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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExxon CEO: Demand for petroleum still 'very healthy' despite global economic challengesExxon Mobil CEO Darren Woods joins 'Squawk on the Street' to discuss if the U.S. is underestimating oil demand, how to understand petroleum demand better, and if there needs to be a fundamental understanding of how the energy transition will play out.
Persons: Darren Woods Organizations: Exxon, Exxon Mobil Locations: U.S
Len Sirowitz, an award-winning advertising art director whose creative work in the 1960s included memorable print ads for the Volkswagen Beetle — like one declaring, “Ugly is only skin-deep” — and a campaign for Mobil in which a car was dropped off a 10-story building to make a point about the perils of speeding, died on March 4 at his home in Manhattan. His daughter, Laura Sirowitz, confirmed the death. Mr. Sirowitz joined the influential Doyle Dane Bernbach advertising agency, known as DDB, in 1959, at 27, and spent the next 11 years at the firm conceiving the look of ads for numerous accounts with wit and passion. “It was quite early in my career that I began to realize that my message needed to not only be bold and daring, but it must stem from the truth … and touch people’s emotions,” he told Dave Dye, who runs the advertising blog From the Loft, in 2015.
Persons: Len Sirowitz, Laura Sirowitz, Sirowitz, Doyle Dane Bernbach, , Dave Dye Organizations: Volkswagen, Mobil Locations: Manhattan
The US economy has grown dramatically and powered its stock market in recent decades. "The longer-term rise in the relative size of the US equity market has reflected the dominance of the US economy," strategists wrote. Similarly, the prolonged increase in the US markets' relative total size reflects the dominance of the US economy, according to Goldman Sachs. Goldman SachsThe growth factorThe strength of the American stock market can be traced largely to its high volume of growth names. AdvertisementThe US stock market has more exposure to fast-growing companies than other countries.
Persons: Goldman Sachs, , it's, Peter Oppenheimer, Goldman Organizations: Service, Federal Reserve, Exxon, Mobil, Ford, General Electric, IBM, Novo Nordisk Locations: Switzerland, Denmark, Novo, Danish
Exxon Mobil indicated Wednesday it could make a bid for Hess' oil assets in Guyana if the company's merger agreement with Chevron fails due to a dispute over pre-emption rights. Exxon filed for arbitration at the International Chamber of Commerce in Paris Wednesday morning to adjudicate the dispute with Chevron over Hess' Guyana assets, Exxon senior vice president Neil Chapman said during an interview at a Morgan Stanley event. "We are extremely confident in our position that pre-emption rights exist in this contract, and we fully intend on ensuring that we preserve those pre-emption rights," Chapman said. Chevron entered an agreement in October to purchase Hess for $53 billion, in a play to gain a foothold in Guyana's massive offshore oil assets. The oil major has said Exxon's pre-emption rights under the joint operating agreement do not apply to its pending merger with Hess.
Persons: Hess, Neil Chapman, Morgan Stanley, Chapman Organizations: Exxon Mobil, Chevron, Exxon, International Chamber of Commerce, Hess Locations: Guyana, Paris, Hess
America’s two largest energy companies, Exxon Mobil and Chevron, are jousting over a prized new source of oil in the waters off Guyana, in Latin America. The conflict is creating doubts over Chevron’s bid to acquire Hess Corp. for $53 billion, announced in October. With just 800,000 people, Guyana, long one of Latin America’s poorest countries, is now being compared to Qatar, the natural gas-rich Persian Gulf emirate. Exxon has raised concerns over Chevron’s effort to gain entry to this petroleum bonanza through a proposed purchase of Hess’s 30 percent stake in Stabroek. Exxon owns 45 percent of Stabroek and is the operator or manager of the area.
Organizations: Exxon Mobil, Chevron, Hess Corp, Exxon Locations: Guyana, Latin America, Qatar, Stabroek
Norwegian Cruise Line — The cruise ship operator soared 18% on strong forward guidance. Unity expects adjusted EBITDA to range between $45 million and $50 million, versus the $113 million expected by analysts polled by FactSet. Viking Therapeutics — The clinical-stage biotech soared more than 90% after fulfilling primary and secondary endpoints in its Phase 2 GLP-1 study. Earnings came in at $1.57 per share, beating expectations of $1.47 per share, according to LSEG, formerly known as Refinitiv. Revenue of $1.92 billion matched analysts' expectations.
