this comes a few months after conoco bought concho.ou have to add as much as 200,000 barrels of oil a day in 2022, which is what conoco thinks it can do with shall's -- with shell's assets. joining us now is ryan lance, conocophillips ceo. congratulations on the deal. it was reported that shell wanted to offload these assets because it was so expensive why now at this price? -- so expensive. why now at this price? ryan: i got a call about midyear saying we would be interested in looking at them. with the position we have developed, certainly we wanted to take a look at it. ultimately, it had the three things for our company. could we see clearly that we could add value to it, we can after the concho transaction and bringing our teams together. we see ways for significant value in the transaction. thirdly, it's got to make our company better. that is what we outlined today in our press release. when you look at our 10 year plan, just about everything we look at in our plan makes us a better company. so we were clearly very interested wh

the defendants are chevron, exxon, bp, shell, and conoco phillips. these fun will be used to pay for seawalls and other infrastructure needed to deal with sea level rise. we have some real risk that's going to require some billions and billions of dollars of investment by san francisco on infrastructure if we're going to stop catastrophic loss, so that's what we're looking at. a lot of our developments are occurring along the waterfront. our lawsuit is a part of that. i want to have this abatement fund thahas been created now to ensure that we can fund the infrastructure improvements that we're going to need to ensure that those developments go forward without the threat of sea level rise. scholl: politics in san francisco is funny. there are a lot of really enlightened views. on the other hand, it's probably not enough to prevent the business community from making things even worse right on the waterfront. christensen: we're going to have to adapt. it's going to take that creativity and energy and capital. the question of how do we balance that econ

tom: conoco phillips has agreed to acquire royal dutch shell's permian -- permian basin assets. what more can you tell us about this deal? >> it is another big deal in the oil space, where we are seeing more and more consolidation taking place as the producers try to gain scale. this is one of the largest deals in the space this year. it will certainly give conoco phillips a greater footprint, one of the biggest oil patches in the u.s. market. it is a good deal with in the scene we are seeing of further consolidation in the industry. manus: thank you very much, manuel, on a monster deal for conocophillips. the exit polls are projecting canadian prime minister justin trudeau is poised to win a third term in a snap election but will end up short of regaining the parliamentary majority he was desperately seeking. let's get to kate in ottawa. the polls are in and i suppose in canada and trudeau's popularity, despite detractors. he did not get the majority that he wanted. kate: it is unlikely at this point he will get that majority, which is the reason why he requested canadians go t

conoco increased the dividend.ook, i'm trying to focus on the oil companies that are focused on reducing carbon mike worth was spending $3 billion in carbon what happened when he boosted it to 10 billion? do you remember what wall street said >> they don't believe it >> no. opposite >> not big enough. what did they say? >> j.p. morgan downgraded it mike worth is a responsible guy. he does the right thing and he gets downgraded by j.p. morgan what does j.p. morgan want listen, hey, we want it to be green wash we want green wash that was a pro green wash downgrade. we don't want serious carbon reduction, we want faux carbon reduction. like moses malone, faux, faux, faux you thought it was one of the most embarrassing downgrades on wall street. he spent a lot of money cleaning the air. that's not the game. are you kidding me do you know larry fink is sitting there trying to figure out whether you should buy or sell chevron how many divisions does j.p. morgan have -- >> not as many as larry fink -- >> i did notice ubs

then i guess we quit. [ laughter ] conoco phillips.aybe we didn't think this through. [ laughter ] [ applause ] >> jimmy: well, we do appreciate your honesty. this is a huge, planet-wide emergency. if we don't act now and act big, there will hardly be a planet left for jeff bezos to flee from in his liquid hydrogen-fueled dildo rocket. [ laughter ] no matter what the big corporations and energy companies tell you, we're not going to vegan or prius our way out of this ourselves. we need action. we need to make this our number one priority. our leaders aren't going to get serious about saving the planet unless we do. but don't take it from me. take it from scientists. take it from real climate scientists. five years ago, we invited these scientists on our show to warn us about climate change. now they're back with a new message, and i hope you'll listen carefully, because our lives literally depend on it. >> hello again, we're climate scientists. >> real climate scientists, not actors. >> five years ago, we came on jimmy's show. >> we to

