40 Burst results for "Exxonmobil"
AP News Radio
Chad nationalizes assets by oil giant Exxon, says government
"Chad's government says its nationalizing all assets for multinational oil giant ExxonMobil, including hydrocarbon and exploration permits. The nationalization of a private company means that all assets are now owned by the government, energy experts say, while this used to happen in the 1960s and 70s, it hasn't happened in a long time, and doesn't conform to the legalities of the sector. Chad began producing oil in 2003 and Exxon has been operating in the country for several decades. It was running the dobo oil project in Chad, of which it owned a 40% stake analysts say the move could scare away investors from West Africa at a time of growing global energy demand and a decline in foreign investments in the African region. I'm Charles De Ledesma
Masters in Business
Fresh update on "exxonmobil" discussed on Masters in Business
"Fleet headquarters killed dozens including senior Russian Ukraine Special Operations Forces made that claim today in a statement posted to Telegram. noted It the operation successfully targeted a meeting of the Russian Navy's senior members in the Crimean city of Ostapol. It added that more details will be released as soon as possible. Shortly after the attack, Russia's Defense Ministry said one service member was killed or missing. Government data released Friday showed that 93 3 ,000 family members crossed the border illegally last month. They were among 181 ,000 who crossed illegally in August, the highest monthly total since before the Biden administration replaced pandemic new policies measures with in May. In all, 233 ,000 migrants and people seeking asylum tried to cross the US -Mexico border without proper visas last month. The 12th biggest lottery jackpot is up for grabs tonight. The top prize in tonight's Powerball drawing is an estimated $750 million, or a cash of $350 million. Tonight's drawing is at 11 p .m. Eastern. I'm Chris Caragio. I'm Chris Caragio, and I'm Chris Caragio. We'll be right back. We'll be right back. The NFL is also taking notice of fights at games. Last Sunday, a man died after an altercation during the Patriots Dolphins game in Massachusetts. A seven -year NASA mission ends tomorrow when a capsule parachutes into the Utah desert carrying samples collected from an asteroid named 15, then orbited the asteroid Bennu for nearly two years. It literally is a droplet made out of rock, gravel and boulders that are barely held together by their own microgravity. Principal investigator Dante Loretta says the probe quickly touched Bennu collecting an 8 -ounce sample of the asteroid and has spent nearly three years making its way back to Earth. The sample will help scientists understand how planets formed in the earliest days of the universe. X, formerly known as Twitter, is shutting down its circle feature. The feature was a way to share posts with a select group of people. An announcement from the company says it's ending October 31st. Historical circle posts will still be viewable after that date. When the lights go down, it's just starting. Ozzy Osbourne says his most recent neck surgery is last his regardless of the results. The 74 -year -old said on this week's episode of the Osbournes podcast that he it can't anymore. do Osbourne showed a sense of humor about his many surgeries saying it's like going for a haircut. But he admits that he has pain when he walks but says he's doing better than the media often portrays him. The surgeries and Osbourne's retirement from touring are the result of a serious fall in his home a few years I'm Chris Caraggio. And I'm Dan Schwartzman in the Bloomberg Newsroom. Here's some of the stories we're watching ExxonMobil which operates one of the world's biggest oil refining networks is going to stay ahead of changing watching. The energy transition gathers pace. With electric vehicles growing in both affordability and popularity, Exxon is considering potentially replacing some gasoline production with chemicals the company is looking to upgrade facilities to be able to switch in and out of products depending on demand. While Exxon has always raised most of its revenue from oil and natural gas production. The company says it's open to cutting its output to focus more on items made from crude oil such such as lubricants and plastic feedstock. Pfizer's maternal vaccine to protect newborns against the sometimes fatal RSV virus can be administered across the US after the Centers for Disease Control and Prevention signed off on its rollout. Details from Bloomberg's Charlie Pallet. CDC director Mandy Cohen endorsed the new shot in pregnant women at 32 to 36 weeks of gestation following a recommendation by a of panel vaccine and health experts. The agency says the vaccines are already available in some locations in the US and are expected to increase in coming weeks. Pfizer in a statement said it has already begun distributing the vaccine to pharmacies and doctors in New York. Charlie Pallet Bloomberg Radio as you've been hearing on Bloomberg Radio. We're now into the second weekend and the eighth day of the widening United Auto Workers strike against General Motors Ford and Stellantis. The strike against GM and Stellantis widened on Friday as workers walked off the job at 38 more of the two carmaker's facilities. Ford though was not hit by the latest expansion the of strike as the two sides appear to be making progress with Ford agreeing to increase wages for workers have parts to the same level as assembly line workers. President Biden will be joining the picket line Tuesday on as he visits Michigan. Clorox is at risk of losing market share to competitors after a cybersecurity attack idled its factories in the U .S. Bloomberg's Courtney Donahoe has more. The producer of Pinesol and bags glad say some plants are still offline. Outages are showing up at retailers. Empty shelves mean that shoppers will buy competing products and analysts say some of the shifts may stick. Clorox has been tight lipped the on details of the hack but said it's working with the FBI. There's no estimate for how long it will be before the situation is back to normal. Courtney Donahoe, Bloomberg Radio. Global news 24 hours a day powered by more than 2 hundred journalists and analysts in over 120 countries. I'm Dan Schwartzman and this is Bloomberg. Breaking news first. The decision, no change on rates to the Federal Reserve. Policymakers leave another rate move on the table for this year. We're in a position to proceed carefully. press conference. I think the Fed delivered exactly what they wanted to. We achieved the hawkish skip. I think what's Really important was the whole concept of hire for longer. For the latest headlines from the Bloomberg Radio Bloomberg. Context changes everything. This is Masters in Business with Barry Ritholtz on Bloomberg Radio. I'm Barry Ritholtz. You're listening to Masters in Business on Bloomberg Radio. My extra special guest this week is Armin Panosian. He is the incoming Co CEO of Oaktree Capital Management, where he has worked in various credit aspects since 2007. He currently oversees the CLO business and his head of all performing 2019.
CNBC's Fast Money
"exxonmobil" Discussed on CNBC's Fast Money
"A barrel as I say this all the time is not why you're buying energy companies. You're buying them because again, in marathon after the bell here, talking about north of 40% cash flow payouts to investors. CAPEX is inching higher. And the urge is to drill more to put more CAPEX to work. That's what we're all watching. So far, I haven't been that discouraged. Guy? Feels like and it feels like to me this is Devin specific. Now we'll see. I'm sure I'm pronouncing that incorrectly as well. For you folks at Devin, I'm sorry, but it feels as though some of the issues were specific to the company also say this that the move in natural gas is not helped. A lot of these downstream place. But I'm with Tim a 100% on this. These stocks ExxonMobil week or so ago was making a new all time high. So every time it's seemed to be the end of the energy stocks cycle, it's proven to be the time to get back in. I don't think you run from energy here in terms of the stocks. I think you add to long positions. I mean, it was a big drop for Devin and it did seem a little Devin specific when they were talking specifically about outages in terms of infrastructure and the Delaware Basin. Temporarily affecting volumes. Devon specific and that seems first quarter specific as well. Jeff, I thought what was interesting though is to talk about how inflation is moving that break even higher. And that's not something that we often necessarily think about. I mean, I sort of wonder in the back of my mind. If the Biden administration is listening to this, that is inflation is high. Or if it's intended for the Biden, it costs exactly. It costs more to make the stuff like any company. Yeah. Absolutely. And it's something you have to pay attention to. But at the same time, are we past the worst of that? Obviously, inflation having peaked and I think it probably trends lower. We can argue as to the speed, but I agree with what the other guys have said. You know, you look at some of these valuations, you know, whether it's 6, 7 times, you can look at a Marathon Petroleum. You could look at Marathon Oil company, even look at an ExxonMobil, for example. And even if earnings are flat to down, say, over the next couple of years, and I think that's possible to Tim's point, we don't need oil prices to go to 80, $90 a barrel for these to be reasonable at these prices. So for me, I think that's the key. And at the same time, you have companies like ExxonMobil, for example, continuing to manage costs, even a mid record profits. I think that's a good thing for the more medium term outlook. And even if we do see break-even costs rising a little bit, you know, shameless plug for the fame trade here, but that's why I like a company like EOG Resources. You know, there are generally a low cost producer. They can support that dividend at much lower oil prices. So if you want to play in that direction because you are concerned about the break evens, maybe a stock like that makes sense. I think two 1022 was the year of the equity. I think everything was front loaded. If you look at ExxonMobil, Chevron to a larger extent, all of these charts have rolled over. I would stay out of the equity. Up in the air on the commodity, it could be the year for the commodity to rally and a year for the equities to sell off. I think it was already pulled forward. All right, coming up. Goldman Sachs scraping.
