and the way to do that is exxon/mobile is like selling an iron condoor. we do that in november by selling at 80 strike put and a 95 strike call. and limiting the risk by buying a 75 strike foot and a hundred strike call. one way to look at it is we're selling a strangle and we're limit being the risk business buying a wider strangle. i collected it at 2.15. that is the max potential profit. and my max loss is $2.85 that only happens with exxon/mobile below 1175 or above 100. that would require 14% or a rally of over 14%. and the max profit that we're going to realize between $80 and $95 at that expiration. we're going to see energy prices and names go sideways for a while. >> what do they he will you about exxon or the sector? >> importantly a very bad week with the utilities and everything else getting hurt. guess what else besides biotech was up on a lead? energy, quite nicely. the oil services, nicely. oxy, i like it. i like energy. >> mike, do you like the trade? >> look. we have been helping to depress the oil prices recently by coming out of the fdr

exxon mobil is going to go sideways for a while. we're using options. we can take advantage of that, and the way to do it in exxon mobil is by selling an iron condor let's not get too flummoxed by the terminology. we do that in november by selling a 75 strike put and a 95 strike call and limiting our risk one way to look at it is we're selling a strangle and limiting the risk by buying a wider strangle when i put this on today i collected a net of $2.15 that is my max potential profit. my max potential loss is $2.85, but that only happens with exxon mobil below 75 at the november expiration or above 100. and so that would require a break of either 14% or a rally just over 14%, and the max profit we're going to realize between 80s dollar and $95 at that expiration. again, i think we're going to see energy prices and energy names go sideways for a while. and we get to take advantage of that while defining our risk >> carter, what do the charts tell you about exxon or the sector >> importantly, in a very bad week, again, with utilities

but show exxon mobil and others have announced much of the bonanza will go to shareholders with exxon mobil . c o. saying friday, there has been discussion in the us about our industry returning some of our profits directly to the american people. that's exactly what we're doing in the form of our quarterly dividend immediately after the announcement bite and tweeted, can't believe i have to say this, but getting profit to shareholders is not the same as bringing prices down for american families. and more pain is expected in november when the global oil supply will lose 2000000 barrels a day. thanks to cuts from opec plus the average price for a gallon of gas in the us is now $3.76. that is down from its peak, but still high for the average american. and that has a white house worried. i believe it on for management and outlook generally by our government and by we're managing the economy with the u. s. mid term elections just days away. democrats fear high gas prices will cost the party it's control of congress biden has vowed consequences for saudi arabia for going through with the

strong results from exxon and chevron.ow it is time for "squawk on the street. >>> good morning i'm carl quintanilla with david faber and jim cramer apple, amazon and chevron with 10-year dips higher again as core pce jumps .50% we begin with the ongoing tech route. amazon with disappointing guidance apple and intel moves to bell tighte

jonathan: did you just say exxon as if it is a bad name? [laughter] tom: bad exxon. jonathan: is that what the president is going to do? sit. tom: set. lisa: just stop it. tom: they are going to get crushed in washington because they promise to tell the truth and they are going to go project by project -- jonathan: get to kostin before he runs away. futures are down by about .5%. the bond market, yields are higher by about one basis point. tom: david, can you explain to me how your world has changed from when i studied 3% fx adjustment on -- on equities, and all of a sudden we are doing a percent and the cfo of apple said near 10% yesterday? how does your world change with strong dollar? david: the way the world changes from a fundamental point in the united states is that 70% of the revenues of u.s. companies are generated domestically. therefore the sensitivity of companies from a corporate point of view is largely going to be focused in the technology sector. from that point of view the translation back is really going to be focused in certain areas and posted bro

in the last couple of months, energy giants like to title and exxon mobil have made huge profit from the high gas price. the same time, keep in france a suffering from rising inflation and the cost of living. people here argue they deserve a fair sal the cake. exxon mobil has up at the 6.5 percent increase in salary for next year, which was accepted by several other walkers unions. but the c t union continues to refuse. instead, they want to take legal action to be allowed to continue their strike gonzales. and that is a dish, the national federation of chemical industries, vo, fight this decision in full file, an emergency legal proceeding to morrow morning. to denounce this illegal requisition fully. not really good for the workers here. one thing is clear, they will continue their strike until their demands are met and no government order will force them to do it any earlier. well, a lot of french citizens are fed up with the deadlock street protests to plant for sunday. and royal strike has been cold next week. no longer but you to which the catastrophe really a catastrophe and i

