Month: March 2020

Two years into an ambitious growth plan to revive earnings at the largest U.S. oil company, Exxon Mobil said on Tuesday it would stick to its spending plans even as its rivals trim costs. Exxon faces oil prices that have fallen over 20% this year, the lowest natural gas prices in decades, a long-term industry outlook too is clouded by a push toward cleaner fuel and pressure from investors for higher returns. The company’s growth strategy “will lead to sustained improvement in shareholder value,” Exxon’s Chief Executive Officer Darren Woods said in New York, where the company held …read more […]

“The Xerox offer would leave our shareholders with an investment in a combined company that is burdened with an irresponsible level of debt and which would subsequently require unrealistic, unachievable synergies that would jeopardize the entire company,” Chip Bergh, chair of HP’s board, said on Thursday. Xerox did not immediately respond to a request for comment. HP has requested its shareholders to reject Xerox’s tender offer to acquire all its outstanding shares, which was launched by Xerox earlier this week. …read more […]

(Bloomberg) — Exxon Mobil Corp. is slowing the pace of its flagship shale project in the Permian Basin, one of the first signs that the oil majors are throttling back on production in response to the recent slump in prices.The U.S, energy giant said Thursday in a slide presentation that it will operate at a “reduced pace” this year and next compared with its prior outlook. The company sees output from the basin in West Texas and New Mexico at about 360,000 barrels of oil equivalent a day in 2020, but stuck to its long-term plan to almost triple production …read more […]

Recession risk is high, Jim Bianco warns. And that could send stock much lower. …read more […]

After getting fired as co-CEO at Canopy Growth, Bruce Linton is back with Collective Growth for a cannabis showdown. …read more […]

Headlines moving the stock market in real time. …read more […]

Oil prices are down over 20% this year and natural gas prices have touched their lowest in decades, as fears of the economic impact of the coronavirus dent short-term demand. Exxon’s Chief Executive Officer Darren Woods said the company would spend between $30 billion and $35 billion a year through 2025 and forecast $33 billion in capital expenditure this year. On Tuesday, Exxon’s closest U.S.-rival Chevron showed off its own war chest by highlighting it has up to $80 billion that it could use for shareholder returns over the next five years regardless of the price that oil …read more […]