and exxon mobil announced near historic losses for 2022 to the growth of virus pandemic of b.p. disclose a loss of $18000000000.00 its 1st loss in a decade exxon saw a $22000000000.00 loss for the year pandemic has got a demand for oil even setting prices into negative territory in the spring exxon c.e.o. derek wood said tuesday that 20 to 20 percent of the most challenging market conditions ever face by the company. and for more on this let's go to our financial correspondent yens quarter in new york yes well collect looks like you're keeping warm there. these losses perhaps no surprise to anyone who's been paying attention to what oil has done over the past year but quite a sum of money put this into perspective for us. yeah well i mean it's been a really a devastating here for the oil and gas industry being one of the hardest hit industries by the pun demick we clearly saw demand dropping as nobody has expected at the beginning of 2020 dumont was all those locked on measures in or from the it from industries but also if you look at the travel sector for instance so much less

the ceos of exxon and chevron discussed a potential deal last year.wing the start of the pandemic, due to the decrease in demand for oil and gas. if these two were to combine, the company's market value would top $350 billion and it certainly would cause ripples across the industry and job cuts as well. exxon shares this morning are up 1 and a third percent, chevron higher by 1 and-a-half percent. robinhood cutting down the list of restricted stocks, the company narrowing the number of companies from 50 down to 8. those restricted stocks include gamestop, amc, blackberry. gamestop continues to have the strictest limitations with traders allowed to buy one share and five options of gamestop. the stock is up ahead of the open, take a look at gamestop shares, up two-thirds of 1%. reddit investors have a target this morning, pushing up the price of silver. the precious metal hitting the highest level since 2013, this comes as the hashtag silver squeeze is trending on twitter with the price of silver now at $29.90, up 11%. president joe biden is expected t

exxon was always the company that had the 50-year plan.s mike worth at chevron that has the plan that oil is a bridge fuel, but you mention mary vari today. i spent some time talking with mary david, gm is not waiting they're not going for the 2035 bridge fuel. tesla isn't. there's a race against time and esg. can they race against time david, the love and the amount of money that this market is willing to give to ev tells me the clock is ticking even for exxon. >> yeah. and we know, of course, when it comes to ev, that is another area of great fervor for many investors including the people that we -- well, that jim refers to as the merry men or the -- i don't call them retail as much the active traders that are out there these days that are taken with the prospects of so many of the companies that are going to potentially participate in the new and very much growing part of our economy whether it's the battery makers or the car makers themselves or so many of the different components that go into it and, man, the spac thing, carl, just co

and exxon posted its first annual loss in 40 years. discuss their right down as the company tries to defend its dividend. amanda: we are certainly seeing stocks gaining across the board. the broad market in the u.s. higher for a second session. leadership a little different today. growth stock doing reasonably well but not leading higher. financials are the biggest, industrials close to the top. we are seeing some attention being paid to big tech with two heavyweights reporting after the bell. energy is up 2% as a subgroup. one of the notable effects showing up in the toronto market is that we are seeing a reversal of some of those frenzied trades. gamestop, blackberry, and silver weighing on the group in total. perhaps inevitable to see a reversal of that kind of momentum but it does still raise the question of what kind of markets we are dealing with. we have george pearkes of this book investment group. -- bespoke investment group. in some ways, it is very well understood what happened here, but there are some new aspects to what is

exxon announcing a separate entity for that today. do you like that?: we do because we think it has the potential to not only help the transition to net zero and reduce carbon footprints of each company in the sector, but we also think it is a potential source of profitability as well. we think this is going to be a continued focus of the market, of the investment community, of management, and i think the market is going to look to really understand what the growth potential is on revenues and on profits, and that has the potential to lead to a lower discount rate or a higher multiple. alix: brian, good to catch up with you. really appreciate it. gamestop has now fallen 57%, trading below $100 for the first time in a week. coming up, we will break down how wall street giants are reporting retail clients. joan solotar, blackstone head of external relations, will be joining us next. this is bloomberg ♪ -- this is bloomberg. ♪ ritika: this is "bloomberg markets -- this is "bloomberg markets." coming up, dennis woodside, and possible foods president. -- wo

creating exxon mobil because of the mergers.ct that exxon executives had a conversation with chevron back in march when the pandemic first started and the expectations called for a big decline in demand for oil. >> well, yes, i did live through the mega merger period of the late '90s and the early 2000s. and a lot of good names disappeared. they were within a larger super major as you said with respect to exxon mobil. one of the questions that has to be asked is how big is too big. it sounds like a simple question. but it's a very complex question because when you're talking about merging, big, big entities, with their respective legacies, their respective cultures, their respective relationships around the world, their geopolitical posture, their geological positions around the world, this is not a simple act. it doesn't surprise me that there were conversations, probably among many companies, with he respect to responding to the pandemic. it would be normal in a time of crisis to consider all of your options and to perhaps con

