Democratic chair issues subpoenas to oil executives
The chairwoman of the House Oversight Committee has issued subpoenas to top executives of ExxonMobil, Chevron and other oil giants, charging that the companies have not turned over documents needed by the committee to investigate allegations that the oil industry concealed evidence about the dangers of global warming.
Oil giants deny spreading disinformation on climate change
Top executives of ExxonMobil and other oil giants have denied spreading disinformation about climate change while sparring with congressional Democrats over allegations that the industry concealed evidence about the dangers of global warming.
Democrats call oil giants to testify on climate campaign
Congressional Democrats are calling top executives at ExxonMobil and other oil giants to testify about what lawmakers say is a long-running, industry-wide campaign to spread disinformation about the role of fossil fuels in causing global warming.
Engine No. 1 gets at least 2 candidates elected to Exxon's board, in win for the activist
Activist firm Engine No. 1 has won at least two board seats at Exxon following a historic battle over the oil giant's board of directors. Ahead of Wednesday's meeting activist firm Engine No. In March the oil giant added two new directors to its board, including ESG investor Jeff Ubben, founder of Inclusive Capital Partners. The battle over Exxon's board comes as the company's stock has recovered from its pandemic lows.cnbc.com
Stocks making the biggest moves midday: Snowflake, Palantir, Vroom and more
Snowflake made $190.5 million in revenue, topping estimates of $178.5 million, according to Refinitiv. Palantir – Shares of Palantir jumped more than 5% after Cathie Wood bought a combined 2.65 million shares of the stock on Wednesday, Ark Invest's daily trading wrap revealed. Wood's purchases included about 2 million shares for her flagship ETF, ARK Innovation, and about 650,000 shares in her ARK Next Generation Internet ETF. Vroom – The used car retail stock dropped 26% on Thursday after the company reported a wider-than-expected loss for its fourth quarter. Analysts surveyed by Refinitiv were expected 45 cents in earnings per share and $750 million in revenue.cnbc.com
Exxon CEO Darren Woods promises investors a strong dividend despite 2020 losses
Exxon CEO Darren Woods emphasized the oil giant's commitment to its dividend after the company lost more than $20 billion in 2020, and as activist investors push for change. "We're going to continue to return cash to shareholders through a very strong dividend," Woods said Thursday on CNBC's "Squawk Box." The cost-cutting measures meant the company continued its payout, although Exxon didn't raise its dividend in a break with tradition. Woods' comments follow Exxon's annual investor day, which was held virtually on Wednesday. In research reports following the investor day, Wall Street firms including Evercore ISI and Bank of America said they believe the dividend is safe.cnbc.com
Exxon shares jump as activist investor Jeff Ubben joins the board of directors
The board changes come after Exxon announced a new director in February, saying it expected "to take further action in the near term." Shaw, which has been pushing Exxon for changes, is expected to support the latest board changes, according to sources familiar with the matter. Earlier this year the company announced plans to invest $3 billion in carbon capture and other emissions-cutting technology. In December then newly formed activist investor group Engine No. 1 announced plans to seek four Exxon board seats.cnbc.com
Wall Street turns positive on Exxon after a brutal year. But some experts warn it could get much worse
Fuel prices are displayed at an Exxon Mobil Corp. gas station in Arlington, Virginia, U.S., on Wednesday, April 29, 2020. Andrew Harrer | Bloomberg | Getty ImagesU.S. oil giant Exxon Mobil endured a dreadful year by virtually every measure in 2020. "You have analysts looking at Exxon and saying: 'Exxon continues to be committed to that dividend because the dividend is everything.' Darren Woods, CEO of Exxon Mobil Corporation, who faces a new activist fund campaign targeting the board he heads. A customer wearing a protective mask uses a plastic shopping bag to hold a fuel nozzle while refueling a vehicle at an Exxon Mobil Corp. gas station in Arlington, Virginia.cnbc.com
Hit by pandemic, oil giants Exxon, BP post huge 2020 losses
Oil giants Exxon and BP have reported staggering losses for 2020 as the pandemic crushed energy demand and caused oil prices to tumble. (AP Photo/Alastair Grant, File)DALLAS – Oil giants Exxon and BP reported staggering losses for 2020 on Tuesday as the pandemic crushed energy demand and undercut oil prices. Exxon Mobil Corp. reported the largest losses in its history — nearly $20.1 billion for the fourth quarter, including more than $19 billion to write down the value of company assets. BP PLC posted a profit of $825 million in the fourth quarter but still lost $18.1 billion in 2020. However, the company is still bringing new oil and gas projects into operation.
