he was talking exxon, chevron and conoco those entities make up nearly 50% of the xle overall i think we only need to look at one of those companies, the largest, exxon, to get some sense of where the fundamental trouble might lie here with their cash flow, dividends are one possibility, debt repayment is another, and investment, essentially, and depleting reserves is the final choice these companies have to make unfortunately, even with oil at these levels, they can't actually satisfy all three of these. exxon is trying to maintain their dividend their debt levels are actually above the target ratios that they previously articulated, and they can't really afford to see some increase in their debt expense, and of course they are not replacing all of their reserves which, of course, if you don't do that, what that means is lower production in the future and i think that is one of the overhangs that you're seeing amongst the integrated names in particular as carter pointed out, this represented a relatively larger portion of the etf if you're paying for a range-bound thesis, usually wha

criminal communicates -- conoco medications and 45 languages about things like trafficking drugs, arms explosives, atm, armed robberies, and last, but not least, ract killings. ros: this was possible after the fbi started to targeting -- target encrypted messaging services, confident they were being used by organized crime. dismantled to existing services, they began operating their own encrypted device company. they were distributed in the criminal underworld, devices initially used by alleged senior crime figures. others soon followed. fugitive australian drug, he recommended it to associates after being given a handset. millions of messages in al-time, massive drug import plans, many of other schemes too. the australian federal police commissioner on the conversations. >> when you get access, all they talk about his drugs, violence. hits on each other. innocent people going to be murdered. it would be like i need a thousand kilos at this price, very brazen. we haven't seen anything like that, no intent to hide behind. ro this appears to be an outcome for the i. here is more on how t

all of the best performing stocks within the s&p are energy names like conoco, like occidental.hat index is up by 1.4%. we did have the 10 year breakeven sticking out slightly, now back to flat. bloomberg dollar index relatively flat at this point. there was hope we could see a stronger dollar and stronger yields today, but that seems to be tempering as we head into the fed meeting. guy: a big day tomorrow. lots to talk about. in the meantime, the european union kicking up its biggest ever borrowing program. the bloc debuting bonds that are set to raise $24 billion to help finance its recovery. the order absolutely enormous. earlier, bloomberg spoke to the european stability mechanism managing director on this landmark sale. >> we could see that international investors are very happy with these bonds coming out of europe. people are happy with how europe has reacted to the crisis, how the euro area is developing. the forecasts are good, and the response to the pandemic was effective and appropriate. guy: in some ways, they were priced to go. 30 basis points the gap between what

sentiment, again, is very negative these are the places that you want to be devon energy, hess, eqt, conoco, phillips, i could go on. this is underweight and it doesn't predict underweight. be there, it is continuing to mob higher >> be there or be square that's what you're saying. steve weiss listened to everything that you just said and said, whatever because if i would have bought -- i know exactly what he is thinking. if i would have bought energy five years ago, i would still be sitting in a bowl of tears with my tissues because these trades don't work, they've never worked, and then he would go to the numbers and he would say, scott, in 2018 energy was the worst sector that year, it was down 20.5% scott, in 2019 energy was up 7.5% it was the worst sector that year in 2020, he would say, scott, energy was down 37%, it was the worst sector that year that's why i don't own these stocks, right, teve? >> that's right, scott i understand you wanted to be me and tap into my thought process. >> only for that moment. >> you're actually correct >> only for that moment, let's be clear let's be c

>> i was taking a look at conoco-phillips, trading at 1.8 times the average daily put volume and whatk would give back 3% and the other was the sale of the august 55 puts so i don't think this is bearish, just a bet on a small pullback by week's end. >> thank you very much. >> and for more "options action" tune in to the full show on friday we have to tell you this 5:30 p.m. eastern time up next, your final trades it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪ woo! you are busy... working, parenting, problem solving. at new chapter vitamins we've been busy too... innovating, sourcing organic ingredients, testing them and fermen

. >> conoco, 82. >> the only way to be sure, i think, i think, first of all, as davis was saying, engine 1 was maybe the most important thing i have seen when it came to boards and every oil company, i think, now is in a race to show, listen, we're going to be less carbon intensive and i think you're right i think like david is so right everybody is vulnerable at exxon. they beat -- they beat exxon they beat darren wood. >> it was definitely a moment. darren is so pro-plant >> carbon dioxide. >> yeah, yeah. >> but i just think it's -- that's why this oil is going higher everyone is scared to death. >> cramer's mad dash after this short break. ♪♪ ♪♪ ♪♪ what happens when we welcome change? we can transform our workforce overnight out of convenience, or necessity. we can explore uncharted waters, and not only make new discoveries, but get there faster, with better outcomes. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change-- meeting them where they are, and getting them where they want to be. faster. vmware. welcome change. >>> about 6:30 before we get

. >> meantime, conoco adding a billion to the buyback and trimming capex, familiar story, but that buyback issue is one of the big bullish narratives of the second half. >> they had a good balance sheet. they managed to preserve their balance sheet, well-run company, stock's been a horse at the same time, i mean the group has had a gigantic run brian was talking this morning, maybe opec unleashes they don't want to make it so it's so profitable in the permian that we turn the spigot back on. >> you were talking about that the other day, what are we dow 1.8 million? >> yeah. >> what was our high in terms of production 12 million barrels. >> yeah, and remember, you also had -- you had pretty much everywhere going full speed, right? >> look at those stocks. look at the move even occidental has managed through this >> i know. >> with that debt load and that coupon they're paying warren buffett. >> they should be refinancing. waiting for that >> big refinance >> but you know, the ball ken w the place that was really hurt and a lot of these companies said we can't get shareholders unless we cut