. >> short tesla, long exxon, something like that? >> we kind of goaded him into that one paul is a good sport and pointing really just out i think he was not necessarily looking to get out there and opine on apple. he was looking to talk about the energy sector and where there was some really compelling arguments in terms of the macro and supply side but also where a lot of companies were being run much more for the equity investor than they have been ever look, i love the story on banks, though i want to go there also because i know we're going to talk energy later in the show and what julien is talking about as a multi quarterly rating, look at where citibank is relative to the prepandemic level and where their business is now, look at the regulatory pressure that's off them or at least the fear of in terms of what we got on stress tests, ability of the banks to go back to buying back stock to be more aggressive with their balance sheet and a yield curve that, as we spent most of the show talking about it, this is where banks were

you've got to -- can people change stripes this is -- david, this is a different exxon.ng what i hear. they put ubben and you have a company that says, wow, we're going to change. i want change. they are going to give it to you. >> interesting to see that board room with him in there, as well. i don't know we will see if they can get there. you're right, jim. so many things wrapped up in exxon in terms of the growth of ev, although when you look at the projections it's still not as though 50% of the energy mix even by 2040 is not going to be gas. there is a lot of different components here. depletion curves and other things you need to look at in terms of how they figure out how they are going about choosing to spend their money right now and preserve their dividend, which, of course, they continue to do it's quite a significant yield, though far less than it had been when the stock was at the lows not that long ago. over to you. >> what a week of spend for exxon developments record highs this morning on the s&p, the nasdaq, the russell dow needs about another 100 points

exxon mobil shares up 1 1/2% in the premarket trade. raphael bostic says the u.s. economy could recover more quickly than expected and that could lead to interest rate hikes as soon as mid 2022 speaking on cnbc's closing bell just yesterday >> i'm not really that concerned about overheating. i think it's important to remember we've got -- we're at a large deficit in terms of jobs relative to where we were before so if you think think about our mandate of full employment, and price stability, the full employment numbers, we got a long way to go and so if the economy runs a little hotter, eng i think thats useful to fill up that hole. >> bostic is a voting member of the fed's market community this year most don't expect to see rate hikes through 2023. >>> to washington, d.c. and the debate over another covid relief bill ylan mui joins us with the latest there what exactly is the current state of play? the republicans meeting with president biden, did they get any progress on a deal done? >> dom, that's right president biden met with that

exxon got hit with the same thing, chevron got hit with the same thing.ttom for refining margins? lydia: we are still a long way from the man recovering. we are looking at pre-covid levels probably 2022 rather than 2021. as demand kicks up we will start getting those margins, it will still be a long-range refining this year. guy: thank you very much indeed. lydia rainforth of barclays. let's talk about what is happening with the settlement. final numbers out of europe. in terms of what we saw, tiny bit higher in the option during the five minutes. ftse 100 up .8%. bp is something of a drag. the cac up 1.86%. airbus trading strongly, safran had a good day. bnp paribas on had a good day. will break down the k in more detail at the top of the hour. jon ferro and i will take you through on the cable show. this is bloomberg. ♪ kailey: this -- ritika: this is the european close. coming up, becky pringle, national education association president at 1:00 in new york, 6:00 in london. this is bloomberg. alix: live from new york, i'm alix steel. guy johnson is in lo

exxon mobil, and alibaba, all before the opening bell. it's february 2, 2021, it's ground hog's day, and don't forget to put your booties on because it's cold out there as "squawk box" begins right now ♪ i got you babe i got you babe they say our love won't pay the rent ♪ ♪ before it's earned our money' all been spent ♪ >> good morning, everybody, welcome to "squawk box" on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. i love when you reprize the movie, but you better not call me a hairdo, that's all i'm thinking got to love this movie got to love this song. >> as you know, i've got other networks interested in me, qvc. >> the shopping channel. >> that quote wasn't even bill murray i've memorized even the quotes from the guys on the radio that comes on every morning, so it's pretty sad. >> you watch that enough times, like we all have, you tend to pick up on some of these things. >> one of the great ones. >> absolutely. absolutely i hate it when people say absolutely let's check out the u.s. equity futures at this ho

