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Operations were normal at the company's Normandy site in the north, while the Feyzin refinery in the southeast was operating almost normally, the person added. A union official said earlier that the Normandy refinery would be stopped this weekend. At oil major ExxonMobil's (XOM.N) Esso-branded Port Jerome refinery in Normandy, workers have been called to strike from Saturday at 2 p.m. (1300 GMT), a CGT union official said. It was unclear whether Esso's Fos-sur-Mer refinery in the south would be similarly affected. Reporting by Benjamin Mallet, Forrest Crellin and America Hernandez; Editing by Jan Harvey and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Biden administration tells Supreme Court Big Oil climate cases belong in state court
▼ + stars: | 2023-03-17 | by ( Clark Mindock | ) www.reuters.com time to read: +2 min

SummarySummary Companies Solicitor general urged SCOTUS to reject Big Oil's appealFive appeals courts have supported state jurisdictionMarch 16 (Reuters) - A lawsuit filed by several Colorado municipalities accusing ExxonMobil Corp and Suncor Energy Inc. of exacerbating climate change belongs in state court where it was filed, the Biden administration told the U.S. Supreme Court on Thursday. The administration urged the justices to reject the oil companies’ petition for review of a February 2022 appeals court's ruling that sent the case back to state court, a venue generally considered more favorable to the municipal plaintiffs. The oil companies have denied the local and state governments' allegations and argued that despite the municipalities only raising state law claims, the cases clearly raise federal questions. The Supreme Court first considered the jurisdiction question in 2021 in case brought by the city of Baltimore. Circuit Court of Appeals to reconsider arguments for removal raised by the oil companies in that case, but didn't weigh in directly on which courts were proper.

☆ ExxonMobil's new facility to increase capacity by 250,000 barrels per day
▼ + stars: | 2023-03-16 | 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 EmailExxonMobil's new facility to increase capacity by 250,000 barrels per dayCNBC's Kayla Tausche joins 'The Exchange' to discuss Exxon's expansion plans, meeting long-term energy demand and building energy resiliency through severe weather events.

☆ French refinery strikes renewed for sixth day
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

PARIS, March 13 (Reuters) - Strikes blocking fuel deliveries from French refineries continued for a sixth day on Monday, after the Senate voted over the weekend to adopt President Emmanuel Macron's unpopular pension reform plan. TotalEnergies' refineries and depots remained blocked, with 41% of the operators on the morning shift joining the strike, a company spokesperson said. ExxonMobil's (XOM.N) subsidiary Esso's Fos refinery in France was also blocked, a CGT union spokesperson said. There was no strike at the Port Jerome site, but that could resume on Wednesday, the union spokesperson said. The Senate voted on Saturday to adopt Macron's pension reform plan, which among other measures raises the retirement age by two years to 64.

☆ Saudi Aramco, the world's largest oil company, announces record profit of over $161 billion for 2022
▼ + stars: | 2023-03-12 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +4 min

Oil and gas giant Saudi Aramco announced a record $161 billion profit for 2022 on Sunday. The record profit comes amid all-time high oil and gas prices after Russia invaded Ukraine. Commonly referred to as Saudi Aramco, the oil and gas giant saw its profits increase nearly 50% from $110 billion in 2021 to a record $161.1 billion for 2022, the company announced Sunday. Other oil companies including ExxonMobil, BP, and Shell also recorded all-time high profits in 2022 as global oil and gas prices reached record highs last year. However, all of those earnings at $55.7 billion, $28 billion, and about $40 billion, respectively, were dwarfed by Aramco's $161 billion.

☆ Saudi oil giant Aramco posts record $161.1 billion profit for 2022
▼ + stars: | 2023-03-12 | by ( Dan Murphy | ) www.cnbc.com time to read: +1 min

Saudi Arabia's state-controlled oil giant Aramco on Sunday reported a record net income of $161.1 billion for 2022 — the largest annual profit ever achieved by an oil and gas company. Aramco said net income increased 46.5 percent over the year, from $110 billion in 2021. Free cash flow also reached a record $148.5 billion in 2022, compared with $107.5 billion in 2021. "Aramco delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world," Aramco CEO Amin Nasser said in a press statement. Oil prices have since pulled back more than 25% year-on-year, with hot inflation and rising interest rates overshadowing a more bullish demand outlook from China.

