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☆ U.S. oil giants Exxon Mobil, Chevron and ConocoPhillips challenged over ‘secretive’ tax practices
▼ + stars: | 2022-11-21 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Oxfam on Monday filed shareholder resolutions against U.S. oil giants Exxon Mobil, Chevron and ConocoPhillips, saying a lack of transparency over their global tax practices poses a material risk for long-term investors. The international relief charity said the companies' tax practices undermine the public's interest in a fair tax system — especially in Global South countries "with the greatest tax revenue needs." "Exxon, Chevron, and ConocoPhillips's threadbare tax disclosures leave investors, watchdog groups, and the general public in the dark about the companies' secretive tax practices," Daniel Mulé, policy lead on extractive industries and tax at Oxfam America, said in a statement. Chevron, Exxon Mobil and ConocoPhillips were not immediately available to comment when contacted by CNBC. It comes amid a broader push for greater tax transparency from large corporations, particularly as people around the world feel the squeeze of a cost-of-living crisis.

☆ Companies Brace for Onslaught of New Activists After Change in Proxy-Voting Rules
▼ + stars: | 2022-11-20 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

A surge of newcomer activists has been building since last year, when a little-known hedge fund prevailed in a proxy battle against Exxon Mobil Corp. Sinking stock prices and a change in proxy-voting rules are emboldening many first-time shareholder activists to seek changes at some of the biggest names in American corporations. Companies, always wary of activist advances, are feeling particularly vulnerable as a result of new rules imposed by U.S. regulators in September requiring the use of a so-called universal proxy card in corporate-director elections, bankers and lawyers say.

“You really need leadership in these local areas to execute on the Inflation Reduction Act to the fullest extent,” Spears said. “This completely opens the pathway for Michigan to lead on clean cars of the future, and that’s really exciting,” Spears said. Climate victories at the local level are also poised to make a big impact. If fully implemented, climate experts have said the Inflation Reduction Act could reduce U.S. emissions by about 40% below 2005 levels by 2030. “So it’s really important to have climate leadership in state and local governments to actually execute on that and make sure it happens well.”

☆ The big new Exxon Mobil climate change deal that got an assist from Joe Biden
▼ + stars: | 2022-11-19 | by ( Tim Mullaney | ) www.cnbc.com time to read: +7 min

The law may help oil companies like ExxonMobil build profitable businesses to replace some of the revenue and profit they'll lose as EVs proliferate. Maybe, if carbon capture and storage is indeed as big a deal as ExxonMobil's first-of-its-kind deal to extract, transport and store carbon from other companies' factories implies. Could it be that Big Oil's next big thing got a big assist from Joe Biden? An industrial facility on the Houston Ship Channel where Exxon Mobil is proposing a carbon capture and sequestration network. And big oil and gas companies are where the expertise is."

☆ Factbox: The newest fronts in climate-change-related legal battles
▼ + stars: | 2022-11-18 | by ( Clark Mindock | ) www.reuters.com time to read: +6 min

At the COP27 climate talks in Egypt, U.N. experts last week warned that many corporate environmental claims amounted to “empty slogans and hype.” This could embolden campaigners to launch more legal cases against climate-action laggards. The companies have denied the allegations in the lawsuits but have made public promises to work to avoid plastic pollution. The group claims the fossil fuel investments violate the French duty of vigilance law requiring corporations to identify and reduce environmental harms. The group, led by Oxfam France and Friends of the Earth France, called the move an "unprecedented legal action." The lawsuit claims DWS told investors that it invests 0% in controversial sectors such as coal, but elsewhere indicated revenue from the coal industry accounts for as much as 15% of the fund's revenue.

☆ Europe’s Energy Risks Go Beyond Gas
▼ + stars: | 2022-11-17 | by ( Mira Rojanasakul | ) www.nytimes.com time to read: +14 min

In terawatt hours of energy per month Gas Coal 80 80 60 60 2022 40 40 20 20 Previous years since 2015 Jan. Dec. Jan. Dec. In terawatt hours of energy per month Wind Solar 60 60 40 40 2022 20 20 Previous years since 2015 Jan. Dec. Jan. Dec. In terawatt hours of energy per month Gas Coal 80 80 60 60 2022 40 40 20 20 Previous years since 2015 Jan. Dec. Jan. Dec. In terawatt hours of energy per month Wind Solar 60 60 40 40 2022 20 20 Jan. Dec. Jan. Dec. In terawatt hours of energy per month Gas Coal 80 60 2022 40 20 Previous years since 2015 Jan. Dec. Jan. Dec.

