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The deal, valued at $253 a share, would be Exxon's biggest since its $81 billion purchase of Mobil Oil in 1998, years before the shale boom began. It combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the country into the world's largest oil producer in little more than a decade. Pioneer is the Permian's largest operator accounting for 9% of gross production, while Exxon occupies the No. "The combination of ExxonMobil and Pioneer creates a diversified energy company with the largest footprint of high-return wells in the Permian Basin," said Pioneer CEO Scott Sheffield. Under Sheffield, Pioneer grew through rapid-fire purchases, including multi-billion dollar deals in 2021 for DoublePoint Energy and Parsley Energy.

Persons: Darren Woods, ” Woods, Scott Sheffield, Shubhendu, Anirban Sen, Sabrina Valle, Gary McWilliams, Rashmi Aich, Jamie Freed, Sriraj Organizations: Exxon Mobil, Natural Resources, Mobil Oil, Exxon, Reuters, Pioneer, RBC Capital Markets, ExxonMobil, DoublePoint Energy, Parsley Energy, BG Group, Denbury, Shubhendu Deshmukh, Thomson Locations: HOUSTON, Ukraine, U.S, Sheffield, Bengaluru, New York, Houston

ExxonMobil and Pioneer Natural Resources logos are seen in this illustration taken, October 8, 2023. Pioneer shares closed at $237.41 on Tuesday, having risen 11% since the first reports of a deal surfaced last Thursday. Exxon declined to comment on "market speculation," while Pioneer did not immediately respond to a request for comment. It is the third-largest oil producer in the Permian basin, after Chevron Corp (CVX.N) and ConocoPhillips (COP.N), with rock-bottom production costs averaging about $10.50 per barrel of oil and gas. Under CEO Scott Sheffield, the oil producer grew through rapid-fire purchases, including multi-billion dollar deals in 2021 for DoublePoint Energy and Parsley Energy.

Persons: Dado Ruvic, Darren Woods, Scott Sheffield, Exxon's, Shubhendu, Anirban Sen, Sabrina Valle, Gary McWilliams, Rashmi Aich, Jamie Freed Organizations: ExxonMobil, Pioneer, REUTERS, Exxon Mobil, Natural Resources, Exxon, Mobil Oil, Antitrust, Reuters, Exxon socked, Chevron Corp, ConocoPhillips, DoublePoint Energy, Parsley Energy, BG Group, Bloomberg News, Denbury Inc, Denbury, Shubhendu Deshmukh, Thomson Locations: HOUSTON, Ukraine, U.S, Bengaluru, New York, Houston

☆ Why we're unloading our Pioneer stake before the deal with Exxon Mobil closes
▼ + stars: | 2023-10-11 | by ( Zev Fima | ) www.cnbc.com time to read: +3 min

Today's question: Why would we not stay in Pioneer [until a deal with Exxon closes] to receive $253 per share? First, the official announcement on Wednesday from Exxon Mobil (XOM) that it is acquiring Pioneer Natural Resources (PXD) specifies this will be an all-stock deal. In this case, the deal is that Pioneer shareholders will receive 2.3234 shares of ExxonMobil for each Pioneer share at closing. Rather, it's 2.3234 times the current price of Exxon shares. Pioneer shares are now subject to the trading action in ExxonMobil.

Persons: Jim Cramer, Duke, Jeff Marks, we're, Jim Cramer's, Jim, Bridgett Bennett Organizations: Exxon, Exxon Mobil, Natural Resources, ExxonMobil, Street Journal, Pioneer, Jim Cramer's Charitable, CNBC, Bloomberg, Getty Locations: Las Vegas

☆ ExxonMobil agrees to buy shale rival Pioneer in $60 billion deal
▼ + stars: | 2023-10-11 | by ( Chris Isidore | ) edition.cnn.com time to read: 1 min

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Dealmaking in the U.S. oil and gas patch has picked up pace as producers sought to replenish their inventory after years of under-investment. The most-prized targets for Chevron could be Coterra Energy (CTRA.N) or Devon Energy (DVN.N), he added. Others mentioned included Matador Resources (MTDR.N), Permian Resources (PR.N) and Diamondback Energy (FANG.O). Still, the Exxon deal, the industry's largest since 2016, also set off worries about stiff regulatory scrutiny over anti-competitive concerns. Exxon does not anticipate antitrust hurdles to complete the deal, expected by early 2024.