exxon as well. chevron is up 53%. exxon up across 80% this year. >> incredible., 31 billion in q3 net is what apple and microsoft put together, those two big oil players. pretty amazing what's going on between tech and more of these cyclical legacy industries. >>> still to come, we'll talk more elon musk, now officially in charge of twitter roger mcnamee will join us after the break as the dow is up, on pace for the best month since 1987 ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq >>> let's turn back to twitter the private company twitter. the musk era officially begins, but what can we expect from the platform under his leadership? let's bring in roger mcnamee of elevation partners, co-founder there, to discuss it roger kanye west's twitter account has already been reinstated there's one thing that has already changed.

. >> coming up a toxic culture at exxon that is driving workers away.as the company makes more money than ever, we have details next. this is bloomberg. >> i'm alongside kriti gupta, and we have been watching the market turnaround at the course of the day after the s&p 500 was down. more than 2% after the inflation data this morning, but we are looking at the benchmark around the highest level of the session. again of about 2.5%. we are coming off the s&p 500, and it has been energy. that is the best performer within the s&p 500. that theme continues this conversation in the exclusive report from bloomberg businessweek. it interviewed more than 40 exxon employees and discovered a toxic culture. that is driving the highest attrition rate this company has ever seen, and we are joined with more detail. it's great to have you with us. sometimes get caught up in stock prices, and obviously, we are rallying this year. you take a deep dive into the culture of the company, and what did you find? >> this really started off as a great resignation story. we delve

exxon, by the way, closing report high, up another 3%, now up 80% year to date. most of the biggest cap tech names held out strong to close out the week the chart master sees more pain ahead for the group. let's get to the charts with carter worth despite the big misses, carter, nasdaq closed the week positive. what do you see? >> that's right. thanks, sarah. it was a curious week, it was basically bad news on the fundamental side for the companies and price action it shook off the bad results. so before we look at the charts, was it a good week or wasn't it for the nasdaq 100 nasdaq 100 was up 2% for the week, plus or minus. that's not bad the s&p was up 4 and russell 2000 up 6. so net net it was not a good week for these names and let's look at some charts and try to figure it out together the first here is just the s&p 500. what is key, of course, we know that we breached the june low, and we ricocheted back above that low you see the horizontal line. now, the second chart is a basket it is the top five stocks plotted equal weight names everyone knows apple, m

lauren: when you look at some of exxon's fears that shifted to renewables, exxon continued to investg. they are doing better because of their investments. stuart: bloomin brands. lauren: completely flat, shares had a 2 month high. the point is they are managing inflation. raising full-year forecasts and money prices and customers are coming in and traffic is good. stuart: travel and leisure. lauren: it is down 2%, take s the price target from 77 down 31. stuart: like the sound effects. lauren: they spoke of it, atrophy in their vacation exchange. stuart: good word rarely used. the biden administration, g-7 nations, finalizing a price on russian oil. what does this mean for energy prices here? >> reporter: the biden administration hopes it columns prices. russian oil flowing to market. funding the war on ukraine. >> the price stabilizing energy prices, developing with greater leverage for better prices for russian oil. >> that's the best case scenario something secretary yellen is wearing rose-colored glasses. developing countries would have to buy into a russian oil price gap for it

right. >> exxon, the new f.a.a.n.g.s have a good weekended. >>> to the bond market and rick santelli tracking the action as the yields are on the rise once again. hi, rick. >> hi. indeed, yields are on the rise two-year note yields up 14 on the day, 10s up about 10 on the day. what's interesting they're down 20 on the week everybody is talking about the three month to 10 year e inversion but they voonts have been shocked and i'll show you why. an october chart of a three month t bill they auction them every week the fed is going to do most likely 75 and even if they didn't they're going to do 50. t bills keep going up. 10-year for the same period. any questions. that's why it's going to keep happening 10-year have buyers coming in. t bills will keep running up every auction every week the three months to 10s closed the week inverted was march of 2020 now, the euro currency, everybody talking about the dollar the dollar having a little bit of an up day, but down big time on the week. one of the reasons there was improvem

