in 1981, exxon hired professor hoffa as a consultant, alongside of the scientists. his special field was atmospheric projections and one of the most astounding of them dates from 1982. in a few words, can you tell us what it shows? well, the script basically shows the build up of 2 quantities. what is the concentration of atmospheric c o 2 and parts per 1000000 and the other is the average temperature increase of the earth. we had prepared this calculation for internal review and it was a calculation basically of how the earth would warm if we continued, according to a scenario called business. as usual, the graph projected the increase of c o 2 in the atmosphere calculated in parts per 1000000 o p. m, on the right is the projected increase of the earth's temperature. remember these calculations from 982? the graph it later transpired, full part of a much larger, confidential, filed on greenhouse gases, only recently revealed in the u. s. median. together. the documents prove that even 40 years ago, exxon knew all about the risks related to the combustion of fossil

doctor, have you work with exxon was focused on the carbon cycle and climate modeling. i had a slide up here and so 1982 was 7 years before i was even born. exxon accurately predicted that by this year, 2019 the earth would had a carbon dioxide concentration of $415.00 parts per 1000000 and a temperature increase of one degrees celsius. dr. hoffer is that correct? we were excellent scientists. yes you are. yes, you are. so they know they knew, and i, i presume they knew what some of the consequences of that one degree celsius change would be. some of them, not all. absolutely. i would like to have an opportunity to discuss that if someone asks me. martin hoffer confirmed to us that his disturbing projections were passed on to exxon management at the time. but in 1987, 6 years after being hired, he stopped collaborating with the oil giant, realizing that it wasn't going to be deflected from its main aim, making money. i was there because i thought that i could, i mean this was very naive of me. i thought that i could influence them to change their business plan. but you

up next, we are going to talk about exxon.to get into the trading game to compete with bp and shall. is it going to be able to do that? this is bloomberg. ♪ the first time you made a sale online was also the first time you heard of a town named... dinosaur? we just got an order from a dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. godaddy. tools and support for every small business first. >> you are looking at a live shot of the principal room. coming up hugh johnston joining us. this is bloomberg. keeping you up-to-date with news from around the world. in brussels, volodymyr zelenskyy says he will ask eu leaders to send him fighter planes to fight against russia. he is in belgium for a summit. he is also urging expanded sanctions against russia. the death toll is now over 20,000 from the earthquakes that struck syria and turkey. the u.s. has deployed an aircraft carrier to the region to provide assistance. a british billionaire has lined up links -- banks inclu

so definitely help exxon and was not the doing of the top management. if you think back a good 2 years ago, at the height of the pandemic in 2020 oil prices for a moment actually turned in a negative territory that year. it was the 1st time in more than 4 decades that exxon actually had a yearly lost. the stock got kicked out of the dow jones industrial leverage. and now 2022. as you mentioned, the record profits are part of it doesn't increase in commodity prices overall, but part of it is also that exxon other than some a competitor, especially from europe, actually, is still placing bets on fossil fuels, some other energy companies or even oil gas companies. have decided to go a bit more into the renewable energy direction. exxon has not really done so that much. and as we see with those numbers, obviously you still can make a lot of money out of oil and gas doing well by going against the sort of environmental tied. jens president biden did flew the idea of a wind full tax. is that something that's still on the table? rob that always comes up when c

of course, the white house is criticizing exxon this orange mo, say it's outrageous that exxon postedfor western oil company profits after the american people were forced to pay such high prices at the pump amid putin's invasion, he's blaming putin for his bad poll civil your reaction. >> i think biden has it all wrong. of course the reality is they've got a big jump in profitability because of sharply higher oil prices that in part are the consequence of the biden administration's efforts against fossil fuel development. if have you the federal government restricting the supply of fossil fuels, he he restrict drilling, of course you're going to get higher prices, wider profit margin. maria: it's called supply and demand, joe biden. >> economics 101. >> this is no not going to bees sustainable over time. the biden administration will not be with us forever. there will be somebody else taking over in washington. and when that happens, you're probably going to see fewer constraints will be placed on the drilling for oil and natural gas. flthere's no getting away, this will be important

