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Analysts who follow the industry say ESG funds' performance has been held back, most clearly, by the fact that many sustainable or ESG funds avoid companies that make fossil fuels. The average large-cap stock ESG fund had lost nearly 20% in 2022 through Dec. 21, according to Morningstar. Morningstar energy strategist Stephen Ellis thinks that's unlikely, since "we see the stocks as fairly valued to expensive," particularly in the oil part of the petroleum business. ETF – which emphasizes gambling and alcohol along with pharmaceuticals, without major holdings in oil and gas – is down 18%. ESG fund flows in Europe have held up much better than in the U.S, which Morningstar's Stankiewicz says is because of more pro-ESG regulations.
Mike Morey believe the stock market may retest its 2022 lows during the first half of the year. Despite the market chaos, there were two clear standouts that outperformed the broad market: the energy sector and defensive sectors, both of which fall under his area of expertise. The second fund, the Integrity Mid-North American Resources Fund (ICPAX), focuses on the energy sector. He favors defensive sectors such as healthcare, utilities, staples, and traditional telecommunications sectors, which are found in the IDIVX fund. ICPAX's top 10 holdings are Cheniere Energy, Diamondback Energy, OvintivInc., ExxonMobil Corp., Cactu, Nextier Oilfield., Halliburton, Enbridge, Champion, and Marathon Oil.
The personal consumption expenditures (PCE) price index, the Fed's preferred inflation gauge, rose 0.1% last month after climbing 0.4% in October. On U.S. exchanges 7.75 billion shares changed hands on Friday compared with the 11.41 billion average for the last 20 sessions. Energy shares (.SPNY) stood out as the biggest advancers throughout the session as oil prices gained following news of Moscow's plans to cut crude output. Advancing issues outnumbered declining ones on the NYSE by a 2.06-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers. The S&P 500 posted 2 new 52-week highs and 1 new low; the Nasdaq Composite recorded 49 new highs and 228 new lows.
Tesla's share price has been cut in half and a distracted CEO isn't the only issue. The wider EV market is facing a tough mix of challenges. At the time of writing, its share price sits at $126.31, down 60% since the beginning of the year. Tesla's woes are symptomatic of wider issues plaguing the EV market. Tesla's stock market value slid below ExxonMobil this week for the first time since 2020, falling to $435 billion on Tuesday-compared with the oil and gas company's $439 billion market value, according to the Financial Times.
He foresees the S&P 500 falling another 30% and bottoming within the next three to nine months. Abate shared 11 compelling stocks to buy to mitigate looming recessionary risks. But with the looming threat of a recession, Abate believes that the days of big contrarian trade ideas are now behind us. Especially "idiosyncratic stocks that have kind of already felt the pain of a downturn, so even if a recession happens, their backlogs can get them through recessionary conditions." Two biotechnology names Abate noted as standout idiosyncratic ideas are Biogen (BIIB) and Gilead (GILD).
The new emergency exchange is aimed at addressing “potential supply disruptions” caused by the shutdown of the Keystone Pipeline due to a leak earlier this month, the Energy Department said. Unlike with emergency sales such as the record-setting release of 180 million barrels announced in March, this oil must be returned. “Small but a signal that pledges to refill are credible,” former Obama energy official Jason Bordoff said on Twitter in response to the new steps. Prices are currently in a “very useful” range to begin the process of refilling the SPR, the senior administration official said. Noting that gas prices are now at 15-month lows, the senior administration official said that historic release “helped provide some breathing room for American families at the pump,” the official said.
The Voya Corporate Leaders Trust Fund hasn't actively changed its strategy or holdings since 1935. Nearly a century after its inception, the Voya Corporate Leaders Trust Fund (LEXCX) is still going strong. That's why Client Portfolio Manager Christina Bargeron believes that the Voya Corporate Leaders Trust Fund was an unprecedented investment vehicle at its time — the "first truly passive offering" available to investors. "It's almost like taking a bet on your outlook for Union Pacific and energy," Bargeron explained. But going forward, Voya has no plans at all to change the guidelines for the Corporate Leaders Trust Fund.
Carl Icahn had a textbook strategy for the Nevada-based energy utility Southwest Gas Holdings. In August, Southwest Gas' board decided against a divestiture, and the sale of subsidiaries that Icahn had urged remains uncertain. "Shareholders don't want to hear it, but you really have great difficulty selling a company at a good price today," the widely followed activist investor Icahn told Insider. via CNBCBut, like Icahn in the case of Southwest Gas, participants in this new onslaught may find themselves confounded by an increasingly complex and fraught business environment. According to Lazard, 37% of activist campaigns this year were launched by first-timers, the highest proportion since the company started tracking these figures in 2015.