bp and exxon and conoco.f the wall street journal article that talked about chevron and exxon talked about a merger last year. the talks are ended but they have not closed them off completely. i am skeptical something like that would make sense, but you have to wonder who approach to and what was that conversation like? what would you name that company? guy: that is a fun one. you do not want to slam those names together. you and i were talking about this earlier. you were skeptical about this. mabel -- maybe it would help exxon but you cannot see it the other way around. alix: you get billions and billions worth of synergy but there breathtaking heat for not moving fast enough into alternative -- they are both taking heat for not moving fast enough into alternative energy. you spend money on drilling for oil but investors are not morning -- are not -- that wraps it up for me and guy in slowey new york city and london. -- in snowy new york city and london. stay safe, do not travel. happy monday. this is bloom

know none of them want to get my money now why not act and then again why exxon and the all the people we believe just a little bit here. bottom of my case i don't want them up with a johnny what are the other moment of mother having a lot of kids there is a little i'm a little like a mad bull let's pull out the can find them want to put out they are the most hardy without all the mother the other day. that term in prison was the hottest zilber almost died of exhaustion from back breaking labor many years after release from the pitcher a labor camp family friends wanted to introduce him to his neighbor from the dutch next door the famous soviet film director alexei dickey musically issues. yes the sense of what. you do can you can and superior is. through good. reminder i think still think you still think we're. acting if we stand for good with. each other. yet they keep each. door was a mess because on them play newschannel. potential no move good simply made. the leg. mr a year in 5 dash in the. bike and then buy a new. is a great season is great. no ludden the shepherd doing his thi

for exxon, the focus right now, of course, is their conversations with the activist investors who aret's going to end up in terms of some sort of an agreement on both capital expenditures and operating expenditures, will there be a new member of the board, or perhaps even two, we should get some clarity on that, from what i'm hearing at least, perhaps as soon as weekend. or at least part of it, and it may be sort of staged in terms of things we hear there. but that's kind of going to be the key thing for exxon shareholders, but jim, i'm glad you brought it up overall, because of course, given everything we've been focused on, not just last week, with gamestop but yet again today, with the silver companies, or i should say the metal itself and the silver etfs, we lost sight of some big story, including last week, jim, you were not here when gm said, oh, yeah, gasoline-powered vehicle, we're not going to make those any more in 2035, this goes into the entire argument, you were making or talking about, when it comes to tesla and its future, gm is going to be a key competitor, no doubt ab

then you had exxon taken out of the dow, if memory serves, and that lasted a day.ottom now you have a huge double top in the form of 50 and change which is where we topped out at in june. i don't necessarily need exxon telling me that they will defend it in an environment where oil goes lower i don't think -- and 2021, i don't think that's the rhetoric -- not rhetoric i don't think those are the statements we need to hear >> ups stock jumped to a record high jim cramer sat down with the ceo and here's what she had to say >> for the first time in a long time our revenue grew faster than our volume. that's what we mean when we say better, not bigger and we were able to do that while delivering excellent service in this time i was happy with the brouktives that we showed on the bottom line, so we are positioning this company for some really great things. >> full interview is next on mad money top of the hour. meantime, kbrvegs on, what did you make of the move >> i think it was generally a trump quarter. it's been trading sideways, i think, since july or august, septe

why exxon and the all the people we believe will be here. but i can say they are not the johnny they are at the moment on account of mother having little nikki's there is a lot of them out among the i can not be left alone to the people i don't want to put out as a moment how do i know the mother brother. dark industry comes to life in los angeles every night. dozens of women sell their bodies on the street many of them under age. los angeles police reveal a taste of their daily challenge no if you're going to exploit for a child here in los angeles there are going to come as you see officers going undercover as 6 workers and customers to fight 6 trade. welcome back i'm still here i would want to palestine's my senior officials dog one of the peaceful means activist supporting your cause is being b.d.'s would you make of biden's un envoy linda thomas greenfield saying there must be complete opposition to be the echoing in a sense the position of the wonderlands and of course london's position yeah of course they want to give credit understoo

but the policies will end up hurting the little guy making exxon and exxon all the stronger.would be the shell miracle. fantastic point. i have less than a minute. fantastic report i read. it blue me away. bloomberg said america slipped out of top 10 innovative countries in the world. we're no longer one, we're 11, 11. what the heck happened? >> well you know so hard to know how they're actually measuring all this stuff. at the end of the day, do i really believe 10 countries are more innovative than america and our talent base? i don't. i do think a lot of people would like that to be true. i think a lot of people don't prize entrepreneurialship, innovation, growth, prosperity, all the things you and i believe in, so fervently, charles. so at the end of the day, the american dna is one of innovation and growth. the problem is, there is a whole movement working against it. we have to resist that. charles: dave, i have to admit, i got the chills when you gave that answer just now. it is so perfect. so spot on. thanks so much, my friend. that was great. thank you. >> thank you.

