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☆ Mexico Pacific to sell LNG from Sonora export plant to Exxon Mobil
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Mexico Pacific said on Tuesday that a unit of Exxon Mobil Corp (XOM.N) had agreed to buy liquefied natural gas from the Mexican company's proposed Saguaro Energia LNG export plant in Sonora state. Mexico Pacific also said ExxonMobil has an option for 1 MTPA from Train 3 at the plant. One MTPA of LNG is about the same as 0.13 billion cubic feet per day of natural gas. The proposed three-train Saguaro Energia LNG facility is designed to produce about 14.1 MTPA of LNG from natural gas sourced from the Permian Basin in Texas and New Mexico. "We look forward to working with Mexico Pacific to continue growing ExxonMobil's LNG portfolio and deliver Permian natural gas to global markets," said Peter Clarke, senior vice president of LNG for ExxonMobil Upstream Co.

☆ Market veteran is still bullish on tech despite earnings upset, and reveals his other top picks
▼ + stars: | 2023-02-07 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

Last week was a big one for tech earnings, but it ended on a whimper as a series of disappointments left market watchers questioning the strength of the tech rally. But market veteran Kenny Polcari, chief market strategist at SlateStone Wealth, is still bullish on Big Tech. "We added Big Tech on weakness, like Apple and Amazon, these stocks are getting arbitrarily dislocated. So, I do think there's [an] opportunity for sure, but I don't think you can go all in on Big Tech just yet," he said. STPN – 'Stuff that people need' But tech isn't Polcari's only way to play the market.

☆ Biden's stock buyback tax isn't working. In State of the Union, he's asking Congress for more
▼ + stars: | 2023-02-07 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +14 min

In September 2021, Sen. Sherrod Brown (D-Ohio) and Sen. Ron Wyden (D-Oregon) proposed that stock buybacks should be taxed at 2%. Lazonick, who thought any minor buyback tax would be ineffective, says he has been proven correct. If a higher buyback tax is enacted, he is betting it will not have the outcomes that Democrats envision. While it's hard to see a higher tax getting passed in the current Congress, it does make sense for Biden to state his desire for 4%. Changing a buyback tax, though, might first prove harder.

☆ Watch CNBC's full interview with Engine No. 1 CEO Jennifer Grancio
▼ + stars: | 2023-02-06 | 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 EmailWatch CNBC's full interview with Engine No. 1 CEO Jennifer GrancioJennifer Grancio, Engine No. 1 CEO, joins 'Squawk on the Street' to discuss her thoughts on ExxonMobil and redefining ESG at the Worlds largest ETF conference, with CNBC's Bob Pisani.

☆ Goldman Sachs says these stocks have major upside following earnings
▼ + stars: | 2023-02-04 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Goldman Sachs analysts said this week there is a slate of stocks coming out of earnings that are just too attractive to ignore. CNBC Pro combed through Goldman Sachs' research to find the firm's top ideas for companies exiting quarterly reports. They include Tractor Supply, Charter Communications , Exxon Mobil , General Motors and Caterpillar. Tractor Supply The farm supply retailer continues to impress, according to Goldman analyst Kate McShane. The firm came away even more positive on the name after Tractor Supply's robust late January earnings report.

☆ ExxonMobil, Chevron's big cash shows cheap gas isn’t coming back
▼ + stars: | 2023-02-01 | by ( Tim Mullaney | ) www.cnbc.com time to read: +6 min

Big oil sees political pushback on buybacksFuel prices at a Chevron gas station in Menlo Park, California, on Thursday, June 9, 2022. In the market, and at the oil companies headquarters, it seems the opinions issued from the White House aren't much of a factor in setting financial priorities. The benchmark now is to spend roughly a third of operating cash flow on capital investment, a third on dividends and a third on stock buybacks. Exxon made $76.8 billion in operating cash flow, invested $18 billion back into the business, spent $14.9 billion on dividends and $15.2 billion in stock purchases, according to its cash flow statement. Oil production is increasing