Companies Hess Corp FollowNov 17 (Reuters) - The Organization of the Petroleum Exporting Countries (OPEC) is "back in the driver's seat" as the top swing producer amid slowing U.S. shale growth, Hess Corp (HES.N) Chief Executive Officer John Hess said on Thursday at an investor conference in Miami, Florida. Hess anticipates U.S. oil production will hit around 13 million barrels per day in the next few years and then plateau. U.S. production growth has been slower than anticipated at the beginning of this year due to investor pressure to focus on returns over growth, along with inflation and inventory depletion. The U.S. Energy Information Administration last week cut its forecast for 2023 shale growth by 21%. Now, really OPEC is back in the driver's seat where they are the swing producer," Hess said, cautioning though that OPEC lacked spare capacity to easily boost its production.

☆ Chemicals industry warns that rail strike will shut plants and cost economy billions
▼ + stars: | 2022-11-16 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

Ninety-six hours before a strike deadline, all chemical shipments are no longer moved. "We would expect a similar dramatic reduction in chemical shipments if an embargo were to take place this month." The start of rail strike preparation will depend on the voting results from some of the largest rail unions yet to ratify the labor deal recommended by President Biden's Presidential Emergency Board. If SMART-TD or BLET rejects the agreement, the strike date would be December 9, the day after their cooling-off period ends. BMWED has said it would extend its own cooling-off period to align with the new strike date.

☆ Costlier credit: Some retailers' cards now carry APRs of more than 30%
▼ + stars: | 2022-11-15 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

Minneapolis CNN Business —There has long been a threshold that few issuers of store-branded credit cards have been willing to surpass: the 30% annual percentage rate. At least a half-dozen major retail credit cards — including those for Kroger, Bloomingdale’s, Macy’s, Shell, Exxon Mobil and Wayfair — recently bumped up their maximum APRs to more than 30%, according to Matt Schulz, chief credit analyst for LendingTree. And that credit is getting costlier as high inflation is forcing American consumers to rack up more debt. The increases come amid robust consumer demand and higher prices for everything from mortgages to food to fuel. “Credit cards are like power tools,” Rossman said.

☆ Stock prices are rising, but earnings are not: Here's what that means for the market
▼ + stars: | 2022-11-14 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

There is good news on several fronts, but the market has moved fast, and earnings forecasts are not cooperating. The problem is that while the S & P 500 has been advancing, earnings have been declining. The S & P is up 11% since its October low, but earnings growth for the fourth quarter is now expected to be negative 0.1%. Remove them, and the overall earnings outlook greatly improves. S & P 500: Q4 earnings estimates Q4: down 0.1% Ex-Amazon, Intel, Meta: up 3.9% Ex-Exxon, Boeing, Chevron: down 3.1%

The Biden administration on Friday announced plans to significantly tighten regulations against methane emissions from domestic oil and gas drilling. The Environmental Protection Agency said the proposed standards would reduce methane from the oil and gas sector by 87% below 2005 levels. In the United States, oil and natural gas operations are the nation’s biggest industrial source of methane, according to the EPA. The Biden administration announced its plan to reduce methane emissions in November 2021 at the last U.N. Last year, the U.S. and the European Union launched the Global Methane Pledge, which aims to reduce the world’s methane emissions by 30 percent by the end of the decade.

☆ Tennessee man breaks into woman's home and kidnaps her over lottery ticket, before assaulting officers, police say
▼ + stars: | 2022-11-10 | by ( Marlene Lenthang | Marlene Lenthang Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +3 min

A Tennessee man broke down the door of his ex-girlfriend’s home, kidnapped and attacked her in a rage, upset that he did not receive a lottery ticket and claiming she owed him money, authorities said. She told officers he was upset “due to him not receiving his lottery ticket and money he felt he was owed." It's not clear if she had a lottery ticket on his behalf. The woman told officers she couldn’t breathe for about five seconds, according to the affidavit. Hanes allegedly continued to ask for money, specifically $10,000 and she said she didn’t have that type of money to give him.

☆ Exxon or Chevron? Goldman Sachs gives its verdict on which energy stock is the better buy
▼ + stars: | 2022-11-10 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

When it comes to major oil stocks, ExxonMobil and Chevron are two names that may come to mind. Three factors The following are the factors that set one stock above the other, according to Goldman. The winner Goldman says that Exxon warrants the premium, giving it a "buy" rating and price target of $121 — or over 6% upside. According to Factset, 54% of analysts covering the stock gave it a buy rating, with an average upside of 2.4%. Half of analysts covering the stock gave it a buy rating, with an average upside of 1.1%, according to FactSet.