stu: and exxon but it's not on the list. s&p 500 winners are in.excom, t-mobile, gilead sciences. nasdaq composite. a big tech in the list? no, we don't. we've got intel 9% higher and dexcon, t-mobile, all of them sharply higher r. is the 10-year treasury yield as we speak. hovering around 4%. yeah, dead on 4%. where's gold? not very interesting. gold doesn't do much these day at $16 pl16.47 per ounce down 1. bitcoin in a narrow range for weeks on end between upper 18,000 to the low 21, 22,000. that's where it is and 20,500 right now. the price of oil, mid $80 a barrel range. now $88 this morning and nat gas, well, it's getting cold up here in the northeast. is it going up in price? no. no, it's not. it's down. 5.72. okay, average price of gallon of gas no change over night, $3.76 and for regular, gallon of diesel is now $5 pla5.30. how about that? chuck schumer was on a hot michael jacobson talking -- hot mic talking about the pennsylvania senate debate. roll tape. >> [inaudible]. [inaudible] stu: all right. how much did the debate hurt fetterman?

what are your thoughts on the stock exxon. go patriots. >> i like the stock exxon.oes have horse sense. told you kush is smart. i'll tell you why i like exxon it got more aggressive management you're fine in exxon i buy some here and then if it goes lower glen in connecticut. >> caller: big boo-yah from connecticut and i love your show. >> thank you, partner. what's going on? >> caller: my question is about twilio, i'm averaging mid 70s, buy sell or -- >> i'm not recommending any stocks losing money. that said, it's got a chart bottoming and a company run by a terrific guy i would no longer sell the stock at 57. nor would i biuy it. it's a hold. chart is interpreted by carol suggested twitter, valero and oxy. nice up side here. i'm cautious but the others have my attention much more "mad money" including julia boorstin out with her new book "when women lead" and finding more about what she learned and why it's so important more than ever then, something rational is going on in this market and i'll reveal why your cereal bowl could be behind the gains and then the li

that was exxon mobiles profit. last quarter, nearly tripling over a year. u. s. competitor chevron and europe shell until tell energies also reported bumper earnings as russia's war and ukraine continues to push up energy prices and winter demand source. the price of crude oil has gone sharply higher. the price of natural gas has gone sharply higher. and the economics of refining crude oil into products like gasoline, diesel fuel, has also improved dramatically. us president joe biden has been pressuring energy companies to use their earnings to expand production, but show exxon mobil and others have announced much of the bonanza will go to shareholders with exxon mobil. c o saying friday, there has been discussion in the us about our industry returning some of our profits directly to the american people. that's exactly what we're doing in the form of our quarterly dividend immediately after the announcement bite and tweeted, can't believe i have to say this, but getting profit to shareholders is not the same as bringing prices down for american families. and

exxon numbers for you.ching for you this morning, maria, elon musk has reportedly fired twitter ceo agerwal as first power move as new owner of twitter. hours later he tweeted out, quote, the bird is freed. he's referencing the logo of twitter obviously there. closing the deal. 5:00 p.m. to close the deal or face a court battle with twitter. there's twitter, stock is higher fractionally in the premarket. he said what he said he was going to do. did some cleaning house. he's already started. south korean officials say that north korea has fired two more ballistic missiles overnight. the missiles allegedly fired off the east coast in korean peninsula hitting south korean eastern waters, latest of series of weapon test by the isolated rogue nation. north korea also expected to launch first nuclear test since 2017 in the coming weeks. finally this. tomorrow's powerball jackpot soaring to $800 million after no one drew the winning numbers on wednesday. this is the second largest powerball and fifth largest u.s.

that is why exxon said third quarter will be strong. steve grasso, this really sort of underscores the issue, though, in terms of the fed. this is a major component of inflation. something certainly that consumers feel that they have absolutely no -- nobody has control over. >> yeah. the guy's point, i will echo a lot of what guys said. i echo 99% of what guy said. but i do believe the price of oil is going to trade lower. you brought up natural gas. natural gas is russia and ukraine. so i will leave that out of the conversation. whenever opec cut production, it is counterintuitive, i get it, but the price of oil usually drops after the knee jerk reaction. right now, the market has absorbed, or is trying to pricing, a 2 million barrel per day cut. it is not going to be 2 million, we covered it on the network all day long. most of the constituents of opec, the participants of opec, are under producing, not even meeting quotas to begin with. so, it is really going to be a 700,000 barrel per day cut. that is not enough to actually move whe