Persons: Viking, LSEG, Cava, Wells, Duolingo, CarGurus, — AutoZone, Microstrategy, , Sarah Min, Michelle Fox, Alex Harring, Jesse Pound, Yun Li Organizations: Cruise, Unity Software, FactSet, Therapeutics, Hess Corporation, Chevron, Exxon Mobil, China's, Offshore Oil Corp, Hess, Bank of America Securities, Seaport Research Partners, CleanSpark Locations: Cava
Hess Corp shares fell Tuesday after Chevron warned investors that a dispute with Exxon Mobil and China's National Offshore Oil Corp. (Cnooc) over Guyana's offshore oil assets could jeopardize its bid to acquire the company. Chevron said Exxon and Cnooc's claims could delay or completely derail its acquisition of Hess. Chevron said in the filing that it does not believe the joint operating agreement applies to its acquisition of Hess. Neal Dingmann, an analyst at Truist, told CNBC's "Squawk Box" on Tuesday that it is unlikely Exxon and Cnooc will scoop up Hess' Guyana assets. The dispute with Exxon and Cnooc is the latest hurdle that Chevron's bid to acquire Hess faces.
Persons: Hess, , Exxon, Neal Dingmann, CNBC's, Dingmann Organizations: Hess Corp, Chevron, Exxon Mobil, China's, Offshore Oil Corp, Exxon, Cnooc, Federal Trade Commission Locations: Guyana
For certain social media influencers, brand-sponsored trips are just part of the job. If they’re lucky, they may find themselves admiring the Instagrammably blue waters of the Greek islands, or perhaps the pink sunsets of Bali. But what about endless ocean views from the metal decks of an offshore oil rig? “So, I need to, like, know by tonight, but I got invited on this brand trip,” a young woman told her boyfriend over the phone last week. “It’s with Exxon Mobil.”A new prank on TikTok has prompted dozens of influencers to call their loved ones and tell them some version of the same story: that they have been invited on a brand trip to an oil rig off the coast of Texas, paid for by Exxon Mobil.
Persons: , TikTok, “ That’s, Organizations: Exxon Mobil Locations: Bali, , Texas
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCroft: Guyana has been a big driver of supply in the oil market, and is hugely important to ExxonRBC Capital's Helima Croft discusses the global importance of a giant oil block in Guyana, that's prompting a corporate dispute between Chevron and Exxon Mobil, and stoking geopolitical tensions.
Persons: Helima Croft Organizations: Exxon RBC, Chevron, Exxon Mobil Locations: Croft, Guyana
If history is any guide, Walgreens Boots Alliance may fare better after getting tossed from the Dow Jones Industrial Average . In fact, data shows that betting on a stock that's leaving the Dow is often a better trade for investors than buying shares of a stock that's entering the 127-year-old average. What history shows Alcoa was the best-performing stock among the last 10 outgoing Dow members. For example, Honeywell International surged more than 40% one year after joining the Dow, while UnitedHealth rallied nearly 28%. General Electric , the last of the original 12 Dow stocks, plunged about 58% one year after leaving the average in 2018.
Persons: bode, Ned Davis, Goldman Sachs, , Amgen —, UnitedHealth, DuPont de Nemours, Fred Imbert Organizations: Walgreens Boots, Dow Jones, Walgreens, Dow, General Electric, WBA, CNBC Pro, Ned Davis Research, NDR, Alcoa, HP, Bank of America, Nike, Visa, RTX Corporation, Exxon Mobil, Pfizer, Apple, Honeywell International, DuPont de Locations: U.S
Investors can still find discounts even as stocks climb to fresh all-time highs . Both the S & P 500 and the Dow Jones Industrial Average reach new records on Friday, surpassing previous highs notched just a day earlier. The stock has about 12% over the past month and nearly 11% from the start of the year. American Airlines stock currently trades at a forward price-to-earnings (P/E) multiple of 5.8 overall, slightly lower than the industry average. AAL YTD mountain American Airlines stock.
