Exxon CEO Darren Woods stated that the outcome of the upcoming U.S. presidential election will not impact oil production levels in the short to medium term. He expressed skepticism about the effectiveness of the "Drill, baby, drill" mantra, emphasizing that U.S. shale production is driven by market dynamics rather than political agendas. While there are untapped resources in areas like the Gulf of Mexico due to federal permitting, the majority of shale resources are on private land and regulated at the state level.
Exxon Mobil reported third-quarter earnings of $8.61 billion, or $1.92 per share, surpassing expectations of $1.88 per share, despite a 5% decline from the previous year. The company achieved its highest production level in over 40 years at 3.2 million barrels per day and increased its fourth-quarter dividend to $0.99 per share, returning $9.8 billion to shareholders.
Chevron reported third-quarter earnings of $4.49 billion, or $2.48 per share, down 31% year-over-year, but exceeded expectations with adjusted earnings of $2.51 per share and revenues of $50.67 billion. The company returned a record $7.7 billion to shareholders, including $4.7 billion in buybacks and $2.9 billion in dividends, while production rose 7% to 3.36 million oil-equivalent barrels per day. Chevron is also pursuing cost reductions and asset sales, amid uncertainties surrounding its $53 billion acquisition of Hess.
Exxon Mobil Corp. has finalized the sale of its Fos oil refinery in France to a consortium led by Trafigura Group, a move that reduces its European refining capacity to approximately 1.1 million barrels per day. This figure includes Exxon's stake in the Miro plant in Germany, which is also set for sale.
Chevron and Exxon Mobil Corp. exceeded analysts' profit expectations in the third quarter, driven by increased oil production from the Permian Basin, which helped mitigate the impact of declining crude prices. Chevron's profit surpassed estimates by 11 cents, while Exxon's exceeded expectations by a nickel, contrasting with mixed results from European competitors like Shell, TotalEnergies, and BP.
Stocks closed on a sour note as traders anticipate earnings reports from Chevron and Exxon Mobil, with both CEOs scheduled to appear on CNBC. General Motors saw a 13% rise in the last month, while Ford and Stellantis faced declines. Apple reported strong iPhone sales but saw a slight drop in stock after hours, despite a 22.7% year-to-date increase. Financials outperformed in October, while health care and consumer durables struggled.
Nasdaq 100 futures rose 0.3% as investors analyzed tech earnings ahead of key jobs data. Amazon and Intel saw significant gains after exceeding earnings expectations, while the Dow dropped over 300 points due to declines in major tech stocks. Economists anticipate a modest increase in nonfarm payrolls for October, with the unemployment rate expected to remain at 4.1%.
Exxon Mobil Corp. has reached an agreement to sell most of its assets in Argentina's Vaca Muerta shale region to Pluspetrol SA. The deal is pending approval from the province of Neuquen, as discussions remain private.
The Healthcare Additive Manufacturing market is rapidly evolving, projected to grow from USD 2.6 billion in 2023 to USD 9.99 billion by 2031, with a CAGR of 20.22%. Key trends include a focus on sustainability, digital transformation, and health and wellness, while barriers to entry include strong brand loyalty, high capital requirements, and regulatory hurdles. Prominent players include 3D Systems, Stratasys, and GE Additive, driving innovation and market expansion.
The 2024 US election could significantly influence the stock market, with distinct impacts depending on whether Donald Trump or Kamala Harris wins. A Trump victory may boost energy, defense, and financial sectors, while potentially mixed effects could arise in technology and automotive industries. Conversely, a Harris win is likely to favor clean energy, healthcare reforms, and infrastructure spending, while introducing uncertainty in AI-related stocks.
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