Bloomberg Opinion
Fresh update on "exxonmobil" discussed on Bloomberg Opinion
"In New York. For example, they are thinking relocating elevating and buildings to other areas. That's because JFK Airport's gotten it's gotten a lot more flood prone while in Alaska melting permafrost is causing cracks in the runway. in So order in to prevent this or to help it. They have installed insulation into the ground. All of this comes at a cost. New York's JFK is already in the middle of a 19 billion dollar redevelopment, but one report estimates the world's airports will need to spend at least 57 billion just to maintain current readiness from rising sea levels. Nathan Hagar, Bloomberg Radio and I'm Dan Schwartzman in the Bloomberg Newsroom. Here's some of the the stories were watching. We have unconfirmed reports on progress in negotiations over the writers strike. According to CNN, the Writers Guild of America and the Alliance of Motion Picture and Television Producers, the group representing major Hollywood studios, are in the quote final phase of negotiations with the hope of reaching a deal by the end of the weekend. Both sides spent today meeting for a fourth consecutive day trying to hammer out an agreement over wages, worker protections, and artificial intelligence. with the writers union with around 11 ,500 screenwriters has been on strike since May, while the Screen Actors Guild joined the work stoppage in July. ExxonMobil is considering potentially replacing some gasoline products with chemicals. More from Bloomberg's Denise Pellegrini. Dan, ExxonMobil is the operator of one of the biggest oil refining networks and it is trying to be more responsive to changing consumer demands as the oil differs pace the oil giant has long pursued a strategy of upgrading refineries to expand production and make higher value products from crude like lubricants and plastic feedstock now but it sees these projects potentially helping the company to move away from traditional fuels. and this strategy was discussed this past week by executives at a presentation to investors and media and it shows how even Exxon, one of the leading proponents of fossil fuels, is being forced to reckon with the future in which electric vehicles significantly eat into gasoline consumption. Denise Pellegrini Bloomberg Radio. with just one week remaining before the government runs out of funding concerns over the possible shutdown are spreading across the country. Bloomberg economists estimate a shutdown would cause unemployment to rise from 3 .8 % to 4%. government. It would also potentially cause a contraction of the gross domestic product if the shutdown goes on for a significant amount of The GOP's front -running presidential candidate Donald Trump has also lobbied for government shutdown as a way to halt the federal prosecutions he's facing. A growing number of Americans are finding it difficult to afford insurance on their homes Bloomberg's Amy Morris reports from Washington. It is a problem expected to get worse because insurers and lawmakers have are estimated the impact of climate change. A report from the nonprofit First Street Foundation says states like California, Florida, the most dramatic increases in premiums. In Washington, I'm Amy Morris, Bloomberg Radio. Global news 24 hours a day powered by more than 7 2 ,700 journalists and analysts in over 120 countries. I'm Dan Schwartzman and this is Bloomberg. Breaking news first. The Fed decides. The decision, no change on rates of the Federal Reserve. Policymakers leave another rate move on the table for this year. We're in a position to proceed carefully. Reaction first to the Powell press conference. I think the Fed delivered exactly what they wanted to achieve. The hawkish skip. I think what's really important was the whole concept of higher for longer for the latest headlines from the Fed. With Bloomberg Radio. Bloomberg. Context changes everything. But I know when professional soccer player Marcus Rashford injured his shoulder. He turned to resils virtual reality sports training program resils technology has helped him and athletes of all levels maintain their skills while covering from injuries so that they can return to the field with confidence. Rashford says after my shoulder resil injury VR was key to my training and helped me get back to the game. These are the ways athletes are using the metaverse today. Learn more at meta dot com slash metaverse impact. Together we have the
Bloomberg Radio New York
"exxonmobil" Discussed on Bloomberg Radio New York
"It is 5 53 on Wall Street, General Motors expects its earnings momentum to grow this year on higher production volumes after reporting a better than expected profit in the last three months of 2022. Today, the company said it was counting on continued demand for its highest profit margin SUVs and trucks. It also increased vehicle production levels as pandemic era supply chain problems fade. General motor shares today rallied by just about 8.4%. An update for the Dow, the S&P and stack on now to the trading month of February with the S&P for the month of January up by just about 6.2%. ExxonMobil reaped a record $59 billion annual profit, but disappointed some investors by holding the line on share buybacks, ExxonMobil shares today did climb by just about 2.2%. Boeing's CEO Dave Calhoun says it's a matter of when and not if self playing a self flying planes will debut in commercial aviation. Dave Calhoun said in a Bloomberg radio interview, the playmaker's autonomous flight technology being developed for military applications will eventually appear on commercial aircraft in the future. Caterpillar missed the mark in its quarterly earnings this morning, caterpillar down by three and a half percent also after earnings this morning, McDonald's had stocked today lower by 1.3%. And those are some of the company's stories were following I'm Charlie palette, and this
Masters in Business
Fresh update on "exxonmobil" discussed on Masters in Business
"Phenomenon worldwide with millions of people attending sold out shows. Kimberly Adams, Bloomberg Radio and I'm Dan Schwartzman in the Bloomberg Newsroom. Here's some of the stories were watching ExxonMobil, which operates one of the world's biggest oil refining networks, is going to stay ahead of changing consumer demands as the energy transition gathers pace with electric vehicles growing in both affordability and popularity. Exxon is considering potentially replacing some gasoline production with chemicals. The company is looking to upgrade facilities to be able to switch in and out of products depending on demand. While Exxon has always raised most of its revenue from oil and natural gas production, the company says it's open to cutting its output to focus more on items made from crude oil such as lubricants against some plastic feedstock. Pfizer's maternal vaccine to protect newborns against the sometimes fatal RSV virus can be administered across the U .S. after the Centers for Disease Control and Prevention signed off on its rollout. Details stems from Bloomberg's Charlie Pallet. CDC director Mandy Cohen endorsed the new shot in pregnant women at 32 to 36 weeks of gestation following a recommendation by a panel of vaccine the Center and are expected to increase in coming weeks. Pfizer in a statement said it has already begun distributing the vaccine to pharmacies and doctors. In New York, Charlie Pallet, Bloomberg Radio. As you've been hearing on Bloomberg Radio, we're now into the second weekend and the eighth day of the widening United Auto Workers strike against General Motors Ford and Stellantis. The strike against GM and Stellantis widened on Friday as workers walked off the job at 38 more of the two car makers facilities for those not hit by the latest expansion of the strike as the two sides appear to be making progress with Ford agreeing to increase wages for workers at parts distribution plans clients to the same level as assembly line workers. President Biden will be joining the UAW picket line on as he visits Michigan. Clorox is at risk of losing market share to competitors after a cybersecurity attack idled its factories in the U .S. Bloomberg's Courtney Donahoe has more. The producer of pine solid glad bags say some plants are still offline outages are showing up at retailers. Empty shelves mean that shoppers will buy competing products and analysts say some of the shifts may stick. Clorox has been tight -lipped on the details of the hack but said it's working with the FBI. There's no estimate for how long it will be before the situation is back to normal. Courtney Donahoe Bloomberg Radio. Global news 24 hours a day powered by more than 2 ,700 journalists and analysts in over 120 countries. I'm Dan Schwartzman and this is Bloomberg. News when you want it. Get the latest headlines with Bloomberg News Now. Apple taking the wraps off its latest smartphone. Former President President Trump has taken another legal setback. The top stories from Bloomberg's global team of reporters at the click of U .S. officials pushing to help you pray. Get the latest news when you want it with Bloomberg News Now. One of the biggest public offerings of the year. Listen on Bloomberg .com. The Bloomberg Business App. And anywhere you get your podcasts. Bloomberg News Now. Context changes everything. Today, ophthalmology residents use fundamental VR and Orbis International's virtual training tool to practice cataract surgeries. Dr Renee Badrow says with fundamental VR, I can virtually practice cataract surgeries over and over in the metaverse. More training hours in the metaverse means increased access to quality care for patients in need. These
Bloomberg Radio New York
"exxonmobil" Discussed on Bloomberg Radio New York
"Obviously better, better, better. Stock's gone like 25 to 40. I know you loaded the boat on that Lisa. A dividend pop up 33% and it's again that use a cash. Do you do it through dividend, share buyback after options compensation to executives and again, there's a dividend lift. You wonder if we'll see more of those? Well, especially in the oil and the energy space in general. And that's something that we have seen, that that's the dividend play very much in the fossil fuel producers that people are looking at now that are growing off money that don't know where to invest longer term and you see this pretty much across the board. ExxonMobil a yield of 3.2%, 5 year net growth, which is back to the gloom of oil, 3% per year dividend growth doesn't get it done. And I just wonder how that metrics are going to go. Let me give you one statistic here you're going to love Lisa. I can bring it up in the Bloomberg terminal on the FA screen. They've only got $60 billion of free cash flow. To decide what to do with it. It's such a tragedy for them. Honestly, though, this is really a story of Halliburton. Yes, but also oil major is more broadly. And to me, when I hear about people being bullish on energy companies, energy stocks, regardless of where the price of oil necessarily goes, that's the reason why. It's because of this free cash flow that they're going to pay out through dividends. Can I suggest that the British do this better than we do? We say 60 billion. Every day. So we say 60 billion, and they say 60,000 million, which makes it much more like I can grasp 60,000 million. We're responding it right now. Much better. 60,000 million. Okay, so do it
Bloomberg Law
Fresh update on "exxonmobil" discussed on Bloomberg Law
"This evening as it tracks northward toward New England on Sunday. California Governor Gavin Newsom vetoed a bill late Friday night that would have required judges in child custody cases to affirm their child's gender identity. The bill was passed earlier this month the by State Assembly, but Newsom said he couldn't sign the bill. California State Senator Scott Wiener responded to the veto by calling the governor's decision a tragedy for trans kids. Fall has officially arrived. Today, September 23rd, marks the autumnal equinox, which refers to the sun being directly above the Earth's equator. The Latin term means equal parts day and night. Astronomers say the moment arrived precisely at 2 50 a .m. Eastern Daylight Time. In the northern hemisphere, days now will become shorter until the winter solstice on December 21. The holiday hiring spree is getting underway. Target plans to bring in 100 ,000 seasonal workers, while Amazon is looking to hire a quarter of a in million the way. The e -commerce giant also says it's bumping the average hourly pay delivery workers. Negotiators for Hollywood writers in the major studios are getting closer to a deal that would end the nearly five strike. month The Writers Guild of America and the Alliance of Motion Picture and Television Producers met for more than nine hours Friday. on I'm Dena Kodiak. A storm chaser in Virginia says rough seas overnight caused a boat in Newport News to take on water with the owner inside. Story from Rebecca Hughes. Newport News Police say earlier this morning a boat moored inside a marina struck the dock too many times causing damage. They say the owner woke up to find water inside the cabin. Emergency crews responded and the man is now safe. VNN meteorologist John Weatherby says most activity near Virginia's beaches has stopped. A lot of boating activity except for some commercial operations have come to a complete halt through the tidewater up into the Chesapeake Bay and of course the area beaches are now just deserted. we may be He says able to return to the beach and normal boating activities by either late Sunday or even Monday. I'm Rebecca Hughes. A house exploded in New Jersey injuring at least five people. Jacqueline Caro reports. It It happened on Banker Road in West Milford, New Jersey around 9 p .m. Friday night. Here's what one witness had to say. I felt like the ground was like shaking and we felt like a large bang. Police say the victims were to say. North Jersey dot com reports the West Milford there. The deputy fire chief says the cause is unknown. Police say West Milford detectives and the fire marshal's offices are Jacqueline investigating Caro, New Jersey. Ticketmaster is hoping to stop scalping for Olivia Rodrigo's were to say. guts The singer -songwriter writer announced the guts world tour will hit over 30 U .S. cities. The trek is in support of her highly anticipated did sophomore album that she released this month. Ticketmaster announced they'll only issue purchase tickets 72 hours before the concert takes place regardless of when people bought their ticket originally. Tickets will also only be available electronically. The tour will kick off February 23rd in Palm Springs, California. She'll also make stops in Phoenix, Nashville, New York City in Los Angeles. I'm Michael Kastner and I'm Dena Kodiak. And I'm Dan Schwartzman in the Bloomberg Newsroom. Here's some of the stories we're watching. ExxonMobil which operates one of the world's biggest oil refining networks is going to stay ahead of changing consumer demands as the energy transition and gathers pace. With electric vehicles growing in both affordability and
