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Showing results for Price v. Exxon Mobil, Inc.
...They also benefited from the enthusiasm for the energy transition at a time when oil and gas prices were low....
...It almost marks a reversal of fortunes for Equatorial Guinea, which was once a hotbed of promise when Mobil discovered oil there and Exxon increased production after its takeover in 1999....
...We start today with what would be Exxon’s biggest takeover since the tie-up with Mobil in 1999....
...An acquisition would be ExxonMobil’s biggest since it was formed in a historic tie-up between Exxon and Mobil in 1999....
...Russia’s full-scale invasion of Ukraine sent oil prices soaring, driving Exxon’s profits to a record....
...Wednesday’s announcement of Exxon’s biggest deal since its 1999 merger with Mobil prompted a furious reaction from some environmental campaigners, who accused the company of “doubling down” on fossil fuels...
...Both deals are on a scale rarely seen since the megamergers of the late 1990s and early 2000s — BP-Amoco, Exxon-Mobil and Chevron-Texaco — that formed the modern supermajors....
...But, of course, there’s a reason why it’s widely called Shitibank; the sprawling, gormless Citi has for a v v v very long time proven adept at blithely ambling onto various rakes around the world....
...The rally in energy prices lifted its shares from around $20 each to over $80. Exxon, worth $400bn, will pay for Denbury all in stock at almost no premium....
...The all-stock transaction values Denbury at $4.9bn, roughly in line with its Wednesday closing price, and will give Exxon access to America’s biggest owned and operated CO₂ pipeline network, stretching 1,300...
...Meanwhile, some analysts are asking questions about the price Chevron paid for Hess, which has offshore operations in Guyana....
...In 2022, six companies — including Amazon, ExxonMobil and McDonald’s — faced shareholder petitions asking for more disclosures on efforts to reduce plastic, according to regulatory disclosures....
...Exxon, once the world’s biggest company by market capitalisation, endured a brutal 2020 as oil prices crashed in the early months of the pandemic and fossil fuel producers fell out of favour with environmental...
...The situation is reminiscent of the gap between oil prices and the prices of oil stocks....
...I think a lot of people were anticipating a V-shaped recovery . . . People are now waking up the realisation that volatility is going to be normal going forward.”...
...Brussels is scrambling to put a price cap for natural gas in place ahead of the winter....
...The inflows come despite a grim year for the broader markets in which equity and bond prices tumbled, dragging down assets under management for the entire money management industry....
...And Standard Oil was broken up into Exxon and Chevron and Mobil and these huge companies....
...A version of this article was first published by Nikkei Asia on February 3 2023. ©2023 Nikkei Inc. All rights reserved....
...We’ve talked before about how tiny managers have been tackling bigger and bigger fish, the primary example being Engine No. 1 going after Exxon, typically by getting larger shareholders involved....
...That is because they can’t do so, as its stock price is greatly influenced by daily oil price and profit for oil refining,” he added....
...But it is the supply-chain disruptions and Russia’s invasion of Ukraine that has really sent oil prices and Exxon’s shares soaring....
...with Mobil....
...A version of this article was first published by Nikkei Asia on July 19. ©2022 Nikkei Inc. All rights reserved....
...(Never mind that Exxon is now the 15th largest holding in BlackRock’s biggest ESG fund — up from 38th at the end of 2021)....
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