ExxonMobil profits dip as it gives back almost $10 bn to investors
ExxonMobil's third-quarter...
ExxonMobil's third-quarter financial report showed mixed results. Net profits of $8.6 billion decreased 5.1% from the previous year, primarily due to weaker refining margins. However, the company maintained strong shareholder returns, distributing nearly $10 billion through dividends (increased by 4%) and share repurchases. The company's performance was bolstered by record oil and natural gas production in Guyana, strong Permian Basin output, and $11.3 billion in structural cost savings.
The broader energy market context showed some challenges, with crude oil prices falling about 15% since the end of the second quarter. CEO Darren Woods attributed this to a market imbalance, noting record demand for oil and petroleum products and abundant supply, particularly from U.S. unconventional developments. Similarly, competitor Chevron reported a more significant decline in profits, down 31% to $4.5 billion, though they too achieved record shareholder returns of $7.7 billion and strong production in the Permian Basin.
Trump's proposed China tariff could hinder US LNG exports
Donald Trump's plan to impose a 60% tariff on Chinese imports if he...
Donald Trump's plan to impose a 60% tariff on Chinese imports if he reclaims the presidency could hurt US liquefied natural gas exports and risk billions in LNG trade. Analysts warn that China may avoid new contracts with US suppliers and resell US LNG to other markets to bypass the tariff.
Coterra to supply gas to Vitol, Centrica in long-term deals
US shale gas operators...
US shale gas operators Coterra Energy has sealed long-term natural gas supply agreements with Vitol and Centrica that link prices to European and Asian LNG markets. Set to commence in 2027 and 2028, respectively, each of the deals involves the supply of 100,000 million British thermal units per day of natural gas.
Yergin: Fracking fuels US strength, allies' energy security
Banning fracking would drag the US back into costly dependence on foreign...
Banning fracking would drag the US back into costly dependence on foreign oil, undermining its energy independence and geopolitical clout, as well as allies' energy security, argues S&P Global Vice Chairman Daniel Yergin. "Recurrent out-of-touch debates on the topic need to be tabled in light of a central fact: Shale has become crucial to the US economy and global energy security. It's here to stay," Yergin says.
Apple hinted at how the iPhone 16 is doing. The smartphone...
Apple hinted at how the iPhone 16 is doing. The smartphone giant released a critical earnings report yesterday as investors awaited any morsel of information about how the new iPhone 16 was selling. The early verdict: pretty good. Apple sold a better-than-expected ~$46 billion worth of iPhones last quarter, up 6% from the year before and a signal that the iPhone 16—which launched on Sept. 20—is off to a solid start. Sales of the iPhone 15 were “stronger than 14 in the year-ago quarter, and 16 was stronger than 15,” Apple CEO Tim Cook told CNBC. The rest of the earnings report, however, was a mixed bag. Services revenue came in under estimates, and net income underwhelmed after Apple had to pay a one-time $10.2 billion charge to Ireland for back taxes.
Ford paused production of its F-150 Lightning electric truck from mid-November to early January as demand for the once-coveted EV dwindles.
Peloton named Peter Stern, the co-founder of Apple Fitness+, as its next CEO.
Starbucks is bringing back Sharpied names on cups for the first time in four years as new CEO Brian Niccol tries to shake up the struggling coffee chain.
Google Maps will soon integrate AI features with more detailed parking options, walking directions, and restaurant recommendations.
The Grammys will move from CBS to Disney outlets (ABC, Hulu, and Disney+) starting in 2027 as part of a 10-year, $500 million deal.