Bloomberg Radio New York
"exxonmobil" Discussed on Bloomberg Radio New York
"Going to survive over time has to be sustainable has to address or basically cover their impacts, right? After the cost of capital so that they can be profitable over time. So instead of thinking ESG means its values based, I don't like the company, they're bad. I'm going to screen them out of my portfolio. We don't think that's a great way to manage your core portfolio over time. We think the better way is you simply have to engage with the companies to make sure that their most material impacts, that's financial data, right? That's risk data if you don't manage your emissions as an oil and gas company. And so let's build that into just investing to make returns, as opposed to this special class, which devalues base and ESG tends to kind of infer value over performance. Or divesting from companies that you don't like. And we don't think that's a great way to invest. So let me push back a little bit on the low carbon strategy. It seems like it's half of the economic equation because people seem to be approaching entities like ExxonMobil and others, the suppliers of the carbon based fuel, what is that doing if you're ignoring the other half the consumers. So every other company that is not a carbon energy producer is likely to be a carbon energy consumer, they're running factories, they're shipping goods, they're having offices, why focus on one half of the equation and not the other. Yeah, I mean, I think that's the right question. And we focus on both. And so let's take for a minute the energy industry and then the transportation or auto industry. That's an example of that kind of handshake or hand lock, right? So in the case of the car companies, that's consumption. So if we're consumers and we're driving cars, which we still do when people are planning to do in the future, the car company can switch from encouraging the behavior of driving internal combustion engines, which have very high emissions, or the car company can know that the consumer demand is shifting a little bit, and they can build a car that is an awesome battery electric, reasonably priced vehicle, and then they can capture that shift in demand. And that's really good for the car company. Coming up, we continue our conversation with Jennifer grazio, CEO of engine number one, discussing how Exxon changed their business in response to input
Odd Lots
Fresh "Exxonmobil" from Odd Lots
"A tropical depression as it moves north through Virginia the DC area and Maryland through Sunday. Doctors have transplanted a pig heart into a living human recipient. The University of Maryland Medical Center says in a news release Friday that the patient, 58 year old Lawrence Fawcett is now breathing on his own and his heart is functioning well. He had end -stage heart disease and told the hospital in interview an before the surgery that his only real hope left was to go forward with the experimental transplant. Creators for Hollywood writers in the major studios are getting closer to a deal that would end the nearly five -month strike. The Writers Erica Guild and of the Alliance of Motion Picture and Television Producers met for more than nine hours on Friday. The government is out on the latest statistics on illegal immigration. Brian Shook reports. In August, the Border Patrol caught 181 ,000 people between ports of entry. Then there were another 52 ,000 at the ports. About one in ten are frequent fliers who've tried to cross the border before. This current surge of illegal immigration started in June and has steadily climbed since then. The numbers for August are now outpacing both last year and the year before. I'm Brian Shook. Connecticut Governor Ned Lamont is calling another special session of the state legislature to debate bills that would impact the state's 2024 presidential primary, among other issues. Andrew Whitman reports. Lamont issued a proclamation ordering the session Friday. It will begin this Tuesday. On the agenda, a bill to move the state's presidential primaries from the last Tuesday in April to the first Tuesday. Lamont says the state is one of the last to have a primary and he wants that to change. Connecticut's legislature just finished a special session this week to advance the nomination of a Lamont pick for the state supreme court. Norah Danahe's nomination will get an up or down vote Tuesday, the day the new special session begins. Andrew Whitman, Connecticut. The top five cities where homes sell above asking prices are all in New York and California. Sarah Lee Kessler has more. Moving feedback. A Texas based platform for finding the best movers analyze Zillow data and came up with some surprising findings. More homes in Vallejo, California, just north of Berkeley in Oakland, are selling above asking price than anywhere else in the country. San Francisco is second, followed by Rochester, New York. San Jose, California is in fourth place with Ithaca, New York in fifth. In all five cities, homes are selling for between one and two percent over the asking price. X, formerly known as Twitter, is shutting down its circle feature. The feature was a way to share posts with a select group of people. I'm Dena Kodiak. And I'm Dan Schwartzman in the Bloomberg Newsroom. Here's some of the stories we're watching. As you've been hearing on Bloomberg Radio, we're now into the second weekend and the eighth day of the widening United Auto Workers strike against General Motors, Stellantis and Ford. strike The against GM and Stellantis widened on Friday as workers walked off the job at 38 more of the two carmakers' facilities. Ford, though, was not hit by the latest expansion of the strike, as the two sides appear to be making progress, with agreeing Ford to increase wages for workers at parts distribution plants to the same level as assembly line workers. President Biden will be joining the UAW picket line on Tuesday as he visits Michigan. Biden, who says he is the most pro union president, has yet to pick up the endorsement of the UAW over low polling numbers when it comes to his handling of economic issues. A growing number of Americans are finding it difficult to afford insurance on their homes. It is a problem expected to get worse because insurers and lawmakers have underestimated impact the of climate change. A report from the nonprofit First Street Foundation says states like California, Florida, and Louisiana, prone to wildfires and damaging storms and flooding, are likely to see the most dramatic increases in premiums. Thanks Amy. ExxonMobil, which operates one of the world's biggest oil refining networks, is looking to stay ahead changing of consumer demands as the energy transition gathers pace. With electric vehicles growing in popularity and affordability, the company is looking to upgrade facilities to be able to switch in and out of products depending on demand. While Exxon has always raised most of its revenue from oil and natural gas production, the company says it's open to cutting its output to focus more on items made from crude oil such as lubricants and plastic feedstock. Eat just cultivated a closely chicken held maker and of plant -based eggs has dismissed an undisclosed number of employees less than a month after raising $16 million. More from Bloomberg's Charlie Pellet. In an email to Bloomberg, a company spokesperson said, quote, we took steps this week to reduce costs for the purpose of just egg sales covering the company's operating expenses sooner. Neither side of eat just business makes money, and the company recently has had paying trouble bills. In February, Alameda -based eat just laid off about 18 % of its employees. In New York, Charlie Pellet, Bloomberg Radio. Thanks, Charlie. Finally, a big week of earnings reports up coming with Costco and Cintas set to open their books on Tuesday, followed by Nike on Thursday and Carnival on Friday. Global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. I'm George Schwartzman and this is Bloomberg. Big names make news on Bloomberg Radio. Former Vice President Mike Pence. Wages have not been keeping up with inflation. ARK Investments CEO, Kathy Wood. I think we're on the other side of that massive interest rate increase. Former St. Louis Fed President James Bullock. I think the prospects for soft landing are very good. The names that matter. Listen on Bloomberg Radio or anytime on the Bloomberg Talks podcast. Bloomberg. Thank you for joining us today. Welcome to the Odd Lots podcast on Bloomberg Radio. I'm Joe Weisenthal. And I'm Tracy Holloway. Tracy, you know what topic we never really talk about or really do is like we never really anything do related to personal finance. Like what to actually do with all the information that we talk about on a basis. biweekly Yeah. What it means for making money. It's like a huge part of like finance media, but it's like, know, you we like to usually like most of what's going to happen with
Bloomberg Radio New York
"exxonmobil" Discussed on Bloomberg Radio New York
"Tends to kind of infer value over performance. Or divesting from companies that you don't like. And we don't think that's a great way to invest. So let me push back a little bit on the low carbon strategy. It seems like it's half of the economic equation because people seem to be approaching entities like ExxonMobil and others, the suppliers of the carbon based fuel, what is that doing if you're ignoring the other half the consumers. So every other company that is not a carbon energy producer is likely to be a carbon energy consumer, they're running factories, they're shipping goods, they're having offices, why focus on one half of the equation and not the other. Yeah, I mean, I think that's the right question. And we focus on both. And so let's take for a minute the energy industry and then the transportation or auto industry. That's an example of that kind of handshake or hand lock, right? So in the case of the car companies, that's consumption. So if we're consumers and we're driving cars, which we still do when people are planning to do in the future, the car company can switch from encouraging. The behavior of driving internal combustion engines, which have very high emissions, or the car company can know that the consumer demand is shifting a little bit, and they can build a car that is an awesome battery electric, reasonably priced vehicle, and then they can capture that shift in demand. And that's really good for the car company. Coming up, we continue our conversation with Jennifer grazio, CEO of engine number one, discussing how Exxon changed their business in response to input from engine
Bloomberg Radio New York
"exxonmobil" Discussed on Bloomberg Radio New York
"Equal weight Staples as far as what the mean reversion could be, and that's a potential play that they're looking at as yields begin to stabilize more. Speaking about some Staples. I mean, looking at the energy space, ExxonMobil. A, it's good to be an employee there, 'cause I got a 9% bump in my pay, but it's even better to be a shareholder. The stock's up 74% year to date. It's up 2.6% today. They're buying back another 50 billion in stock. So it's good to be an energy company. I guess, and that kind of goes back to Winkler, found our Bloomberg news and editor emeritus. He had a column last week saying, you know, maybe should they be buying back stuff? Should they be raising the executive pay and all those types of things? Well, that's what I was going to say. It's interesting that they paired the buyback announcement with the worker pay increase. First. We were actually talking to Amy's hot steam from The White House yesterday and we brought that news to him and said, are you still considering a windfall tax on some of these big oil companies? Obviously, it seems like there's a little bit of back and forth between the administration and the oil companies. The answer was, I think they're standing by what they've said previously, but again, interesting to see those two actions paired. Yeah, and you wonder why you see all this cash flow when you think of the energy company? Should they be investing it back in their business? Yeah. But a lot of folks are saying, where's the incentive for us to do these long duration investments, whether it's in a drilling rig or a refinery or something like that when we've been getting beaten over the head for the last decade about going green and so on and so forth. So you can see from the energy companies perspective, one day you tell us one thing the next day you tell us from a political perspective. I think what investors, I'm curious about what you guys are seeing, what investors are going to reward is interesting here, because are they going to buy back shares? Is that what they want to see or just reinvest in the business and make some money? We want to see some profits here. And so I mean, people have been talking about it for a long time, but to the point you guys are making. The money seems to be still going to places where money is being used to reward the short term. And it makes sense that the stock is up again, what, two and a half percent right now, because it does benefit the shareholders, obviously, that's a narrow slice of the population when you think about the entirety of the United States, but it makes sense. And Jess, I wonder, when this thing does, you know, at what point do the tried and true growth stocks see the Microsoft's the apples, the amazons, the googles, the meta, when do they or do they take a leadership role in this market again, we're bouncing 12, 13% off of the S&P 500 loads of just a couple months ago. So savita sub uranium over at B of a had point, she had a note recently where she was taking a look at when it came to tax loss harvesting some of the biggest losers this year. Which ones could potentially see the biggest bounce when we're looking at November, December and January, so she had stocks like meta when it comes to Facebook mentioned on there as far as those that could potentially see a big bounce when we're looking at November, December and January. So that's something in the shorter term where when we begin to see and we probably begin to already see this at the beginning of this month, actually most mutual funds had a deadline at the end of October, but she was expecting particular stocks like that also Nvidia was another one that they mentioned that could see a bounce, particularly at yearend. All right, just met, thanks so much for joining us here. Jess men she covers the equities for Bloomberg news and Katie Rafael cross asset reporter. Both of them. Joining us on our Bloomberg in Arctic broker's Judy, we appreciate that. All right, let's pivot. Let's head down to Washington, D.C.. And let's talk policy. We got a couple of the midterms are over. We kind of know where we are there. The question is, what can our good friends in Washington D.C. get done in the next couple of years? Before we have another election cycle upon us, Nathan dean, he's a senior policy analyst with Bloomberg intelligence for better or worse. He's based in Washington, D.C.. Nathan, you're down there in the pit that is Washington D.C.. What do you and your expert buddies down there think that Washington can get done in the next couple of years this administration this Congress? So a lot of it's going to come down to the horse trading in the negotiations over these months past pieces of legislation like the government shutdown. And this is what we're seeing right now with the omnibus package. Don't think about bills that have to be bipartisan. Think about bills that have bipartisan warmth. And what I mean here is that they may not be economic grandiose fiscal stimulating bill bills, but these are bills that are more in the trenches and more in the sectors. For example, I'm tracking a bill right now that senator Durbin has put out there that would increase competition for Visa Mastercard. Bad for them. Good for American Express and discover. Now, you would normally think that this bill doesn't have a chance of passage, but target Walmart like it. And if target in Walmart like it, then maybe Walmart being an Arkansas, the Arkansas senators would like it. And so even though this is something that's not huge, the sector bills that would increase costs drive revenues down make competition more important or more competitive, for example, these are