Persons: Exxon Mobil's, Gabriele Sorbara, Siebert Williams Shank, Sorbara, Dado Ruvic, Andrew Dittmar, Elizabeth Warren, Sven Del Pozzo, Mrinalika Roy, Chris Sanders, Sriraj Organizations: Exxon, Natural Resources, Co, Chevron, ConocoPhillips, ExxonMobil, Pioneer, REUTERS, Devon Energy, Matador Resources, Diamondback Energy, U.S, P, Insights, Thomson Locations: U.S, Bengaluru, Washington

Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas. In the late 1990s, the merger between Exxon and Mobil was valued around $80 billion. Exxon Mobil Corp. has been using some of that cash on acquisitions. In July the company announced that it was buying pipeline operator Denbury in an all-stock deal valued at $4.9 billion. In 2020 the company said it was buying Parsley Energy in an all-stock deal valued at approximately $4.5 billion.

Persons: Darren Woods, Scott Sheffield, Citi's Alastair Syme, Syme Organizations: Exxon Mobil, Natural Resources, Mobil, Exxon, XTO Energy, U.S . Energy Information Administration, Midland Basin, ExxonMobil, Pioneer, “, Exxon Mobil Corp, Parsley Energy, DoublePoint Energy Locations: West Texas, Texas, New Mexico, Delaware, Midland, U.S

☆ Exxon Mobil executive arrested on sexual assault charge
▼ + stars: | 2023-10-09 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Minneapolis CNN —An ExxonMobil executive who heads up the business unit that’s involved in a potential $60 billion mega-merger with Pioneer Natural Resources was arrested late last week in Texas for allegedly committing sexual assault. David Scott, senior vice president of ExxonMobil Upstream, was arrested at 9:24 am CT on Thursday at the La Quinta Inn & Suites hotel in Magnolia, Texas, on a sexual assault charge, according to Montgomery County, Texas, jail records. Scott, 49, is being held on a $30,000 bond, according to the Montgomery County Sheriff’s Office. Deputies interviewed Scott, 49, and subsequently arrested him for sexual assault, a second degree felony that could carry a sentence of two to 20 years in prison and a fine up to $10,000. Exxon declined to comment to CNN on the potential deal, saying it does not issue statements on “market rumors.”It was not immediately known what involvement Scott had in those reported negotiations.

Persons: David Scott, Scott, “ Organizations: Minneapolis CNN —, ExxonMobil, Natural Resources, Sheriff’s, CNN, Exxon, Wall Street Journal Locations: Minneapolis, Texas, Magnolia , Texas, Montgomery County , Texas, Montgomery

☆ Head of Exxon's Shale Oil Business Faces Sexual Assault Charge in Texas
▼ + stars: | 2023-10-08 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

By Gary McWilliamsHOUSTON (Reuters) -The head of Exxon Mobil's shale oil and gas business, a unit involved in merger talks with rival Pioneer Natural Resources, was arrested at a Texas hotel last week on a sexual assault charge, police said. David Scott, an Exxon senior vice president who oversees all its shale oil and gas production business, was arrested early Thursday morning at a La Quinta Inn & Suites hotel in Magnolia, Texas, the Montgomery Sheriff's Office said. He became head of Exxon's Permian Basin operations in 2020 and was promoted to senior vice president earlier this year in charge of all its shale oil and gas. As a senior vice president, he would not necessarily be involved in merger talks, a person familiar with the matter said. Scott faces a second-degree felony assault charge and was held on a $30,000 bond, according to jail records.

