there will be impacts, one would be the exxon -- that exxon will have to align itself.l be pressure from investors who require these ownlosures on what exxon's projections are, even on production, but also on emissions, which has become a key criteria on to be able to make decisions. -- criterion to be able to make decisions. vonnie: did exxon have any comment for us or you? >> yes. exxon said that this document is based before coronavirus. we already knew that. they said they are going to delay some of their production plans because the price of oil has fallen drastically, but it has not said it is canceling any of those oil and gas projects, and so those emissions are still, so to speak, on the books, perhaps not in 2025, but a little bit further out. vonnie: it is a fascinating story and thanks to you, who broke the story on this exxon plan for any emissions surge. surge.missions still no word on the president or whether he will be discharged today are not, but equities are blithely moving higher, with the nasdaq up 1.3%. from new york in toronto, this is bloomberg.

exxon has a huge public relations challenge. solution might be to end exxon. >> would the ceo of chevron do this >> i doubt it. i think if this continues for another year or two or gets more in favor of chevron which is heavily praefrd eferred by the , then it's a possibility. as of now going into the election, i think there is zero chance of this happening but the point this morning was this is where we have gotten to with the crisis. chevron is bigger. the next era is bigger than both of them. the writing is on the wall for the next 50 years. these are 100-year companies this is very big and this is a big idea >> paul, restructuring rumored around exxon, whether this is happening and in what way. is there anything on stock that could make this good for investors? >> in the short-term they are cutting costs as much as they can. over $100 billion in administrative costs in exxon which is a huge company. we think they should cut caps further. a year ago they were at $40 billion a year they are talking about going down to $20 bill

mobil are to follow through on their long term goals such as the leap to dock from exxon mobil that revealed their plan to increase climate killing a mission's filing a massive leak from an oil company that i can celebrate for once their c.e.o.'s are so hell bent on killing the environment that i'm starting to think the reason i haven't seen the exxon tiger in a while is because they killed it for sport. though i guess the celebration would be short lived given exxon mobil had plans to increase annual carbon dioxide emissions by as much as the output of the entire nation of greece. popular culture has shown us that the size of just one greek family alone could mean dangerously high levels of energy consumption. but exxon mobil shot back at critics saying they actually have been doing their part to reduce emissions in fact over the last 20 years exxon says it invested over $9000000000.00 in what it calls lower emissions solutions while its total capital expenditures during that time were over $465000000000.00 that equates to less than 2 percent spending on these technologies in the p

but exxon mobil shot back at critics saying they actually have been doing their part to reduce emissions in fact over the last 20 years exxon says it invested over $9000000000.00 in what it calls lower emission solutions while its total capital expenditures during that time were over $465000000000.00 that equates to less than 2 percent spending on these technologies in the past 2 decades their idea of a meaningful proportion of funding for new levels is equivalent to the $1000000.00 sliver between the bankruptcy's own will a fortune and they've probably spent more money buying vows than on saving the planet to solve this puzzle without feeling any sense of irony you can trust the company to do the right thing if its business model rewards making record profits at the expense of our planet's future and according to climate scientists we have 10 years or less to downgrade from being a floating pig pen to a least a floating peppermint patty i figured it made sense to roll with the one whose name sounds like she'd actually cool down the earth. reporting from an oil refinery this is battling

shery: we have some lines coming from exxon mobil now.ing to a bloomberg news report that was titled -- revealed in leaked documents. bloomberg reported exxon had been planning to increase annual carbon backside emissions by as much as the output of the entire nation of greece. according to documents reviewed by a bloomberg, exxon mobil now responding to this new story, saying the emissions projections on this story ignores facts the company provided on the record statement after numerous discussions with the authors. we are bringing you the reaction from exxon mobil to a bloomberg story. issays that exxon mobil saying the emissions projections described as planned annual submissions growth was a preliminary internal assessment of estimated cumulative omission growth through 2025 -- emissions growth to 2025 pair the u.s. aims to keep up the pressure on china as mike pompeo meets counterparts from australia, india, and japan. we will look at the so-called quad. this is bloomberg. ♪ haidi: mike pompeo meets with his counterparts from japan,