Bloomberg Radio New York
"exxonmobil" Discussed on Bloomberg Radio New York
"A 103 million barrels a day are aiming at. If you go to OPEC or ExxonMobil, they have some more bullish projections for the demand, but no one is actually investing in the production to meet that demand. So you don't invest in a production. It doesn't happen. Right, and I guess the whole point is that it won't be economically viable at some point to invest in the production. That's why they're not doing it. So what happened? Does oil stay in the ground, then eventually? It's not that we'll run out of oil and what do countries like Saudi Arabia think about that? An interesting thing is that a lot of the large producers, they have done very well from the current circumstance. A time when oil prices are high and you're producing something like that, producing roughly ten to 12 million barrels a day. If you cut your production by 1 million barrels a day and it increases prices by 30%, you are making a lot more money than you would have been if prices were 30% lower in production was 1 million barrels higher. Saudi Arabia doesn't actually care about the volume of oil that's produced the cares about the amount of revenue that goes into its treasury. And that is the case with every one of the OPEC countries. So from their perspective, a tighter supply side that results in higher prices is a good thing for them. The danger of that is always been enough tightness is going to induce more production from non OPEC sources. And then they will lose market share. But as we've seen, that non OPEC production has really not gone up very much. And particularly with Russia in the fall of OPEC plus, the only real source of incremental production in the last 20 years in the world of economy, you've had a little bit from Brazil and other parts of South America. But really the only player in town is the U.S. shale sector. And that has picked up but not sufficiently to offset what's going on within OPEC but David explained to us I've demand is peaking and we could see big oil demand in the next few years according to your thesis and it seems very, very plausible. Why doesn't that mean oil prices are also peaking? Well, I think we have a tendency to sort of think about commodity prices the way we think about equity prices in a way. And so if demand is going up then prices should be high and if demand is going down then prices should be low. But if you go back to your economics one O one class, this is not necessarily the case. The price is a result of the intersection between supply and demand. We see these cycles in commodity markets and have done since the total time pretty much. If supply is falling and demanded falling but survive falling faster than demand, then you will have high prices and if supplies writhing and demand is rising but supplies rising fast and demand, you will have low prices. The price is the prices are to do with the extent that supply and demand are out of whack. They're not really to do with the sort of direction of overall output, essentially. So I think that's what we will see. And I think we'll see that for decades in the 2040s and 2050s. We will see periods of high oil prices. Supply and demand will still often go out of whack. But it may not matter as much as the world economy. David, what about countries like China and India, countries with a billion plus people still developing? Will there be major differences in demand and refining needs across regions? I think you almost need to put them in two separate categories because of course India is one of the biggest sort of incremental hold on from here. But you quite a small consumer of all now sort of four or 5 million barrels a day compared to China I think off the top of my head on about 12 million in the U.S. on about 18 million. So these are India is in somewhat of a separate category there. India also has almost no domestic production. So it's much more dependent on imports. Whereas China is one of the world's biggest oil producers. China produces about 5 or 6 million barrels a day of oil in itself. Comparing all of those countries I think with China, China has, as I said earlier, a third of the vehicles sold last month in China were electric vehicles, China is strategically very heavily pivoting away from import demand. It's going to have import demand for oil in the foreseeable future, but it is very concerned about that as a strategic weakness to supply lines from China to its major oil tends to be very long. So China, I think the speed of electric vehicle uptake is going to mean that that's the transport fuel we see that sort of moved out of the economy fairly rapidly possibly more rapidly than coal consumption over the 2020. India, I think, is a bit of a different story, but of course India is at a much lower level of dual development when you talk about the road transport fuel you're mainly not talking about cars. You're talking about two wheelers and three wheelers. Which are also actually very quickly being substituted by electric vehicles because they're sort of value proposition for electrification is a lot stronger for two and three meters than it is for more. Yeah, I mean, I think in a way because there's not the sort of strategic value that China places on it. I think probably the oil demand from India will be more incrementally substantial from China over the course of the coming decade. But the thing to bear in mind is, of course, it OECD still consumes half the world's oil and so 50 million barrels a day is going into the OECD. So if you know the demand double, you only need a 10% decline from the OECD to heat up all of that. David, with the Russia war ongoing do supply chains in terms of oils, stay changed forever, or at least for a very, very long time. I mean, I think that is clearly another factor here. And when I talk about demand, demand supplier, obviously, intertwined. A lot of supply has been held back from the market or is struggling to get to the market. Even though obviously there's been a lot of exemptions around energy in terms of Russian sanctions in practice, we've seen what's happening to the north stream pipeline. We've seen some of the sort of chaos around shipping arrangements and things like that. The rerouting of all that supply will lead to ongoing shortfalls. And of course, the other factor is that the sanctions that really matter actually have sanctions that affect oil services and upstream services from the mostly sort of European and American companies that provide those oil field services. Russia will much like Iran, I mean, the worst case scenario obviously is something like Venezuela. It will struggle to produce oil in the volumes that it's been used to producing it in the past because the Russian oil industry is highly technologically advanced and the technology is just not going to be there in the future. So that is an issue on the supply side as well. Bloomberg opinions David fickling. Do get in touch with your comments and questions at monument on Twitter
Mark Levin
BlackRock Defends Work With Climate Groups Amid Republican Attacks
"A BlackRock Inc executive said the top asset managers work with investment industry groups doesn't prevent it from making independent decisions for clients Looking to counter a growing line of attack from Republican U.S. politicians Rights Reuters Delia blast BlackRock senior managing director In a letter sent late today wrote that we do not coordinate our votes or investment decisions with external groups or organizations You do impose your will otherwise this would not be an issue For instance she wrote that when BlackRock joined the climate action 100 plus An effort among big investors to engage companies on climate change the firm made clear that it was not a grain to trade shares or acting concert with other investors to acquire tight control of any company I seem to have read I think it was in the New York Post That they did in fact compel ExxonMobil to choose one or two radicals to serve on its board
Bloomberg Radio New York
"exxonmobil" Discussed on Bloomberg Radio New York
"This is a Bloomberg money minute. Pink slips reportedly are going out at snap. The verge reports, the SnapChat parent plans to lay off about 20% of its nearly 6500 employees starting tomorrow. The company has had no comment, falling gas prices are raising American spirits, the conference board says consumer confidence is up more than expected this month, reaching its best level since May. The consumer confidence report, along with a stronger than expected reading on July job opening, sent stocks lower, an increased fears of aggressive interest rate hikes by the fed, now industrial slumped three O 8, the S&P tumbled 44, then Aztec dropped one 35. ExxonMobil is finding the exit block as it looks to withdraw from its one remaining operation in Russia. The company's sale of its 30% stake in the operation was stalled by a presidential decree, the company is taking steps to sue. Larry kofsky, Bloomberg radio. Wake up and text text and eat. Text and catch the bus. Text and miss your stop. Text and be late to work. Sorry, I'm late. Text and work. Text and pretend to work. Text and X surprised when someone calls you out for not working. Who me? Text and meet up with a friend you haven't seen in forever. Hi. Oh, hey. Text and complain that they're on their phone the whole time. Text and listen to them complain that you're on your phone the whole time. Ugh. Text in whatever. But when you get behind
Bloomberg Radio New York
"exxonmobil" Discussed on Bloomberg Radio New York
"Com the Bloomberg business out and at Bloomberg quick tape This is a Bloomberg business flash I'm Charlie put up the down now higher by 70 points that has been a volatile Friday S&P up 9 right now hired by two tenths of 1% The Dow by the way also up two tenths of 1% nez stack does remain lower down 59 now drop of four tenths of 1% Ten year yield 2.48% We've got the tenure down 29 30 seconds The two year yield 2.29% Oil is up three ten to 1% right now one 1270 a barrel higher by 37 cents a barrel an oil storage facility in Saudi Arabia has been hit by a barrage of drone attacks on the kingdom The latest flare up in one of the world's most important regions for oil shipments West Texas enemy crude up three tens one 1273 a barrel oil stocks are advancing on the news ExxonMobil for example up 1.9% BP up 8 tenths of 1% Chevron up 1.4% EOG Resources up now by 2.4% pioneer natural up 2.1% and the United States oil fund ETF up now by 1.2% Russian foreign minister Sergei Lavrov is accusing the west of waging hybrid war through sanctions against his country Henrietta tres as managing partner at beta partner she says there's no question decisions by big companies to stop doing business in Russia have got the attention of Vladimir Putin I think one of the things that's putting Putin off is just a business communities or thoughts.
Bloomberg Radio New York
"exxonmobil" Discussed on Bloomberg Radio New York
"Is balance of power on Bloomberg TV and radio on Joe Matthew ExxonMobil posting the biggest profit in almost 8 years this morning as the earning parade continues Let's get more right now from Gritty Gupta Pretty interesting here to see ExxonMobil benefiting from a story we talk about a heck of a lot on this broadcast rising oil and gas price Yeah absolutely and not only have they really benefited from that that's something you're seeing across energy companies They're actually boosting some of their investments in those new oil wells Let's put that into comparison with what we've saw from Chevron just last week The idea that some of those longer aged wells actually ate into the profits of their bottom line So you're really seeing Exxon get out in front of it You also are seeing Exxon's free cash flow triple from 2020 So once again speaking to the idea that they're really benefiting from those energy prices UPS also with a big report another story we talk about endless demand for shipping And listen to me and for shipping they hiked up their rates which is actually really helping their bottom line But I think the biggest UPS story which we know is kind of this economic bellwether is that they actually got in front of the labor issue way before not only their peers but the rest of corporate America way ahead of the holidays they said not only are we going to start hiring workers early We're going to do it at a higher wage too So by the time those kind of inventory issues and supply chain issues showed up for other customers UPS was already ahead of it And you can really see how that affected their bottom line and just to really highlight the effect this is having on the market The two biggest index contributors right now are UPS and Exxon Well big move Thank you so much Pretty good though Coming up COVID hospitalizations are dropping nationwide Have we peaked We'll check in with the doctor fighting the pandemic on the front lines This is balance of power on Bloomberg TV and radio.