[1/6] People walk in a street where garbage cans are overflowing, as garbage has not been collected, in Paris, France March 10, 2023. REUTERS/Benoit TessierPARIS, March 10 (Reuters) - Garbage piled up in Paris streets and fuel deliveries were blocked from refineries as workers continued rolling strikes against pension reform but President Emmanuel Macron refused to meet with unions and said the reform must go ahead. But the hardline CGT union at TotalEnergies' Donges refinery said the strike would continue at least until Thursday and garbage collector unions had set no date for a resumption of services. According to an interior ministry note cited by French TV BFM, police expect that 800,000 to one million people will demonstrate. Fuel deliveries were also disrupted at the Fos refinery, operated by ExxonMobil (XOM.N) subsidiary Esso, a CGT spokesperson said.

The EU law would require all new cars sold from 2035 to have zero CO2 emissions, making it effectively impossible to sell new fossil fuel-powered cars. E-fuels, like e-kerosene, e-methane, or e-methanol, are made by synthesizing captured CO2 emissions and hydrogen produced using renewable or CO2-free electricity. Germany and Italy want clearer assurances from the EU that sales of new ICE cars can continue beyond 2035, if they run on CO2-neutral fuels. Most major carmakers are betting on battery-electric vehicles - a technology that is already widely available - as the main route to cut CO2 emissions from passenger cars. Supporters say e-fuels offer a route to cut the CO2 emissions of our existing passenger car fleet, without replacing every vehicle with an electric one.

☆ Growth stock vs. value stock? It's all in the eye of the beholder
▼ + stars: | 2023-03-06 | by ( Bob Pisani | ) www.cnbc.com time to read: +9 min

Most investors would say it's a growth stock, because it has the traditional characteristics of a growth stock: earnings are growing. But Microsoft is now being classified as partly a growth stock by Standard & Poors, and partly a value stock. S&P growth and value criteria: It's not that simpleThe S&P rebalances its growth and value indexes every year at the end of December. Growth ETFs in 2023 (year to date)Vanguard Growth (VUG) up 11.30%iShares S&P Growth ETF (IVW) up 5.6%iShares Russell 1000 Growth (IVW) up 9.2%However, these are unusually large discrepancies, Ullal said. But 30 years ago, issues like what is a value stock and what is a growth stock were largely determined by specialized stock pickers who set up mutual funds and hedge funds to attract investors.

☆ ExxonMobil is accused of failing to protect workers after 5 nooses were found at its Louisiana chemical plant
▼ + stars: | 2023-03-03 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +4 min

ExxonMobil didn't protect workers from racial discrimination, a federal agency says in a new suit. Five nooses were found at a Louisiana Exxon plant, the EEOC says in the lawsuit. While the contractors were banned, the suit claims that ExxonMobil did not take other measures like counseling or policy changes. A supervisor removed the noose, but didn't notify human resources, and no investigation took place, the suit claims. McGhee reported the noose to his supervisor, and another investigation was unable to identify who installed the noose, the suit said.

☆ Oil companies made $200 billion in profits in 2022.
▼ + stars: | 2023-03-03 | by ( Robert Ferris | Alex Wood | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil companies made $200 billion in profits in 2022. Here's howOil companies such as ExxonMobil, Shell, Chevron, TotalEnergies and BP pulled in record profits in 2022, as the price of crude oil skyrocketed. But those record profits spurred backlash from politicians and others alike. President Joe Biden called it "a windfall of Russia's invasion of Ukraine" and criticized the industry for not investing enough in domestic production. Company executives on the other hand say that Biden's message conflicts with his call to push for greener alternatives.