Persons: Gary McWilliams HOUSTON, David Scott, Scott, Emily Mir, Gary McWilliams, Lisa Shumaker Organizations: Exxon, Natural Resources, Montgomery Sheriff's, ExxonMobil, Reuters, United Arab Emirates Locations: Texas, Magnolia , Texas, Montgomery, Exxon's Spring , Texas, Australia, Melbourne, Malaysia, Abu Dhabi

☆ Exxon investors ready to embrace buying existing oil over new drilling
▼ + stars: | 2023-10-06 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +4 min

In the last four years energy investors have dumped stocks in oil companies that boost capital spending, favoring higher returns over spending on costly, long-term new projects. But Exxon shares last month hit a record high of $120, lifted by returns on its oil, gas and refining businesses. 2 Permian shale oil producer, for $60 billion, signals it is ready to pay up for production after missing its own output targets in the Permian. A deal would bring Exxon to about 1.33 million barrels of oil and gas per day, the largest in the oilfield. It has good reserves, growing production, spending in check and debt at healthy levels, he said.

Persons: Lucas Jackson, Exxon Mobil's, Bill Smead, Vince Lorusso, Lorusso, Shale Research Alexandre Ramos, Kathryn Mikells, Bass, Scott Hanold, Matthew Bernstein, Sabrina Valle, Anna Driver, Diane Craft Organizations: Exxon Mobil Corporation, New York Stock Exchange, REUTERS, Rights, Exxon, Natural Resources, Smead Capital Management, Clough Capital Partners, Management, Shale Research, XTO Energy, RBC Capital Markets, ExxonMobil, Rystad Energy, Thomson Locations: New York, Ukraine, U.S, Americas, Guyana

☆ Stocks making the biggest moves premarket: Rivian, Clorox, Vestis, Chevron and more
▼ + stars: | 2023-10-05 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in premarket trading. Rivian — Shares of the electric vehicle maker plunged 8.7% after Rivian announced a $1.5 billion convertible bond sale and issued disappointing guidance for the third quarter. Energy stocks — Shares of oil firms Occidental Petroleum , Chevron and ExxonMobil were all lower in premarket trading, as crude prices added to Wednesday's steep declines. Clorox — Shares slipped 4.4% in premarket trading Thursday, a day after the product maker offered weaker guidance for the fiscal first quarter than analysts expected. UWM Holdings — Shares of the mortgage company rose 4.3% in premarket trading after a BTIG upgrade to buy from neutral.

Persons: Rivian, Raymond James, BTIG, Oliver Davies, Vestis, —, Alex Harring, Pia Singh, Jesse Pound Organizations: of Manhattan, StreetAccount, Energy, Occidental Petroleum, Chevron, ExxonMobil, Occidental, Holdings, United Wholesale Mortgage, Orchard Therapeutics, Kirin, Redburn Locations: Meatpacking, New York City, Chevron, Aramark

☆ Veteran investor says one type of energy company is 'extremely attractive' — naming a stock he likes
▼ + stars: | 2023-10-05 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

The commodities market is a "much more constructive place to invest" right now — and "integrated" names in the energy sector in particular are "extremely attractive," according to one portfolio manager. For now, Dunn said, he is "certainly concerned about and paying attention to the U.S. onshore shale era," when evaluating what equities to invest in. Integrated energy companies typically engage in the exploration, production, refinement, and distribution of oil and gas. "It's a U.S. company, but they have a lot of assets outside the U.S. and they have been investing outside the U.S.," he said. 'Uncover interesting equities' While the ongoing pullback in the U.S. stock market presents concerns on what stocks to invest in, Dunn said it can help "uncover very interesting equities."