☆ Premarket stocks: The 5 biggest takeaways from earnings season
▼ + stars: | 2022-11-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Earnings have been strong: So far, S&P 500 earnings growth has been better than expected. We also saw solid earnings from Apple (AAPL) and record profits from oil giants Chevron (CVX) and Exxon Mobil (XOM). Companies are beating earnings estimates for the third quarter by 1.8% in aggregate, according to FactSet data. More than 50 S&P 500 companies have lowered earnings per share expectations for the fourth quarter, according to FactSet data. Fourth quarter earnings per share predictions have been revised down by 4.3% since October 1, according to Bank of America analysts.

☆ CNBC Stock World Cup: Exxon vs Aramco and Vale vs BHP — who wins?
▼ + stars: | 2022-11-10 | 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: Exxon vs Aramco and Vale vs BHP — who wins? Ahead of the World Cup, Paul Sankey of Sankey Research talks to CNBC about whether Exxon or Aramco will give investors a greater total return over the next 12 months. And Kevin Simpson of Capital Wealth Planning gives his take on who's the winner: Vale or BHP?

☆ Exxon isolating a unit at Britain's Fawley refinery after incident
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

Companies Exxon Mobil Corp FollowLONDON, Nov 8 (Reuters) - Exxon Mobil (XOM.N) said on Wednesday it was isolating a unit at its Fawley oil refinery in Hampshire, southern England, following an incident that had led to gas flaring on Tuesday, adding that the site remains operational. A spokesperson for the oil major said onsite teams were working on isolating the unit in question after it reported on Tuesday an "operational matter" at the plant. The company did not provide any further details on the unit involved. Reporting by Ahmad Ghaddar; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Energy security trumps the climate? London’s biggest IPO of the year is an oil company
▼ + stars: | 2022-11-09 | by ( Julia Horowitz | ) edition.cnn.com time to read: +3 min

That’s one lesson from the initial public offering on Wednesday of Ithaca Energy, a North Sea oil and gas producer — which went ahead as world leaders gathered for the UN climate summit in Egypt. The best performing stock so far this year on London’s FTSE 250 index is Energean, which focuses on gas projects in the North Sea and Mediterranean. The North Sea is an aging basin, and oil and gas giants like Chevron (CVX), Exxon (XOM) and Shell (RDSA) have been winding down their presence. Piper said an oil and gas company is one of few that could get away with a listing on the market right now. “That’s going to impact the value of all North Sea oil producers,” Piper said.

☆ Colombia's Ecopetrol more than doubles Q3 net profit as oil demand, prices rise
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - Colombia's state oil company Ecopetrol (ECO.CN) on Tuesday reported its third-quarter net profit more than doubled to 9.51 trillion pesos ($1.90 billion), rising 150% from a year earlier, as both sales and prices shot up. The firm's revenues climbed 86% to 43.44 trillion pesos, while earnings before interest, taxes, depreciation and amortization (EBITDA) doubled to 21.14 trillion pesos during the period, it said in a filing. Production rose 5.4% in the third quarter of the year to an average of 720,400 barrels of oil equivalent per day (boed), up from 683,600 boed over the year-ago quarter. High crude prices have led U.S. oil majors Exxon Mobil (XOM.N) and Chevron (CVX.N) to record blockbuster quarterly profits, though Mexican state oil firm Pemex posted a loss, stemming from a weaker currency and higher sales costs. ($1= 5,013.20 Colombian pesos)Reporting by Kylie Madry and Noe Torres; Writing by Valentine Hilaire; Editing by Oliver Griffin and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ A former BlackRock stock chief shares 9 stocks he's bullish on right now as he warns the market is due to retest recent lows amid the Fed's ongoing hawkishness
▼ + stars: | 2022-11-08 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Amid a poor-return environment for the broader market, he shared what he's looking for in stocks. Stocks dropped quickly on Wednesday afternoon after the hike was announced and as Powell reiterated the FOMC's hawkish intentions. "We've had a nice little run here in the stock market — it's the third double-digit percentage gain since the bear market started," Doll said. 9 stocks Doll likes right nowWith Doll's outlook being that the broader market is doomed to a range-bound near-term future, he said he's focusing on so-called quality stocks — firms with quality income statements, balance sheets, and management teams. Doll also listed quality stocks in the health maintenance organization (HMO) space.