exxon gains pushed it into the red, scott. what do you do now? was a gut punch when it came to the -- russia, russia and the saudis cutting back oil production. that lit a fire under the energy names. this is way past that 100 strike call. nothing to do here. no way to rejuvenate the trade or rehabilitate the trade. this is the reason we use options. we used a unique trade set up. unique trade strategy to limit risk and we have done that. >> up next, final call, st stick with us. >>> time for the final call. carter? >> managed care stocks. united health care poised to break out. >> beautiful chart. >>> a $5 latte is a luxury. >> so says you. >> mike. >> unh. >> that will do it for us. we will be back next friday. mad money with jim kramer starts right now. - [announcer 1] the following is a paid advertisement for plexaderm skincare. - [announcer 2] watch this. it's all 100% real. witness what happens to this woman's bags under her eyes in an actual time-lapse, in just minutes. nothing has been doctored or tampered with. the very real problem will

not only that, they were believed by the executives at exxon. every drilling rig that the company built they built higher to compensate for the rise in sea level they knew was coming. what they did not do was tell the rest of us. instead they invested billions of dollars in building this architecture of deceit and denial and disinformation. so that's why it's good that so many people have stood up, that so many people have gotten in the way of pipelines and frack wells and coal mines. we don't win all those battles, but we winppa lot of them. and even when we lose them, we slow down this onslaught. and every month that we slow it down is a month that the engineers drop the price of a solar panel another percent or two. it's very good news that people have triedppto get in the way of theirppfinances. the divestment campaign that so many people helped with. [applause] we celebrated last month the moment when we went past the $11 trillion mark in endowments and portfolios that have divested from fossil fuel. [applause] that was a good moment, b

not only that, they were believed by the executives at exxon. every drilling rig that the company built they built higher to compensate for the rise in sea level they knew was coming. what they did not do was tell the rest of us. instead they invested billions of dollars in building this architecture of deceit and denial and disinformation. so that's why it's good that so many people have stood up, that so many people have gotten in the way of pipelines and frack wells and coal mines. we don't win all those battles, but we winppa lot of them. and even when we lose them, we slow down this onslaught. and every month that we slow it down is a month that the engineers drop the price of a solar panel another percent or two. it's very good news that people have triedppto get in the way of theirppfinances. the divestment campaign that so many people helped with. [applause] we celebrated last month the moment when we went past the $11 trillion mark in endowments and portfolios that have divested from fossil fuel. [applause] that was a good moment, b

they said they could handle an exxon valdez size spill every day. they couldn't. bp said the spill was 1,000 barrels per day. it wasn't, and they knew it. in preparation for this hearing, the committee reviewed the oil spill safety response plans for all of the companies here today. what we found was that these 5 companies have response plans that are virtually identical. the plans site identical response capabilities and tout identical ineffective equipment. >> over one million dollars will be awarded to the teams that prove that their cleanup system could meet the competition's strictest requirements. >> our first prize, the winn schmidt oil cleanup x challenge was a response, essentially, to something we all remember, the deepwater horizon oil spill in the gulf of mexico. in 2010-- i certainly remember, i'm sure a lot of folks do--this was ongoing every day, oil spilling into the gulf, the havoc it was wreaking on wetlands and other critical ecosystems of the gulf coast, you know, from texas all the way to florida. and the sort or feeling of helplessness. >> th

exxon included.n the best returns in the market get. let me bring in rob astorino with me this morning. go ahead, rob. rob: mark, it's like you can't serve two masters and the companies have to figure out blackrock do they want to actually make money for their shareholders and invest wisely or do they want to push an i'd controlling and i think they should -- ideology and i think they should take notice in eight days when you push an ideology against all other things, things can go bad and they are, like the economy and the democrats are going to take a shellacking and i'm wondering, do you think they're starting to catch on that gravity is gravity and you better be on the right side of it? >> well, i think that a big thing is during the bull market of the last decade, rates were really low. we had quantitative easing. we had zero interest rates. that allowed people to loosen their belts and pursue let's call it excessive investment ideas that weren't necessarily focused on p & l and now we're starti

after president vladimir putin seized its properties. exxon says it has not received any compensation for assets valued at $4000000000.00. an iranian climber praised internationally for taking part in a competition without wearing a he job, has allegedly apologized a post of on as recovery. instagram account said her headscarf came off by accident during an event in south korea rights activists. and i fear for her safety. she has reportedly been sent home to a ran with fears. she may be imprisoned on arrival in so parental title when the game she shira kai is an activist for women's rights. and we spoke to her earlier about the claim that el knows were copies. he job fell off by accident. oh, we were actually expecting that we were expecting the security and intelligence services, putting pressure on her to publish something as a pattern they've been doing for the last 34 years. so every time there's something happening that they don't take rebate, one of the 1st steps they do, they take all that or social media and a post on their behalf. the next us that, that we are really worried