exxon and chevron under attack and underperforming. are these stocks still worth investing in we'll get into all of that we begin with stocks closing out a bad week and a bad money bob pisani tracking the action for us >> good to see you it's a tough end of the week and tough end to october look at these stats here we're not closed yet but still pretty bad worst week since march 20th. dow's worst month since march. it's the second straight down much for stocks and fourth straight down october in an election year. there's a macro problem and a valuation problem. the macro problem is we've got a virus outbreak that people weren't anticipating even a few weeks ago surging cases and no stimulus on deck the valuation problem is related to tech and melissa referenced the fact that the big mega cap reported good numbers but the prices are really high look at amazon's pe multiple s today amazon is 71 traders won't pay infinite amounts are money for these stocks there is point they will say no. the earnings having been dropping, the prices goin

there's two problems with exxon. firstly, as i mentioned, february 21 is when i think the low will be. if you remember last time i said buy exxon, sell apple, i actually haven't been run over in that trade. apple's down about 8%. exxon is down about 15%. i said it was a five-year trade. but the oil price is a problem as you know, exxon is enormously exposed to global refining and that's also just a disaster until people start flying by plane. it's too early you have to wait until we get through this covid we've got to get people back in the air. then refining will recover summer '21 could be a great year for refining, because everybody's driving, nobody's taking mass transit. as people start getting back in the air, we could have too much crude. exxon could be back strong next summer, but this is going to be a very tough winter. they had a profit warning this morning just for q-3. >> paul, thank you very much it's great to have you with us tim, i'm going to give you the final word, but i kind of want to echo somethin

you mentioned the third straight loss for exxon.ore 2020 exxon and note posted a quarterly loss in three decades. a profit on adjusted earnings base. increased freight is certainly a beneficiary of the pandemic. bloomberg intelligence said chevron's purchase of noble should help it in the fourth quarter and puts it in the best position among the big oil companies. david: that is what happened in the past, what happens in the future, particularly after the election next tuesday. one of the big differences between trump and biden is energy policy. a lot of people think vice president biden would not be so good for these oil companies. scarlet: that is the case. you've seen the oil prices push oil companies lower, and we are looking at wti headed for its worst week since april. we know joe biden supports clean energy initiatives and normalizing relations with iran. rbc capital said under joe biden oil would lose its privileged status but probably not as bad as people what expect. he will be more pragmatic. some people go further and sa

. >> 11 years ago, almost to the month, actually, exxon bought a company called xto energy.y paid $41 billion. david, you always talk about one of the worst deals in history. i'm going to nominate that one exxon is talking about a $30 billion impairment, that was a natural gas company, they bought at the absolute top. i criticized them when it happened i heard from them, i heard from the xto people too and i wish them well. and, david, i think it was an ill advised deal that's what i'm coming down to -- >> i think you're being very kind at this point history shows worse than ill advised. >> this is that new gandhi thing i'm trying out, gandhi 2. >> the next five minutes what would they do with that money now? >> buy back stock and boost the dividend that's what they were doing habitually what do you think about the oils here, david? >> you've been so rough on them. not without reason oil equivalent production, 3.7 million barrels per day they are talking about a 15% reduction and expected to increase in operating expenses by 15%, cutting capex, going into next year at 23 bil

caroline: exxon is no longer the biggest oil firm. chevron takes over in that respect.hey are doubling down on continuing to pollute. it shows it in stark contrast with the folks in renewable. is ourining us now leader of energy and commodity coverage. there are big changes expected down the line. >> thank you for having me. that is a hard question. it is playing a huge role. exxon is just as much of the story as renewable energy. if a biden administration comes in. they are headed toward a third straight quarterly loss. your dividend is up in the air. rest of his rivals see the writing on the wall. you are seeing all of that play out. entire renewable energy rally has been incredible. to thef that is tied possibility of a biden presidency. trump is not terrible for clean energy. i just want to put that out there. he is just status quo. wind generation continues to reach new heights. what the biden presidency would do would be a complete game changer. it would put the clean energy rally that we have already seen on steroids. a good $2g to put trillion into creating an e

a statement exxon said these projections are.