Bloomberg Radio New York
"exxonmobil" Discussed on Bloomberg Radio New York
"Returns over time So to take an example let's take General Motors So Mary Barr has got her great business She's a great CEO She's got a strong board But they can actually make more money if they get to an EV transition faster Longer term Longer term but if you think about it from a scale perspective So what's the what's the multiple of GM today compared to Tesla it's not an example If you can get to an EV transition sooner and you're doing 9 million electric cars a year that's a huge increase in multiple for GM and we get to the climate transition center So yes it takes more than a quarter Yeah But it's the way to do it at scale Hey talk to us about your investing framework and how you think about potential targets Our audience absolutely familiar with what engine number one has done and did earlier this year at ExxonMobil And also of course a General Motors too But how do you think about your next potential targets Yeah we think about it as being active owners and all these companies as opposed to target or old school activism And so what does that mean That means we're running with all the public companies Every single one We run through their wages their workers their social impact and their climate and environmental impact We do it in dollar sense And then we forecast how does that change their evaluation over time And so we will work with both companies that are laggards where we think they're not managing the business as well as they could And we'll do that constructively We won't try to do it The way we did with our Exxon it's better to do it working constructively with companies And so we're working with a number of companies now but behind the scenes We don't talk about that as much Tim was doing you know we're doing some research to share the story with me and we've been following this Dow Jones Had reported that Exxon is debating abandoning some of its biggest oil and gas projects Do you feel like win Well I think first one is get the right people on the board So that was a big victory in getting three people with great energy transition experience Right And the second when we're looking for is what's the long-term capital allocation strategy And if Exxon we're not in the boardroom they're independent directors.
Bloomberg Radio New York
"exxonmobil" Discussed on Bloomberg Radio New York
"Give me an idea Yeah we think it's all we think it's all about using the data on climate or environment people using it to drive returns over time So to take an example let's take General Motors So Mary bar's got her great business She's a great CEO She's got a strong board But they can actually make more money if they get to an EV transition faster Longer term Longer term but if you think about it from a scale perspective So what's the what's the multiple of GM today compared to Tesla It's not example If you can get to an EV transition sooner and you're doing 9 million electric cars a year that's a huge increase in multiple for GM and we get to the climate transition sooner So yes it takes more than a quarter Yeah But it's the way to do it at scale Hey talk to us about your investing framework and how you think about potential targets Our audience absolutely familiar with what engine number one has done and did earlier this year at ExxonMobil And also of course at General Motors too But how do you think about your next potential targets Yeah we think about it as being active owners and all these companies as opposed to target or old school activism So what does that mean That means we're running with all the public companies Every single one We run through their wages their workers their social impact and their climate and environmental impact We do it in dollar sense And then we forecast how does that change their evaluation over time And so we will work with both companies that are laggards where we think they're not managing the business as well as they could and we'll do that constructively We won't try to do it The way we did with.
Bloomberg Radio New York
"exxonmobil" Discussed on Bloomberg Radio New York
"Term but if you think about it from a scale perspective So what's the what's the multiple of GM today compared to Tesla it's not an example If you can get to an EV transition sooner and you're doing 9 million electric cars a year that's a huge increase in multiple for GM and we get to the climate transition sooner So yes it takes more than a quarter Yeah But it's the way to do it at scale Hey talk to us about your investing framework and how you think about potential targets Our audience absolutely familiar with what engine number one has done and did earlier this year at ExxonMobil And also of course a General Motors too But how do you think about your next potential targets Yeah we think about it as being active owners and all these companies as opposed to target or old school activism And so what does that mean That means we're running with all the public companies Every single one We run through their wages their workers their social impact and their climate and environmental impact We do it in dollar sense And then we forecast how does that change their evaluation over time And so we will work with both companies that are laggards where we think they're not managing the business as well as they could and we'll do that constructively We won't try to do it The way we did with our exon it's better to do it working constructively with companies And so we're working with a number of companies now but behind the scenes We don't talk about that as much Tim was doing you know we're doing some research story with me and we've been following this Dow Jones Had reported that Exxon is debating abandoning some of its biggest oil and gas projects Do you feel like win Well I think first one is get the right people on the board So that was the big victory in getting three people with great energy transition experience Right And the second when we're looking for is what's the long-term capital allocation strategy And if Exxon we're not in the boardroom they're independent.
News Beat
"exxonmobil" Discussed on News Beat
"The miniatures are here obligations themselves. Who i we have those women of the government. There is no choice. We have to address the situation imaging. So those in power now will godless if they are illegitimate or or not. You know our position. But he's originally Admission to them they are controlling. The they are totally get rid administration is offense on so they are on after cygan you have different sitters in the private sectors including those big you know it networks of of families that al responsible for welby country is versus we have bush. We have dialogue with okay and third the political parties. The political parties are fragmented in haiti. You know you have as many political party as you have aspire a people spying for in brisket. What these do we have. We have to learn to sit down with those actors and third. We have the organization's most of the things that have been done in. Haiti have always been done. We filed haitians themselves without elitists organizations human rights organization. Pisa's organization stood this organization. Sure she's you know all those institutions that are vital for the country. So what can happen. He's for the united nations to create a conduit. I'm not saying for united nations. Go back to hate it. Because i just started. Who exactly what happened if we are expecting that. Initial sale eighty so haiti is already dead. So we are saying that. For united nations to your authority to create the conduit and the united states to use its power at least for one time for good. In order to haiti engage in thought base not to impose eighty what he has to do but to lead hate to do to sit together we need and third. We need those forces or so in those forces that are forces. Would that we call the western. I did our friends of haiti to be better to who provide support for the haitian national quits because we are dealing in haiti with more than one or two than sixty five gangs criminal gangs and point guard gangs in of them arms and police. Easy is so and so weak. Those guys wind up. What is they are not it off. So they needs some support. Who is your support in order for them to do their work to enforce it. Yes additions so those steps out not difficult. But i doubt that they would happen. Why the united states. I election in two years in less than two years. The democrats you know ave fresh adaptation of the of identity biology and haiti's hot potato. They want to give the to begin admissions. So then you know. Does the hagen become a problem for them so up to now. The united states has no scottish english onto hating out to the women. I'm talking they have no such what to do. What the political courage for the biden administration to and then to engage hate the only defend basis. Not sending soldiers engaging. We don't want their just. It's not the point here what we want. We want to import it so we want to have forces..
The Daily Zeitgeist
"exxonmobil" Discussed on The Daily Zeitgeist
"Every week he has shocking because he's a democrat from west virginia which is very conservative state. And he's not shy about sort of stake in his claim early change in vain so on the democrat side. We look so the moderates on these issues. So it's the mansions the cinemas the testers. Exxon is even trying to get through to president biden through his friend. Senator chris coons. This guy goes on to say that. Chris coons is like all you know. They talked to him constantly and because he's from delaware where biden is from that they. They're really exploiting this connection to you know. Get them to hear their side of this debate. Which is please. Don't make us pay more taxes or pay for a carbon tax while you go and pay for these new technologies that are infinitely renewable and have no carbon emissions. Yeah those are the moderates just to be clear. That's what that's what he said. We we looked for the moderate who are open to being in the pocket of exxon mobil when it comes to climate change. Thank you know right. Moderation is considered in the in the democratic party in maryland politics. And it's not about the filibuster this other shit like they know you know again the the calculus for a lot of people in the senate is merely just just stay in office. It's not to deliver results for people. Just know i wanna get here. And i wanna feel like i can never be knocked off this part so if i have to do deals with the earth fuckers you know that are out there with their deep pockets than i will do business with the. That's the same sort of Pag grabbing short tim logic that governs all of this right. I mean what is the in game for exxon mobil. There's a finite amount of the resource that they piddle in the world right. It's like you just gotta have a vice grip on power distribution in light unite predicting how much it costs to to find a news and we run out and then that guy. I don't know we're gonna run out how we're going to run out. I wouldn't have got into this in the first place. I would have given it to this other thing. That apparently could be a much better path. Forward but yeah even when listening to this it. Just it's you know it's one thing to always see this sort of gridlock. Happen in the senate and just with our very fucked up form of governance but then when you really see on the other side of the people who are the ones exerting the pressure speak so plainly like that. It's never about this other stuff it's like. No infrastructure is supposed to be like roads and stuff don't come into arlene with this emissions reduction or carbon tax stuff. We don't wanna hear it and then this piece goes on later on to say where they admit how exxon we'll be a carbon tax. But they only do that because they know the road. There is so hard that if they can just stay fixed there then they can excuse. All this other stuff was like well. We're four carbon tax. You just pass something you know. That's what we'll do but also behind the scenes were gumming up the gear. So you guys won't even get close but you can but again when you hear. Both of these lobbyists speak. It's clear to them that the pace at which people are asking for new forms of energy and to address climate change. They see themselves as having like a four year window like to do as much damage as possible before the legislation kind of consumes their business. Probably but who knows. They seem to be very often. They got great service. Stations friendly attendance to hell of a product. As you've always said. I mean they were the first to know about climate change. They knew about climate change in the early eighties before we knew about climate change. And that didn't change anything so i mean. I think dan climate get him outta here. This guy this guy. Yeah if there's any hope for people that like those Exxon mobil is investing in a greener future campaigns. Have some actual truth behind them. Like we can give up on that that this is what they're invested in which is making as much money. Next quarter is essentially. What it right all. Yeah that all finishes voice been thinly-veiled. Pr exercises right with absolutely no substance british petroleum rebranding to be on patrol. You've been invented the idea of carbon footprint. Yeah right which is pretty much just like gods is too big for us if we can just force everyone to thinking that can shoulder a tiny bit of responsibility for their carbon emissions we can keep just absolutely pillaging everything right and the yup. It's on you listener. You gotta draft paper straws and asya in your bags when you go to the grocery store. Yeah don't don't fuck this up to get a week can fix this. Don't always up for rex tillerson. Who went from the ceo of exxon to the secretary of state. That's truly amazing. Look at the fucking of for lack of a better word pipeline and you see just how all of this shit moves like. It's all you know again for people who aren't cynical or radical enough yet. Just take a second look out how they move to. It's the same thing as you know. How celebrities always celebrities rice. The ones who know what it's like. Yeah right right right yeah. They're like oh i can. I can only lay my head down with another evil earth fucker. Who has the dread of their collective karma for the deeds. They've done in the pursuit of profits hanging over their head. But we loved to vacation in. Bali right yeah. They've already made their decision a long time ago. And that's how that's how you know that they're they're good. They're good for the job all right. Well let's talk a little bit more about you know where the shortsightedness of the us has gotten us so. Republican governors are now basically begging their constituents to get vaccinated after the country missed. Its goal for vaccinations by Just you know. If republicans had gotten vaccinated we would have hit seventy pretty easily currently new washington post. Abc news poll showed seventy four percent of people who haven't been vaccinated. Say they probably or definitely won't get vaccinated and that eighty six percent of democrats have received at least one vaccine shot compared with forty five percent of republicans so breaks down pretty evenly along ideological lines there. Yeah they're dealing with something spookier now because of the delta variant and now that it's becoming you know the click slowly the dominant strain In the us these states and cities that have low vaccination rates are looking at experiencing significant infection rates. And this is why these governors like in utah. Arkansas west virginia cetera. Have again been saying things like you know. I think asia hutchinson argue. I was like the vaccine is the only solution to this. Like saying very directly on dvd to people who would listen. Because you know they're looking at sub fifty percent vaccination rates. You got jim justice. Who's the governor of west. Virginia saying when it really boils right down to it. They're in a lottery to themselves. We have a lottery that says if you're vaccinated we're going to give you stuff. We've you've got another lottery for them and it's a death lottery. hell yeah. Energy sack governor of west virginia. Well you got another lottery for them and it's a the death lottery i mean it's so appropriate that somebody named jim justice because it sounds like a that that is a steven seagal character name and that the way he spoke about that is sounds like it could be from a trailer for a stephen scope playing lottery. A death flattery. And that's the name of the seagal movie death. Yeah death lottery as down by this steven seagal in death lottery or is.