. >> meanwhile, exxon and chevron, exxon in particular, has soared. and it's been funny. energy, of course, the worst performing sector along with the banks last year. both have really joan significant signs of life. since the election, actually a lot of it is linked to crude ex who has moved the stock some change in board competition, potentially more to come changes in capital allegation in cap ex they would argue even with the rise of ev, there is still going to be a need on this planet for significant amounts of oil, and the industry noz not investing anywhere near what it did in 2013 which might be the same levels as 2040 when every road on the car was an ev >> you're right. there was a tremendous uplift in the amount of oil from the permian, and the drilling rates have slowed down in mexico, it was the excess, but the permian containers to pump, you get a notice and they recommend diamondback symbol faang, and talk about how they'll complete their balance sheet. chevron has been underperforming. exxon can continue to pay the dividend if they have a carbon capture, t

you own exxon, kourtney. tell me about why you own this stock, i'm somewhat surprised that you own exxonmobil and then i want kevin to give the other side of that from a self-professed energy stock hater. kourtney, you're first >> oh, well, no, absolutely, scott. i don't like certain things about the company. however, if you actually want to effect change, getting out of it is not the way to do it. when you look at what large institutional investors are doing and large asset owners, ie, kal pers and kal sters, most recently said he's not going to divest of his position why? he's much more effective going in there and saying, guys, let's change how you're doing this in order to impact change as we've talked about before, this generation, right, whether you're talking about millennials, gen zs, you name it, wants to have a world to live in. so clearly when you think about going into an energy company, you want to go into the best and go into companies that actually have the propensity to potentially change they

that's not scaring you off exxon mobile >> it's not scaring me off exxon mobile but we have to acknowledge that oil companies are in fact a risky play today what we've seen is a change in how society travels, a change in gasoline consumption here's the thing materials in general benefit from the current reflationary environment. energy stocks as a sub segment of materials haven't really caught this rally. and i think investors are too reluctant to own them even though the price of oil is actually at a 12-month high. >> oh, yeah. we've certainly noticed. margie, the other thing about coming out of this pandemic is for the better part of a year all of our medical and scientific focus has been on solving covid. and with good reason but there's still a lot of other bad things out there that we have had to deal with and will continue to deal with. cancer, diabetes, etcetera do you believe that investor attention, then, may soon pivot to biotechs and companies in health care that have been trying to solve the stuff that we've been living with for decades? >> wyes. i think we'll continue to see g

why exxon and the old people we believe just the o.p.'s. bottom up i can say i don't want them up with johnny but i already at the moment i want to tell them all the how do it all because there is a lot of them on the way it could not be old enough to want to the people i don't want to put out a lot more party without all the muslim brotherhood. back guys or financial survival guys liquid assets not those that you can burn in zigzags quite easily. to keep in mind though as it would mean to a place. for. secret prisons and not usually what comes to mind when thinking about. to europe however even the most prosperous can be deceived. there were to view houses were. located and the only people had access to the story investigators covered the darkest dealings of the secret services but i mean. for. crying for justice on. this hour's headlines story from. giving it a shot western countries changed. the vaccine after a leading medical journal publishes a study about its efficacy. meanwhile despite away evolve criticism the president of the europ

exxon and chevron declined to comment.nair says it expects to lose a resurgence in coronavirus cases in europe has led to governments to impose new restrictions on travel. the continent's biggest airlines hope for a recovery in demand on the vaccinations. a new ceo for ari is not being limited -- for for right is not being -- for ferrari is not being limited to the auto industry. the ceo says it may shed light on the search tomorrow. that's when he'll unveil the results. that is a bloomberg business flash. tom: thanks so much, early trading, gamestop with a bit, silver to 30, ruling over at 29 level right now. futures on the general market bid nicely, dow futures up. i'm going to call it modestly correlated to a better risk on seal. it gets my attention. stronger year, weaker yen. francine? francine: a couple of things. when you look at china taking steps to ease the cash crunch, it's giving a lift to stocks, silver crossing $30, now back at $29 and something. the u.k. will confirm all residents at residential care homes h