emissions the documents revealed exxon's output will be the size of the entire country of greece in a statement exxon said these projections are an early assessment that does not include additional mitigation and abatement measures that would have been considered the next step in the process adding the same planning document illustrates how we have been successful in mitigating emissions in the past this comes as rivals b.p. p.l.c. and royal dutch are moving in the opposite direction this 2 to curb oil and 0 emissions the internal documents also show exons $210000000000.00 investment strategy yearly emissions it's expected to rise 17 percent by 2025. days after testing positive for a covert 19 president donald trump took to twitter and confirmed hill will be released from the walter reed medical center on monday evening stocks are still rising this as u.s. lawmakers seek to end the ongoing gridlock that has kept them from passing that 2nd stimulus package artie's rachel blevins now live from walter reed with the details rachel. yes sarah president trap is now saying that he feels be

exxon says these are not our responsibility.e customers choice, but it stands out as an exception in the oil industry because most large publicly traded companies, and especially all european oil andrs, reveal their figures set targets to reduce them. annmarie: and why are these lack of disclosures becoming a problem now? on to see as we go all the impacts on climate change, we have had fires into my now, we had the delta and mexico, heat waves in the middle east, floods in asia, these impacts are now here, and they are causing havoc both to assets and the markets as well. so at a time when companies like exxon mobil are losing their crown of being the largest energy company to renewables giants, it is only right that shareholders would ask for these disclosures so that they can make smarter decisions about their investments that they are going to hold onto for decades. our climate reporter here at bloomberg, phd from oxford in chemistry. he knows everything about climate. with the u.k. and france record more than 17,000 new cor

. >>> coming up, exxon did not raise its dividend this quarter for the first time since 1982. is this a warning sign for investors about the company and the industry plus, the recent urban flight is starting to hurt the bottom line of some companies. we'll explain and break down the names. >>> don't forget, you can always watch us live on the go using the cnbc app "the exchange" is back in a couple at calvert, we know responsible investing is hard. if you're concerned about the environment and climate change, how do you find companies that are driving the right outcomes? if you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities? for nearly 40 years, calvert has delivered competitive returns by investing in companies making a difference because we see value in doing good. talk to your financial advisor about investing responsibly with calvert. >>> welcome back to "the exchange." let's get a check of markets right now, which have been more solidly in green territory the dow is up 85 but the underperformers, th

he didn't actually already commit it, nor did exxon. they just want everybody to know. okay. that said, the president today did call his election opponent a criminal and said if he had a better attorney general, his opponent would already be locked up in jail. the president also today said reporters are criminals if they don't report his claims that his election opponent is a criminal who ought to be in jail. all in all, this has been a pretty normal day now in what used to be until very recently the world's leading example of a mature rule of law-based democracy. now we know all it takes is one presidency like this and now we're like all these other sad sack, maybe democracies around the world, wondering if maybe there will be a junta this year and no longer feels weird to prepare for election-day violence. how did we become that country so quickly? it takes one presidency, one of our two major parties happy to go along with the lock her up thing, less than four years of us not adjusting to what the rest of the world recognizes as authoritarian drift and all that means for n

exxon is the last big oil company to do this. to get leaner and slim down there staff, regardless of oil prices. exxon has stuck firm to its belief they will be a countercyclical investor and long-term oil assets and we will need oil for the long-term future. also exxon has a dividend they refused to cut the majority of their shareholders or retail investors. this is one way to go about saving costs. they cannot cut that dividend -- if they cannot cut the dividend. at $37.nt crude trading that is a pretty tough number. exxon is the ultimate supertanker. ,t takes a while to turn around but as you say everyone else is switching to the news new business mop -- to the new business model. a very different model than the one we had before. ultimately exxon have to fall in line, but it is a big supertanker. it is certainly turning now. talking of other giant companies, we are going to talk about volkswagen. volkswagen returning to profit. we will look at what drove those results, next. there is a bit of a clue. it is china, and it is a

exxon which i think is one of the names would you recommend is down 50% this year with a 10% dividendield chevron is up around 7%. are those dividends safe or simply not that attractive because investors are so concerned about the capital losses >> i think people are worried about the energy transition, they are worried about oil prices and, you know, energy has not been a good place to be so you just sell the biggest names, i don't know if exxon's dividend is safe, but if they cut it in half i bet the stock goes up the market would like to see sustainable numbers from these companies so my guess is that exxon is going to protect the dividend that's going to pay you while you wait i'm going to borrow to pay that dividend, one of the juicist highest leveraged names for prices recovering because if price gets better that dividend gets safer so i think they are reasonably safe and even if they cut them i think the stocks are still interesting. >> well, what you say reminds me of what dan loeb said about disney this week where he preferred them not to pay the dividend i know exxon doesn't