Persons: Aaron Dunn, CNBC's, Dunn, they're, TotalEnergies, Stocks Organizations: Morgan Stanley Investment Management, ExxonMobil, Chevron, BP, ConocoPhillips, Constellation Brands, BJ's Wholesale Locations: U.S, British, Netherlands, Qatar, Australia

☆ Supply cuts from Saudi Arabia remain price drivers for oil heading into the fourth quarter
▼ + stars: | 2023-10-02 | by ( Brian Evans | ) www.cnbc.com time to read: +6 min

Experts predict oil prices will continue to rise heading into the fourth quarter, driven by tighter supply and production cuts. Despite some profit-taking in the last week of September, crude oil prices have rallied since the summer. That means U.S. crude oil reserves will remain under pressure amid the Saudi production cuts. And questions still remain as to the strength of a resurgence from the Chinese economy and how that will support higher oil prices. Goldman also recently published its list of buy-rated stocks to play higher oil prices, which included Chevron and Baker Hughes .

Persons: Goldman Sachs, Brent, Viktor Katona, Katona, Stephen Ellis, Ellis, Ole Hansen, " Hansen, Brian Mulberry, Mulberry, Goldman, Baker Hughes, Neil Mehta, Mehta Organizations: Brent, West, West Texas, Bank of America, Chevron, ExxonMobil, Morningstar, Saxos Bank, Zacks Investment Management, Federal Reserve, ConocoPhillips, XOM Locations: West Texas, Saudi Arabia, Saudi, Russia, OPEC, U.S, Cushing , Oklahoma, East, Kuwait, Iraq, Ukraine, Iran

The five-year plan includes proposed sales in the Gulf of Mexico — the nation’s primary offshore source of oil and gas — in 2025, 2027 and 2029. The three lease sales are the minimum number the Democratic administration could legally offer if it wants to continue expanding offshore wind development. The lease program will guard against environmental damage caused by oil and gas drilling and other adverse impacts to coastal communities, Haaland said. “The (oil leasing) program is definitely informed by the IRA and the connection that the IRA makes between offshore oil and gas leasing and renewable energy leasing,” he said Thursday, referring to the Inflation Reduction Act. The Interior Department can’t sell the rights to drill for oil and gas offshore without first publishing a schedule that outlines its plans.

Persons: Joe Biden's, Biden, Democratic Sen, Joe Manchin, Manchin, Harris, Deb Haaland, ”, Haaland, “, Biden's, Ryan Lance, Willow, Dyani Chapman, Tommy Beaudreau, Interior Department can’t, Rene Santos, Santos, Beth Lowell, Abigail Dillen, Sen, Dan Sullivan, ___ Brown, Becky Bohrer Organizations: WASHINGTON, Democratic, Biden, Interior Department, Interior Department’s, of Ocean Energy Management, drillers, BP, ExxonMobil, ConocoPhillips, Alaska Environment, Interior, P, Gulf, American Petroleum Institute, Chevron, Associated Press Locations: Gulf of Mexico, Alaska, Gulf, Mexico, West Virginia, Chevron, Brazil, Guyana, Louisiana, Oceana, Gulf Coast, Billings, Mont, Juneau , Alaska

Here is a list of attempts by regulators to split up big companies:Standard Oil (1911)- Regulators alleged John Rockefeller's Standard Oil held the monopoly in the oil business by using aggressive pricing to eliminate competition. Standard Oil was broken up into 34 companies. Aluminum Company of America (Alcoa) (1945)- The Justice Department charged Alcoa (AA.N) with illegally monopolizing the aluminum market and demanded the company be dissolved. Paramount Pictures (1948) - The U.S. Supreme Court ruled in a landmark antitrust case, also known as "Paramount case" or the "Hollywood antitrust case," that film studios could not legally own their own theaters, hitting the vertical integration of companies. AT&T (1984) - In 1974, the U.S. government filed an antitrust lawsuit against AT&T (T.N) because it had a monopoly on telephone lines.

