +3 min

LONDON, Dec 1 (Reuters Breakingviews) - Eni (ENI.MI) is hunting for a bargain in the North Sea. Italy’s $52 billion oil major is mulling a bid for oil and gas producer Neptune Energy, Reuters reported on Wednesday, for an equity value of around $5 billion to $6 billion. Given Neptune’s owners CVC Capital Partners, Carlyle (CG.O) and China Investment Corporation last year wanted to list the business for $10 billion, Eni may have to haggle a bit. The UK government recently extended its windfall tax on North Sea drillers to 2028. And the Italian group’s own North Sea expertise may help it argue that the mooted offer price is generous.

☆ A market mystery: Energy stocks are still riding high even as crude oil tumbles
▼ + stars: | 2022-11-30 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Traders are watching oil vs. oil stocks and thinking something has to give. Energy bulls insist supplies will remain tight and oil prices will likely be higher in 2023. Variable dividends Lower oil prices are not just a threat to profits: many oil companies have instituted variable dividends, where the variable portion of the payouts are dependent on cash flow. Companies with a variable dividend include Pioneer (PXD), ConocoPhillips (COP), Devon Energy (DVN), Diamondback Energy (FANG), and Coterra Energy (CTRA). The downside: No one is sure what the total payout (the fixed dividend plus the "variable" dividend) will be from quarter to quarter.

☆ Exclusive: EU embargo diverts Lukoil's Caspian oil to CPC link
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

A European Union embargo from Dec. 5 is set to ban European buyers from purchasing and transporting Russian oil. As a major route for Kazakhstan's oil, CPC oil exports are excluded from the ban. "Russian oil is leaving BTC, the reason is sanctions, BTC doesn't let Russian oil in," - one of the sources said. CPC Blend exported via the CPC pipeline currently trades at a significant discount to Azeri BTC oil, which is supplied via BTC. The main exporters of the Azeri BTC oil are Azerbaijan's SOCAR and BP, as well as Hungarian company MOL, Exxon (XOM.N) and Turkey's TPAO.

☆ APA ends drilling at Awari oil well off Suriname coast
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - U.S. oil producer APA Corp (APA.O) has wound up drilling operations at the Awari well in Suriname's Block 58 as it was "deemed noncommercial", the company said on Monday. APA did not provide details on the Awari project. The company in August had abandoned the Dikkop well in Block 58 after striking water-bearing sandstones there. French energy major TotalEnergies SE (TTEF.PA) is the operator of Block 58 with a 50% working interest, while APA holds the other half. Shares of APA were down 4% at $44.70 amid broader weakness in the U.S. energy sector.

☆ Stocks making the biggest moves midday: Apple, DraftKings, Biogen, Williams-Sonoma and more
▼ + stars: | 2022-11-28 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves midday:Apple — Apple shares fell 2% following a report that iPhone production could take a big hit due to unrest at a Foxconn factory in China, amid protests in China against the nation's zero-Covid policy. Wynn Resorts, Melco Resorts — Shares of casino operators Wynn Resorts and Melco Resorts gained 4.1% and 9.5% respectively, after the Chinese government granted them provisional licenses to continue operating in Macau. DraftKings — Shares dropped more than 5% after JPMorgan downgraded DraftKings to underweight from neutral, saying in a note that the company's competitors are more likely to achieve online sports betting profitability. Biogen — Biogen's stock fell nearly 4% after a Science.org report that a woman participating in an experimental Alzheimer's treatment trial, sponsored by Biogen and a Japanese pharma company, recently died from a brain hemorrhage. Williams-Sonoma — Shares tumbled 4.7% after Morgan Stanley downgraded the home furnishings stock to underweight, saying shares could fall further as demand weakens in a difficult macro environment.

☆ Exclusive: Exxon to exit Equatorial Guinea amid wider Africa crude phaseout
▼ + stars: | 2022-11-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +5 min

The company last year pumped about 45,000 bpd in Equatorial Guinea, out of the country's total production of 93,000 bpd. For Middle East and African oil producers, cash has dwindled to 30% of global flows in the last two years, from 50% between 2010 and 2020. Much of the increase comes from the United States, Canada, Guyana and Brazil, some of the places where Exxon has increased spending on oil output. NAMIBIA AND NATURAL GASWhile crude oil production wanes in West Africa, the continent's liquefied natural gas (LNG) future is on the rise and fossil fuel output could grow elsewhere in Africa. Rising demand globally could result in a 30% rise in gas production in Africa by the end of the decade, Deloitte said.

☆ Stocks making the biggest moves in the premarket: Apple, Taboola, Biogen and more
▼ + stars: | 2022-11-28 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

A person familiar with assembly operations told Bloomberg that Apple and Foxconn do expect to be able to make up that shortfall in 2023. Apple slid 1.7% in premarket trading. Wynn Resorts (WYNN), MGM Resorts (MGM), Melco Resorts (MLCO), Las Vegas Sands (LVS) – Casino stocks rallied in off-hours trading after the Chinese government granted the companies provisional licenses to continue operating in Macau. Exxon Mobil (XOM), Chevron (CVX) – These and other energy stocks fell in the premarket as WTI Crude touches its lowest level in 11 months. First Solar (FSLR) – The solar company's stock fell 2.6% in the premarket following a downgrade by J.P. Morgan to "neutral" from "overweight."

