Third Point’s Daniel Loeb Sticks by Calls for Shell Breakup
Activist investor Daniel Loeb, who wants Shell Plc to break apart, applauded the energy...
Activist investor Daniel Loeb, who wants Shell Plc to break apart, applauded the energy giant’s decision to move its headquarters even as he sticks to views that a different corporate structure would make it more successful.
Loeb, who said in October that his hedge fund Third Point LLC had taken a $750 million stake in the company, told his own investors on May 6 that he has added to his Shell stake and has held discussions with management, board members and other shareholders.
The letter, which was seen by Reuters on May 7, called the discussions “constructive” and said that the company’s stock price is currently cheap but sees gains ahead with “proper management.”
Occidental Shareholders Reject Climate Proposal from Activist Investors
A Dutch climate activist, wanted Occidental to disclose quantitative short-, medium-...
A Dutch climate activist, wanted Occidental to disclose quantitative short-, medium- and long-term greenhouse gas emissions reduction targets consistent with the Paris Agreement. The group's founder, Mark van Baal, said oil companies need to cut emissions by 40% and that Occidental's existing commitments do not guarantee that.
Occidental's board told investors it believes the company is already committed to Paris goals, and to reaching net zero emissions by 2050, with 14 metrics aimed at curbing emissions from its operations and products.
More than 80% of shareholders backed the board's recommendation to keep current commitments set by the U.S. oil and chemical producer, during the company's annual meeting on Friday.
U.S. stock futures climb after three days of heavy selling
U.S. stock futures pointed higher Tuesday, moving upwards after three days of heavy...
U.S. stock futures pointed higher Tuesday, moving upwards after three days of heavy selling on the eve of the key inflation report.
Futures on the Dow Jones Industrial Average YM00, 0.58% rose 279 points, or 0.9% to 32440.
Futures on the S&P 500 ES00, 0.64% gained 40.75 points, or 1%, to 4028.
Futures on the Nasdaq 100 NQ00, 1.09% increased 189.25 points, or 1.6% to 12383.
On Monday, the Dow Jones Industrial Average DJIA, -1.99% fell 654 points, or 1.99%, to 32246, the S&P 500 SPX, -3.20% declined 132 points, or 3.2%, to 3991, and the Nasdaq Composite COMP, -4.29% dropped 521 points, or 4.29%, to 11623.
Over the last three days, the S&P 500 has dropped 7.2% — the biggest three-day decline since March 20, 2020, as the world was confronted with the coronavirus pandemic.
What’s Affecting Oil Prices This Week? (May 9, 2022)
China’s continued coronavirus lockdowns and worries about the demand outlook sent crude prices...
China’s continued coronavirus lockdowns and worries about the demand outlook sent crude prices tumbling nearly 6% on Monday.
West Texas Intermediate crude dropped 6.1% or $6.68 to settle at $103.09 a barrel, while global benchmark Brent crude fell 5.7% or $6.45 to finish at $105.94 a barrel.
Uncertain demand versus tenuous supply—Stratas Advisors says it looks like we are heading to an inflection point in its latest oil price forecast.
ConocoPhillips Plans $1.1 Billion Investment as Norway Oil Sector Heats Up
ConocoPhillips Co. submitted on May 9 a plan to develop an oil discovery in the Norwegian...
ConocoPhillips Co. submitted on May 9 a plan to develop an oil discovery in the Norwegian North Sea for 10.5 billion Norwegian crowns (US$1.1 billion), the first of an expected rush of new petroleum projects to be launched in Norway this year.
Known as Eldfisk North, the development is part of the wider Ekofisk area, where ConocoPhillips has pumped hydrocarbons for more than 50 years. The U.S. operator said the new reserves are expected to come onstream in 2024.
The Eldfisk North reservoir contains mostly oil and some gas and is estimated to hold between 50 million and 90 million boe, ConocoPhillips said.
