Top Wall Street analysts are optimistic about dividend stocks as the Federal Reserve embarks on a rate-cutting campaign. Exxon Mobil (XOM) reported strong Q3 results, increasing its dividend for the 42nd consecutive year, while Coterra Energy (CTRA) aims to return over 50% of its free cash flow to shareholders. Walmart (WMT) also raised its annual dividend, benefiting from robust e-commerce growth and improved margins.
Exxon Mobil Corp. has announced a $200 million investment to expand its advanced plastics recycling capacity in Texas, aiming to more than triple its ability to process difficult-to-recycle plastics. The expansion at refineries in Baytown and Beaumont will allow the company to handle an additional 175,000 tons, targeting a total of 250,000 tons of recycled plastic annually by 2026. This move comes in response to a lawsuit from California officials.
Exxon Mobil Corp. has withdrawn from an offshore oil-exploration block in Suriname, transferring its 50% stake to Petronas, which operates the project and holds the remaining share. This decision comes shortly after Exxon’s significant oil discovery in nearby Guyanese waters.
Exxon Mobil Corp. has signed a preliminary agreement to supply up to 100,000 tons of lithium carbonate to LG Chem"s cathode plant in Tennessee. This multiyear deal enhances Exxon"s involvement in the domestic critical minerals supply chain and follows a similar agreement with SK On Co. in June.
At the U.N. COP29 climate conference in Baku, discussions centered on climate financing amid concerns over President-elect Trump's stance on climate change and potential rollbacks of existing reforms. While Trump aims to boost fossil fuel infrastructure and withdraw from the Paris Agreement, U.S. climate envoy John Podesta reaffirmed the nation's commitment to climate leadership. Business leaders, including Exxon Mobil's CEO, urged a balanced approach to emissions reduction while emphasizing the importance of maintaining global agreements.
Exxon CEO Darren Woods urged President-elect Trump to remain in the Paris climate pact, emphasizing that participation is key to influencing global carbon-cutting policies. Woods highlighted the importance of government policies in driving investment in lower-emission technologies, noting that the Inflation Reduction Act's focus on outcomes is beneficial for the industry. He stressed that transitioning to a less carbon-intensive system requires significant investment, which must be economically viable for companies.
Mike Wirth, CEO of Chevron, once celebrated for surpassing Exxon Mobil in market value, now faces significant challenges as Exxon reclaims its title with nearly double Chevron's market value. Amid a contentious arbitration battle and growing doubts about his leadership, Wirth is on a mission to revitalize confidence in Chevron's portfolio, declaring, “This is the comeback.”
Donald Trump's recent election victory casts a shadow over COP29, intensifying the already challenging climate negotiations amid global conflicts and economic constraints. His commitment to withdraw the U.S. from the Paris Agreement threatens to deepen divides between developed and developing nations, complicating efforts to combat rising emissions during a critical decade for climate action. With fewer world leaders attending and a focus on financial commitments, the summit's potential for meaningful progress remains uncertain.
Exxon Mobil (XOM) has been included in UBS' list of top stocks for the AI, growth, and low rates era, reflecting its resilience amid evolving market dynamics. Following a significant interest rate cut by the Federal Reserve, major US stock indexes experienced a brief surge, although recent turbulence has raised concerns about the pace of future rate adjustments. Investors are closely monitoring the differing views among Federal Reserve officials regarding monetary policy, which could impact market stability.
LyondellBasell Industries NV will permanently shut down its Houston refinery, marking its exit from the crude-oil processing business. The closure, set to begin in January, follows unsuccessful attempts to find a buyer and is driven by declining profit margins amid increased competition from Exxon Mobil Corp. and Marathon Petroleum Corp.
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