☆ Exxon Mobil Has a Potash Problem in the Permian Basin
▼ + stars: | 2022-11-27 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

The Permian Basin, the largest U.S. oil field, stretches from West Texas to southeast New Mexico. A vital crop nutrient that lies underground near oil and natural-gas reserves is holding back Exxon Mobil Corp.’s development of a key asset in the booming Permian Basin. Unlike many of its rivals in the largest U.S. oil patch, the Texas oil company shares a sizable chunk of its land with mining companies that extract potash and other minerals used to produce fertilizer from underground mines, blocking drillers’ direct access to bounties of oil-soaked rocks.

☆ Hedge funds are amassing short bets on these winning stocks, according to Goldman
▼ + stars: | 2022-11-26 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Hedge funds could be piling up short bets in a number of large-cap stocks that have outperformed this year, according to Goldman Sachs. The Wall Street firm looked at the total dollar value of short interest outstanding as an estimate of hedge fund short portfolio holdings. Goldman noted that its screen is not based on 13-F regulatory filings and it's also different from a list of stocks with the highest percentage of short interest. Exxon Mobil stood out as the stock with the biggest dollar value of short interest outstanding. IBM also had a big short interest in the stock.

☆ BP wins contract to market Guyana's share of oil production
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Lee SmithNov 25 (Reuters) - BP Plc (BP.L) will market Guyana's share of crude oil produced over the next year from two offshore production platforms, the South American country's Ministry of Natural Resources said. The London-based oil company agreed to market the state's share produced from the Liza Destiny and Liza Unity platforms at no charge per barrel, according to a ministry statement on Thursday. Through mid-year, Guyana's share of oil production from the consortium composed of Exxon Mobil (XOM.N), CNOOC Ltd (0883.HK) and Hess Corp (HES.N) was worth $307 million. The group markets two crudes: a medium to light sweet oil called Liza, and an even lighter grade called Unity Gold. BP will market crude to refiners, provide benchmark and performance comparisons, and help the government understand the behavior and yields of the Liza blend, the ministry said.

☆ CNBC Stock World Cup: LVMH vs. Exxon — who wins?
▼ + stars: | 2022-11-25 | 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 EmailCNBC Stock World Cup: LVMH vs. Exxon — who wins? In this round of CNBC's Stock World Cup challenge, Jake Dollarhide of Longbow Asset Management weighs in on whether LVMH or Exxon is a better bet in giving investors a greater total return in the next year.

☆ Corporate America is bracing for a rise in activist investing. Meet the 13 lawyers on speed-dial when companies and investors fight for boardroom control.
▼ + stars: | 2022-11-23 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +11 min

Law firms including Olshan Frome Wolosky LLP and Schulte Roth & Zabel are go-tos for activist investors looking to change how companies do business. Kai Liekefett, who co-chairs Sidley's shareholder activism practice, last year successfully defended cloud company Box Inc. in a proxy fight by Starboard. Liekefett has also defended clients against major activist investors including Carl Icahn and Trian Partners. He has advised clients against major activist investors including Trian, Carl Icahn, Starboard Value and the billionaire Paul Singer. Lawrence Elbaum and Patrick Gadson, Vinson & ElkinsPatrick Gadson (L) and Lawrence Elbaum (R), co-heads of Vinson & Elkins' shareholder activism group.

☆ Tesla has lost almost $700 billion in market value - the equivalent of 3 Disneys, 4 Nikes, or 6 Starbucks
▼ + stars: | 2022-11-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Elon Musk's company has lost nearly a Berkshire Hathaway's worth of market value. Tesla's $670 billion decline is roughly equivalent to three Disneys, four Nikes, or six Starbucks. Tesla's $670 billion drop in market value isn't far off the entire worth of Warren Buffett's Berkshire Hathaway ($685 billion). Moreover, Musk's electric-vehicle company has seen more than double the market cap of Home Depot ($324 billion), or the combined market caps of Coca-Cola ($268 billion) and PepsiCo ($255 billion) wiped off its market value. It also equates to around four Nikes ($162 billion), five Netflixes ($127 billion), six Starbucks ($113 billion), seven PayPals ($92 billion), and 12 GMs or Fords ($56 billion each).

☆ These are the energy stocks Josh Brown and Joe Terranova like through the end of 2022
▼ + stars: | 2022-11-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +1 min

The bull market in energy is still going strong and any dips are an opportunity to buy, according to Ritholtz Wealth Management CEO Josh Brown. The Energy Select Sector SPDR Fund also regained some of its earlier losses but was still down more than 1%. Joe Terranova, a senior managing director for Virtus Investment Partners, is also bullish on energy. "These are all the companies that I believe rightfully belong in a diversified energy basket," Terranova said on " Halftime Report ." Brown likes the iShares U.S. Oil & Gas Exploration & Production exchange-traded fund, as well as Cheniere Energy , Southwest Gas and Nextera Energy.

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