stop why exxon and the old people we believe just up the yes. bottom of my case i want them up also john hardy of the moment i've got a mother how do it all because there is a lot of money on the way to my building let's pull out the pink i don't want to put out a leftmost party without all the mother blood it. just . seems wrong why don't we all just don't all. get to shape out these days become active. and engaged because the trail. when so many find themselves worlds apart we choose to look for common ground. secret prisons are not usually what comes to mind when thinking about europe however even the most prosperous can be deceived within the 0 zone there were 2 view houses were. prison was located and only cia people had access to the story for investigators sure hell they uncovered the darkest dealings of the secret services but i mean. you graded nor. thought or nonsense. pocky seem a bit sore knee yes or no for. crying for justice on r.t. . of no chance to giving it a shot western countries change their china russia the vaccine are for l

which is exxon or formerly so gas stations. esso was owned by standard oil and they saw african-american as a market and they had enlightened self-interest. they thought these people have money and we would like to get some of it and they had a policy of non-discrimination in their bathrooms at their gas stations. and so african-american's very often preferred esso gasoline. and they gave away the green book and that helped victor green to make his green book successful the idea for the green book was based on jewish travel guides victor green writes in the very first issue of the green book that his jewish brethren gave him the idea for the travel guide. so when you if you were a jewish american and you were traveling you also needed to be concerned about places to stay very often if you called a hotel and said your name was schwartz or your name was ruben, you would find that suddenly they had no rooms available. so jewish newspapers and jewish there were jewish guides that told you places that you could stay and and places w

mean we assess the impact does developments impact as a transition in fact as a project we do that exxon thing and we do that expose so we need to close the holes of project is implemented and how. it's effect for example if we have a if you provide that financial resources to a bank condition that the bank will lend itself some money to support refinance or to soup or to women to print the sheets for example if we went into this implementation and that the best way to ensure that clients are going to warm thank you very much a day or an oboe so there for us she is the president of the european bank for reconstruction and development thank you for your time today thank you so much and speaking of growth and development africa's most populous country nigeria is no longer in recession nigeria's g.d.p. grew by a 10th of a percent last quarter beating the government's own estimates nigeria slipped into recession last year after a $12.00 punch of the coronavirus pandemic and falling oil prices nigerian officials say the early return to growth was due to the easing of its lock down and a gradu

sonali: exxon is a perfect example. what is the next shoe to drop?ore oil companies getting agitated by activist investors or will bc it was somebody who doesn't have enough people of color or women on their board and the social aspect of this? jim: i think you are right. we will see some attacks the focus on the 's'and others will focus on the board 'g', and the environment. i'm looking for oil and gas, transport, heavy industry, steel, chemicals. those are all the areas. it may be there is a standalone attack on strategy combined with that e or s theme. or s on its own. asset managers, there is twice as much capital dedicated to esg themes for fund that have a filter on theirs investment strategy. there is no umpire right now. there is no referee determining who really is focused on esg or doing it for fundraising purposes. what are public companies know is they are in the crosshairs and they are all spending time trying to understand esg right now. matt: i want to ask with you think about the hunt for yield, investors pushed so far out of the risk

for the first time in at least four decades, exxon mobil has reported an annual loss.he largest company in the world posted a write-down of u.s. natural gas and other assets. excluding that giant impairment, exxon returned to profit in the fourth quarter after three consecutive losses. still, the company's financial performance has fallen to the point where its dividend is now under pressure. fourth quarter profit rose more than expected at united parcel service. the surge of online holiday shopping boosted package volume it allowed the company to raise its prices. they blamed continued economic uncertainty from the coronavirus pandemic. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. want to save hundreds on your wireless bill? with xfinity mobile you can. how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too. all on the most reliable network. sure thing! and with fast nationwide 5g included at no extra cost. we've got you cov

we are getting also earnings from exxon mobil and a lot of other large cap names.t the bottom of your screen, keep an eye on that. they sold $14 billion in bonds and less than 100 basis points. the speculation is they are going to use that to buy back a lot of stock. let me give tom his update on gamestop, taking a leg lower. the silver stocks also lower. a u.s. mining company ipo last year rallied 20%, pulling back a little bit. the focus is going to turn from small-cap stocks back to the big cap tech stocks. you mentioned amazon reporting after the bell, alf that reporting after the bell. -- after the bell, alphabet reporting after the bell. amazon is expected to get results after the bell. tom: the first loss in 40 years. are they putting out that headline to affect a merger with shed run -- with chevron? romaine: the speculation right now is that that would be a good idea, saying that accommodation of those two would make sense. exxon did stand by that dividend a little earlier last week, so we know that at least from a cash basis, they seem to be comfortable w