$264 billion in revenue for 2019, and yet the market cap, zoom was higher than exxon. you've got zoom with a fraction of the revenue, higher priced. same thing if you look at amazon versus some other sectors. that's pretty extraordinary. can this last? >> well, it can last for a while. as we've seen, the music can stay on for longer than with we expect. we've seen the ipo market with some extraordinary valuations, you know, the snowflake ipo had also a really, really high price to sales valuation. and this is, again, it's just another by-product of a world of scarce growth. and so there's always going to be outliers like zoom, like snowflake and other names that have really, really elevated valuations. those types of names today is where we'd be paring back. we expect there to be some volatility at the tails of the investment landscape. so the really expensive growth stocks that really haven't come into their mature part of their business cycle yet, and the really cheap, older economy value stocks which we think the economy's just not going to be strong enough to reall

exxon mobil as you mentioned just out taking a look at this.e in with an j adjusted loss of $0.15 a share both numbers are better than street expectations, looking for a loss of $0.25 a share. this is a similar story to what we saw with chevron earlier today, where they came in with better numbers a smaller loss than expected and in chevron's case turned a profit on an adjusted basis. they did this not because of strength in sales or anything else, this is kind of, again, closely watching their spending and cutting back on a big way in capital expenditures, for the third quarter, exxon had $4.1 billion in capital expenditures that brings the 9-month total, it looks like they're on a run rate for $19 billion for the end of the year, and that's down from what we had last heard. remember, march, they were saying they were going to spend $33 billion a year in april, they said they were cutting that by 30% down to 23 billion. now we're looking at a closer run rate of $19 billion for the year that's not where it ends they will continue to cut capx, 1

chevron has topped exxon mobil as the largest oil company, the first time exxon has been dethroned. gave chevron a market cap, fractionally ahead of exxon. policy where weighing changes to a program before the break down all the latest round of stimulus talks. ofdiscussed the prospects stimulus policies to be possible before the elections, that is coming up next. this is bloomberg. ♪ ♪ watching "daybreak: australia." a new stimulus package is on hold but nancy pelosi seems to be open to airline relief demanded by president trump. after a call with stephen mnuchin, nancy pelosi said republicans blocked such a bill last week and called for more talks. airline stopped rose sharply on the news. -- stocks rose sharply on the news. president trump is back in the oval office despite continuing to being treated for covid-19. dr. say he has not experienced symptoms in 24 hours, having been discharged on monday. president trump has been speaking on his experience and said he did not have to go to hospital but did so on the advice of medical experts. fromgot back a day ago walter reed, i spent

but i called the head of exxon. know, i would love for you to send me $25 million for the campaign." "absolutely, sir. why didn't you ask? would you like some more?" i would raise a billion dollar in one day if i wanted to. >> stephen: it's bad enough that trump was bragging that it would be so easy for him to extort illegal campaign contributions from an oil company, but he also fisher-price phone. ( as trump ) "hello, nasa? how is space? still real big? moon seems to be getting fat this month. anyway, i need a billion dollars so i can be president. thank you. mommy has my chicken fingers ready, good-bye." this was a hypothetical scenario, but trump's reputation for quid pro quo is so bad, that the exxon corporation felt the need to clarify: "we are aware of the president's statement regarding a hypothetical call with our c.e.o. and just so we're all clear, it never happened." "sure, we poison your coastlines, we bury climate- change research, we've dabbled in regime change and brutal suppression of popular will in