Persons: Andrew Kelly, Big, John Rockefeller's, District Judge, Jaspreet Singh, Zaheer Kachwala, Sriraj Kalluvila, Josie Kao Organizations: Federal Trade Commission, Washington , D.C, REUTERS, Amazon.com, Standard Oil, Big Tech, Google, Facebook, Standard, Oil, ExxonMobil, Chevron, Aluminum Company of America, Alcoa, Justice Department, Reynolds, Paramount Pictures, U.S, Supreme, Paramount, IBM, AT, Microsoft, District, Meta, FTC, Thomson Locations: Washington ,, U.S, Bengaluru

☆ This is the world's fastest growing economy, and it could grow an 'explosive' 100%
▼ + stars: | 2023-09-27 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The world's fastest growing economy may be on track to grow by more than 100% by 2028, largely fueled by profits from its oil production and export sector, according to one analysis. BMI, a Fitch Solutions research unit, is also of the view that "Guyana will see explosive growth this year," said Andrew Trahan, its head of Latin America country risk. He expects real GDP in Guyana to rise about 115% in the next five years. "The exact magnitude of the increase [is] dependent on how quickly additional oil production is brought online," he added. Guyana's Stabroek Block is a 6.6 million acre offshore oil reservoir off the country's Atlantic coast, and is estimated to hold 11 billion barrels of oil, according to ExxonMobil.

Persons: Andrew Trahan Organizations: International Monetary Fund, IMF, BMI, Fitch Solutions, ExxonMobil, Guyana's Locations: Guyana, South America, America

☆ Here are Thursday's biggest analyst calls: Meta, Amazon, Costco, Uber, Sunrun, Alphabet, Exxon & more
▼ + stars: | 2023-09-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Thursday's biggest calls on Wall Street: Baird reiterates Meta as outperform Baird said it's bullish heading into Meta's Connect event next week. Bank of America upgrades Nutanix to buy from neutral Bank of America said it sees numerous positive growth drivers ahead for the computer software company. " Guggenheim reiterates Sunrun as buy Guggenheim said Sunrun is the best positioned solar company. Bank of America reiterates Marriott as buy Bank of America said it's bullish heading into Marriott's analyst day next week. Wells Fargo reiterates Amazon as overweight Wells said it sees several "discreet headwinds" for Amazon that investors may not know about.

Persons: Baird, it's, NTNX, Guggenheim, Sunrun, Evercore, Goldman Sachs, Goldman, Jefferies, Wedbush, Uber, JPMorgan, rideshare, Piper Sandler, Piper, Marriott, Wolfe, Wells, Morgan Stanley, Howmet, Truist Organizations: Meta's, Meta, Qualcomm, Bank of America, of America, Costco, Google, JPMorgan, Disney, Petrobras, CF, Microsoft, monetization, UBS, Walmart, Deutsche Bank, Wax Center, Exxon, ExxonMobil, " Bank of America, Citi, Energy, Micron, MU, Aerospace Locations: Howmet's Whitehall

☆ Here are Thursday's biggest analyst calls: Nvidia, Apple, Amazon, Palantir, Exxon, Salesforce & more
▼ + stars: | 2023-08-31 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Goldman Sachs reiterates Salesforce as buy Goldman said it's standing by its buy rating on the Salesforce after its earnings report on Wednesday. JPMorgan initiates Establishment Labs as overweight JPMorgan said in its initiation of the med tech company that Establishment Labs has a "unique offering." JPMorgan initiates MP Materials as overweight JPMorgan said in its initiation of the rare-earths materials company that it sees "solid demand growth." JPMorgan downgrades Hostess Brands to neutral from overweight JPMorgan downgraded the stock mainly on valuation. Redburn Atlantic upgrades Exxon to neutral from sell Redburn upgraded the stock mainly on valuation.