we'll give it to conoco and they win. conoco is pretty well run. better job with the oil rich assets the i wish they would come on our show they almost have a 3% dividend now that oil industry learned discipline, i think prices could stay elevated for a long time. that means the rally of the oil stocks is amazing this year, far from over. and you should welcome any of these into your portfolio. how about we go to stewart in new york ste stewart? >> caller: hey, jim. >> what's going on >> caller: really. in the market and outside of the market >> yeah. >> caller: let's talk oil and gas. which is a hot topic >> i just did. that let's do that >> caller: serious shortages in natural gas around the whoeld world and eqt seems very, very undervalued. you think this baby takes off? >> i like eqt very much. pittsburgh based used to have them on all the time i don't know what happened i think it's a very good stock i like cabbot though you go with cabbot i've been to see the rigs. rather nice. can i speak to mark in iowa? >> caller: boo-yah to america's stoc

energy products royal dutch shell, shell, yeah, shell, is selling its permian basin oil assets to conoco$9.5 billion , shell wearing the crown at this hour it's up more than 4% we do have conoco phillips up 4 1/3% getting the royal treatment and on the flip side over watch getting a new meaning at activision blizzard shares slump ing back to the november 2020 low as the sec launches a probe into the video game makers alleged so-called frat boy culture including accusations of discrimination against female workers. activision blizzard the bottom worst performer on the nasdaq down nearly about 3.5% at the moment. draft kings making a play for british gambling firm, the u.s.-based sports betting giant confirming its made an offer to the parent of lab brooks which could reportedly be worth $20 billion, and the current u.s. online sports wagering partner mgm saying it gets to sign off on any deal if a deal is made. draft kings dropping 6% on the potential buy, and surging as much as 28% earlier it's up 27% at the moment, mgm down just a fraction. the biden administration putting out the welco

assets by the way that are sort of tucked up nicely into conoco phillips other assets. there is a play with okay dentdal. joint venture things and i don't know where production will fall out. occidental has a position and reducing the footprint shifting the mix of energy production more and by the way i can't tell you what they pay per acre but given 9.5 billion you can do the math. getting a good price far more than paid for it we have seen a lot of these -- this is the beverley hills of u.s. oil production and people are willing to pay up. >> thank you so much as always. much appreciated breaking news on an energy deal. >>> investors of course -- >> maybe the first time compared to beverley hills. >> probably not. i bet brian has done that before yue nook comparison. >>> investors of course have been on edge today up next, rosenberg founder david rosenberg to weigh in and whether he sees more selling ahead. >>> world bank president david mallpass on whether the troubles ripple through the economy we are back in a couple of minutes. >>> dow down 9 2 points at the lows

conoco actually highlighted their global portfolio at our conference last week, contributing to resiliencetar and australia, saying, hey, more capex, but not at the expense of the overall budget. alix: appreciate it, jeanine wai of barclays joining us. more tomorrow at 10:00 a.m. and 1:00 p.m. guy: looking forward to that. let's talk about one of the biggest, most interesting stories in the markets now. casino stocks hammered today. the biggest drop since march of 2020. it is off its earlier lows. macau's spot gaming stocks losing $18 billion in market value, the chinese government announcing overnight a crackdown on the sector. we are seeing a huge kind of pushback by the chinese authority, and still trying to figure out ultimately what this will mean. we still don't know, ultimately, what this picture will look like. they are putting people, changing the narrative, but we have seen a huge somatic change. let's take a look at the sector. alix: let's break it down now with a neutral -- now with an analyst with a neutral rating on several casino operators. the las vegas sands, what percent