after a week and seen shell, chevron and exxon smash their own profits, records will they be made to do more, to ease everyone else's money? troubles voting. a bigger workforce here. the length in businesses a going to to attract staff, been a market start of talent. and on your feet and people from you driving that cars in the city for a day this week we'll see how it went. this is the to be business on robots in. welcome to the program. rushes war in ukraine has sent energy prices through the roof, as you'll know, the oil companies, all the big winners, posting record profits for 2020 to this week, exxon mobil revealed it made $56000000000.00 last year, its highest annual figure for a long time the u. k. shell made 40000000000 it's most profitable 12 months in history and chevrons. 35000000000 is also a company record as well. not only did they benefit from surging on a gas prices, but they've also been cutting back on investments, as well as study suggests big firms reinvested 6 percent of their profits in 2021. u. s. president joe biden has been critical saying that they should b

exxon mobil reports nearly $56 billion in profit a record by the white house calls it outrageous, breaking overnight, the woman expected to announce she's running for president in 2024 scare on the slopes, the coyotes chasing skiers at a popular resort. what's being called highly unusual behavior, and later the school lunch worker accused in a $1.5 million chicken wing heist. news in new york. this is america this morning. good wednesday morning, everyone. i'm andrew timberg, andrea fujian for rhiannon. we begin with the ice storm, causing major travel headaches this morning about 35 million people. intense states are on alert for ice, snow, sleet and heavy rain storm could have a nationwide impact through at least tomorrow. this morning . forecasters are warning the worst is yet to come for areas already crippled by the winter storm, bringing freezing rain, sleet and nearly one inch of ice in some spots. god in arkansas, this man showing the thick sheet of ice in his yard. the storm, creating treacherous travel conditions across multiple states are memphis affiliates. dash camera captured

after a week had seen shell, chevron and exxon smashed their own profits, records will they be made to do more, to ease everyone else's money? troubles voting. a big workforce here. the length in businesses a going to to attract staff, been a market start of talent. and on your feet and people from driving that cars in the city for a day this week we'll see how it went. this is the to be business on robots in. welcome to the program. brushes war in ukraine has sent energy prices through the roof, as you'll know, the oil companies, all the big witness, posting record profits for 2020 to this week, exxon mobil revealed it made $56000000000.00 last year. it's highest annual figure for a long time. the u. k. shell made 40000000000 it's most profitable 12 months in history and chevrons. 35000000000 is also a company record as well. not only did they benefit from surging on a gas prices, but they've also been cutting back on investments as well. a study suggests big old firms reinvested 6 percent of that profits in 2021. u. s. president joe biden has been critical saying that they should be

haven't gotten that yet. >> carter, you like exxon? >> well, it's all right.ss sort of low add, not exciting we know it's coming off two of its best year on record, 2021, 2022, up 48 and some 59% respectfully so in and of i think, the xle on the screen, pair of 2s no real trade. we like the service name, slumberger, haliburton, type stocks. >> bonawyn, how about you? >> i don't think i'm quite as bearish on energy. i understand bills, destruction and the economy. i will say there's seemingly a floor to crude whether it should or should not be the case, you are seeing names trade in lock step with the understood lying commodity if you look at the capital discipline of the companies they're much better run. i like the options trade, your net collecting premium and it's risk contained but i'm not quite as bearish. >> mike, carter raised an interesting distinction between the integrated and services. you had your druthers, which would you pick >> i don't have to you can the about initiating one, because i have one we're along marathon, haliburton, unfortunately we

for example, exxon mobil reported a profit of almost $56000000000.00 for the last year. earnings not seen in more than a 150 years of corporate companies. history shell just announced a reca profit of $40000000000.00 and your company. chevron has doubled its annual earnings to record $35.00 and a half $1000000000.00, which is the biggest in its history. as well including b, p and total the big 5 re.

p. exxon mobil and total energies also profited from the sudden spike in oil prices, which languished for most of the pandemic before jumping to over $120.00 a barrel after russia's invasion of ukraine. it was quite a departure from the 1st 2 years of the pandemic when energy demand cratered due to lock downs and travel restrictions that had forced the oil majors to increase their commitment to go green towards clean carbon free energy. but now, as their profits jump up, once again, many of them appear to be scaling back their previous commitments. right for exhaust look at big old profits and what to make them. i'm now joined by louise osborne of detail, the environment. thanks for stopping barley's. wire companies scaling back their pledges here. well, let me plan, it's about money and they have made record profits and they want to continue, continue to do so and they can see that with oil and gas, they can still keep making money from that. so why, you know, move towards green energy if they can still get profit from, from staying with that, especially during the, the energy crisis