mobil in fact for a moment it was larger than exxon. companies already bigger than chevron and this renewable company has actually been around since 1925 who is next era energy it's the old florida power and light utility renamed and moving the renewables and the market has rewarded it in a big way shares have gone from 100 to 81 in five years and the market cap is now about to become bigger than what the biggest company in the world was just in 2007 a sign of the shifting times coming up, we're going to keep our foot to the gas pedal on this busy day and why the president's diagnosis raises a chance of a stimulus package and breaking down the president's treatment. what's been approved by the fda and what is still experimental mega meg is here to layout exactly what the president is taking and what it may mean for the market. dow futures up 157 we'll see you on the other side of this break. >>> more chance that stocks move higher some in the markets see it that way. the president continuing improvement and we hear about a complex and s

it comes at a time when exxon rivals such as bp are moving to curb emissions.alls the documents and early assessment that does not include abatement measures. drugmakers are under pressure to come up with a vaccine for the coronavirus. they may even be more urgency following the news that president trump has contracted the virus. johnson & johnson ceo spoke with carlyle group co-founder david rubenstein. i think it demonstrates we are all vulnerable and we still need to be very vigilant and diligent in the actions that we are taking to prevent this virus from spreading any further. alexa: you can catch more gorsky's exclusive conversation on the david rubenstein show. and that is the bloomberg business flash. francine: thank you so much. next, we speak with stephen riley. and whatalk lockdown is happening in london, paris, new york. this is "bloomberg." ♪ at this time, the team and i are extremely happy with the president's progress. thursday he had a mild cough and nasal congestion, fatigue -- all of which are resolving and improving. right now he's not on oxy

the market cap of zoom video exceeds that of exxon mobil.n this day and age but that's where we are. by the way, exxon today saying it will cut 15% of the workforce by 2022. wires reporting they borrowed to maintain the dividend this quarter and we'll see what earnings look like tomorrow. our next guest says pay no attention to that tech ceo hearing yesterday. the real story is the coming anti-trust cases for the big five and they should not be l p lumped together. joining us is walt mossberg. always good to see you >> good morning. love to be here. >> quite a day that we saw yesterday. what was your take >> another clown show, which is what these congressional hearings have all been a bunch of grievances and, i mean, they couldn't even pronounce sindar's name correctly. these hearings are mostly for political show and particularly now as we approach the election. the big sorry will be will they pass a new regulatory regime for particularly social media and as you pointed out, what will they do about anti-trust? >> all right what do you thin

oil taking a low, but exxon and shell are higher after reporting quarterly results. leader seeing sizable gains ahead of a blockbuster afternoon of big tech earning live in the hex half of this show. all 11 s&p sectors are in the green with 59 minutes left in the session. sara. >> it is going be the a monster afternoon of earnings coming your way the country's biggest tech

. >> i called ahead of exxon, you know, i will -- hi, how are you doing? how is energy coming? oh, you need a couple of permits? okay? i called the head of exxon and i said i would love you to send me $25 million for the campaign. absolutely sir, would you send some more? >> what? here's what exxon said, we are aware of the president's statement regarding a hypothetical call with the ceo, so we are all clear, it never happened. this is his closing argument. what does any of it have to do with, what does it do for you and any of the american people? lashing out at dr. fauci. lashing out at michigan governor gretchen whitmer days after the foiled plot to kidnap her because of her state's coronavirus restrictions. >> you got to get your governor to open up your state, okay. and get your schools open. get your schools open. the schools have to be open. right? [ crowd chanting lock her up ] >> lock them all up. >> wow. listen to the governor's response. >> you know, it's incredibly disturbing that the president of the united states ten days after a plot to kidnap, put me on trial an

exxon mobil, not for me. >> guy, what did you think of dan's work >> tremendous.ou've had set, carter is --e i didn't understand a word you were saying there, about you i would like to go off the board for 500 and say i'm surprised dan didn't brings up wells fargo being the ugly, because it's an unmitigated disaster, and now within 70 cnn of that march low. that to me i think is one people have to look at and what's eating -- not gilbert grape, but wells fargo? >>> will the work at-home entrd spark this trade tomorrow? much more ahead on "fast money." gas in town and which supermarket gives you the most bang for your buck. something else that's good to know? if you have medicare and medicaid, you may be able to get more healthcare benefits through a humana medicare advantage plan. call the number on your screen now and speak to a licensed humana sales agent to see if you qualify. learn about plans that could give you more healthcare benefits than you have today. depending on the plan you choose, you could have your doctor, hospital and prescription drug coverage i