same for exxon only that. it has its own problems even regardless of the transition how difficult is it for companies this big to suddenly transition i'm guessing suddenly may not be the right that word there but how hard is it for them. it's extremely extremely hard these are companies that are 12150 years old they kind of invented the more than energy system in many ways they have a very loyal and focused on business and they know what they're doing here and they're now trying to shift into a completely new business model a new type of energy renewables and even a new kind of customers because they're seeing you know that consumers will start driving up in petrol using petrol cars and move to electric vehicles so they're offering has to move from oil to electricity which is something relatively new to them so it's huge huge huge task for them and they think they have kind of the big ideas of how to get there the europeans at least but now right now in the year into these strategies we started to realize that

exxon and chevron have to climbed to comment. -- have declined to comment.lobal news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ ♪ >> he is absolutely willing to negotiate. glad to hear from this letter that they are on board, but we need to learn a lot more about it. right now we are in it -- in a position where delay is the enemy of moving forward. jonathan: that was the council of economic visors member speaking on fox news sunday. good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. here's the price action this monday morning. a snapback after the losses of last week. futures up 40, a little more than 1%. in fx, dollars stronger in g10. welcome back, lisa. what was the week like without the two of us? lisa: it was wonderful. [laughter] jonathan: did you see what someone said to lisa over the weekend? she's mental for putting up with us. [laughter] lisa: i lost a finger as a result of it. tom: we welcome all of

and exxon mobil shell says it may now need to cut production and has previously announced job cuts of around 9000 worldwide. u.s. treasury secretary janet yellen is meeting financial regulators thursday to discuss the game stop stock trading frenzy shares in the videogame retailer had surged more than 1600 percent as users of the reddit for wall street bets banded together to drive the stock higher that rally left hedge funds betting against the stock with huge losses and spurred complaints that the reddit users were manipulating the stock now the stock is on track to lose more than 70 percent this week silver and other stocks including movie theater chain amc have also been hit by the turbulence . and we're talking about those demonstrators behind the search i'm joined now by one of them evan keegan he joins me from new york evan thank you so much for coming on the show i want to ask you 1st you invested in game stop how would you describe these past 2 weeks. yeah absolutely so you know i think the word that i would use probably is quite turbulent and i and i said that for 2 reasons

yesterday exxon-mobil posted their worst earnings in 40 years. not long ago exxon was the most profitable. four straight quarters losing money for them. now they lose more than $61 million every day they stay in operation. this was the headline in the business section of the "new york times." the oil country confronts a diminished future. they face broad questions now about how they will adapt to climate change and regulations. that book that i wrote, blow out, has tried to document how the oil and gas industry cut out democracy and how the strength and the incredible financial resources of the industry stopped us from making the easiest reforms. now the mighty industry is sucking wind. stuff is changing. it seems like a whole new world is possible. i mean listen to this from today. this is senator chuck schumer who as of today is running the united states senate. this is him announcing today what they are getting to work on in the united states senate now the democrats have control as of day one. >> senate democrats are not going to waste any ti

and almost 30%. >> i like the yield. >> and exxon, and chevron, in part exxon dealing, as you pointed with some activist pressure and there are some question, will they have another significant edition to the board, will they commit to further actions when it comes to cap ex and operating expenses as well, jim, i don't know the answers there at this point but still a conversation. >> when does the wave of revulsion come from pension funds? that say we are not backing carbon, carbon fuels we're going neutral. >> right. >> that's going to happen. >> well, yes, to some extent, every day, listen, we see the announcements from companies that are in a position to at least try to reach carbon neutrality, we got 3m last week, or two weeks ago, and it's going to be years, 2050 i think is when they finally get there the but they are trying to do a lot in the first five. >> the battle ground is 2030 and mary barra at gm is doing incredible things. jim farley is doing incredible things f-150, you can plug everything in with an office in your truck but i think 2030 is something that an exxon will

there had been some thought, maybe it would have been exxon, which by the way, over the last few months, has performed a lot better than chevron and is now once again ahead of it in terms of market cap, we know that exxon has been deals with issues of its own, in terms of some activist investors, and potential addition to the board, they already made one change, and some commitments they have made as well to moving towards, you know, not carbon neutrality necessarily, but a number of different things, and more specifically, as well, towards spending less, when it comes to cap ex, or just operational expenses, but there's a look, well, there's a look at some of the other names and wells fargo, mike had, been one of the biggest, at berkshire for some time but that is certainly no longer the case. pointing out when it comes to energy, i will go back to that occidental deal. april of 2019, april 30th, when he bought 10 billion worth of, it was a convert, he's never going to see the convert price but he got 8% dividend the convert by the way was 62.50 a share on occidental. >> yeah, i mean i