The Daily Zeitgeist
"exxonmobil" Discussed on The Daily Zeitgeist
"Come back and talk about the news. Hey miles to me jack I wanted to let you know that this episode of the daily sponsored by better help online therapy okay. It doesn't matter if you're struggling with anxiety or depression need help with relationships or having difficulty meeting your goals online therapy might be for you. It certainly is for me. You might say well. I don't know how do i find it. There is what. How do i find. The time of day better helps makes us very easy. You can start communicating with your therapist and under forty eight hours and all of their therapists have a broad range of so it might not just be something that you can find in your area. Maybe you want something more focused on relationships or other things better help you. I know so. Many people who were like ni- tried therapy. It wasn't for me and it's like you tried. A therapist like there are so many therapists there so many people with different areas of expertise and better help makes it easier to try out and find the one. That's right for you. Yeah i mean to the point that they're committed to facilitating great matches. So it's easy and free to change counselors if needed our listeners. Get ten percent off their first month at better help. Dot com slash. Td's e that's better h. e. l. p. dot com slash. Td's e support for this. Podcast comes from cslr clear if stubborn shower mold. Has you miffed or you're hard pressed to get rid of hard water up. It's high time you kick your so-so cleaning products to the curb. It's time to fight that clean fight with a sealer clear. Family of products seal are clear. Knows there's all kinds of dirty. Which is why they offer products to help you. Take on messes all around your home. So go on and find out that countertop cried square up with those carpets stains co crazy on your garbage disposal gunk. Sealer clear has formulas to help you get the dirty deeds done. Plus many of their products meet the epa safer product standard. So while tough on messes it still the safer choice for your family and the environment show dirt and grime around your home. who's boss with. Cslr clear and fight the clean fight. Learn more about the entire product lineup by going to see are brands dot com. And we're back and yes so greenpeace. Uk put together an investigation where they were posing as recruiters for a lobbying effort for a company. That was a fan of exxonmobil's work. And that's a that's a great setup to get people to just talk shit be like. Hey man like impressed me just like how you do like a start. A documentary like or with about a drug dealer really yellow to did you really. You really moved all those drugs. Like i can't talk about that. I can't man. I the things i've heard. I just heard her epic things like the cia. Said they'd never seen anything like the. Da they were crying. Hearing your name like will you know. Yeah this has been. They use that same tactic again just to reach out to exxonmobil's like main dc lobbyists one who's still at exxon mobil in an official capacity very high up and another that just left in the beginning of the year and again just a couple of compliments and now they're kind of letting you know again the part that most of us can see from the outside pretty clearly as we look at how senators and congress people. You know are motivated. But it's really one thing to hear them talk all this stuff out loud. So i'm gonna play just a quick intro part and then i'm gonna jump ahead to this guy talking so i'll play two parts. And then we can talk on the other side on earth posed as recruitment consultants and told them we had a client who admired their work then. We interviewed them on soon. And ask them to tell us what they in the other lobbyists did. Exxon have been up to. Mobil is so powerful that the management suite. But it's global headquarters is known as the god pod okay. Let's start there talking to the folks over at the god pod cool name. Yeah right. I can't imagine for especially for the one of the you know the largest polluters of our earth that the people in there that it's ref reference to as the god pod. Is this a bad time to say i. I recently took on very lucrative sponsorship. Deal with exxon mobil. Dammit guy really. I gotta get that cash. We were gonna take that. Shell deal okay. So then let's get to the good part which is a few compliments and now they got the loose lips he told us which united states senators the company sought to recruit to their lobbying campaign. And they're not all republicans playing defense because president biden talking about this big infrastructure. And he's gonna pay biting protests highways and bridges. A lot of the negative stuff starts to come out because it's germane. This right is this. That doesn't make any sense for a highway. Bill why would why would. Why would you put in a something. On all emissions reductions climate change to foil refineries in highway crucial while senator capito who's.
NEWS 88.7
"exxonmobil" Discussed on NEWS 88.7
"Or commit to be carbon izing. We see in the auto sector, you know, committing to Ah, electrified future and we've seen other companies in the only gas sector like BP and shell, you know, showing that it's possible for For an oil and gas company to pivot to a different business model. So you know, I think the world has changed around the company and Exxon seemingly didn't notice or, I guess didn't care. And you know certainly what this vote ought to signal to the company and its board is that it's time to re engage with reality. Well, what kinds of changes are you expecting to see at ExxonMobil now, In light of this shakeup and the board? Yeah. I mean, I think you know, we will look to see that the changes at Exxon, you know, largely in how it invests its capital. So this is a company that invests $2025 billion a year every year, rain or shine, And historically, that flow of money has gone entirely into, you know, into filling up the world's energy mix with oil and gas, And so I think we'll be looking As we head into the summer and fall and as a company sort of develops and releases its plans for the coming year and years. Whether that investment flows starts to change all those tens of billion dollars continue to go only into oil and gas. Will we see the oil and gas business? Shrinking as it is, you know, say a BP. And will they diversified other kinds of energy? We know whether you know wind or solar or something, maybe closer to their own. Kind of skills and capabilities, you know, like hydrogen or certain kinds of biofuels. But ultimately, you know, we'll have to follow the money and not the rhetoric and see if any change is actually happening on the ground. Excellent, of course, is the largest energy company in the world. How likely is it that we might see a similar shake up and one of their competitors like Shell or Chevron? So I think that the victory that activists saw at ExxonMobil is perhaps more important for the rest of the industry than it even is for Exxon. Exxon is one company. However big and important, it may be, but, you know, we know that the boards of other companies in this industry we're following this campaign very closely. And I think the potential that they themselves might be tossed out of a job in the future for not doing enough to address climate change, will certainly you know, concentrate their minds in a way that I think will be extremely helpful, particularly as investors, you know, push them to set a more ambitious bar for addressing climate change, So I think certainly Chevron stands out as a company that Is actually not that different from Exxon and the path is taken or really not taken in a decarbonization world. So I think we'll see investor attention turned there and certainly, you know, I think the Exxon Victory ought to have softened up the ground quite a bit, So that's going to be much harder for, you know for Chevron to refuse investor demands for more ambitious action, and in fact, we saw Chevron had at the annual meeting on the same day as ExxonMobil's. And there was a proposal on the ballot for investors to vote on at Chevron that asked the company to set Greenhouse gas reduction target and one that included not just the emissions from its own operations. But but emissions from the use of its products. So the burning of gasoline and car is the burning of natural gas in power plants and that proposal, you know, one by actually a fairly large amount it got over 60%. Of the vote, and you know, in a previous era, I think the chevron bore would have looked at that vote and thought. Oh, that's interesting. You know, maybe we should put out a new report or talk to investors a bit more. Now, I think with you know, activists haven't shown that they are willing to go at the boards of companies that aren't responsive. I think we'll see the Chevron board really reckoning with the need to set a strong target. Where, right now there isn't one for that company. And what does this mean for individual investors? You know, not somebody that's got millions invested. But somebody with an I r A or a four Oh one k that maybe has a little bit of money invested in these types of companies. Yeah, I think what we have seen this year, not just at Exxon. But you know, a lot of the only gas companies were proposals are going to a vote is that the individual industrial actually has a powerful voice. You know, these votes in the end were determined by these very large, you know, asset managers, you know, groups like Fidelity or Vanguard or State Street or Black Rock. You know where many of us have our Are 41 case or our four Oh three B's and the These investors have been slow to act over time, and I think partly it's because they had not historically thought that their clients cared very much. But I think what we've seen in the last year or two is that they are hearing from from their clients. Individuals like the people listening to this show, and I think is going to be important for them to continue to hear from individuals going forward. Both that We like what they've done this year or at least we like what they started and want to see them following through. Andrew Logan is a senior director at series. Thank you so much for taking this time with me today, Andrew. Thanks for having me. Mm. Mm hmm. Coming up A look at the life of Katherine Johnson, an African American female mathematician who worked at NASA in the 19 sixties. That's just ahead on living on Earth. Funding for living on Earth comes from you, our listeners and United Technologies combining a passion for science with engineering to create solutions designed for sustainability in aerospace, building industries and food refrigeration. It's pride month, a time when bars and street festivals across the US are.