. >> what do they do they give big carbon to conoco conoco is a great stock. a great stock.an stanley, a piece on ford, adam, could you spend -- i happen to like adam. could you spend five, six more minutes before you keep the underweight. hey, farley -- he's not a farley fan boy. >> not everybody can be. >> i went to an antique car show this weekend, i took picture and is sent them to farley to remember the legacy of ford the legacy he said thank you. >> good. are you upset that he was on "squawk box" and not with you? >> livid. >> okay. just wanted to make sure. >> spent all morning railing about it. >> you did i didn't hear about it >> to ben. i was just -- but i live phil so much, i didn't mind. >> tesla is up, gm is up -- >> tesla is up because of deliveries. >> you talked about wells fargo which is the only bank that is down because of this asset cap everything else is up. >> that is so wrong. the downgrade is wrong. >> what about the group? is that generally -- >> the group -- look, interest rates go higher, they buy. here's the issue, people have to remember that the

chevron and conoco phillips. dumping on the oil stocks >> it is an opportunity to reb rebound. you are seeing weakness from relative strength. to be tactical going into the month, we are reducing oil exposure it is great to hop on oil, but now it is the time to turn it down we added semiconductors. we certainly look at intel and amd. some of the names with more opportunity going into september. it is important to understand the sectors you have exposure to and sully, what areas not to have exposure to that is our position for the month of september. >> what is so attractive about the semiconductors right now >> a lot of relative strength. we are looking for momentum. we see the s&p 500 up 20% year to date. it is a technical approach, sully. this is not a fundamental. this is a technical approach that we see strength on the charts >> if you made money in oil and stocks, sell those buy semiconductors jeff, before we let you go, we want to get you in on the morning's rbi. >> i saw that. >> something you care about.

the energy parade continues over on the s&p 500, schlumberger, conoco phillips some of the stocks leadingthere you go. energy one of the few bright spots, sliding on the s&p 500 and nasdaq which is applied materials which got downgraded from new street research to 140-dollar price target. chip sector is south, applied materials following the treasury yields spiking. we've seen it hit all sorts of tech sector, growth stocks. applied material down as you can see now nearly 7%. been that kind of day, bond yields up. tech getting hammered. nag dak in line getting hammered >>> china's pinduao taking a hit, down 7% at this hour, that stock. from big tech to gaming, evs, cryptos, china has been dropping the regulatory hammer left, right and center, sending shockwaves throughout the world. our "countdown" closer who has 3.5 billion in management still thinks china has good returns for the global investor. he joins me now to explain. ahmed, great to see you, i think one country investors were a little weary about right now is china, so why not you? >> you have to to invest smartly in china. we had

we have new highs on conoco phillips devin, one oak, which is a natural gas company cabbot was $15 two weeks ago, now $20 today. banks, ten-year yields at two-month highs and the banks have gone nowhere for six months and now are having a nice multiday run here. what's underperforming big tech is underperforming u. see, cyclicals are doing well today and growth is underperforming. it is not down but microsoft is barely participating in the rally the bears are on notice that we had the best chance for a correction in a year and a half, and it has been a failure so far. back to you. >> bob, thank you. bob pisani with the latest for us. >>> let's get to more on the bond market right now, where rick santelli is tracking a flattening yield curve rick, i want you to educate me, because i am a little thick when it comes to bonds. let me give you my hypothesis as to why the yield curve mighting flattening one is that the shortened, the two years and lower, investors there know eventually interest rates are going to move higher the fed going to engineer that that brings their rates up at the sa

apple's and google, their carbon emissions will be lower than an energy company like exxon mobil or conocohillips. when fund managers made the changes they picked up tech stocks that have performed well over the last couple of years, and they also happen to be in line with the esg investing criteria many are focusing on right now. >> shane, thanks for your reporting. for some of the charts here and for explaining it to us we appreciate it. >>> up next, football is back and nbc's mike tirico is here to talk about the upcoming season we'll discuss capacity and sports betting in tonight's matchup. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ icy hot. ice works fast. heat makes it last. feel the power of contrast therapy, so you can rise from pain. yeah, i mean the thing is, people like geico because it's just easy. bundling for example. you've got car insurance here. and home insurance here. why not... schuuuuzp.. put them together. save even more. some things are just better together, aren't they? like tea and crumpets. but you wouldn't bundle just anything. like, say... a porcupine in a balloon factory. no. that'd be a

i also like conoco because of the acquisition they made last week they're buying royal dutch's acreage at a low price because royal dutch is basically being forced to sell by regulators oh, yeah, if you really believe we're looking at a long term natural gas shortage overseas, you will speculate that is tllurian they started after they left the energy company look for the export power. maybe our prices are a steal we have plenty of natural gas. remember, ni'm in a whirlwind and now i talk about buying the oils last week you am not going to go and hut them again, right? i'm not going to repeat what i said here there. that is not interesting enough for me or you. this show flies. we hit china and we mention the tesla is going full bore in prc and even with the ever grand fallout. i said i think tesla can go higher and giving us a nice umbrella to the whole electric vehicle complex. a new one is coming public tesla is worth $800 billion and starting to make a big move up i suggest that the low should be bought at 15 and change. good call. jumped 5% today. that brings me to the mad dash si