Persons: Evercore, Morgan Stanley downgrades Palantir, Morgan Stanley, Goldman Sachs, Goldman, it's, Salesforce, Rosenblatt, Wells, VSCO, Uber, Raymond James, it's bullish, Truist, Canaccord Organizations: BMO, Civitas Resources, Apple, Amazon, Shopify, " Bank of America, Nvidia, Bank of America, JPMorgan, Labs, Materials, Citi, Arista Networks, Arista, Evercore, JPMorgan downgrades Hostess Brands, Exxon, ExxonMobil Locations: United States, Sell

☆ Oil companies are approaching influencers and enlisting PR firms to reach younger generations on social media
▼ + stars: | 2023-08-19 | by ( Katie Hawkinson | ) www.businessinsider.com time to read: +3 min

TikTok influencers with millions of followers are partnering with companies like ExxonMobil and Shell. These companies are also using PR firms that help them target millenials and younger generations, The Washington Post reports. Oil companies are paying social media influencers to promote their brands and reach younger audiences, according to reports from The Washington Post and DeSmog. "ExxonMobil, like many companies, works with influencers to educate consumers about the full benefits of our rewards program," Julie King, a spokesperson for ExxonMobil, told Insider. For example, Edelman, a public relations firm, works with Shell to promote it to millenials and younger audiences, the Post reports.

Persons: influencers, Sam Bright, DeSmog's, They're, Curtis Smith, Julie King, Instagram influencer Nora Capistrano Sangalang, —, Meredith Steele, influencer, Edelman Organizations: ExxonMobil, Shell, Washington Post, Morning, The Washington Post, DeSmog, Companies

☆ Premarket stocks: How China's economic turmoil could hurt your portfolio
▼ + stars: | 2023-08-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Why it matters: “For most of the last two decades, China’s economic growth has been a major driver of the global economy,” said Alex Etra, a strategist at data analytics firm Exante. That means that if China’s economy slows down, global economic growth slows down. ExxonMobil (XOM) may not be doing too much business with China, said Etra, but if Chinese growth slows, that means oil prices go down. Earlier this year, Bank of America compiled a list of the S&P 500 companies with the highest exposure to China. The grand total of all the private wealth in the world fell 2.4% to $454.4 trillion last year, according to the annual Credit Suisse and UBS global wealth report.

Persons: Joe Biden, BlackRock, ”, Alex Etra, Michael Burry’s, Allison Morrow, That’s, Jason Hart, Winn, ” Hart, “, Ramishah Maruf Organizations: CNN Business, Bell, New York CNN, country’s National Bureau of Statistics, ExxonMobil, Apple, Intel, Starbucks, Nike, Bank of America, Las, Qualcomm, Nvidia, Wynn Resorts, WYNN, MGM Resorts, MGM, Funds, PitchBook, Michael Burry’s Scion Asset Management, Moore Capital Management, D1 Capital, Tiger Global, Securities, Exchange, Credit Suisse, UBS, Millionaires, Aldi, Dixie, Winn, CNN Locations: New York, Beijing, China, Ukraine, United States, Aldi, Winn

☆ Annuities, stocks or Treasurys? Pros weigh in on the best source of retirement income right now
▼ + stars: | 2023-08-10 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

Treasury yields and stocks have more upside ahead, according to some Wall Street investors, and annuities are yielding more than ever. So if you're nearing — or already in — retirement, which offers the best source of income? Stocks vs. annuities David Dietze, senior investment strategist at Peapack Private Wealth Management, recommended annuities and stocks — with some caveats. Right now, however, Rekenthaler said he would go for annuities, bonds or funds because real interest rates are high. Treasurys Samana of Wells Fargo Investment Institute said she likes Treasurys best — given the firm's expectations of a recession.

Persons: David Dietze, Dietze, John Rekenthaler, Rekenthaler, Samana, Morningstar Organizations: CNBC, Wealth Management, Morningstar, Securities, Wells, Wells Fargo Investment Institute, ExxonMobil, Shell Locations: Wells Fargo, U.S, Samana

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). I decided to plan a last-minute vacation, and to make it affordable, I'm using credit card rewards points. It was cheaper to book hotels through third-party sites, but I'm using points to get cash back. Cover travel purchases that I couldn't redeem points forSome travel reward credit cards have their own portal where you can book hotel stays using your credit card points. Since I wanted to use points instead of cash, I found that after I booked the hotel stays using my credit card, I was able to cover purchases using my credit card points.