that's going to affect peopl like exxon mobil, which we do own for clients.the name but i may want to think about hedging that, and creating a trade that sort of hedges my stock position i can almost do a trade now that sets up well for march, the opposite of what mike said for yeti here i want to buy a put, buy the march 105 put, same time financing it for the 115/120 call spread. here i actually collect 20 cents. now i have this hedge on, play to the short side, basically, sell out of a stock position, play to the short side below 105. the call spread stops me out to the upside in case the market turns. but notice here i'm a net buyer of options and the reason being, you talk about a bowling ball dropping in one part of the pool creating a ripple effect to the other, if the s&p is going to go to the down side like we talked about at the top of the hour, an volatility is getting ready to explode, option prices should increase as well i want to be a net owner of options, and by buying the put and selling the call spread, i can basically do that and play to th

for example, exxon mobil reported a profit of almost $56000000000.00 for the last year. earnings not seen and more than 150 years of corporate. a company's history shell just announced a reca profit of $40000000000.00 and your company chevron has doubled. it's annual earnings to record $35.00 and a half $1000000000.00, which is the biggest in its history as well, including b, p, and total. the big 5 raked in and standing 190000000000 dollars last year, but also the money they saved by cutting investment. a new study shows that in 2021 big oil re invested less than 6 percent of their profits. shareholder dividends have grown, and renewable energy projects have been the biggest losers. u. s. presidential biden hit out at american energy joins, insisting they should be helping to bring down energy prices during a cost of living crisis. and leaders in the u. k. have was similar to minutes earlier i spoke to christian christian head of the fuels and energy industry association, here in germany. and i asked them why companies didn't invest more of their profits to also supply. but you know

in 2021, keith mccoy, senior lobbyist of the american giant exxon mobil was caught doing just that. in a greenpeace sting, xle, did we aggressively fight against some of the science? ah, yes. did me join some of these shadow glutes ought to work against? ah, some of the early efforts? yes, that's true. but there is nothing. was that a legal about that? ah, you know, we were looking out for our investments, we were looking out for our shareholders. it was a revelation for a lot of people that, you know, they know what they're doing. they know how they're manipulating the political system here in the united states. the video stunned california democrat congressman ro connor. he sits on the house committee on oversight and reform, which in october 2021 began investigating big oils, climate change disinformation campaign. that was the catalyst. i mean, keith mccoy basically was on tape bragging about his role in killing climate legislation. bragging that he gave the rhetoric the company, gives the rhetoric about caring about climate. but behind the scenes, they're killing legislation to

the complaint directly targets a host of big oil companies, including exxon mo, bill, shell, chevron and b. p. mainly because of that disinformation campaign. defendants concealed the dangers, promoted false, and misleading information, sought to undermine public support for greenhouse gas regulation, and engaged in massive campaigns to promote the ever increasing use of their products at ever greater volumes. i believe that they contributed a willingly to this problem and they should be part of the solution. they lied, they lied. yes, it was a misinformation campaign. it's very similar to what the tobacco companies did with the cigarette smoking and the impacts of cigarette right. mm. charleston lawsuit against the oil johns isn't the only one. some 30 major u. s. cities and states have done the same, including baltimore, new york, washington, massachusetts, and minnesota. the plaintiffs are supported by the center for climate integrity. richard whiles, as it's president, these cases are very winnable, and that's why the oil industry is terrified of these cases right there. they're

that's why exxon made $55 billion profit. even before he was elected, biden signaled he didn't want pipelines, permits, lease sales or any new fossil fuel development and warned, hey, you're going out of business and he's very much a climate guy. at a fundraiser on tuesday, said climate change is a bitter threat to humanity than nuclear war. what happens to oil production with a policy like that? of course production goes down and, yes, it is still down 900,000 barrels a day from which peaked before the pandemic. economist normal auditory systems and demand for oil went up and the price and profit. the left is apoplectic but they brought this on and you will have to pay the price. the ceo of exxon understands what's happening and says we'll need oil and gas as long as no competitive renewables are available. that is just so true. tepper still with me. >> that's right. stuart: $55 billion profit last year, i think it's because of the president's energy policies and what do you say? >> absolutely. it's supply and demand; right.

