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The Latest Breaking News from ExxonMobil

Big Oil Steps Up To The Climate Change Plate

Achieving “carbon neutrality” is the crucial step along the road to “net zero” which includes the removal from Earth’s atmosphere of all “greenhouse gases”, including methane, nitrous oxide and other hydrofluorocarbons. Indispensable to creating sustainable environments, the health of the planet and the survival of the human race depend on…

Bangkok Post

Vanguard announces exit from net zero climate investment alliance

On December 2, the Federal Reserve’s board of governors released its proposed rule on climate risks for big banks, including its proposed environmental stress tests. The board asked for public comments:

Ballotpedia

Algeria Jails Ex-Sonatrach Head for 15 Years for Graft

An Algerian court on Tuesday handed a 15-year prison sentence to the former head of state energy giant Sonatrach in a corruption case. Abdelmoumen Ould Kaddour had been on trial over the 2018 purchase of the Sicilian Augusta oil refinery. According to Algerian media, the state oil and gas firm…

Asharq Al-Awsat

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Esso posts £151m profit amid regulatory concern over pump prices

Owner of Fawley oil refinery near Southampton bounces back after losses of £379m in 2020

The Guardian - UK

Mossmorran workers to be balloted on strike action as bonus row boils over

The Mossmorran chemical plant in Fife could face strike action by contracted workers

The National (Scotland)

3 Big Reasons Why Oil Stocks Are No Longer a Buy

Oil stocks have been one of the few bright spots in the S&P 500 (SPY), during the doom and gloom of the 2022 bear market. However, that party could soon be coming to an end. Below I lay out 3 reasons why oil stocks are no longer a buy, plus…

StockNews.com

Corpus Christi sold its water to Exxon, gambling on desalination. So far, it is losing the bet.

Concerns over ecological damage to Corpus Christi Bay have delayed plans to convert sea water to drinking water for years in this booming Gulf Coast city, where environmentalists see water supply as a “chokehold” to block new fossil fuel infrastructure.

The Texas Tribune

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‘A renewed sense of urgency’: climate on the ballot in US midterm elections

From senate and governor races to industry-regulating board contests, outcomes could influence policy for years to come

The Guardian - US

A New Way To Profit From Pops And Pullbacks With Lower Risk Pairs Trades

How to add a paired trade methodogy to your trading toolbox to make money even as stocks continue to consolidate.

StockNews.com

ExxonMobil’s record-breaking $20bn profit nearly matches Apple’s

Oil company’s third-quarter result smashes Wall Street forecasts – as does Chevron’s £11.2bn

The Guardian - UK

Corporate spending in state politics and elections can affect everything from your wallet to your health

Political spending by corporations is big business.

The Conversation

New Jersey latest state to sue oil companies over climate misinformation

The state is going after five oil companies – ExxonMobil, Shell Oil, Chevron, BP and ConocoPhillips – for their role in the climate crisis

The Guardian - US

The oil industry has a talent vacuum

Who wants to work for the brands that brought you climate change?

Salon

French ministers urge oil giant to raise wages as strikes continue

One in three petrol stations struggling for fuel as striking workers call for share of oil companies’ high profits

The Guardian - UK

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The Independent UK

French government orders workers to ensure fuel supplies

The French government has moved to requisition workers operating petrol depots of ExxonMobil’s French branch Esso in an attempt to ensure that service stations around the country are supplied with badly needed fuel amid an ongoing strike

Al Jazeera

France orders striking fuel refinery employees back to work

Energy ministry says it has requisitioned staff at a depot in Normandy as showdown with CGT union escalates.

The Guardian - UK

Fears French fuel crisis could spread amid plans to order strikers to work

Union vows to fight government in court as workers at ExxonMobil and TotalEnergies demand pay rise and share of profits

France 24

Workers at France’s refineries and fuel depots vote to continue strikes

Striking French oil refinery employees voted Wednesday to maintain blockades now in their third week, despite a government order for some of them to return to work in a bid to get fuel supplies flowing.

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The Independent UK

French PM to requisition workers amid refineries strike

French Prime Minister Elisabeth Borne has announced a decision to requisition workers operating petrol depots of the ExxonMobil’s French branch Esso and threatened to do the same for those of Total group, amid strikes that have led fuel pumps to run dry in the country

The Guardian - UK

France’s oil strikes push on as petrol station queues worsen

The country’s total refinery output has been reduced by more than 60% over the past two weeks

Reuters

TotalEnergies accelerates refinery wage talks as fuel supply shrinks

TotalEnergies on Sunday offered to bring forward wage talks, in response to union demands, as it sought to end a strike that has disrupted supplies to almost a third of French petrol stations and led the government to tap strategic reserves.

StockNews.com

There's a Better Pick Over Exxon Mobil in the Energy Sector

While higher price realizations and significant market demand should bode well for energy companies, including Exxon Mobil (XOM) and Marathon Petroleum (MPC), we think MPC is better positioned to capitalize on the industry tailwinds given its solid fundamentals and growth attributes. Read on to learn more….

The Guardian - US

Criticism intensifies after big oil admits ‘gaslighting’ public over green aims

Fury as ‘explosive’ documents reveal largest oil companies contradicted public statements and wished bedbugs upon critical activists

The Guardian - US

Republicans plan legal assault on climate disclosure rules for public companies

The SEC’s proposed new rules, which would require public corporations to disclose climate-related information, have been criticized by industry groups

Evening Standard

How to invest in oil

Soaring energy prices have dominated the headlines over the last year. In the oil sector, the wholesale price of Brent crude oil (a key oil industry measure), is almost five times higher now than in April 2022, and motorists have faced record petrol prices at the pumps.

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