☆ TotalEnergies leads Shell, BP in renewables race, but shares sag
▼ + stars: | 2022-11-07 | by ( Ron Bousso | ) www.reuters.com time to read: +3 min

REUTERS/Stephane MaheSummarySummary Companies TotalEnergies has largest renewables operationsBut European energy giants' shares trail U.S. rivalsLONDON, Nov 7 (Reuters) - French energy giant TotalEnergies (TTEF.PA) has pulled ahead of rivals Shell (SHEL.L) and BP in the race to build up a renewables business, data collected by Reuters shows. BP, Shell and TotalEnergies have all set out ambitious plans to shift towards low-carbon and renewable energies in the coming decades in an effort to slash greenhouse emissions to net zero. BP, by comparison, has so far built 2GW of operating renewables capacity, partly through its 50% stake in Lightsource BP, one of the world's top solar producers. Shell's net capacity is slightly higher at 2.2GW, with acquisitions including U.S. producer Savion and Indian renewables platform Sprng Energy earlier this year. TotalEnergies aims to have 100GW of gross renewables capacity by 2030 while BP targets 50GW of net renewables.

☆ UBS says the lows are not in, S&P 500 to fall to 3,200
▼ + stars: | 2022-11-07 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

This all could give way to a disinflationary environment in which rates are falling, leading to a market bottom and paving the way for a disinflationary environment. That will lift the S & P 500 to 3,900 by the end of 2023, Kapteyn said. Health care and communication services usually perform better than other sectors during declining inflation periods and feel less impact from changes to inflation, he said. With these themes in mind, UBS made a list of U.S. stocks that will be most positively impacted by declining inflation. Currencies and commodities are also expected to move in response to the period of declining inflation.

☆ Exxon faces $2 billion loss on sale of troubled California oil properties
▼ + stars: | 2022-11-06 | by ( Gary Mcwilliams | ) www.reuters.com time to read: +3 min

REUTERS/Lucas Jackson/File PhotoSummarySummary Companies Exxon will finance sale of offshore California oil fieldBlank-check firm to restart operation idled by 2015 spillHOUSTON, Nov 6 (Reuters) - Exxon Mobil Corp (XOM.N) will take up to a $2 billion loss on the highly leveraged sale of a troubled California offshore oil and gas field that have been idled since a 2015 pipeline spill. A subsea pipeline leak seven years ago sent 2,400 barrels of the Santa Ynez oil into the Pacific Ocean, leading to a shutdown. The Santa Ynez sale includes three oil and gas platforms that sit up to 9 miles (14 km) off the California coast, a pipeline and oil and gas processing facilities. He has run five U.S. oil companies beginning with Flores & Rucks Inc in 1992, and often sold his companies at sizeable gains. Last year, he raised $287.5 million through an initial public offering for the company that became Sable Offshore.

How Putin and Friends Stalled Climate Progress A handful of powerful world leaders rallied around Russia and undercut global cooperation. Mr. Putin has gained from this as the increasingly autocratic Mr. Xi finds common cause with the Kremlin. “Much depends on whether authoritarian leaders perceive climate action to be in their self-interest.”Though their actions help Mr. Putin, their track records on climate are mixed. Mr. Xi called Mr. Putin his “best friend.”He was returning the favor from a year earlier, when Mr. Putin hosted Mr. Xi at the Grand Kremlin Palace and awarded him one of Russia’s highest medals for foreign dignitaries. At a news conference with Mr. Putin, Mr. Bolsonaro thanked his “dear friend,” saying that Mr. Putin had offered him support when other world leaders were criticizing his Amazon policy.

☆ Here's how to pick winning stocks that can help your portfolio survive a recession, according to the managers of a $42 billion fund that beat 92% of peers in the past decade
▼ + stars: | 2022-11-05 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

Matt McLennan and Kimball Brooker have guided their fund to a top 8% performance in the past decade. That's in sharp contrast to Matt McLennan and Kimball Brooker, co-managers of the $42 billion First Eagle Global Fund (SGENX). "What you'll find is that the amount of whatever it is that we're collecting never becomes large enough to do too much damage to the portfolio," Brooker told Insider. Those first two points are often prioritized by managers seeking quality stocks, but fewer fund managers target those latter two attributes. Fund managers should carefully consider a stock's long-term outlook instead of simply whether or not it diversifies and lowers the volatility of a portfolio.

☆ Exxon Considers Leasing, Selling Unused Office Space at Houston Campus
▼ + stars: | 2022-11-04 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

Exxon’s campus in the Houston area has never reached the full capacity it was designed for. Exxon Mobil Corp. is considering leasing or selling unused office space at the sprawling Houston-area campus set to become its global headquarters next year, part of its ongoing effort to cut billions in structural costs. In recent months, the U.S. oil giant has found that on a typical day it uses less than 50% of the available space at its 385-acre campus, which is large enough to house more than 10,000 workers, according to an internal memo viewed by The Wall Street Journal. Exxon spokesman Casey Norton confirmed the company is considering options for unused space.

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