CNN —Single-use plastic cutlery, plates and other items are set to be banned by the UK government and replaced by biodegradable items as it seeks to tackle the country’s – and the world’s – growing plastic waste problem. The Financial Times reported that the UK Environment Secretary Thérèse Coffey will announce firm plans in the coming weeks. The government said 1.1 billion single-use plates and 4.25 billion items of single-use cutlery are used in England each year, equivalent to 20 plates and 75 pieces of cutlery per person. The European Union banned single-use plastic plates, cutlery, straws, balloon sticks and cotton buds last summer. In the US, California put in place sweeping new restrictions on single-use plastic in June, requiring all single-use packaging and plastic single-use food serviceware be recyclable or compostable by 2032.
Carl Icahn had a textbook strategy for the Nevada-based energy utility Southwest Gas Holdings. In August, Southwest Gas' board decided against a divestiture, and the sale of subsidiaries that Icahn had urged remains uncertain. That means that the sale of companies like Southwest Gas is off the table for the time being — or will get done at prices far lower than before. via CNBCBut, like Icahn in the case of Southwest Gas, participants in this new onslaught may find themselves confounded by an increasingly complex and fraught business environment. According to Lazard, 37% of activist campaigns this year were launched by first-timers, the highest proportion since the company started tracking these figures in 2015.
The move, detailed late Friday, comes as gas producers face fierce criticism over soaring energy prices that have resulted in windfall profits from their Australian operations. The government said it would cap gas prices at A$12 per gigajoule (GJ) and coal prices for power plants at A$125 per tonne for one year in what Prime Minister Anthony Albanese said were "extraordinary measures" to drive down energy bills. It would not apply to gas sales on the spot market, and would remain in place until the regulator advised the government that domestic gas prices were "reflective of the underlying costs of production". "This may be taken as a declaration of war on the gas industry on the east coast," Credit Suisse analyst Saul Kavonic said. The government earlier this year forecast household gas and power prices would rise by 20% to 30% over each of the next two years.
CNN —Big Oil companies have engaged in a “long-running greenwashing campaign” while raking in “record profits at the expense of American consumers,” the Democratic-led House Oversight Committee has found after a year-long investigation into climate disinformation from the fossil fuel industry. The committee found the fossil fuel industry is “posturing on climate issues while avoiding real commitments” to reducing greenhouse gas emissions. Lawmakers said it has sought to portray itself as part of the climate solution, even as internal industry documents reveal how companies have avoided making real commitments. Many of their requests for internal documents were heavily redacted by the companies, which did not specify reasons for withholding the information. “These companies know their climate pledges are inadequate but are prioritizing Big Oil’s record profits over the human costs of climate change,” Maloney said.
[1/2] FILE PHOTO: Larry Fink, Chairman and CEO of BlackRock, arrives at the DealBook Summit in New York City, U.S., November 30, 2022. The major prize Bluebell has so far scored was at Danone, where it helped oust a chief executive. By comparison, the average activist hedge fund was down 14% for 2022 in November, according to Hedge Fund Research data. BlackRock has also not responded to Bluebell's request to shake up its board and review its environmental, social, and corporate governance (ESG) strategy. Even if Bluebell does not win concessions from BlackRock, it has at least bet on a company that has performed well in the past.
The fund has a tiny stake in BlackRock and is calling for the firm to replace Larry Fink as CEO. On one side stands a small, relatively unknown activist hedge fund with a tiny stake in a giant company. 1, the young hedge fund run by a longtime activist investor, and ExxonMobil. Joining a wave of heavy scrutiny of BlackRock and Fink over ESG, Bluebell accused BlackRock of a hypocritical posture toward sustainable investing, according to the letter, which was viewed by Insider. Bloomberg News ran the headline: "Tiny Activist Bluebell Quickly Becomes CEOs' Worst Nightmare."
Dec 6 (Reuters) - Russia's January-November oil and gas condensate rose 2.2% from a year earlier to 488 million tonnes, the Interfax news agency said on Tuesday, citing Deputy Prime Minister Alexander Novak. The Group of Seven nations, Australia and the 27 EU states have also introduced a $60 per barrel price cap on Russian oil. Russia's oil and gas condensate output from January to November averaged 10.91 million barrels per day, according to Reuters calculations. Company sources told Reuters that Russian oil output could fall by 500,000 to 1 million barrels per day early in 2023 after the EU ban. The Kommersant daily citing sources on Tuesday reported Russia's November output averaged 1.486 million tonnes (10.89 million barrels) per day, up 2% from October.
