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Exxon, Chevron slam brakes on shale as oil demand tumbles

Exxon Mobil Corp and Chevron Corp are slamming the brakes on oil output, as the top two U.S. oil producers plan for combined global shut ins of 800,000 barrels per day in response to plunging crude prices and fuel demand. Both companies on Friday outlined deep cuts in investments in the Permian shale basin, the top U.S. oilfield where growth in recent years made America the world’s top oil producer and a net exporter for the first time in decades. Exxon and Chevron have been rapidly sidelining Permian drilling equipment since the market started crashing in March. …read more […]

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Facebook warned it may lose a key seal of approval for ad measurement: WSJ

Facebook’s shares were down about 2% at $200.56 in afternoon trading. The media industry’s measurement watchdog has warned Facebook it could be denied accreditation due to deficiencies in how it reports on the effectiveness of advertising on its products, according to the report. The company failed to address advertiser concerns arising from a 2019 audit, concerning how Facebook measures and reports data about video advertisements, the Journal reported, citing a notice from the Media Rating Council (MRC). …read more […]

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Tesla tumbles after tweet from Musk account saying stock too high

The tweet was one of several unusual messages, including ones quoting parts of the U.S. national anthem and that he would sell almost all his physical possessions, raising questions about whether Musk’s account was compromised. “Tesla stock price is too high,” Musk’s Twitter account tweeted. Reuters could not immediately verify whether Musk sent the tweet. …read more […]

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Exxon Posts Historic Loss on Rout With Chevron in Retreat

(Bloomberg) — Exxon Mobil Corp. posted its first loss in at least three decades and Chevron Corp. slashed $2 billion off its spending plan, the latest concrete signs of the financial devastation the coronavirus pandemic will inflict on the oil giants for months, if not years, to come.Exxon reported a $610 million loss on Friday, the oil giant’s first since at least 1988, and said it’s shutting hundreds of thousands of barrels of daily output. Meanwhile, Chevron slashed capital spending for the second time in five weeks and accelerated supply curbs.The results are precursors of even starker figures to come …read more […]