Persons: Stephen Trent Organizations: Dow Jones, Nvidia, CNBC, Airlines, American Airlines, FactSet, Citi, Exxon Mobil, Wall, Exxon, Resources, General Motors, CVS Health
Both companies later breached $3 trillion in market valuation, but, as of Friday, only Microsoft remains above it, at roughly $3.07 trillion. Apple's market cap stands at around $2.8 trillion. After more than tripling in 2023, Nvidia's stock has soared more than 60% already in 2024. In February alone, Nvidia's market cap has swelled by nearly $500 billion. At that time, Nvidia's market cap stood at $583.5 billion.
Persons: ChatGPT, , Microsoft —, Jim Cramer's, Jim Cramer, Jim, Jensen Huang, Tom Williams Organizations: Nvidia, Apple, Microsoft, Exxon Mobil, Google, CNBC, CQ, Inc, Getty Locations: U.S
That might seem steep in a case with no victim calling for redress and no star witness pointing the finger at Mr. Trump. But a little-known 70-year-old law made the punishment possible. The law, often referred to by its shorthand, 63(12), which stems from its place in New York’s rule book, is a regulatory bazooka for the state’s attorney general, Letitia James. In the Trump case, Ms. James accused the former president of inflating his net worth to obtain favorable loans and other financial benefits. Mr. Trump, she argued, defrauded his lenders.
Persons: Donald J, Trump, Letitia James, Martin Shkreli, James Organizations: Exxon Mobil, pharma Locations: New York, New
Diamondback Energy took one of the last major, privately held operators in the Permian off the table this week when it agreed to buy Endeavor Energy Resources for $26 billion. The deal is poised to catapult Diamondback into the top tier in the Permian, the most prolific oil patch in the U.S. that stretches from western Texas into southeastern New Mexico. The top six companies in the Permian are set to own 62% of the basin's remaining oil reserves, according to Rystad Energy. The stubborn holdouts After the Diamondback-Endeavor and Occidental-CrownRock deals, the only other major privately held producers left in the Permian are Continental Resources and Mewbourne Oil. Conoco could potentially seek to acquire Permian Resources , Civitas , Coterra, Vital Energy or Ovintiv , Bernstein said.
Persons: Matthew Bernstein, Bernstein, Hess, Andy Lipow, Neal Dingmann, Mewbourne, Dingmann, Ovintiv, Enerplus, Bob Yawger, Yawger, weren't, Ryan Lance, Lance, Conoco, EOG Organizations: Diamondback Energy, Endeavor Energy Resources, Diamondback, Exxon Mobil, Chevron, Rystad Energy, Truist Securities, CRFA Research, Endeavor, CNBC, Exxon, Natural Resources, Occidental, Lipow Oil Associates, Resources, Mewbourne, Continental, Publicly, Civitas, Coterra, Vital Energy, Devon Energy, Marathon Oil, Bloomberg News, Marathon, Reuters, CFRA, ConocoPhillips, Mizuho Locations: U.S, Texas, New Mexico, Guyana, Devon, Bakken, North Dakota, Occidental, Mizuho Americas, Marathon
Diamondback Energy will attempt to buy rival Endeavor Energy Resources to create an energy giant in the Southwestern United States worth more than $50 billion. A tie-up between Diamondback and Endeavor, if it succeeds, would create a player in the massive Permian Basin oil and gas field that straddles Texas and New Mexico. Photos You Should See View All 22 ImagesEndeavor is the largest private operator in the Permian Basin. Lower oil prices are good for U.S. drivers, as it means they'll pay less at gas pumps. Shareholders of Diamondback Energy Inc. will own about 60.5% of the combined company, while Endeavor’s equity holders would own approximately 39.5%.
Persons: Hess, Diamondback, Travis Stice, ” Stifel's Derrick Whitfield, ” Stice Organizations: Diamondback Energy, Endeavor Energy Resources, Southwestern United, Exxon Mobil, Mobil, Diamondback, Endeavor, Exxon, Chevron, Drillers, OPEC, U.S, International Energy Agency, Diamondback Energy Inc, Chesapeake Energy, Southwestern Energy, Occidental Locations: Southwestern United States, U.S, Texas, New Mexico, United States, Israel, Midland , Texas
One of Wall Street's favorite employee leverage tactics — non-compete agreements — is facing a major threat, and there could be far-reaching implications for how the financial industry does business. But it's also clear that Wall Street firms are under particular attention for the practice. With major Wall Street firms already having among the most unpopular back-to-work policies in the market, "Wall Street is already in a position where they are recognizing they don't have all the hands they had before," Chamberlin said. Shore recommends Wall Street firms undertake a thorough competitive analysis at every level in every department to ensure they are market competitive. Even if the FTC rule goes through, Wall Street firms still have options to protect their business.