at petro pumps. exxon mobil is just reported. it's highest ever quarterly earnings. meanwhile, chevron posted it's 2nd highest, as they capitalize on high global demand for oil and gas brought about by war and ukraine. biden's says petroleum majors could face extra taxes if they don't help to cut costs for consumers. rather than increasing our investments in america, or giving american consumers a break, their excess profits are growing back to their shareholders in a bind back their stock. so the executive pays are going to skyrocket. gimme a break enough is enough. look, i'm a capitalist. you've heard me say this before. i have no problem with corporations . turning to fair profit get in return on their investment and innovation. but this is much remotely what's happening, oil companies record profits a day or not because to doing something new or innovative. their profits are a windfall of war. velasquez more on that from our wall street correspondent yann's court again, thanks for joining us. so what are the chances of big oi

sometimes you get lucky in television lit, exxon might be taking over d denbury. are you surprised by the headline itself. >> yeah, not surprised as you said, i think we see activity picking up. gas companies are building war chests of cash with the free cash flow they're generating there's only so many dividends and buybacks they can do they can certainly put it in the ground to drill and grow so theft to look at acquisitions at attractive prices i think with the volatility in the markets, they will find attractive markets. >> i'm going to ask you to weigh in on politics i think there's some members of congress, and maybe 1600 pennsylvania avenue, who would say, don't do deals. use any extra money to expand production hard to believe, but basically drill more oil, which sounds ridiculous, but that's what we're hearing, and oil and gas companies are saying we can't. so it sounds like deals are the only way to grow production. there's just no people, no labor, no steel. >> yeah, brian, that's a great point. i am going to try to stay out of the politics, but the rea

mobil says it has left russia altogether after president vladimir putin seized its properties. exxon says it has not received any compensation for assets valued at $4000000000.00. australia has reversed a previous government's recognition of jerusalem as israel's capital. foreign minister penny wong says the city status should be decided by peace talks. israel's prime minister, jerry la pete says it's a hasty response on a rainy and climber who took part in a competition with that wearing a he job has reportedly apologized a post on l. now as we're copies, instagram a can said, her head scarf came off by accident during an event in south korea rights activists, no fear for her safety. she has reported be being sent home to iran with fears she may be imprisoned on arrival. here that is all about well and again, sheer a k e is an activist for women's rights and i asked her while she and she spoke to my colleague about the claim that l 9 were copies. he job fellow faxed. oh, who were actually expecting that they were expecting the security and intelligence services, putting pressure on

the move from the russian liter followed months of discussions. exxon says it was not compensated for the assets which are estimated to be valued at $4000000000.00. a group of 8 starbucks employees in south carolina and united states or soon the company. they are part of a unionized group of workers and say their manager has falsely accused them of assault and kidnapping. after they demanded arrays. large financial institutions have increased their funding to companies responsible for deforestation around the world. that's according to the forest and finance coalition. the n g o says that said financing rose over 60 percent to $47000000000.00 from last year. and all 3 of germany's remaining remaining nuclear power plans will stay operational until mid april. that's after a decision. by chancellor, all shots of the social democrats, the measure is targeted to help the country through an energy crisis energy from the power plants replacing gas deliveries from russia without creating a bigger reliance on coal. all right, let's take a look at this controversial matter with cassandra sunk

these workers have been on strike against exxon mobil. perfect, really good members of the french trade union, cg t as seeking a substantial pay rise and the share of oil thumbs, huge profits, but nor agreement with bosses in site. the french government wants to force them back to work, but the strikers have voted to continue their fight. what was the peddler job? is there a camel? we find the government's decision very damaging. it is clearly an attack on our right to strike. and is an attack on our freedom that instead of asking the french all companies to come back to the negotiation table, they've chosen to show their power by requisitioning the employees who are on strike to return to work with ha, or like is issue. the government's decision comes after mess of supply shortages of petrol and gas than he petrol stations in the country have had to close temporarily in all over one thought a struggling to open that pumps. let back to the circle for the impact of the social conflict has become unbearable for too many french people. peopl

