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The symbolism of Tesla’s electrified market cap surpassing that of Big Oil stalwart Exxon Mobil Corp. in June 2020 was inescapable.
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Exxon, which lost money for the first time in its history during the pandemic, now ranks as the S&P 500 Index’s third-largest generator of free cash flow, behind only Apple Inc. and Microsoft Corp, according to data compiled by Bloomberg.
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The filing after the market closed on Wednesday showed Exxon expects higher prices will sequentially lift its oil and gas operating results by between $200 million and $1 billion.
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On Friday, Exxon is expected to report a $2.63 billion second-quarter loss, according to Refinitiv Eikon data, on sharply lower prices and weaker production, the first back-to-back quarterly losses in at least 36 years.
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Exxon faces a loss for the quarter of $2.3 billion, or 52 cents per share, according to estimates from Refinitiv IBES. It marks the second this year after a $610 million first-quarter deficit. Results are due out July 31.
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Exxon shares fell more than 1 percent after the company told analysts attending its annual investor meeting that it plans to lift spending by 10 percent or more for the next several years as rivals are sidelining equipment and capping spending to boost shareholder returns.
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The suit, filed in New York Supreme Court, New York County, seeks undisclosed damages, a court order for a review of the company's representations, and that the company corrects 'numerous misrepresentations' to investors.
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The U.S. Treasury Department on Thursday morning slapped the world's largest publicly traded oil producer with the fine for "reckless disregard" of U.S. sanctions in dealings with Russia in 2014 when Secretary of State Rex Tillerson was Exxon's chief executive.
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Exxon's decision shows that oil companies remain interested in large projects, especially offshore, even in an era of belt-tightening after two years of low crude prices.
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The company expects to complete the transaction in the second half of 2017 which will boost its aromatics production in Singapore to more than 3.5 million tonnes per year.
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If Tillerson's appointment is confirmed, the value of more than 2 million deferred Exxon Mobil shares that he would have received over the next 10 years would be transferred to an independently managed trust and the share awards will be canceled, the company said.
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While he may be a "world-class player" - in President-elect Donald Trump's words - the financial metrics of his time as Exxon's CEO reveal some less than stellar results compared with peers.
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Indian oil firms led by ONGC Videsh Ltd are mulling buying a part of the USD 11 billion stake that Russia is selling in its biggest oil firm Rosneft, Petroleum Minister Dharmendra Pradhan said on June 23
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Exxon has appealed the October 5 court ruling, but the appeals court hearing has been delayed because of the talks, Bloomberg reported, citing a lawyer for Exxon.
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Oil prices were initially lower on concerns a deal between Iran and six global powers would result in more supply, but turned higher after it became apparent sanctions on Tehran's crude exports would not be removed immediately.
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Mobile phones, long seen as safe amid rising threats to computer security, have become a key target for hackers ...
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Hackers affiliated with the Anonymous group published hundreds of thousands of e-mail addresses they ...
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Private intelligence analysis firm Strategic Forecasting Inc., which was attacked by online hackers at the weekend, ...
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Hackers affiliated with the Anonymous group said they are getting ready to publish emails stolen from private ...
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Major oil and gas producers in the Gulf of Mexico on Thursday shut down offshore platforms and evacuated workers ahead of a storm brewing offshore that could become a tropical storm in coming days.
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Apple Inc briefly edged past Exxon Mobil Corp to become the most valuable company in the United States after days of volatile stock market action.
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Chevron Corp, the second-largest US oil company, booked a 43% jump in quarterly profit, beating estimates as high oil prices and fat refinery margins offset weaker output.
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A pipeline operated by Exxon Mobil Corp leaked as many as 1,000 barrels of crude oil into the Yellowstone River in Montana and has been shut down, the company said.
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Large blocks of investors in the two biggest US oil companies on Wednesday demanded more disclosure about the environmental risks of extracting oil and gas through hydraulic fracturing.
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Royal Dutch Shell Plc posted a near fivefold increase in fourth quarter net profit on Thursday, powered by higher oil prices, and putting more distance between itself and troubled rival BP.