Marketplace with Kai Ryssdal
A Tiny Fund Scores Historic Win in Battle Against ExxonMobil
"Energy leads the way kinda surprising. News out of exxonmobil's annual shareholder meeting today ticker symbol x. Oh by the way turns out a hedge fund a relatively small a hedge fund called number one which holds a very small slice of exxon mobil. Stock has convinced some other much bigger shareholders that they should put a couple of engine number one's candidates on that company's board of directors candidates that would and this is the important part force exxon to cut back on its fossil fuel strategy and investments. And do more about climate change. It sounds insanitary. I suppose a little bit of corporate governance but it is a very big
News, Traffic and Weather
ExxonMobil racks up a third straight loss as pandemic dents demand
"Mobil reported its third consecutive quarter of losses as the global pandemic curtails, traveling cripples global economic activity. Energy giant on Friday Post of a $680 million third quarter loss and revenue tumbled $46.2 billion string of losses and what could be a money losing years. New territory for Exxon Mobil. We
The Afternoon News with Kitty O'Neal
Dallas-Based Exxon Denies President Trump Called CEO For Money
"Needs. Exxon Mobil is making sure people know President Trump has not asked their CEO for money KFBK Sarah Bartlett has the story. The Texas based energy giant says it's aware of a comment made by the president at an Arizona rally, where he claimed that he could get every major company head to give money to his campaign. If he wanted Teo. He used Exxon Mobil as an example, the company says no such talk has ever happened, according to the Dallas Morning News. ExxonMobil's corporate pack has not given cash to any presidential can It it this election cycle. Sarah Bartlett News 93.1
Bloomberg Daybreak
Exxon on hypothetical Trump call: "It never happened"
"ExxonMobil is taking a rare step. Responding to political remarks from President Trump, the president called out Exxon at a rally, saying hypothetically he could trade permits needed by Exxon for $25 million contribution. He went on to say he wouldn't do that. But some on social media took him seriously, which led Exxon to respond on Twitter. The company says it never spoke with the president about a campaign contribution, posting quote. Just so we're clear it never
The Topical
ExxonMobil To Simplify Oil Extraction By Cutting Earth In Half
"Well, it's no secret drilling for oil is dirty business and his natural deposits are used up companies have taken to drilling even deeper than before and in more dangerous locations seeking untapped reserves but that may soon change as Exxon. Mobil. Announced this week their plan to simplify oil extraction by simply cutting the earth and half here with more as OPR's. Carbon correspondent Rebecca Neal Hi Leslie Exxon Mobil spokesperson Todd McNamara told reporters at a press conference yesterday about the company's new initiative to cleave the earth into two separate pieces and drain out the crude oil hidden inside the plan they say, will have minimal environmental impact and provide Americans with affordable clean fuel. So. Think of the earth is like a really round EG, and on the inside of the Shell is the egg white or oil, and the yoke is lava and stuff. But that part's important we intend to score the earth all the way around like with an egg topper and then tap it with a chisel. This will split the planet into two pieces giving Exxon mobile access to all that we petroleum goodness buried inside
The Topical
ExxonMobil To Simplify Oil Extraction By Cutting Earth In Half
"Well, it's no secret drilling for oil is dirty business and his natural deposits are used up companies have taken to drilling even deeper than before and in more dangerous locations seeking untapped reserves but that may soon change as Exxon. Mobil. Announced this week their plan to simplify oil extraction by simply cutting the earth and half here with more as OPR's. Carbon correspondent Rebecca Neal Hi Leslie Exxon Mobil spokesperson Todd McNamara told reporters at a press conference yesterday about the company's new initiative to cleave the earth into two separate pieces and drain out the crude oil hidden inside the plan they say, will have minimal environmental impact and provide Americans with affordable clean fuel. So. Think of the earth is like a really round EG, and on the inside of the Shell is the egg white or oil, and the yoke is lava and stuff. But that part's important we intend to score the earth all the way around like with an egg topper and then tap it with a chisel. This will split the planet into two pieces giving Exxon mobile access to all that we petroleum goodness buried inside
Balance of Power
Oil giants lost billions as pandemic crushed demand for fuel
"It is all about oil companies. They're losing billions on the 12 punch of both over supply and pandemic. Demand drops both Exxon Mobil and Chevron earnings Well, they reflect that our own scarlet fu is here with more Scarlett. What were some of your key takeaways? Around some of these oil giants reporting and just the losses that they're reporting. It was a pretty ugly day for big oil. You know, there was a time when Exxon Mobil was the most valuable company in the S and P 500. Those days are long gone. And if you look at Exxon Mobil today in its market cap, it is worth 1/10. Of what Apple is worth, and I bring this up because both Apple and Exxon Mobil reported earnings over the last 24 hours, and ExxonMobil's results look very different from what we heard from apple. Okay. So example one Chevron. They both had this integrated business model that is meant to protect them. No matter of oil prices rise or fall, So that means for the upstream business, they have oil exploration and production. I also have a downstream side. The business which is refining and chemical units in the second quarter, however, you can see production got hit because of lower oil prices, and the refining and chemical units also got hit because of lower demand for things like jet fuel, gasoline and plastic wrap that uses oil as a raw material, and in fact This is stunning. Exxon Mobil generated zero cash from operating activities in the second quarter. This is a massive company, and it generated zero cash from his operating activities. All that resulting in some pretty steep losses exam over reported a $610 million loss in the first quarter and even bigger loss in the second quarter. There are $1.1 billion Look at Chevron's numbers $8.3 billion deficit in the second quarter. That is two times the amount it made in the year ago period. And by the way, Chevron also wrote down a lot of its assets at $5.7 billion in oil and gas assets. I mean, these numbers are so big it just I had to look at it. A couple of times three or four
WTOP 24 Hour News
Jeff Bezos’ Fortune Ballooned by $13 Billion in One-Day Record Increase
"Added $13 billion to his net worth yesterday, making him worth more than the market valuation of ExxonMobil. Nike and McDonald's yesterday was the largest single day networth increase for an individual. 56 year old Bezos has seen his fortune swells $74 billion so far this year. Despite the US entering its worst economic downturn since the Great Depression,
Rush Limbaugh
ExxonMobil cuts 2020 capex budget by 30% as it works to combat low oil price, weaker demand
"Story Exxon Mobil making a massive spending cuts due to market fluctuations the oil and gas giant said it would reduce capital spending to twenty three billion dollars instead of the originally planned thirty three billion company still planning to meet its twenty billion dollar investment though on the U. S. Gulf coast as part of its growing the Gulf initiative and Exxon Mobil is also working on creating reusable face masks and shields to help protect people from corona virus snickering commits newsradio seven forty
America's Truckin' Network
Fire erupts at ExxonMobil refinery in Louisiana; no injuries reported
"Yeah the story on a baton Rouge it was a a fire at an Exxon Mobil refinery they turn the night's guy shade of orange a fire erupted about eleven thirty Tuesday night no injuries reported the fire was contained they say to the location where it started but the glow could be seen from miles away Exxon Mobil the largest manufacturing employer in Louisiana and that baton Rouge refinery the the fifth largest in the country producing gasoline jet fuel and more paint adhesives at the chemical plant let's see the company said in a tweet they were responding to the situation including monitoring the air quality of the air outside the plant no particular older they said there are no offsite impact according to a spokesperson from the fire department so it was again contained to the area where it occurred so is it could have been a whole lot worse
The Big Story
Imperial Oil ignored its own findings on climate change decades ago
"The effects of climate change are being witnessed all over the world. It's the biggest story right. Now there are downright apocalyptic take images coming out of Australia right now. The country's battling hundreds of fires that burned across the country for months now roads and villages turned into rivers overnight right and tens of thousands displaced many areas in central and southern Somalia have been completely caught off and people here are now in urgent. Need aide Greenland's is sheets is the biggest in the northern hemisphere and it's in meltdown. All of this is a warning sign for the while. We hear it all the time. This is a dire situation. Time is running out. It's a crisis. Makes you wonder if we knew what we know now. Old decades ago could we have done something to stop. The devastation. Could much of what we're seeing today been reversed in the troubling answer is probably doubly. Yes in fact. Some people did know what was happening. As far back as the nineteen sixties major fossil fuel companies are alleged to have known about Science and worse that they were contributing one major Canadian company in particular its own research and ignored the findings and as we hear from our guest today. Imperial Oil Royal Coulda changed its business. Model could have been a leader to fight climate change but instead just decided to make bigger profit often. I'm Richard Southern Jordan Heath Rawlings. This is the big story. Berta Hussein is a writer at the intercept joins us now Heimer Taza. How good thank you interesting article? One that I think is going to the real eye opener for a lot of people. Maybe anger a lot of people first off. It's really centering around a company that we use here in Canada a lot whether we know it or not tell us what is his imperial oil. Who are they so imperial oil is the Canadian subsidiary of Exxonmobil? The famous Fossil fuel company. It's best known in Canada. Zal at the consumer level for esso-brand gas stations. So imperial is essentially Exxon's arm in Canada and Essel is its most prominent consumer manifestation. Yeah they're everywhere you know but a tiger in your tank bright and you're saying going back to what the nineteen sixties imperial oil knew about the dangers of climate change. What exactly did they know back then? Murtaza well in the nineteen sixties the specific contours of the problem. With coming into view. They will not definite about climate. Change percents at that time but they knew that they were causing serious harm to the environment and they knew that this would eventually lead to a public outcry cry. If Canadians became aware of the full scope. The heart they were causing annual this time. You think of things like air quality polity destruction of habitat destruction of ecosystems. It was only in the later decades by the nineties. They were very very sure are about the science of climate change. We're talking maybe. Almost three decades ago they had come to a high degree of certainty about the impacts of climate change. Despite that knowledge they did not change their behavior and in fact did whatever they could to prevent the public from reaching the same level certainty. EG about the issue that they have what did they do to sway public opinion away from what they knew was the fact that climate change was real and that they were participating ended. What did they do to sway public opinion? Well over a decade imperial has been very concerned about possibility of public backlash and particularly particularly if that backlash led to calls for regulation up their activities or the imposition of climate or environmental regulation but somehow impacted their ability to carry out their operations. So going back to the sixties and then onwards from there are they attempted to do their own public relations campaigns to sway public opinion to Muddy the waters over their own environmental record and to push back against any organized attempt to curtail their activities but it wasn't just Pr. It was also surveillance of non-governmental organizations in Canada local ones like the Canadian Arctic Commission and other consumer advocacy groups to go on the offensive against these people even though they were much smaller than imperial oil oil of course much smaller than Exxon Mobil. What do you mean surveillance where they fled following people around? Was the documents show that they were compiling dossiers on environmental loops in Canada information about their key spokes people their finances their addresses so documents. Give us some insight into do the type that could carry out until two or they did they. Certainly it was on the table for them. Did they do anything. Imperial oil to try. Try and mitigate climate change. I mean you write in your article that a a PR company analyze different ways that the company could reduce its carbon footprint. Do they do anything well in the early nineties you know. Many many decades ago now they essentially knew that for society to avoid the catastrophic this traffic impacts of climate change. It would need to move from fossil fuel extraction to renewables techniques like carbon capture. Many the things that we've discussed today is being necessary to avert the climate prices but the thing is right this knowledge they did not twenty significant degree agreed change their operation. They continued to extract at the same levels and even higher levels year over year this day. They did not engage in the fundamental structural changes that they needed to to avert this crisis but one thing that they did do and I think this quite telling is that they changed the design their own platform in the Arctic and elsewhere to accommodate the fact of rising sea levels and melting sea ice. So they knew this is real soul strongly that they changed their own platform designed to accommodate that but they did not embark on the structural changes. Their business models would have been necessary. And it's even more unfortunate. Because if they had them that they would have had a first mover advantage and renewable energy. You talk about the the Arctic you mentioned in your article and this may be one of the more shocking things is that they looked imperial looked at the the melting sea ice as a new business opportunity for them right right so essentially imperial and other fossil fuel companies day for a very long time had the best climate climate research capacity is any organizations in the world they knew very intimately impacts of change around the world atmosphere here and in the Arctic and now they developed capacities partly for the reasons I mentioned earlier because they were concerned about public backlash over their environmental. I mental record. They wanted to get as good a pictures possible but what they also did was that the this usage capacity which had offensively developed to you know hopefully reduce environmental harm or get a better picture of it also to scope out new business opportunities that may emerge in it radically. Did you date environment. They said hey the fact that there's less CIA is going to allow us to go up further into the Arctic and drill for more oil right more or less maybe more technical language but you just if it was that the fate of Arctic Sea ice will determine how imperial operates right another another interesting thing to with imperial oil was how they saw carbon taxing coming many years ago and how they were how they were sure that that would actually mitigate mitigate some of the climate change of facts right what what did they say about carbon pricing. All those years ago well they knew that carbon pricing would be necessary. She would use fossil fuel emissions but they essentially low ball the numbers the new. That's a much higher number of needed even many decades but they made proposals which were arts private private knowledge and essentially you know we would have probably taxes through which we do need need. Do we need to be much much higher than you would. He needs to be several decades. When imperial and other companies had essentially deceived? The public was imperial. Oil's response to all this. You ask them for response to these documents. You got about all the knowledge they had one of these say. Well you know one thing that I This article is very important that they knew these things privately but for many years thereafter. CEO's if imperial were saying doing things in public when she concluded odds with their own private use and affiliate odds with the consensus of climate change mainly in the late nineties. You know imperial. You see Yo- Roller Peterson was saying that carbon dioxide. It's good for your I'm in started pollutant. There's no consensus about this issue. All and you know essentially open to debate internally do not open to debate very serious and very real so you know response In the light of this it was just that they take seriously and committed to doing what the cans move with the climate crisis. And you know the the thing is not revert. This crisis is businesses usual. Something's GonNa Change. It should've changed three decades ago four decades ago but if it does not radically change now you don't have to prepare for very ugly future in which the vast majority of people many Canadians are going to suffer grievously. Should we be shocked by this. I I mean you know. The cigarette companies knew there product caused cancer. I guess the you know the candy companies. Probably new sugar wasn't very good for people but they kept selling it. This is what Capitalism demands should we be singling energy companies. Like it'd be real oil out. Aren't they just doing what. Capitalism demands of them the difference between the tobacco industry and big sugar and fossil fuel industry. Is that the consequences of these. Allies are much much sh greater than other basic consumer products and. That's not to say that the impact is tobacco and sugar on Health Canadians and others not been grievous what we're talking about eventually an existential threat to industrial civilization Industry Association. We may we now have a planet anymore on which even make future mistakes or to rectify current mistakes. That's why it's really really far more serious than those other phenomena. All those were also serious. Now we're talking about something that we've never experienced before human beings have never done anything anything on such a scale as what they've now begun to
THE NEWS with Anthony Davis
Saudi Aramco oil to enter stock market.