they're both great companies, but exxon has a little bit of an edge in a few areas.is, this is a company that has just been able to pay a great dividend, has a great history of beating earnings and guiding well, and so, from our perspective, exxon is still doing the work and, you know, a company that will continue to participate. >> exxon the pick there. next up, two of the biggest auto makers on deck we're talking general motors before the bell on tuesday, followed by ford after the closing bell on. after a monster 2021, both stocks have suffered big this year, down roughly 41% plus. what's the play here, gm or ford >> we're going with ford ford is a company that's been suffering from some supply chain issues, as everybody knows, it definitely hurt them last earnings however, if you look at what is going on within ford, demand is still very strong. assuming the supply chain issues eventually work their way through, it's also the potential that as the shift mixes of -- as the mix shifts from traditional ford cars and trucks to electric cars and trucks particularly, t

the cape exxon mobil has up at a 6.5 percent increase in salary for next year, which was accepted by several other workers unions. but the c t union continues to refuse. instead, they want to take legal action to be allowed to continue their strike. i forgot to listen to the dish. the national federation of chemical industries will fight this decision in full file, an emergency legal proceeding to morrow morning to denounce this illegal requisition fully. not really good for the workers here. one thing is clear, they will continue their strike until their demands are met and no government order will force them to do it any earlier. well, a lot of french citizens are fed up with the deadlock street protests. the plan for sunday and a rail strike has been cold next week. no long. but you to it's the catastrophe, really a catastrophe. and it's becoming a real problem for i would want to call to know who knows when all this will end, i guess we will just have to suffer in silence form, but all bushels so, so i think it's a shame that we're the ones who have to suffer oh, what if i lose m

but show exxon mobil and others have announced much of the bonanza will go to shareholders with exxon mobil . c o. saying friday, there has been discussion in the us about our industry returning some of our profits directly to the american people. that's exactly what we're doing in the form of our quarterly dividend immediately after the announcement bite and tweeted, can't believe i have to say this, but giving profits to shareholders is not the same as bringing prices down for american families. and more pain is expected in november when the global oil supply will lose 2000000 barrels a day. thanks to cuts from opec plus the average price for a gallon of gas in the us is now $3.76. that is down from its peak, but still high for the average american. and that has a white house worried. i believe it on for management and outlook of generally by our governments. and by were management of economy with the u. s. mid term elections just days away, democrats fear high gas prices will cost the party it's control of congress. biden has vowed consequences for saudi arabia for going through wi

oil giant exxon mobil has smashed financial forecasts, recording its highest ever quarter. we profit at nearly $20000000000.00, the company's profits of sword due to an increase in international demand and a lack of supply as a result of the war in ukraine. the result eclipses the figures posted by rival oil giants show and to tell energy is heidi show castro with more on those record numbers. it's the shortage in supply thanks in part to the western sanctions on russia. and these increased demand, especially as the colder winter months come in, and the profits with amounts by exxon mobil seo. today, they shattered expectations with 1900700000000 and net profit brought in in the last quarter. and that's the 5 pressures from president biden, for us, oil companies to increase production more drastically in order to bring down those prices. well, exxon mobil and now today, it did increase production by 50000 barrels of oil a day during the last quarter. but that pales in comparison, of course, to the $2000000.00 barrels a day in cuts that are coming from opec plus in november.

let's say i am exxon. my scope one omissions would be from things like my company's vehicles and methane leaks that occur at the wellhead that i own. scope to omissions or be those from electricity i purchase for example in order to power my operations. scope three would cover upstream emissions from the production of what i buy like the chemicals are used to refine my oil into gasoline or diesel fuel. and the dark downstream admissions from what i sell like the refined gas or the diesel my customers by the pump. i basically have that right? >> yes. >> good. so, you need all three scopes because otherwise a company could just stop doing the filthiest part of their business and hire some smaller nonreporting company to do the same filthy work and then report themselves as greener. so chair, for a fossil fueled company like exxon, what percentage of their total admissions are scope three emissions? >> i suspect you might know that better than i. i have not looked at. it's often over half. some companies, i d

you talk about things that matter you just nailed it exxon is the global dominant oil and gas player they have operations all over the world. they are going to report one of their best numbers ever and investors are going to -- they're going to hate the fact that one of the biggest companies is doing this well leading the market, breaking out to an all-time high, as a matter of fact, in the last -- in the last six or seven sessions that is a warning for folks that want to cling to old views of the industry >> not only are you a buyer of exxon. you like hess, diamondback, slumberjay >> sure. it's a picks and shovels things. a lot of people will favor a slumberjay because they are the guys that dig the holes. we have no problem with that it's a global technology leader in oil and gas technology is one of the few areas in energy that could use a huge ramp. you think about all the things, 30, 40, 50-year-old technologies attach to them slumberjay is what you would put on them. the number you would put on them is 50% if you go to a name like hess, it's all about low cost. hess and exxon a