here's what exxon says. we are aware of the president's statement regarding a hypothetical call with our ceo. and just so we're all clear, it never happened. this is his closing argument? what does any of it have to do -- what does it do for you and for any of the american people? lashing out at dr. fauci? lashing out at michigan governor gretchen whitmer, just days after the revelation of the foiled plot to kidnap her, allegedly because of her state's coronavirus restrictions? >> you got to get your governor to open up your state. okay? [ cheers and applause ] and goet your schools open. get your schools open. their schools have to be open, right? lock 'em all up. >> wow. listen to the governor's response. >> you know, it's -- it's incredibly disturbing that the president of the united states, ten days after a plot to kidnap, put me on trial, and execute me. ten days after that was uncovered, the president is at it, again. and inspiring and incentivizing and inciting this kind of domestic terrorism. >> mr.

just so we're clear, exxon says, it never happened. the president was trying to make the point he could ask for corporations' donations but that he would be beholden to them. i think he was also defending the fact he's significantly behind as far as fund-raising goes. >>> 5:15 this morning and apple launching a new music video streaming service called apple music tv. the free service is part of an apple tv app. some say it reminds of mtv back when they first started and only played music videos. remember that? one upcoming event is being planned. it's a day dedicated to playing bruce springsteen videos. >> fans of the boss will be happy. >>> a surprise announcement from actor jeff bridges. he's been diagnosed with lymphoma. bridges may be best known for his role . he shared the news on twitter. writing in part, quote, although it's a serious disease, i feel fortunate that i have had a grit team of doctors and the prognosis is good. bridges did provide -- he probably did not provide any other details on his diagnosis. very sad, though.

exxon lost half of its value this year alone. >>> u.s.getting into a high flying faceoff with russian fighter jets. we'll take you there. it's a cnn exclusive. next. crest gum detoxify. my gums are irritated. i don't have to worry about that, do i? harmful bacteria lurk just below the gum line. crest gum detoxify works below the gum line to neutralize harmful plaque bacteria and help reverse early gum damage. crest. so you're a small bor a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. >>> all right, tensions have been mounting between the u.s. and russian military aircrafts with a growing number of unsafe intercepts in recent months. cnn's fred pleitgen gives us an exclusive look at th

so i call some guy, the head of exxon. i call the head of exxon. i don't know. i'll use a company.i, how are you doing? how is energy coming? you need a couple of permits, huh? okay. but i call the head of exxon and say, you know, i'd love to send me $25 million for the campaign. absolutely, sir. why didn't you ask? would you like some more? >> exxonmobil where rex tillerson used to be the ceo. exxonmobil responded via twitter saying, we are aware of the president's statement. and just so we're clear, it never happened. ♪ whoa! ♪ i feel good ♪ i knew that i would, now ♪ i feel good ♪ get a dozen double crunch shrimp for one dollar with any steak entrée. only at applebee's. >>> this morning, early voting begins in hawaii, louisiana, utah and the critical battleground state of wisconsin where we are already seeing lines like these in milwaukee. nbc's shaquille brewster is there where polls opened just about an hour ago. shaq, the city has 13 early voting sites and they are opening today. that is up from just three in 2016. what's it like there? >> well, stephanie, let's also go back

when you look at the revenue, exxon dwarfs zoom, exxon generated revenue in 2019 of $264.9 billion versus2 million. does that make sense to you? look at the market value versus the reef new. steve, your reaction. >> maria, if you ever need a night job, i got one for you, federated hermes. you're right on there. we don't own zoom in our growth portfolios. great company. zoom's the future, et cetera, et cetera, it's trading at 5 # of of o50 times2022 revenues. zoom's case, year over year next year is going to be terrible. we're in lockdown this year. exxon of, people say it's got a 10% dividend yield on it, they must be about to cut it. we would say or the stock's about to double. you know, exxon is massively undervalued here. they're making a shift towards more natural gas, carbon friendly production and it's completely underappreciated by the market. so in the meantime, you get paid 110% to sit there and wait on te dividend yield. maria: i thought that was an interesting look and i thought you would appreciate it. steven, just to be clear, you still like stocks here, you're still bullish