setting a record high, not just for exxon, but for big oil as an industry. exxon wasn't alone.chevron reported $35. while americans were -- reported $35 billion. while americans were feeling the pain, driving up to the gas station, wondering how high it was going to be, the five top big oil companies brought in a record nearly $200 billion in total profits in 2022. taking advantage of what they called favorable market conditions. it's nothing short of repugnant for the biggest oil companies in america to celebrate dizzying profit margins that they earned jacking up gas prices on hard-working americans. what did the oil companies do with this tsunami of cash? they could have prioritized it by paying their workers better. they did not. they could have made transformation investments in new clean tech and helped push the frontier in clean energy, which we all know is coming, but they did not. or maybe, best of all, they could have lowered gas prices, but they did not. you know what the oil companies did? this is just as galling, galling, they rewarded shareholders by implementing

exxon alone made almost $60 billion. profits, you get a mountain of money. you get $135 billion. that is so much money that they could take just their annual profits and basically buy the nfl. "forbe's" pegs the valuation of all franchises at $134 billion. let's take this one step further. big oil's combined profits last year are enough to buy chipotle, etsy, pelton, delta air lines, ralph lauren combined. what are oil companies doing with this money? they are spending on new supply, but critics, including the white house, say they're not spending aggressively enough on new supply. they are, however, spending on massive shareholder rewards. check out these multi-year buyback programs that have been announced by big oil recently. $4 billion from shell, $50 billion from exxon, and shell alone, $75 billion in buybacks. how did we get here? big oil is cashing in for a number of reasons, the war in ukraine sent oil and natural gas prices skyrocketing last year. demand for energy bounced back from the covid cash, and this is k

the white house unhappy with exxon calling the company's profit outrageous.arrasso, ranking member of the energy can we will take on the president's latest blame game next. ♪ look! oh my god... oh wow. i want my daughter riley to know about her ancestors and how important it is to know who you are and to know where you came from. doesn't that look like your papa? that's your great grandfather. it's like opening a whole 'nother world that we did not know existed. you finally have a face to a name. we're discovering together... it's been an amazing gift. i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck. stuart:

exxon alone, $59 billion.this up, you get a mountain of money. $135.5 billion to be exact. that is enough money to basically buy the nfl. forbes pegs the evaluation of the 32 nfl franchises at $137 billion. big oil could basically just use last year's profits to buy that to take this a step further. that's enough money where they could buy ralph loren, peloton, best buy, etsy, chipotle combined. so what are these companies doing with all of this money? well, they are spending on expensive drilling projects. but not aggressively enough according to their critics which includes the white house. they are spending aggressively on rewarding shareholders. look at these buybacks that have been announced. $4 billion from shell. $50 billion from exxon. and chevron alone, $75 billion in buybacks, kasie. >> must be nice. okay. so, matt, how did we get here exactly? >> there are a number of factors. the war in ukraine of course sent prices for oil and natural gas sharply higher. demand has bounced back from covid. big oil

— -- exxon mobile? especially from democrats _ -- exxon mobile? have been so hi-h. because consumer prices have been so high. legislation did not really pass— high. legislation did not really pass and — high. legislation did not really pass and did not do anything, but, yeah, _ pass and did not do anything, but, yeah, people are not happy about it. ok, yeah, people are not happy about it. ok. thank— yeah, people are not happy about it. ok, thank you. big profits, but 0k, thank you. big profits, but little on—time, so we have to leave it there for a moment, but back in a few minutes' time. hello. after what's been a relatively quiet day weather—wise, the winds are now starting to ratchet up across the northern half of the uk. in fact, those strong winds across scotland's over the tops of the pennines and into northeast england could well cause some travel disruption as we head into friday morning. so what's going on? well, on the earlier satellite picture, we can see this stripe of cloud out in the atlantic. and just about here, we've started to se

at the same time, you have companies likes exxon mobil, for example, continuing to manage costs evenport profits i think that's a good think for the more medium term outlook that's why i like a company like eog resource they can support that different at much lower oil prices so, you know, if you want to play in that direction because you have concerned about the break-evens, maybe a stock like that makes sense. >> i think 2022 was the year of the equity i think everything was front loaded if you look at exxon mobil, chevron for a larger extent, all of these charts have rolled over i'm up in the air for the commodity. it could be the year for the commodity to rally and year for the equities to sell off. >>> coming up, goldman scrapping the direct-to-consumer countered card plans the analysts are sounding off. philadelphia eagles player ndamukong suh joins us soon. isre "fast moneyrit te " ghafr " ghafr th i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partne

then you take a look at how you are valley -- valued versus exxon.t wants you guys -- i say you, and european majors too -- to be an oil company. that is why exxon and chevron are going to have the multiple they have versus a bp. you have the stock up 10% in two days. the like the fact that you are an oil company. bernard: the like the fact we are delivering. we have a track record of delivering. 30% return on average capitalized a. alix: but that is oil. that is an oil thing. bernard: they like the fact we are delivering and growing. yesterday regardless of oil price we said we would grow ebita $5 billion to $6 billion regardless of oil price beyond what we thought. they like his, they like the company is working well, they like the strategy, they want growth, and that is what they are rewarding. alix: if you get to $120 oil, what do you guys do? market is telling you they like the volume, they want the volumes. bernard: we stay disciplined. alix: are you? you are not leveraged in the macro at that point? bernard: this is nothing to do with oil pric