☆ This growth ETF is leaving one of its top competitors in the dust. Here's how they differ
▼ + stars: | 2023-03-02 | by ( Jesse Pound | ) www.cnbc.com time to read: +4 min

The Vanguard Growth ETF (VUG) has blown past one of its closest competitor from iShares, the S & P 500 Growth ETF (IVW) . The Vanguard fund has a total return of 7.96% this year, while the iShares fund has returned just 3.15%, according to FactSet. The Vanguard funds track the growth indexes from CRSP, while iShares S & P 500 follows products from S & P Dow Jones. Since IT has done well this year and energy has not, ETFs tracking S & P indices have underperformed growth ETFs tracking other indices," Ullal wrote. Meanwhile, the iShares S & P fund has more than a 4% combined weighting in ExxonMobil and Chevron .

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☆ ExxonMobil sued after a Black employee allegedly discovered a noose at work. It was the fifth at the same facility
▼ + stars: | 2023-03-02 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

The EEOC alleges that in January 2020, a Black employee at Exxon (XOM)Mobil’s Baton Rouge chemical plant found a noose at his worksite and reported it to the company. The company failed to investigate each event and didn’t do enough to prevent further incidents, the EEOC alleges. Todd Spitler, a spokesperson for ExxonMobil, said in a statement that the company disagrees with the EEOC’s findings. “ExxonMobil promptly performed a thorough investigation of this claim, and there was no evidence to support allegations of discrimination,” he said. “The symbols of hate are unacceptable, offensive, and in violation of our corporate policies.”In 2021, multiple nooses were discovered at the construction site of an Amazon fulfillment center in Windsor, Connecticut.

☆ Critical for Kazakhstan to pursue oil export options outside of Russia, investor says
▼ + stars: | 2023-03-01 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Kazakhstan's ability to diversify its seaborne crude oil export routes away from Russian territory is critical to the country's economy, the developer of an alternative port told CNBC. Once complete, the port could provide an alternative to Kazakhstan's main seaborne crude oil export route, which currently transports volumes across Russian territory via the 1,511-kilometer (939-mile) Caspian Pipeline Corporation's pipeline, for later shipment from the CPC terminal near Russian port Novorossiysk. Exports from the CPC terminal were intermittently disrupted in 2022, with Russia citing technical and regulatory issues. "Approximately 95% of oil is going through Russian territory, and we have seen some disturbance last year, and actually … it's quite a threat to the Kazakhstan economy, because we are depending on the oil revenues," Marabayev told CNBC on Wednesday. ExxonMobil's after-tax earnings linked to its Kazakh interests were roughly $2.5 billion in 2022.

☆ ATP roundup: Jiri Lehecka upsets Doha top seed Andrey Rublev
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

1 seed Andrey Rublev 4-6, 6-4, 6-3 in the quarterfinals of the Qatar ExxonMobil Open on Thursday in Doha. Lehecka will face Great Britain's Andy Murray in the semifinals after Murray rallied past French qualifier Alexandre Muller 4-6, 6-1, 6-2. 7 seed Alejandro Davidovich Fokina 6-4, 7-6 (5) on Thursday while Medvedev battled past Christopher O'Connell of Australia 6-2, 4-6, 7-5. 1 seed Hubert Hurkacz of Poland dropped his first set before rallying past Switzerland's Leandro Riedi 4-6, 6-3, 6-2 in second-round action at Marseille, France. Third seed Alex de Minaur of Australia beat Swiss qualifier Alexander Ritschard 6-3, 6-3, while fourth seed Grigor Dimitrov of Bulgaria was a 6-3, 6-2 winner over Dutch qualifier Gijs Brouwer.

☆ ATP roundup: Andrey Rublev escapes for win in Doha
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

February 23 - Top-seeded Andrey Rublev of Russia staved off three match points while rallying for a 1-6, 6-1, 7-6 (6) win over the Netherlands' Tallon Griekspoor in the second round of the Qatar ExxonMobil Open on Wednesday in Doha. Rublev knocked off three match points and broke serve. In the decisive tiebreaker, Rublev needed three match points of his own to advance to the quarterfinals. Third-seeded Russian Daniil Medvedev topped British qualifier Liam Broady 6-4, 6-3. In the tournament's final two first-round matches, French wild-card entrant Arthur Fils topped Russia's Roman Safiullin 6-4, 6-3, and Sweden's Mikael Ymer handled Moldova's Radu Albot 6-3, 7-6 (5).