exploration, the whole problem is exxon doesn't grow to begin with. >> right >> so why would you do- that's a nonstarter >> and, you know, it may be this ends up being a nonstarter there has been a lot of rumblings. we'll see if somebody actually emerges. that will be a tough fight it is still a large market cap company, nowhere near it once was. you could actually take a fairly substantial stake and you might have a lot of shareholders who got on board with you. but i don't know, jim. i did want to mention it particularly in light of what you saw yesterday, which was that big move up, which may have just been chatter. i'm not sure it was actual buying by some shareholder activist, but the chatter has been -- >> rex was a king. >> rex tillerson, former secretary of state. >> talk about not being afraid he was not that happy with president trump. >> he wasn't no, he wasn't. he was an early -- we only had two secretaries of state, though, right? tillerson and pompeo. >> i got to tell you that rex was -- under rex's watch, the balance sheet was solid, the buyback was good and the growt

he's pro fracking, but he's not going to subsidize exxon and chevron anymore. he's going to do it over a period of time and phase it out. donald trump says i'm -- >> did you cringe when he said that in the debate? >> no. i think he's been authentic to his view, which is true. we cannot continue to subsidize exxon and chevron when you can send 5 million kids free to community college. those kids are worth investing in. >> another example why i'm glad rahm is not the candidate and joe biden is. if joe biden said that, that would make sense. he said he was going to phase out oil and gas and he's going to -- >> he said that -- >> hold on, rahm. he said phase it out by 2025. five years from now. that's not a slow phase out. he didn't say he's going to spend it on community college. he said he was going to spend that on the green new deal which the people in pennsylvania don't want. >> here's the thing, it's very clear. it's a 30-year phase out. it should be phased out. you shouldn't be subsidizing big oil and big gas. welcome to the free market. make it on your own.

alix: the rumor on the street was you were going to sell yourself to exxon.or on the street is since you bought parsley, maybe in two to three years, you can go back and say you need the acreage and what we can bring to you, you should buy us. give us some insight into that conversation the street is having now? scott: exxon long-term has to decide are they going to move strongly in the fossil fuel industry over the next 30 or 40 years? probablyd will definitely we probably won't see many increases. they are goingn, to one million barrels a day. do they want another one million in the permian? whether or not they will shift their strategy to more alternative energy. we will always do the right thing for our shareholder base. guy: let's talk about that shareholder base. what do they want from you? shift ins seem to be a business models. it's more about excess capital to shareholders. it is that change driving this narrative to an extent. is that how you see that evolving as well? scott: yes. we are the first company to announce really a free cash flow model. p

you have to watch out for what exxon has to say. scoop, they are slashing 15% of their global workforce. that is about 14,000 people. staying with earnings, let's dig deeper into tech earnings. blowout third quarter from facebook, apple, but we saw shares drop. serious buses in after hours trading. matthew, what is behind the estimate beats? big rebound in online appetites. demand,seen consumer basically, spending with the ises of facebook and google a surefire way of generating -- people were kind of expecting a surge. even those heightened expectations proved to be a bit conservative. is a standout and a blowout. overnight, the shares fouled. different reasons for each company. what are investors concerned about? theseis a mixed bag, why stocks fell. if you look at amazon, it is classic caution about what are they spending their money on. also, they are planning to spend a lot of money making sure their employees are safe. shift being costs are going to go up. how much money they are actually making out of everything. facebook fla

finally on friday, we have a tale of two oils, chevron and exxon. exxon better have something up its sleeves. it gives you a 10% yield chevron is sitting pretty. ceo mike worths is so confident of this and he's talking about helping the environment. i am not joking. it is a tough week confusion lies ahead if you like something then do a little homework. service now is going to be better that's the blow out. that's my blow out prediction okay for the week. ashwin in california >> hey there jim i have been listening to your show for a long time i see it religiously every single night on my dvr >> oh, thank you very much that's a lot more than my wife watches it she says why do you work so late you have a show that ends at 10:00. it is the other show >> i know, i know. let me tell ya, a lot of the stocks you have given over the years, i have definitely benefited from i want to ask you another. >> okay. >> no, i like up work. i think it is a terrific situation and actually one of my -- online recruiting and an bishs work t good. i like it. let's go -- l