☆ Here's what the stock market is facing down this week, from Fed moves to earnings that will set the tone for the rest of 2023
▼ + stars: | 2023-01-31 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

This is a make-or-break week for the stock market. Not only that, but a slate of mega-cap earnings from Apple, Amazon, and Alphabet are also due later this week. Any negative surprises could derail the January rally, Stockton said, and negate much of the recent recovery from 2022's vicious bear market. "We believe the rally rests on the shoulders of heavyweights Apple, Amazon, and Alphabet, which are showing softness today as the market anticipates their earnings," Stockton wrote. Better-than-expected earnings and the potential for a Fed pivot have fueled a sharp rebound in the stock.

☆ ExxonMobil earnings more than double to annual record
▼ + stars: | 2023-01-31 | by ( Chris Isidore | ) edition.cnn.com time to read: 1 min

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☆ Why the case is growing for a Federal Reserve interest rate cut before year end
▼ + stars: | 2023-01-31 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +11 min

The Fed will get to 5%, but quickly start to retreat so that the year-end rate is going to be 4.6%, according to the Fed Survey. The Fed interest rate policy path is pretty clear for the next few months of Federal Reserve FOMC meetings. Fear of recession dipped in the latest Fed Survey, but it's still elevated, with 51% of respondents expecting a recession. The Fed Survey doesn't have a positive outlook on growth for 2023, but isn't forecasting negative growth either. But one consumer CFO did say that the way price increases are "pushed through" is becoming more strategic as opposed to across-the-board.

☆ RBC: The upside case on Chevron could be the base case depending on the speed of the buyback program
▼ + stars: | 2023-01-27 | 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 EmailRBC: The upside case on Chevron could be the base case depending on the speed of the buyback programBiraj Borkhataria, head of European energy research at RBC Capital Markets, says oil companies like Chevron and ExxonMobil are doing what shareholders are asking them to: be disciplined, don't chase high prices and stick to their plan.

☆ Chevron is catching heat for tripling its stock buyback to $75 billion as soaring energy prices led to record profits
▼ + stars: | 2023-01-26 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Chevron wowed investors with a massive $75 billion stock buyback on Wednesday. The stock buyback program has no expiration date and is triple the company's prior share repurchase program of $25 billion. Surging oil prices in 2022 helped fuel record profits for Chevron, and the company expects those profits to continue to flow in 2023. But Chevron is working to increase its oil production in 2023. The capital discipline employed by Chevron is also being employed by ExxonMobil, which increased its stock buyback program to $50 billion last month.

[1/6] French energy workers on strike gather with dockers near tyres set on fire as they protest against French government's pension reform plan, in the port of Saint-Nazaire, France, January 26, 2023. An Elabe poll for BFM showed 72% of the French are against the pension reform. "Oil workers are against this (pension) reform but they don't want to be on the front line," said a CGT union representative for Exxonmobil. A spokesperson for Esso, whose two French refinery sites are run by ExxonMobil (XOM.N), said only truck loading operations were suspended at Fos, with everything else operating normally. A union representative added that production at the Port Jerome site was slightly impacted.

The NYSE, which is owned by Intercontinental Exchange Inc (ICE.N), said a "system issue" prevented the opening auctions in a subset of its listed securities. The stocks began trading without an opening print, causing erroneous prices that the exchange said will be declared null and void. NYSE ended the day with a normal market close and expected a regular open on Wednesday, Blaugrund added. The NYSE-listed stocks trade on all 16 U.S. stock exchanges, which use the NYSE's prices. In March 2018, the NYSE was the first exchange fined under Reg SCI.

The NYSE, which is owned by Intercontinental Exchange Inc (ICE.N), said it was still investigating and that traders may want to consider filing for erroneous trade claims. "Obviously, there were a lot of stocks that had major issues," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. Saluzzi said there was "zero failure tolerance" among traders for glitches at the key open and close of trading. The NYSE-listed stocks trade on all 16 U.S. stock exchanges, which use the NYSE's prices. In March 2018, the NYSE was the first exchange fined under Reg SCI.