☆ ATP roundup: Daniel Evans falls in Doha
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

February 22 - Finland's Emil Ruusuvuori took down sixth seed Daniel Evans of Great Britain 7-5, 6-4 in their first-round match at the Qatar ExxonMobil Open on Tuesday in Doha. Ruusuvuori fired seven aces and won 29 of 38 first-service points (76.3 percent), holding on for the victory even as Evans saved six of 10 break points and converted both his opportunities to break Ruusuvuori. 7 seed Richard Gasquet of France battled past countryman Laurent Lokoli 7-6 (5), 2-6, 7-6 (5). 556 Alves, who had five aces and saved five of nine break points in his tour-level debut before the suspension. Daniel Elahi Galan of Colombia and Juan Pablo Varillas of Peru were also winners Tuesday before the rain arrived.

☆ A guide to climate buzzwords and what they say about corporate promises
▼ + stars: | 2023-02-19 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +6 min

Thousands of companies with climate goals use confusing jargon like "carbon neutral" and "net zero." Corporate climate pledges are rife with terms like "carbon neutral," "net zero," and "carbon negative," leading to confusion among consumers and investors, among others, about what it all means. Some companies, including ExxonMobil, also have net-zero goals that only cover direct operations. Why 'carbon neutral' can be misleadingThe UN's concerns about carbon offsets are why claims of an organization or product being "carbon neutral" can also be worrisome. "I think there is rightfully some skepticism around climate neutral," Fischweicher said.

If sealed, this would be the second such deal between major LNG exporter Qatar and the world's no.2 LNG buyer, as Beijing looks to beef up gas supply and diversify its sources in a drive to replace coal and cut carbon emissions. CNPC's talks follow a deal announced last November by China's Sinopec, in which QatarEnergy agreed to supply 4 million tonnes of LNG annually for 27 years, the longest duration LNG supply contract ever signed by Qatar. "This is a good move for CNPC, securing additional long term supply from a reliable and well positioned partner. Sinopec said in November the gas purchase agreement was part of an "integrated partnership", which indicated the Chinese firm could be considering acquiring a stake in Qatar's North Field expansion export facility. Chinese customs data showed the country's imports of Qatari LNG surged 75% last year from 2021 to 15.7 million tonnes, making up a quarter of the nation's total imports, while China's total LNG imports shrank nearly 20%.

☆ How to Invest in the S&P 500
▼ + stars: | 2023-02-12 | by ( ) www.wsj.com time to read: +9 min

The S&P 500 index, short for Standard & Poor’s 500 index, is one of the most widely traded and talked about stock indexes in the world. The Largest S&P 500 Index Funds Ticker Symbols Expense Ratio Fund Size Vanguard S&P 500 Index Fund VOO, VFFSX, VFIAX 0.010%-0.040% $792 billion SPDR S&P 500 ETF Trust SPY 0.095% $380 billion Fidelity 500 Index Fund FXAIX 0.015% $374 billion iShares Core S&P 500 ETF IVV 0.030% $307 billion Vanguard Institutional Index Fund VINIX, VIIIX 0.020%-0.035% $238 billion Morningstar DirectS&P 500 mutual funds vs. S&P 500 ETFsAnother thing to consider is whether you want to buy a traditional mutual fund or an exchange-traded fund, which trades like a stock. Equal weight, value or ESG S&P 500 fundsMoreover, if you’re concerned about the heavy weighting of certain sectors in the S&P index you can invest instead in an equal weight S&P 500 index fund or add those shares to your portfolio. Alternatively, you can buy an S&P 500 value fund, which represents stocks that are considered undervalued or an S&P 500 growth fund, which represents the fastest-growing companies in the S&P 500. Another variation on the S&P 500 index theme incorporates ESG (environmental, social and governance) values while maintaining similar overall industry group weights as the S&P 500.