Persons: Charles Scharf, Wells, Brian Thomas Moynihan, Jamie Dimon, JPMorgan Chase, Jane Fraser, Ronald O’Hanley, Robin Vince, BNY Mellon, David Solomon, Goldman Sachs, James Gorman, Morgan Stanley, General Mills, , Wall, it's, Kathy Hochul, that's, Covid, Laurie Chamberlin, Chamberlin, Lina Khan's, Khan, It's, David Fisher, Gilbert, Fisher, Juan A, Crowell, Arteaga, Paul ​ Webster, Matt Shore, Kareem Bakr, Webster, Leslie John, Ballard Spahr, John Organizations: Company, Bank of America, JPMorgan, Citigroup, BNY, Google, Apple, Pfizer, Exxon Mobil, General Electric, Procter, Gamble, Nike, Economic, Institute, Federal Trade Commission, North America, American College of Emergency Physicians, Davis, FTC, Supreme, Industry, Moring, Wall, Phaidon International, Wall Street Locations: Wells Fargo, Hart, Washington ,, New York, . California, U.S, Gilbert . Massachusetts, Oregon, Washington, Massachusetts
London-based BP reported its underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, down from $3.3 billion in the previous quarter. It brought in $13.8 billion for all of last year, a huge drop from the $27.7 billion it earned in 2022, when Russia's war in Ukraine sent oil and natural gas prices surging. Energy prices have since fallen as a weak global economy holds back demand for fossil fuels to power cars, planes, factories and more. Despite the drop in annual earnings, BP kept its dividend steady and said it would buy back $1.75 billion in shares as well as commit to $3.5 billion in additional share buybacks for first half of this year. It's a pressure that the energy industry is facing, with companies like BP and Shell pledging to reach net zero emissions by 2050.
Persons: Murray Auchincloss, , Auchincloss, Bernard Looney, Looney, Joseph Evans, ” Richard Hunter Organizations: , BP, Shell, Exxon Mobil, Institute for Public Policy Research, Locations: Ukraine, London, Spain, Portugal
Still, it posted a healthy adjusted profit and the company raised its quarterly dividend. Exxon earned $7.63 billion, or $1.91 per share, for the quarter. Chevron also reported its financial results Friday, posting a fourth-quarter adjusted profit of $3.45 per share on revenue of $47.18 billion. Wall Street was calling for a profit of $3.29 per share on revenue of $52.59 billion. On Thursday, Shell plc reported an adjusted profit of $2.22 for the fourth quarter, with revenue totaling $80.13 billion.
Persons: Chevron, Organizations: Exxon Mobil's, Revenue, Zacks Investment Research, Exxon, Denbury Resources, Natural Resources, Federal Trade Commission, Hess Corp, Chevron, Shell plc, Analysts, Hamas, U.S Energy Information Administration Locations: California, , Texas, premarket, San Ramon , California, Saudi Arabia, Russia, Israel
Amazon — The e-commerce giant popped nearly 7% a day after posting an earnings and revenue beat . Revenue came in at $1.56 billion, topping the consensus estimate of $1.45 billion. The company reported $2.48 earnings per share, while analysts polled by LSEG had expected $2.21 per share. Analysts polled by LSEG expected guidance of $8.9 billion in revenue and earnings of $4.18 per share this year. Cinga also raised its full-year revenue outlook to at least $235 billion, topping the consensus estimate of $228.65 billion, per StreetAccount.
Persons: Amazon's, LSEG, Skechers, , Clorox, Cigna, Cinga, Mattel, Hakyung Kim, Sarah Min, Jesse Pound Organizations: LSEG, Revenue, Myers, Chevron, LSEG . Revenue, Exxon Mobil —, Apple —, Apple, Technology, Journal, Barington, Mattel, Citi, Sea Limited Locations: Bristol, China
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 1, 2024. Here's how big of a surprise corporate profits have been this earnings season: the fourth-quarter is now shaping up to be the best of 2023. Despite ongoing macroeconomic concerns that have hampered demand and weighed on consumer sentiment, almost halfway into earnings season, profits are clearly coming in far better than anybody expected. Helping companies' bottom lines this round: easing input costs; more emphasis on cost controls and efficiencies; and significantly reduced expectations. LSEG, formerly Refinitiv, is now seeing a nearly 8% rise in earnings growth this season.