☆ I was a career coach on the side for years before quitting my 6-figure consulting job to do it full time. Here are 3 steps I took to make the transition.
▼ + stars: | 2023-01-23 | by ( Yanet Borrego | ) www.businessinsider.com time to read: +8 min

Yanet Borrego is a full-time career coach who used to work as an engineer at ExxonMobil. To make the transition, she reinvented herself and developed coaching skills on the job. These are the three steps that prepared me for the transition from corporate work to full-time entrepreneurship. To leverage my full-time job at the time, I looked within ExxonMobil for opportunities to further develop those skills. My desire to create an impact and fulfill my purpose as a full-time career coach was greater than the security offered by my corporate job.

☆ Toshiba buyout heralds a big step back for Japan
▼ + stars: | 2023-01-20 | by ( Una Galani | ) www.reuters.com time to read: +7 min

MUMBAI, Jan 20 (Reuters Breakingviews) - The end of a long battle to wring some value from Toshiba (6502.T) is finally within reach. Such an outcome won’t encourage private equity firms, and big policy shifts underway may stifle the industry just as it hits a new high. Instead, after an accounting scandal in 2015, Toshiba came to epitomise Japan Inc’s pervasive value destruction. Japan typically outperforms private equity deals in other developed markets, partly because existing incentive structures for company bosses are so poor. The country’s private equity industry is only just finding its feet.

☆ Redburn downgrades ExxonMobil to sell from neutral
▼ + stars: | 2023-01-18 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRedburn downgrades ExxonMobil to sell from neutralThe "Halftime Report" traders debate the biggest analyst calls of the day.

☆ UN chief slams fossil fuel industry expansion in Davos speech
▼ + stars: | 2023-01-18 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +3 min

Guterres pointed blame squarely at the fossil fuel industry when addressing the Davos crowd, composed of billionaires, politicians and business leaders, including dozes of high level executives from the world’s biggest oil and gas companies. And like the tobacco industry, those responsible must be held to account,” Guterres told the conference. A new report published on Tuesday by the campaign group Reclaim Finance revealed that dozens of banks and financial institutions with net zero pledges are still pouring money into fossil fuels. Since signing, however, it found members have invested hundreds of billions into fossil fuels. Guterres called on companies to “put forward credible and transparent transition plans on how to achieve net zero,” by the end of 2023.

☆ Thursday's strike will not disrupt refineries if shortlived -Total CEO
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

"We don't stop the refineries for one day", Pouyanne said, "we put them at a minimum which keeps them functioning", adding "strikers can decide to block shipments which can prevent the trucks from rolling." Operations at refineries could only be disrupted if the strike lasts several days, he said. A union representative earlier said no oil will be shipped from the TotalEnergies' refinery in Dunkirk, northern France, on Thursday. "We have plans in place to maximize our fuels supply to mitigate any potential impacts on our customers," a spokesperson from Esso said. Reporting by Forrest Crellin, editing by Tassilo Hummel and Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

☆ ExxonMobil's secret projections of the climate crisis were astonishingly accurate, and a legal expert says that's 'a stick of dynamite' for the oil giant's court battles
▼ + stars: | 2023-01-12 | by ( Morgan Mcfall-Johnsen | Paola Rosa-Aquino | ) www.businessinsider.com time to read: +8 min

ExxonMobil scientists knew about the coming climate crisis in precise detail, a Harvard study found. The analysis is "dynamite" for an array of lawsuits against ExxonMobil, legal experts told Insider. A growing wave of 'unassailable' evidence suggests Exxon lied about what it knewDespite having accurate predictions about global warming, the oil giant denied it would happen. That's exactly the track global warming is on right now. Those "stranded assets" are now a real possibility, due to global climate goals outlined in the Paris Agreement.