. >> i don't like laredo i like devon, chevron, pioneer and i like conoco. let's go that way. >> incredibly speculative name it's down on its luck but i'm never going to say no to a spec when it comes to biologics which is the future. let's go to jackie in florida. jackie >> caller: hi, mr. cramer. would you recommend this as a good buy right now, and do you recommend buying gilt? >> that thing is so far down y not give it a shot hate to be so cavalier to that but that company is too, too cheap. let's go to -- no, i think that is going to be it. and that is the conclusion of the "lightning round"! >> the "lightning round" is sponsored by td ameritrade >>> coming up -- hut, hut, hike. make sense of the day's most critical market machinations in no time flat stick with cramer for a special "no huddle" next >>> tomorrow -- kick off the trading day with "squawk on the street." live from post 9 at the nyse >> is his birthday the 24th, 25th or 26th >> i don't know. 25th >> what is the 25th. >> it's the 25th >> what is the 25th? >> doing it in the form of -- >> oh, sorry >> oh, man >

increasing my holdings in the banks and wells fargo and bank of america, i'm back in energy, i'm in the conoco phillips, i think healthcare is important, testing for covid as far as covid treatment so that's abbott, merck now, i think china will make waves, lockheed, andre raytheon and some day the pacific is going to get screwed so matx. >> interesting okay, it's interesting too as well because if you look at, scott will take, scott shellady, there's so many things to worry about i'll give you four things and you tell me which one you're most worried about and what you're least worried, you've got the virus, you got the debt ceiling, inflation, and then monetary policy. >> i'm least worried about the delta variant, with the virus. i'm most concerned about inflation. >> okay. >> i've got it wrong, cheryl. i thought this was going to be more of a transitory issue when we shut the economy down in 202e turning off a light. i thought we be able to turn that light back on. might take the bulbs a little bit to warmup and shake up but it hasn't been like that at all. when we've been trying to reopen

i see some huge xle buying i just bought the october 70 calls there for conoco phillips. >> digas >>to have someone put up that big screen television to play netflix on. [ laughter ] >> all right, best buy down about 3% today all right, trb, josh brown, what do you got >> simon property under 130. i think it's a buy here, 4.5% distribution yield, own it in a nontaxable account for a maximum upside >> good stuff, everybody "the exchange" is now. >>> and thank you very much, scott. hi, everybody, i'm kelly evans and ahead on "the exchange," it's crunch time down in washington hours before the deadline there's movement to reach a deal to avoid a government shutdown, but it ain't over yet. we'll have the latest on the countdown for raising the debt ceiling. the headlines have been coming in fast and furious all morning long >>> plus, the everything shortage there's a shortage of workers, of shipping capacity and even of paper. the ceo of shutterfly and how they're grappling with all of that as we enter the most

dow, conoco phillips and caterpillar.f companies have come down even more so than 10% correction caterpillar is 14% off the highs. if we are looking for good value, there is a bit out there. >> so you are looking at cyclical sylvia, you are going for cyclical, but other category like semiconductors which some argue is expensive >> they are expensive. semiconductors have a great story into the future. so much of the trend of digitalization depends on semiconductors now pretty much the 5g rollout everything from the augmented reality to artificial intelligence to the cloud. all depends on semiconductors. we have the supply/demand story there. prices will push up in the short-term, but the demand continues to keep prices high for the longer semiconductors are key >> you believe that sector could get a boost. what companies are you specifically looking at? >> the bill is going to lead to billions of dollars of spending in alternative energy. particularly hydrogen. hydrogen will do well. it will be everything from charging sta