With net profit for the year of $28.7 billion, up from $8.6 billion a year earlier, Equinor joined global oil and gas majors such as ExxonMobil (XOM.N), Shell (SHEL.L) and BP (BP.L) in reporting record returns for 2022. Majority state-owned Equinor (EQNR.OL) became Europe's largest supplier of natural gas last year as Russia's Gazprom (GAZP.MM) cut deliveries over the West's support for Ukraine, sending European gas prices to all-time highs. But gas prices have tumbled in 2023 and Equinor's Oslo-listed stocks have fallen 9% year-to-date, underperforming a 3.3% rise in European petroleum stocks (.SXEP). The board reaffirmed a regular share buyback plan of $1.2 billion per year and said it would make an extraordinary buy back in 2023 of $4.8 billion, for a total of $6 billion. Equinor's previous adjusted earnings record was $36.2 billion in 2008, when North Sea oil prices hit record highs.

☆ Equinor shares soar on record 2022 profit, Q4 beat
▼ + stars: | 2023-02-08 | by ( Nerijus Adomaitis | ) www.reuters.com time to read: +4 min

Net profit for the year was $28.7 billion, up from $8.6 billion a year earlier. The company joined global oil and gas majors such as ExxonMobil (XOM.N), Shell (SHEL.L) and BP (BP.L) in reporting record bottom lines. Equinor's previous adjusted earnings record amounted to $36.2 billion in 2008, when the price of North Sea oil had risen to record highs. Equinor said it expected capital spending for 2023 at between $10 billion and $11 billion, broadly in line with a previous plan. It raised it spending projection for the next three years to $13 billion per year from $12 billion seen before.

☆ Big Oil made $200 billion in profit last year. Shareholders won big, clean energy missed out
▼ + stars: | 2023-02-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

But the flood of cash has not delivered a commensurate boom in renewable energy investments, despite clear evidence that the world needs to move much faster with efforts to address the climate crisis. The record-setting results mark a dramatic turnaround for a sector that suffered brutal losses and slashed shareholder payouts in 2020, when pandemic lockdowns sharply reduced demand for energy and oil prices collapsed. An aerial view of the BP oil refinery in Whiting, Indiana on August 29, 2019. Tannen Maury/EPA-EFE/ShutterstockJust three years ago, BP unveiled a plan to slash oil and gas production by 40% from 2019 levels by 2030. It is also now aiming to cut carbon emissions from its oil and gas production by 20%-30% by 2030, down from the previous goal of 35%-40%.

☆ Equinor posts record profit for 2022, Q4 beats expectation
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ints Kalnins/File PhotoOSLO, Feb 8 (Reuters) - Equinor (EQNR.OL) on Wednesday posted a record $74.9 billion adjusted operating profit for 2022, more than double the previous record thanks to soaring gas prices and with fourth-quarter results beating analyst expectations. The oil and gas producer's adjusted earnings before tax and interest for October-December rose to $15.1 billion from $15 billion a year earlier, beating the $14.4 billion predicted in a poll of 25 analysts compiled by Equinor. The majority state-owned company last year became Europe's largest supplier of natural gas as Russia's Gazprom (GAZP.MM) cut deliveries amid the West's support for Ukraine, sending European gas prices to all-time highs. Equinor's previous adjusted earnings record amounted to $36.2 billion in 2008, when the price of North Sea oil rose to record highs. Gas prices have tumbled in the new year, however, and Equinor's Oslo-listed stocks have fallen 15% year-to-date, underperforming a 1% rise in European petroleum stocks (.SXEP).

After Russia slashed piped supply to Europe following its invasion of Ukraine, gas prices hit new highs and Europe bought record volumes of LNG. Prices for both Europe's benchmark gas and Asian spot LNG hit milestone highs. LONG-TERM DEALS SOUGHTIndustry executives and governments have touted gas as a crucial transition fuel while switching to renewable energy sources, but last year's high prices had kept many buyers priced out. So the need is to have long-term contracts, a good mix of long-term, short-term and medium-term contracts," said Akshay Kumar Singh, CEO of India's Petronet LNG (PLNG.NS). "Long-term contracts and the increase in domestic (gas) production during this crisis have definitely helped our country," he said.

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