you can see exxon and chevron both big losers in the one-year span. >>> walmart is donating $14.3 millionofit organizations focused on advancing racial inequality. this is part of the $100 million the retailer pledged in the wake of the george floyd protests as it promised to help fight racism. >>> the cdc reports nearly 50 million vaccine doses have been distributed in the united states as of saturday morning and nearly 30 million doses have been administered. some positive news on that front. we hope that trend continues >>> to a developing story out of washington, d.c. a group of ten republican senators is putting together a proposal for a smaller, $600 billion covid relief plan. president biden is set to meet with that group today. ylan joins us. besides the price tag, what is getting cut? >> president biden at least appears to be trying to make good on his promise of bipartisanship here. this group of ten moderate republican senators sent him a letter yesterday outlining the framework for their $600 billion plan and asking to meet with him to brief him on those details. the letter sa

the ceos of exxon mobil and chevron reportedly discussed a possible merger last year.ng to dow jones, the two largest u.s. oil companies spoke as the coronavirus was hurting oil and gas demand. the talks were described as a primary and are not ongoing. a merger would require an ok from antitrust authorities around the world. exxon and chevron have to climbed to comment. -- expects to lose $1.1 trillion in the year. the continent's biggest discount airline said it is still hopeful for recovering demand depending on the rate of vaccination. the world's richest person again rocks the bitcoin market. elon musk sent prices spiking after he said that bitcoin is a good thing on the social media platform clubhouse. that is your business flash. alix: thank you so much, rick a. coming up -- so much, ritika. coming up, we dig into these trades and the growing scrutiny on trading platforms with the former e*trade ceo. this is bloomberg. ♪ ♪ sen. warren: it's not about protecting people from making bad trades. it's about keeping the playing field level. you can't do that in the mid

. >> you own exxon or was that chevron? >> i did and got out of that name calls and stock. i'm still in chevron that's the only stock, and kmi a different story altogether but the only oil stock i own but multiple different areas marathon oil, across the board, so many different names we see all the time occidental and those kind of names. the beta nails hames have been n fire this is a surrogate essentially for oil. do i love oil because of the reasons you talk about probably not but the short-term, i only own one stock the rest, trading is options but the short-term, there was no doubt in my mind, there's going to be great trade there. all you've got to do is, okay, look back into november. we're looking at crude trading around 35, 36. now here we are pushing towards 60 that kind of a move is absolutely going to have an effect on all the various names whether it's chevron or exxon or all the rest i tell you this, you continue to see it in the beta names where they move at 8% and 10% and they have sharp moves to the downside as well but in the space right now, i think it's

my above post well it be at that exxon that lick od oil available to this couple off and i'm getting i need stand up by somebody in the addition of my a bob which isn't much of this is i suppose a dealing deal with. i need a gun so pulling a slick on the team i don't wish to win you posting it to boucher misled me a ticket mixed race couples or such an issue in the united states i think for her because of all of the jim crow laws of that intense. hatred of african-americans so this notion that you could mix. was was absolutely. you know impossible for many whites to accept that it was illegal in many states but you all my. know what benefit the most on your children needing the money is not. so much of a thought or. bullshits that i knew. or i see as much below it's incredibly cut that this isn't a new country. says it has a constitution they're actually. close to racial and gender and all different kinds of discrimination my grandfather george times. is from. virginia. and he ended up in russian the most peculiar way he was able to land an amazing time checked with the ministry of c

the capital and when you know, a number of the senators were pushing the communications decency act, exxon moving forward but he had a number of his conferees were supportive of it and he had a number of house numbers that were supportive of it. the internet pornography issue had certainly mobile and members were cautious of going alongside of that and he found himself in a hmajority position or certainly in a place where onhe could be successful and you saw the house respond the idea that we will put both in , killing most house members found the ca completely unconstitutional and that's why you saw the expedited review by the courts as a mechanism to defuse that and also the institution or the adoption of the 230 provision which i had the opportunity to listen to the authors are boss obviously had say in the matter but i must look to chris cox of california, or remember ron white, formerly from was a house today what they intended and how it played out. to see i'm coming at this from a process perspective. few words come from and what they intended and what they see in the marketplace to