☆ ExxonMobil sells Esso Thailand stake for $603 million
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

BANGKOK, Jan 12 (Reuters) - ExxonMobil (XOM.N) has agreed to sell its two-thirds stake in Esso Thailand (ESSO.BK) to Thai energy firm Bangchak Corporation (BCP.BK), the companies said in separate statements, in a deal that values the shares at 20.1 billion baht ($603 million). ExxonMobil said it would "continue to supply the Thailand market with branded finished lubricants and chemical products through a new company to be formed." Bangchak said it would initially acquire ExxonMobil's 65.99% of Esso Thailand and then launch a tender offer for remaining shares, held mainly by institutional funds. Bangchak said it would purchase 2,283,750,000 shares of Esso Thailand (ESSO.BK) at an indicative price of 8.84 baht per share. "This investment is a step towards greater energy security, balancing our long-term strategy," said Bangchak chief executive Chaiwat Kovavisarach.

☆ Exxon accurately predicted global warming from 1970s but still cast doubt on climate science, new report finds
▼ + stars: | 2023-01-12 | by ( Laura Paddison | ) edition.cnn.com time to read: +7 min

CNN —ExxonMobil’s own scientists accurately predicted future global warming in reports dating back to the late 1970s and early 1980s, despite the company publicly continuing for years to cast doubt on climate science and lobby against climate action, according to a new analysis. They found the company’s science was not only good enough to predict long term temperature rise, but also accurately predicted when human-caused climate change would become discernible, according to the report published Thursday in the journal Science. Between 63% to 83% of the projections were accurate in predicting subsequent global warming and their projections were also consistent with independent academic models, the report found. Exxon won the case, which alleged the company had misled over climate change. Angela Weiss/AFP/Getty Images“We now have tight, unimpeachable evidence that ExxonMobil accurately predicted global warming years before it turned around and publicly attacked climate science,” Supran said.

☆ Exxon predicted global warming with remarkable accuracy years ago, study shows
▼ + stars: | 2023-01-12 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +4 min

"We now have airtight, unimpeachable evidence that ExxonMobil accurately predicted global warming years before it turned around and publicly attacked climate science and scientists. Our findings show that ExxonMobil's public denial of climate science contradicted its own scientists' data," Supran told CNBC. They were surprised to discover is the extent and accuracy of Exxon's knowledge of climate science. That gave me pause, seeing quantitatively that Exxon didn't just know some climate science, they helped advance it," Supran told CNBC. "They didn't just vaguely know 'something' about global warming decades ago, they knew as much as independent academic and government scientists did.

☆ Economy, energy row and drugs loom at North American summit
▼ + stars: | 2023-01-08 | by ( Dave Graham | ) www.reuters.com time to read: +4 min

"A meeting like this is so that we keep moving forward on economic integration," Lopez Obrador said this week. A combative leftist, Lopez Obrador says his policy is a matter of national sovereignty, on the grounds that past governments skewed the energy market to favor private interests. Trudeau told Reuters on Friday he would make the case that resolving the energy dispute would help bring more foreign investment to Mexico, and was confident of making progress. "As long as Lopez Obrador keeps migrants out of the border area, Biden will be happy." Although Lopez Obrador's government agreed to delay the ban until 2025, the issue would be discussed, he said.

Carbon capture and storage (CCS) technology removes CO2 emissions from the atmosphere and stores them underground. * Smeaheia, a project by Equinor to develop a storage site in the North Sea with a potential to inject up to 20 mtpa from 2027/2028. The project plans to transport CO2 via pipelines to a storage site some 145 km offshore in the southern North Sea. ICELAND* The Coda Terminal will be a cross-border carbon transport and storage hub in Straumsvík, operated by Icelandic carbon storage firm Carbfix. The full capture, transport and storage chain will handle up to 100,000 mtpa of CO2.

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