Organizations: New York Stock Exchange, Apple, Chevron, Exxon Mobil, Merck, Bristol, Myers Squibb, Energy, Tech Locations: New York City, U.S
Oil Giants Pump Their Way to Bumper Profits
  + stars: | 2024-02-02 | by ( Stanley Reed | ) www.nytimes.com   time to read: +1 min
The companies’ earnings were down from the bonanza year of 2022, when a surge in prices pushed up profits, but were otherwise the strongest in recent history. Exxon earned $7.6 billion in the fourth quarter of 2023, a 40 percent fall from the same period in 2022. For all of 2023, the company reported $36 billion in earnings, compared with $55.7 billion in 2022. Chevron reported earnings of $2.3 billion in the fourth quarter, down from $6.3 billion a year earlier. For the year, the company made $21.4 billion, down from $35.4 billion in 2022 but, like Exxon, otherwise its biggest annual profit in a decade.
Organizations: Exxon Mobil, Chevron, Exxon Locations: California
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExxon Mobil CEO Darren Woods on Q4 earnings: Another step in improving the business and companyExxon Mobil chairman and CEO Darren Woods joins 'Squawk Box' to discuss the company's quarterly earnings results, which reported an earnings beat but falling short on revenue expectations, impact of Guyana-Venezuela dispute, and more.
Persons: Darren Woods Organizations: Exxon Mobil Locations: Guyana, Venezuela
Exxon Mobil reported quarterly earnings that beat Wall Street's expectations, but the company's profit declined significantly from same period the year prior as oil prices weakened. The company returned $32.4 billion to shareholders in 2023 through $14.9 billion in dividends and $17.4 billion in share buybacks. Excluding those charges, Exxon earned $2.48 per share, beating Wall Street's expectations of $2.21 per share. Exxon's profits from its oil and gas segment declined to $4.1 billion in the quarter, down 49% compared to the $8.2 billion reported in the year ago period. Exxon produced 3.73 million oil equivalent barrels per day in 2023, largely flat compared to the year prior.
Persons: Brent Organizations: Exxon Mobil, Exxon, LSEG, West Texas Intermediate, Natural Resources Locations: Washington , DC, California, U.S, Guyana
British oil giant Shell on Thursday beat expectations for full-year profit, announcing a 4% increase to its dividend and a $3.5 billion share buyback program. Shell reported adjusted earnings of $28.25 billion for the full-year 2023, a 29% drop compared to its highest-ever annual profit of $39.9 billion the year prior. Analysts had expected Shell's full-year 2023 net profit to come in at $27.5 billion, according to an LSEG-compiled consensus. Shell announced a 4% increase in dividend per share for the fourth quarter and said a share buyback program of $3.5 billion will be carried out over the next three months. The firm added it had now completed another $3.5 billion of share buybacks announced in November last year.
Persons: Shell, Wael Sawan, Sawan, Brent Organizations: Shell, Brent, U.S, West Texas Intermediate, Exxon Mobil, Chevron, BP Locations: Nakuru, Kenya, British, London, Singapore
On the other hand, Dow Jones Industrial Average futures hovered near the flatline. The Dow Jones Industrial Average added 0.97%, while the S&P 500 and Nasdaq Composite respectively gained 1.25% and 1.3%. The action follows a Wednesday sell-off that started after Federal Reserve chair Jerome Powell indicated that a rate cut at the March meeting was unlikely. Economists polled by Dow Jones are calling for payrolls to have grown by 185,000 positions, and for the unemployment rate to inch higher to 3.8%. That compares to December's blowout of 216,000 positions added and an unemployment rate of 3.7%.
Persons: Jerome Powell, Art Hogan, It's, it's, Hogan, Dow Jones Organizations: New York Stock Exchange, Nasdaq, Dow Jones Industrial, Meta, Facebook, Amazon, Apple, Dow Jones, Federal, Riley Wealth Management, CNBC, Chevron, Exxon Mobil, Myers Squibb Locations: China, mull, Bristol, Cigna
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