was like yeah but now why not act and then again why exxon and the all people we believe just a little bit here. but what i can say about them up with johnny they are the moment of mother how do what i like is a little on the way to my building let's pull up to the people i don't want to put out a lot more party without all the other blood there. i tried to share the situation because it was very important for me because over my experience i was in presumed i was under pressure. as these. political police and. i was sensitive about such situation for my polish senator josefina was one of the 1st and only politicians to report the presence of secret prisons in poland a leading member of solidarity he is famous for having saved the assets of less balances trade union from confiscation by the security services a few days before the introduction of martial law in poland in december 1981 he bought his government in democratic government after the experience in starting his burial to write and post on his bed. in the former regime there to be borders democratic government agreed for such act

same for exxon only that. it has its own problems even regardless of the transition how difficult is it for companies this big to suddenly transition i'm guessing suddenly may not be the right that word there but how hard is it for them. it's extremely extremely hard these are companies that are 12150 years old they kind of invented the more than energy system in many ways they have a very loyal and focus on business and they know what they're doing here and they're not trying to shift into a completely new business model a new type of energy renewables and even a new kind of customers because they're seeing you know that consumers will stop driving in petrol using petrol cars and move to electric vehicles so they're offering has to move from oil to electricity into something relatively new to them so it's huge huge huge task for them and they think they have kind of the big ideas of how to get there the europeans at least but now right now the year into these strategies we're starting to realize that the deta

the norm is that you're going to put our name but the best you could hear her was sort of there for exxon's best you could before it became useless to you just simply make rebel or him win the war on coal or you're going for the dollar to be good no or good bill slow in the end lives ill but did complete his life's work compiled experimental doubt of the contributed to our current understanding of the origin of cancer. roughly 20 percent of all human team has a caused by a certain cause an agenda viruses the fundamental difference between cause an agenda viruses and common infections is that you can't contract the disease from contact with the person who has it you know none of it is to blame a bull episodes dinner and i was slow to go to see the new teachers to tour the. us i meant by sleeping in the risk of the map over them if i were doing is us as then you aren't seeing the fruits of our culture is too much c.f. for the skew. but it was silk you threw yours in this. venue done right seeing that you open when you're put the unit as a there's always room for the temperatures rise except d

yesterday, exxon mobile just posted its worst quarterly earnings in 40 years. i mean, not long ago, exxon was the most profitable corporation in the history of corporations, for multiple years running. this quarter, they lost over $20 billion. and this is now four straight quarters for them losing money. this was the richest company on earth by a mile forever and ever. now they're a company that loses more than $61 million every day they stay in operation. they're losing $61 million a day. this was the headline this morning in the business section of "the new york times." after a bruising year, the oil industry confronts a diminished future. big oil companies lost billions in 2020 because of the pandemic. they face broad questions now about how they will adapt to climate change and regulations. so that book that i wrote "blowout" tried to document how the oil and gas industry has undercut democracy, hollowed out democracy, both in parts of the united states and around the world. this is about the strength and incredible financial resources of that industry has

closer and closer to $60 a barrel and the beta names have been on fire and we've had nice moves out of exxon and it's the next level down where you get the big hits from the occidentals of the world and the devins and those names and this is more broad than people talk about. when you break it down and look at technology itself and you look at the nasdaq, it isn't just about technology and it's semiconductors and biotechs seem to hit new all-time highs. it feels like almost every day and then we get the pullback and everybody gets nervous and all they do is re-load so i think there are a lot of reasons right now to try to not fight the markets and just try to ride along with the markets essentially with volatility trading as low as it is right now. >> i was watching intraday crude prices, pete and they're pushing to intraday highs and we've got brent pushing to 62 and this is the most hated trades in the markets that have gone higher and as pete had mentioned, energy is among the leadership group with the xlf up by almost a percent at this point. lebenthal, where do you stand here on energy

know a lot of them want to get my money not why not there again why exxon and the all the people we believe just the o.p.'s. lot of i can say they are not the johnny they are all the moment of motherhood there is a little i'm a little like a mad building looking at the people i don't want to put out they are the most hardy without all the mother the mother. i don't think there's any perception united states of russia has nuclear superiority over the united states and i think. you see there's a fairly balanced relationship. in the nuclear streeter and i think why do you know by the ministration wants to negotiate. for what we've talked about strategic stability they want predictability they want they want a secure situation in europe in asia and with russia and they want to be able to focus on other issues to a certain extent bilateral relationship are more general. so pitiful took a big electrolytic there with all the. maids in the. me . you couldn't put their front. door in a boy boy fragger. pretty much. any old man that i mean to put it where to move me don't. oh do not be more deep is i