Exxon Mobil reports a $20 billion loss, fourth-straight quarter in the red
Exxon Mobil said Tuesday it lost $20.1 billion during the most recent quarter, its fourth-straight quarter of losses as the energy giant grapples with the pandemic's impact on the industry. Exxon said it earned 3 cents per share excluding items during the fourth quarter, which was ahead of the 1 cent profit analysts surveyed by Refinitiv expected. In the same period a year earlier, the company earned 41 cents per share on an adjusted basis, on $67.17 billion in revenue. During the third quarter of 2020, Exxon lost 18 cents per share on an adjusted basis, while generating $46.2 billion in revenue. Exxon declined to comment, while a Chevron spokesperson said the company does not comment on "market rumors or speculation."cnbc.com
Losses mount for oil companies as pandemic grips economy
NEW YORK – Exxon Mobil reported its third consecutive quarter of losses as the global pandemic curtailed travel and crippled global economic activity. The string of losses and what by almost all counts will be a money-losing year is new territory for Exxon Mobil, which has not posted an annual loss since Exxon and Mobil merged in 1999. Already struggling with weak prices from oversupply, the pandemic has intensified the pain for oil and gas companies. Exxon has begun slashing costs to offset falling energy demand, and that means jobs. Oil demand is expected to fall 8% globally this year, according to the International Energy Agency.
Sources: Venezuela wooed Texas Republican to ease sanctions
The purpose: to lure Exxon back to Venezuela after a decade's absence and inject much-needed dynamism into the OPEC nation's collapsing oil industry. But Sessions did engage in other mediation efforts in Venezuela over the next 15 months. The earlier email regarding Exxon and his connection to Rivera was not known at the time. The five-sentence message sent to Sessions' personal email address, which starts with the word eagle," is short on specifics. The U.S. Department of State would be your best resource for any information regarding contacts made with Venezuela, a spokesman said.
Exxon loses $610 million in the first quarter on writedowns tied to plunging oil
Exxon Mobil on Friday reported its first loss in decades as oil prices plunged to historic lows following a drop-off in demand caused by the coronavirus. The oil giant lost $610 million in the first quarter due to $2.9 billion in writedowns tied to falling oil prices. Exxon posted a GAAP loss of 14 cents per share, and a non-GAAP profit of 53 cents per share. In the same quarter a year earlier the company earned $2.35 billion, or 55 cents per share, on revenue of $63.63 billion. The company said that oil-equivalent production in the first quarter rose 2% year-over-year to 4 million barrels per day.cnbc.com
Stocks making the biggest moves midday: Kohl's, American Airlines, Carnival, Darden & more
Exxon Shares of the company jumped more than 4% after the energy giant announced plans to cut its capital spending program for 2020 by 30% amid declining oil prices. Carnival, Norwegian Cruise Line, Royal Caribbean Cruise stocks surged after the Saudi sovereign wealth fund disclosed an 8.2% stake in Carnival. American Airlines Shares jumped more than 18% on improving health data from Europe and New York City, signalling that travel restrictions might be lifted sooner than expected. General Motors The legacy automaker jumped more than 10% on Tuesday morning as car stocks rallied. Dow Inc. Shares of the chemical company rallied more than 11%, leading the Dow Jones Industrial Average during Tuesday's rally.cnbc.com
Exxon cuts capital spending by 30%, but CEO says it's 'committed to maintaining' dividend
Exxon is slashing its 2020 capital spending plan as depressed oil prices hammer the energy sector, but CEO Darren Woods said that the company's dividend is safe for the time being. Shares of Exxon rose about 5% during on Tuesday, although the stock has shed more than 38% this year. After the prior cuts expired on April 1, Saudi Arabia was among the nations that ramped up its production, despite the fall-off in demand. The group is set to meet on Thursday to discuss possible production cuts, and there have been calls for nations outside of OPEC+, including the U.S., to participate. In the short-term, Woods said the dividend is a high-priority, but that "it will be a function of how long this plays out."cnbc.com
Stocks making the biggest moves premarket: Exxon, Pinterest, Alibaba, Colgate, Amgen & more
Check out the companies making headlines before the bell:Exxon Mobil The energy giant reported quarterly earnings of 75 cents per share, 8 cents a share above estimate. Colgate-Palmolive The consumer products company beat estimates by a penny a share, with adjusted quarterly earnings of 71 cents per share. Pinterest Pinterest reported a quarterly profit of a penny a share, compared to consensus forecasts of a 4 cents per share loss. The online hobby board operator's revenue came in below estimates, however, amid slowing sales growth. El Pollo Loco El Pollo Loco reported quarterly profit of 20 cents per share, 2 cents a share above estimates.cnbc.com
Stocks making the biggest moves midday: Arista, US Steel, Fitbit & more
United States Steel U.S. Steel popped 18% after the company said on Thursday that its third-quarter sales and adjusted losses were better than analysts had been expecting. Newell Brands Shares of the consumer and commercial product maker gained more than 8% after the company's third-quarter earnings beat estimates. Pinterest Shares of Pinterest tanked nearly 20% after the online hobby board operator reported a revenue miss and issued disappointing guidance. Qorvo reported earnings per share of $1.52 on revenue of $807 million. Arista Networks Shares of Arista Networks plunged more than 25% in midday trading after the high-flying computer networking company issued fourth-quarter guidance well below what analysts were expecting.cnbc.com