"Coming up on five minute news Saudi Aramco oil to enter stock market judge blocks trump rule requiring prospective respective immigrants to have health insurance and Brexit party leader Nigel Faraj will not run in UK election and it's Sunday November three I'm Anthony Davis the Saudi Arabia's giant state oil company finally kick-started its initial public offering today announcing its intention to float on the domestic boss in what could be the world's biggest listing as the kingdom seeks to diversify its economy away from oil but in its long-awaited announcement assessment Aramco the world's most profitable company offered few specifics on the number of shares to be sold pricing all the date for launch bankers have told the Saudi government that investors will likely value the company around one point five trillion dollars below the two trillion dollar valuation touted by Crown Prince Wants Mohammed bin Salman when he first floated the idea of an IPO nearly four years ago the IPO is designed to turbo charge Prince Muhammed ambitious just economic reform agenda by raising billions to build non energy industries and diversify revenue streams confirmation of the sale of shares in the oil giant whose formal name is Saudi Arabian Oil Co. comes about seven weeks after the crippling attacks on its oil facilities underlining Saudi Arabia's determination to push on with the listing regardless Aramco accounted for about one in every eight barrels of crude oil produced globally from in two thousand sixteen to two thousand eighteen it said today it's net income for the third quarter of two thousand nineteen amounted to twenty one point one billion billion dollars dwarfing the income for the same period for oil giants like ExxonMobil which was just over three billion dollars a federal judge in Oregon yesterday temporarily blocked trump administration proclamation the would have required prospective emigrants to prove they would have health insurance within thirty days of their arrival or enough money to pay the reasonably foreseeable able medical costs judge Michael Simon in US District Court in Portland Oregon granted a twenty eight day temporary restraining order that prevents the rule from taking king effect today the legal challenge against it will continue in an eighteen page order Simon said the potential damage to would be immigrants and their families he's justified in nationwide block facing a likely risk of being separated from their family members and a delay in obtaining a visa to which family members this would otherwise be entitled is irreparable harm he wrote prospective immigrants have been scrambling to figure out how to get the necessary coverage navigating complex healthcare bureaucracy that has for the most part not previously catered to those who are not yet in the country the trump proclamation said it aims who's to stop healthcare providers and taxpayers from bearing substantial costs in paying for medical expenses incurred by people who lack health insurance prince or the ability to pay for their healthcare it cited data that lawful immigrants or about three times more likely than US citizens to lack health insurance Lawrence healthcare policy experts say immigrants use the US system less often than Americans according to an analysis by Leighton coup who director of the Center for Health Policy Research at George Washington University recent immigrants without insurance accounted for less than one tenth of one percent of US medical expenditure in two thousand seventeen Nigel farrage the leader leader of Britain's up Stop Brexit Potty said today he would not stand in next month's general election choosing instead to campaign countrywide against since the UK Prime Minister Boris Johnson's e you divorce deal Farraj an anti you campaigner who stood for parliament unsuccessfully seven times times setup the brexit party earlier this year and swiftly won the most votes in Britain in European elections in May he's announcement this week that the party not would contest every seat on December twelve election was seen as a potential setback for Boris Johnson it risk splitting the vote of brexit supporters in an election that will once again pit those who want to leave the European Union against those who want to stay more than three years after Britain voted to quit the block in a referendum Johnson who wants to win a new mandate to enact his divorce deal with the block said he had ruled out a pact with every other party because it would only any make more likely that opposition Labor leader. Jeremy Corbyn would become Prime Minister Johnson's conservatives are leading in the polls but the country still starkly walkway divided over brexit. The outcome is highly unpredictable. You subscribe to five minute news with your favorite podcast APP Oscar snot speaker or enable five minute news as your Amazon Alexa Flash briefing skill we'll follow us on twitter at Five Min News five minute. News is an independent production covering politics inequality health and climate delivering honest verified
WBZ Morning News
2 Rockets Strike Oil Fields in Southern Iraq
"Iraqi security officials report, a rocket struck an oil drilling facility near the southern city of Bosnia Iraqi officials, that, that's a Katiza Roquette with five on an oil site, that youth by number of foreign oil companies, including ExxonMobil Royal Dutch Shell in on an Italian oil company. They say that to Iraqi oil wack has what injured from the attack the rocket London's one hundred meters away from a site that Exxon Mobil us is, is an ops under residential center. No one has yet claimed responsibility for the attack, ABC, Jillian
Marketplace with Kai Ryssdal
Saudi Aramco made $111 billion in 2018, topping Apple as the world's most profitable company
"Let us begin today with a story that is both straight ahead business and economics and at the same time. Oh, so very geopolitical. We learned this morning. Exactly. How profitable the most profitable company on earth. Really is. And if you're thinking, wait KYW, we already know how profitable apple or Google or maybe Exxon Mobil is well think again, we speak here of the national oil company of Saudi Arabia Saudi Aramco by another name, the company opened its books today at least partway for the first time since it was nationalized back in the nineteen eighties. Wall Street was pretty impressed which for Saudi Aramco seems to have been the point from Washington. Marketplace's Scott Tong, it's as going the money printing machine known as Saudi Aramco made one hundred and eleven billion dollars in profits last year. That's almost twice what apple made nearly four times Google's profits. And. Five times ExxonMobil's. This is really the most information we've ever gotten Ellen wall. That transversal consulting is the author of Saudi Inc. Everyone's kind of been wondering what what is this big horrible secret that they're hiding the answer is that there isn't a big horrible secret. One big reveal Saudi Aramco pays a mere three bucks to produce a barrel of oil that's crazy cheap as they can sell it for sixty nine and Wall Street to bond rating firms Dave the company high grades, though, not the best Michael Goldstein teaches finance at Babson college. This is lake instead of their credit score being eight fifty and they're getting a perfect lowest possible mortgage on their house. They're still going to get whatever size house they want. It's just they're going to have to pay a little bit more than the absolute perfect credit score. Saudi Aramco does wanna borrow tens of billions from the market to buy another company and spend the prophets and diversifying the Saudi economy right now, it gyrates wildly up and down with oil. Oil prices says economist Paul Sullivan at the National Defense University. Anyone that move from the roller coaster and dry toward diversification. And they need this money to accomplish that the Saudis wanted more balanced economy by twenty thirty right now seventy percent of the nation's revenues come from oil.
Nightside with Dan Rea
Trump administration claims tax refunds will still go out
"Hear ExxonMobil's bid to block attorney general Maura Healey's investigation. She's looking into whether the company misled investors and consumers about what it knew about the link between fossil fuels and climate change summit between President Trump and North Korea's leader could happen early this year in apparent preparation for that Kim Jong on making. A four day trip to China CBS's, Ben Tracy from Beijing North Korean leader, Kim Jong moon has now arrived here in Beijing for what appears to be a multi day. Visit he is expected to meet with Chinese president Xi Jinping in this will be the fourth meeting between these two leaders in just the past year. Now, we are told that Kim Jong moon has brought with him his wife resold Jew as well. As Kim Yang Chow who is one of his top diplomats. Now, that's significant because Kim Yong tool has been the point person for discussions with United States. And we're South Korea Washington is still pressing the north to come up with a detailed accounting of its nuclear arsenal. And so far that has not happened. Twelve hundred fish twelve hundred fifteen national grid workers okayed a new contract today ending their lockout that began in June. They'll return to work in a couple of weeks, although we won't have to attend the next Nantucket court date and Kevin Spacey's cases March fourth Spacey in court today for a brief appearance. A not guilty plea entered on the disgraced actors behalf to charges of groping an eighteen year old boss boy in a bar in two thousand sixteen. Geno.
NPR's Business Story of the Day
New York Sues ExxonMobil
"Support for this podcast and the following message. Come from internet essentials from Comcast. Connecting more than six million low income people to low cost high speed internet at home. So students are ready for homework class graduation and more. Now, they're ready for anything are the energy giant. Exxon Mobil is accused of misleading. Investors and shareholders analysts about the cost of climate change to the company's bottom line, New York's attorney general Barbara Underwood is suing the company for defrauding shareholders and NPR's. Wade Goodwin has the story. The lawsuit doesn't hold Exxon Mobil liable for helping to create climate change. It accuses the energy giant of misleading. The investing public about how global warming was affecting the value of the company's fossil fuel assets around the world, what the attorney general is essentially saying is you kept two sets of books. Thompsons Ello is the director of finance for the institute for energy economic. And financial analysis and former New York state comptroller Santillo says the allegations are about Exxon refusing to write down the value of its fossil fuel assets that are still in the ground two sets of books one in certainly that they were keeping. So that they understood what reality was and another more nuanced reality, if you will for the investment public the allegation really is that the company is not as big as it says it is and it's not worth as much as it says, it is Exxon declined to comment to NPR but released a statement that said in part, these baseless allegations or a product of closed door lobbying by special interests, political opportunism and the attorney general's inability to admit that a three year investigation has uncovered no wrongdoing. Exxon Mobil has moved to thwart the investigation by attorneys general in three states. Alleging it's a conspiracy involving the Rockefeller Foundation. Tort lawyers environmentalists and democratic Agee's Michael burger is a professor at Columbia law. School who specializes in climate change law. Burger doubts Exxon's conspiracy theories are going to hold up in court. This is about climate change. It's about the risks that regulation poses to the fossil fuel industry over the next half, century or more. But this particular complaints is about corporate fraud at the end of Wednesday's trading on Wall Street. Shares of Exxon Mobil were down about three percent. Wade goodwin. NPR news Dallas support for NPR. And the following message. Come from circus. Oh, crystal a frozen playground of world-class ice skating and stunning acrobatics. See it live at Capital One arena from December fifth to ninth tickets