Persons: I've, Read Organizations: Service, LA Dodgers Locations: Wall, Silicon, California

☆ ExxonMobil earnings fell on sinking oil prices
▼ + stars: | 2023-07-28 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —ExxonMobil’s profit fell sharply in the second quarter on lower oil and natural gas prices, leaving earnings below Wall Street forecasts. The good news for ExxonMobil and bad news for drivers is that oil and gas prices have been climbing recently. This time oil and gas prices were down by a far more modest amount. Oil prices soared and gas prices hit record levels in the second quarter a year ago in the wake of Russia’s invasion of Ukraine. The situation was similar at Chevron, which reported adjusted earnings of $5.8 billion, or $3.08 a share, on Friday.

Persons: Refinitiv Organizations: New, New York CNN, Revenue, ExxonMobil, AAA, Chevron Locations: New York, Ukraine, Saudi Arabia, Russia

☆ Shell and TotalEnergies profits cut in half by lower oil prices
▼ + stars: | 2023-07-27 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

Shell, Europe’s largest oil company by revenue, reported adjusted earnings of $5.1 billion during the April-to-June period — less than half the $11.5 billion it reported a year ago. The result was also driven by lower production volumes and lower margins in its oil refining business, Shell said in a statement Thursday. French oil company Total (TOT)Energies posted adjusted net income of $5 billion Thursday, a 49% drop on the same period a year ago. Energy companies enjoyed bumper profits last year off the back of soaring oil and gas prices, and shareholders were rewarded handsomely. In the first half of the year, Shell invested $3.9 billion in oil and natural gas exploration and production.

Persons: Shell, TotalEnergies, “ Shell, Wael Sawan Organizations: London CNN — Shell, Shell, Energy, BP, Chevron, ExxonMobil, TotalEnergies, Energy Solutions, International Energy Agency Locations: Ukraine, London, Europe, Sawan, North America

☆ Gasoline prices are spiking. That’s a problem for Powell and the Fed
▼ + stars: | 2023-07-26 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The two-day jump in gasoline prices — the biggest in a year — is combining with a rally in wheat and other agricultural commodities. All told, gas prices have spiked 9 cents in 48 hours. Lower gas prices have been central to progress on slowing price increases. The IMF warned on Tuesday that grain prices could rise by 10% to 15% because of the collapse of the grain deal. Yawger noted that soybean futures have also climbed sharply amid concerns about high heat hurting crops in the United States.

Persons: haven’t, “, ”, Patrick De Haan, unnerve, Jerome Powell, Francisco Blanch, Joe Brusuelas, Brusuelas, Robert Yawger, Yawger, De Haan Organizations: New York CNN, Federal Reserve, AAA, unnerve ’, Bank of America, RSM, IMF, Mizuho Securities, Hurricanes, Nature, ExxonMobil, CNN Locations: Russia, Ukraine, United States, Baton Rouge

As corporate earnings season reaches its peak in the coming weeks, Morgan Stanley advises traders to look for certain stock plays. Morgan Stanley chief equity strategist Mike Wilson said in a Monday note that he expects "performance dispersion to rise" as more companies report their earnings. Wilson recommends investors choose stocks that exhibit high earnings quality, strong free cash flow generation and improving earnings revision. Nonetheless, more than 90% of analysts covering the stock rate it a buy, according to Refinitiv. The company is set to report earnings Tuesday before the bell.

Persons: Morgan Stanley, Mike Wilson, Wilson, Morgan, Morgan Stanley's, Dara Mohsenian, — CNBC's Michael Bloom Organizations: Dow Jones, Microsoft, Chevron, ExxonMobil, Health, UnitedHealth, Humana, Elevance, Dow, Health Care, SDPR Fund, Mobile, General Motors, GM, Colgate, Palmolive, Comcast, CNBC Locations: U.S, NBCUniversal

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