. >> caller: is now a good time to invest in exxon?ou asked me about this we had a challenging period this weekend on -- we did our fabulous teaching, our investing club teaching data in florida and the monthly club meeting and i was adamant oil is to be bought, not sold oil has a four here and the ones thrown away should be bought i'll say absolutely, yes, your exxon call, buy some, not all. jeff marks and i were talking a lot about not buying all at once but i like your call, exxon. now let's go to wayne in california, wayne? >> caller: jim, oh my gosh i love this call i bought 15,000 shares of uber am i in or no? >> it reports on february 8th this week. i personally feel that you've got -- look, i'm a big believer there is uber and lyft and lyft isn't doing well and uber is it's just far out in advance you'll really know it. i think therefore you're fine but don't get to aggressive. that's enough. it's just a very complicated thing that's going to be much better for you in the out years as they call it than right now the chart is in

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

if you look at the valuations of exxon versus bp a lot of people aren't buying that. alix: i know a lot of oil companies saying hey we have a lot of synergies therefore we can take this and apply to wind or solar, where is the truth in that for a company like bp that an investor can start valuing them on that? >> one interesting thing was that as well as rebalancing oil versus new energies they said a few things about what energy investments work for them. that are acceptable for investors are biogas which is gas made from non-fossil fuels but also speaks to their existing expertise. ev charging and the opportunity to sell people coffee and coca-cola that counts on therefore courts. big business for bp. the ones they are struggling with are things look wind and power trading where the need to work hard on the kind of returns involved. so again you can see the struggle this is what i can generate which is a return on capital. that's not true for wind so they had to look for new energy businesses. >> selling people coffees pretty straightforward. they already do that. b

zoom was larger than either exxon or chevron that's right in october 2020 2020, for a couo days, zoom'st cap was bigger than one of two of those big oils they said it was the new paradigm the world would never go back to the way it was before. like many experts, it did not turn out to be an expert opinion. since that time, zoom has crashed, down 85%. its market cap sits at just $24 billion. chevron is now $333 billion and exxon at $465 billion. 1,800 times larger than zoom, wow, which was bigger not even three years ago. we're not picking on zoom here pet on the's market cap has gone from $45 billion to 5. dock y docusign, 13 at one point zoom was bigger than the big oil stocks which you might have noticed got a lot of attention if there the white house lately the point is amazing how fast things can turn in just a couple of years maybe a lesson for the future on trends and hopefully no more pandemics. random and hopefully interesting. >>> all right. as we head to break, during february, we're celebrating black heritage here are some of the stories of our teammates and leaders and busin

among other things, in the 80s , he was the chief executive of the exxon mobil oil company, and in the, he worked as the chief executive of microsoft alongside bill gates. we were mr. bill gates, but you are not microsoft to achieve many profits and from 5,000 people in the world to 40,000 people within 10 years, but we increased the income by 80 times from one billion and 80 billion . he got it and is now a member of the club he is also an american lawyer and a professor at the university of houston , texas , seattle, and louisiana state universities. he has studied abroad . childhood and adolescence with business and doing charitable and public works is an important issue, which from the point of view of a psychiatrist, should be given the attention of school authorities, because in the future of the person and the country, it is especially important to have a system that encourages children to work. let's do it, for example, in elementary school i always said that he should come in the summer to report what positive thing you did in the summer. he wants to talk about fun. rashti lan

invaded ukraine, energy giants benefited from a surgeon fuel prices that delivered them ruckel profits. exxon mobil made $56000000000.00 in 2022, the most in its history. anglo dutch firm shall posted a $40000000000.00 profit for the year and not far behind us base chevron group at a record $35000000000.00 of earnings. that double what it earned in 2021 oil giants also all their enormous profits to the ever tightening investment strategies. the proportions of earnings re invested have significantly declined. the investment rate of multinational energy firms fell to a historic law of 6 percent of earnings in 2021. according to a study, the lion's share of these already small investments goals into fossil fuels, renewable projects only get a fraction. something industry representatives admit has to change. ah, it need to be better that the, of course we need major investments in the new bill entities and as i mentioned it's it's, it's not enough. but speaking about europe, i can really only repeat best. it's very difficult to many of a project i thought because of missing a leah reliable practi