An Insider review of FEC filings shows that the National Association of Manufacturers' PAC reported eight instances of stolen and fraudulent checks and bank transfers, amounting to more than $10,000 in losses. Federal Election CommissionAnother trade association, the National Association of Home Builders, reported three instances of "fraudulent debit" during the 2021-2022 election cycle, amounting to more than $20,000 in lost funds. A filing with the FEC from the PAC of the National Association of Home Builders that details money lost from fraudulent disbursements. Federal Election CommissionThe National Association of Home Builders represents more than 140,000 members who construct close to 80% of all the new homes built in the US, per the association's website. The National Association of Home Builders did not respond to Insider's request for comment.
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."
Pence said he was "disappointed" in Trump for firing Rex Tillerson as secretary of state via tweet. In his new memoir, "So Help Me God," the former vice president lauded Tillerson as a "class act." Trump launched a 2024 presidential run on Tuesday, and Pence is also exploring a White House bid. Whatever differences he had with the president, the secretary of state was a class act." Trump — who on Tuesday announced that he would run for president again in 2024 — replaced Tillerson with Mike Pompeo, a former congressman and ex-CIA director.
"Hill and Knowlton is the main lobbying communications firm for the oil industry," said Duncan Meisel, campaign director at Clean Creatives, a U.S.-based group working to disentangle the PR industry from the fossil fuel sector. "Any PR firm that is actively supporting to promote [a] narrative of continued fossil fuel expansion under any circumstances is a problem," Muffett told CNBC via telephone. watch nowIt comes at a time of growing momentum for calls to end fossil fuel production worldwide. U.N. Secretary-General Antonio Guterres recently called out what he described as the "massive public relations machine raking in billions to shield the fossil fuel industry from scrutiny." "Fossil fuel interests need to spend less time averting a PR disaster — and more time averting a planetary one."
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.
Nov 9 (Reuters) - U.S. manufacturer Chart Industries Inc (GTLS.N) said on Wednesday it would buy UK-based industrial equipment maker Howden for $4.4 billion, in a bet on growing demand for clean energy technology. Chart makes engineering equipment used in liquefied natural gas, hydrogen, biogas and carbon dioxide capture industries, while Scotland-based Howden manufactures fans, steam turbines and other air and gas handling equipment. Atlanta-based Chart will buy Howden from private equity firm KPS Capital Partners through a combination of cash and preferred stock. The company has $3.38 billion of fully committed bridge financing in place from J.P. Morgan and Morgan Stanley. Reporting by Priyamvada C in Bengaluru; Editing by Devika Syamnath and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.
His trip comes as U.S. Treasury Secretary Janet Yellen visits New Delhi this week to hold talks with Indian officials, including possibly on capping Russian oil prices. India has become Russia's largest oil customer after China, as its refiners snap up discounted cargoes shunned by Western buyers. Russia's share of India's oil imports surged to an all-time high of 23% in September, from just about 2% before the invasion. Jaishankar said India needed to boost its exports to Russia to balance bilateral trade that is now tilted towards Russia. Reporting by Shivam Patel in New Delhi, Editing by Louise Heavens and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.
New York CNN Business —Fed decision day is here — and so is some potential bad news for the market. Part of that was thanks to solid corporate earnings: Companies from GM to Coca-Cola reported strong profits and sales for the third quarter. We’ve been here before: This isn’t the first time investors rushed into markets on the belief that there would be a Fed pivot. Investors are seemingly addicted to the highs and lows of any perceived shifts in the Fed’s thinking, leaving markets excessively volatile. What’s more, only 66 companies have gone public so far this year, down more than 80% from a year ago.
New York CNN Business —Economist Larry Summers is pushing back after President Joe Biden floated the possibility of punishing the oil industry for high prices by imposing a windfall profit tax. “I’m not sure [I] understand the argument for a windfall profits tax on energy companies,” Summers said on Twitter Tuesday morning. Oil companies lost billions of dollars — and many went bankrupt — in 2020 when oil prices briefly crashed below zero for the first time ever during the Covid recession. Not surprisingly, the oil industry itself fired back at talk of a windfall profit tax. Raising taxes on the oil industry would discourage investment in new production, the API warned — “the exact opposite of what is needed.”
The president on Monday tweeted: "The oil industry has a choice. But reports of animosity between the White House and America's energy giants are overhyped, says Amos Hochstein, Biden's special presidential coordinator, who liaises closely with energy industry leaders domestically and around the world. Record-breaking oil company profitsSeveral major oil companies have raked in record profits this year as consumers grappled with soaring gas and energy bills. Many in the oil industry argue that a windfall tax is counterproductive and would harm production and investment. We need more investment in oil production and refining, now."
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