Exxon Mobil Outlines New Cost Cutting to Drive Profit after Russia Exit
Exxon Mobil Corp. on March 2 said it will further slash expenses and its oil and...
Exxon Mobil Corp. on March 2 said it will further slash expenses and its oil and gas production portfolio to boost returns, but offered no updates on shareholder returns.
The company began its annual update to investors a day after disclosing it would exit its last Russian operations in response to the invasion of Ukraine that sent oil prices to their highest level in eight years.
Exxon Mobil said it expects to cut annual costs by $9 billion in by 2023, $3 billion more than a previous target, in a drive to quickly pay down debt taken on during the pandemic and double earnings by 2027, over 2019 levels.
Europe was the top destination for US liquefied natural gas for a third consecutive month in...
Europe was the top destination for US liquefied natural gas for a third consecutive month in February, accounting for nearly 75% of the total volume of LNG the US exported, preliminary data from Refinitiv Eikon showed. Refinitiv and consultancy Kpler previously reported that the number of LNG tankers berthed at US Gulf Coast LNG export terminals reached a daily peak of 28 on Monday, and Venture Global announced that it shipped the first commissioning cargo from its Calcasieu Pass facility in Louisiana on Tuesday.
World crude oil prices soared Wednesday as Russian soldiers expanded their invasion of...
World crude oil prices soared Wednesday as Russian soldiers expanded their invasion of Ukraine, pounding civilian and residential areas of cities and increasing the number of dead.
Global benchmark Brent crude futurespeaked at nearly $114 a barrel, then settled up $7.96 or 7.6% at $112.93 on ICE Futures Europe. It was Brent’s highest close since June 2014 as the global benchmark rose more than 15% this week.
Here in the states, West Texas Intermediate crude climbed as high as $112.51 a barrel before finishing the day up $7.19 or 7% at $110.60 a barrel on the New York Mercantile Exchange. It was the highest mark for US crude oil since May 2011.
Dow rallies nearly 600 points as investors watch Fed’s Powell and monitor Russia’s invasion of Ukraine
U.S. stock indexes finished sharply higher Wednesday, with gains gathering steam after Federal Reserve...
U.S. stock indexes finished sharply higher Wednesday, with gains gathering steam after Federal Reserve Chairman Jerome Powell outlined plans to begin dialing back the central bank’s easy-money stance to fight inflation, while playing down the prospect of a larger-than-usual increase of benchmark rates in March, in testimony on Capitol Hill.
Wall Street also monitored headlines indicating Ukraine and Russia could be headed for new negotiations, even as the conflict simmered.
The Dow Jones Industrial AverageDJIA, +1.79% rose 596.40 points, or 1.8%, ending at 33,891.35.
The S&P 500 indexSPX, +1.86% climbed 80.28 points, or 1.9%, closing at 4,386.54, as each of the broad-market benchmarks sectors advanced.
The Nasdaq Composite Index COMP, +1.62% rose 219.56 points, or 1.6%, finishing at 13,752.02, after hitting an intrasession nadir at 13,493.90.
International banking lobby has warned that it is 'extremely likely' Russia will default if the war in Ukraine escalates
A default of Russian debt is likely if the war in Ukraine escalates and steep sanctions on the...
A default of Russian debt is likely if the war in Ukraine escalates and steep sanctions on the Russian economy remain in place, according to the Institute of International Finance.
"If we stay here and this escalates, then default and restructuring is likely," Elina Ribakoba, chief economist of the global banking industry lobby group said in a media call.
The Russian economy could suffer a double-digit contraction this year, as about half of its central bank's foreign reserves are held in nations that have frozen Russian assets, she explained.