and exxon and chevron and barbara durant who just bought shares of meta broader market, up 800 pointsdow, 2.4% on the s&p, tracking for a strong week and a strong month like where did this rally come from we've had a lot of high-profile big tech earnings misses, except for apple. yields have seen relief and we've seen relief for the dollar as well, but it's going the other way today. what is the best explanation besides seasonality and sentiment? >> well, those two are important because where a lot of rallies come from at a low is in the depths of pair and people expecting incremental bad news, not getting it i think you also had the economic numbers have not been great, but they've not really cooperated with the idea that we have passed the point of no return into imminent recession that corporate earnings are going to fall apart suddenly because they're more or less come in according to plan. 70% of companies beating, the whole routine is pretty much in place. but i think it's important to consider that the pent-up negativity coming into october is part of what we've got. moderation

that's seema mody with the news for us jim labenthal, you own exxon >> yeah, and i think the questionlarge here is whether this is a trade, something short-term or something sustainable. i'm clearly in the latter camp globally there is a supply demand imbalance, and we've papered it over with strategic petroleum reserve releases that simply can't go on for much longer, and when they stop that's going to loom large heaven help us, frankly, if china abandons the zero covid policy and their demand picks up we're really seeing there's two years going to favor exxonmobil and we should be rooting for as a globe the green transition has some legs to take the pressure off because this is not a good situation for the globe even though it's good for these companies. >> you don't think these are right for some profit taking opportunities? we had it and then the money went back in and they got pushed up again exxon and chevron are both up more than 23% in the last month alone. >> i see your point. you know my point which on any long-term chart these things are just recovering back to where they w

then along came exxon. exxon's profits for the third quarter were $18.7 billion.hat exxon made last year. and the most in its 152-year history. never made that much profit. and the last six months, six of the largest oil companies made more than $100 billion, $100 billion and we have a discussion about this, the three of us and others. $100 billion in profits. and less than 200 days. that's not bad. and here's why this -- here's why this matters. it's outrageous the size of the profit. here's why it matters. these companies are making average proflts that they've been making by refuningining oi last 20 years. if they pass the rest on to consumers, the price of gas would come down around an additional 50 cents. if they're investing profits in historic rates, and their u.s. operations, then america will be producing more oil today and it will be down even further. but rather than increasing investments in america or giving american consumers a break, the excess profits are going back to the shareholders and buying back stocks to the executive pays are going to skyro

the other one to look at would be exxon mobil getting a healthy dividend, seeing its growing businessenerated returns of 4,000,000,000 x 2030. jack: i sense a little skepticism on your part. if you were advising the big oil companies would you tell them to keep pumping oil? andrew: that is what exxon and chevron are doing, investment in renewables but focused on core business. that's why they traded big premiums to the european majors which are focused on renewables. investors like the approach american companies are doing. jack: supercheap those european big oil companies. is that interesting? andrew: they are cheap for a reason but trading for half the valuation of the us companies because of the pressure on european companies for the government and climate activists, much tougher to operate an energy company, an oil company in europe than it is here. jack: another big earnings week with tech company's report, great investment ideas going into the weekend. andrew's take on losses elon musk could take on the twitter deal. they only cover select cities with 5g. and with coverage of ov

the situation remains in dead like, despite exxon mobil having already negotiated an agreement between trade unions and management. mark: president biden is to reevaluate the u.s. relationship with riyadh. this, coming from the white house after a saudi-led coalition of oil-producing nations sided with russia to cut output. the 30-nation opec cartel and its 10 allies angered the white house last week with its decision to reduce output to 2 million barrels a day from november. this raises fears that oil prices will sharply increase. not related to the problems here in france, which are industrial relations related. lebanon and israel have struck an agreement recognizing maritime borders. the deal puts down on paper see borders as well as drilling rights over unexplored oil fields. u.s. president joe biden has hailed this as a historic rate through. there are positive and negative points to every deal, of course, this one perhaps more than most. our guest is the associate fellow of the middle east at chatham house. professor of international relations, thanks for being with us. always a