goldman sachs hiking to $90 a barrel noting that names like exxon and conoco phillips look attract i.urces and canadian natural among the top picks. bank of america said that while energy recovered it is not back to pre-2020 levels stocks on the buy list are chevron and hess back to you. >> thank you your thoughts on energy and specifically the stocks? it is not just crude natural gas is what? i think $5 73. energy stocks are the best performing sector in the s&p year to date is there more room to run? >> yeah. if you're zoomed out year to date the energy sector is on fire but don't ferlgtd the middle of the year we saw this sector correct and a horrible year last year for the energy sector so seeing the sector correct and get back to prepandemic levels so what's interesting about the energy sector is wti prices, oil prices moving higher. there's fundamental reasons. we are in hurricane season ida is playing a role and benefitting the price of oil and as oil prices go up that benefits energy earnings so we have actually seen energy earnings move up the most in the third quarter of any

stocks same thing with energy been mediocre performer and actually hitting new highs in companies like conoco, devon, oneok and cabot. big moves up there same with the banks. 10-year yield two-month high banks sideways for months now. 4% moves the tech up but generally underperforming the general market value, cyclicals up. growth okay but lagging. every day this week volume is lower than monday and what that tells you is with the rally going on it's a basically a seller's strike. you have seller exhaustion as time goes on and disappointment from bears who expect a 10% correction imminently and gotten crushed. back to you. >> it was quick. >> breath taking. >> thank you >>> we'll turn to the latest on covid vaccines the fda approving the booster for 65-year-olds and the cdc is meeting on theshots, as well meg? >> hi, sara. we are nearing the end of a two day meeting as advisers on the boosters and about to go to a vote essentially debating around what the fda authorized last night for the booster shots just for pfizer's vaccine and for people over 65, those at risk of severe covid-19 with und

. >> conoco phillips is up, royal dutch shell's assets, $9 billion cash deal leading oil majors todayke in texas. show me uber please. they are up this morning. nice gain, 7%. lauren: they are profitable on an adjusted basis month ahead of schedule and they said they would be profitable. first profit for the company in 10 decades so this is a milestone, they are already in the springtime, stock is down 22% and still trading below the ipo price in 2019 of $45. stuart: the wait time is pretty long and the price is going up. >> the traffic took me two times the amount to get in. alive and well. stuart: this is your story. let me explain. apple is working on a new iphone feature about detecting depression and more to the point cognitive decline. tell me - tell me how a phone can report my cognitive decline or otherwise. >> they are teaming up with ucla and biogen and will track sensitive data like facial extensions, mobility, sleep patterns and that might signal mental health or cognitive issues. apple hoping to develop these algorithms to detect these conditions. you don't think that is

for folks that continue to say it's only on corporations, and they think it's apple and ford and conocoou know what? when you talk about corporations, 1.4 million small businesses are organized as c corpses. over 84% of c-corps have 20 employees or less. if you think this is all about the big boys, oh, just wait. not only that, in their tax policy they include new marriage penalties to disincentivize marriage in america. or if you get married and file jointly, you're going to pay more taxes. it includes new enforcement from the i.r.s. initially it was talk about $600, if you deposit or withdraw $600 from your bank account, we're going to do new enforcement that's going to have to get turned into the i.r.s. then they changed that because they figured people would get nervous with that so now if you do $10,000 of additions and transactions in your bank account. almost every american puts in $10,000 in their bank account. if you make $12,000, into your bank account you'll be turned over into the i.r.s. turned over to the i.r.s. that is leaking information like a sieve, as information is be

so they can throw around the big corporations and everyone thinks it's conoco and apple, i.t. the vast -- the vast majority it's small businesses designed as c corpse. how are they go to make them more competitive? by raising the tax rate for all those corporations to make their tax rate higher than china. let me run that past you again. to make us more competitive globally, they'll make our tax rate higher than china's tax rate while we're trying to be able to compete with china on the world stage. not only that, there's a global minimum tax that's already out there that's a small tax that's out there for every corporation. you know who has that already? the united states does. it was created in the tax cut and jobs act in 2017 to make sure companies couldn't scam out and couldn't move their money into other places. it would be here. if they decided to move into a tax have an, it wouldn't be there. we set is it at a rate to be competitive. they want to take that rate and is remain charge it and make it one of the top rates in the world. now, the statement from janet yellen is