the dark money groups and exxonmobile funnels money through the groups that keeps these people in powere way they are and deregulating so that they can make more money while we burn, while we die. that is the danger that we are facing here. >> i think also it's important on the last day of the term for liberals to be clear eyed about what this court is and not have any confusion about the majority means. >> chris, it's not for liberals to be clear eyed. it's for the liberal court justices themselves. breyer should have announced his retirement. fix the court. >> thanks to have you both on. thank you so much. >>> that is "all in" on this thursday night. good evening, rachel. >> good evening. thank you. much appreciated. thanks at home for joining us. leona helmslee was a billionaire for real. she was president of a hotel high-end luxury group of two or three dozen hotels.

phil, so many things oil companies have to navigate how complicated a picture is it for ceo of exxonmobilard in the coming years >> that's a great question thanks for having me, dom. the way it is set up is constructive here. oil is back to $75 now the valuations on the stocks are favorable. you saw good results yesterday turning stock back to share shareholders i think there are positives to think about here >> aside from the oil as gas price surge, we know last year during the spring and early summer with negative oil prices at one point it is an easy comp these days against what happened last year. my issue is with these oil companies now, is it we -- do we only look at them on oil and gas prices or what else has to go into the valuation model for what you say exxon is worth these days or what chevron is worth these days >> that's a great question if you look at it right now, $70 oil, these stocks are trading at 10% free cash flow yields. balance sheets, surprisingly, fixed with cash flow generation and pay downs. as you note, there are other dynamics at play with early transition and

and in energy, want to finish on schlumberger and especially exxonmobil are you worried about exxonmobil not being as strong an investment in the post engine number one world or is that part of the reason that you like it >> we've been in it before earlier. we have been it for actually the back half of last year so when the yield was over 10. but we thought, you know, the proxy activity was actually positive for exxon it's part of our thesis that they've just got to stop drilling holes in the ground and that's what we see happening over the next five years their assets are in the ground they'll be pumping them out at much higher prices oil going to 90 by the end of the year i think the big surprise is we'll hold high 80s, 90s levels, i think, for most of next year so their assets are in the ground give us back the cash. that's the program exxon is finally on so we still like that stock. but if you want a little more data, frankly othe oil space, we'd go with a schlumberger or halliburton, where we're also long, obviously. >> let me ask something that ties this all together when we're tal

morning some big compaarie.it's sping us quarterly report cards including apple, amazon, microsoft, exxonmobilall three major u.s. indices finished last weekend record highs. on friday the dow rallied 238 points, the nasdaq jumped 152, and the s&p 500 added 44. >>> a shortage of jet fuel is causing flight cancelations and delays at airports in the western u.s. the problem is being made worse due to a spike in fuel needed by aircraft fighting wildfires, supply chain issues and a shortage of tanker truck drivers. problems are reported at airports in boseman, montana, and fresno, california. authorities in nevada say cargo and passenger flights could be canceled at reno-tahoe international airport. >>> more people are saying "i do" again in las vegas where the wedding business is reportedly booming. npr says sin city's $2 billion industry has rebounded in a big way since march when vaccines became widely available and casinos began increasing capacity. weddings were down by about 96% of april of last year. officials say there are now more weddings in vegas since pre-pandemic. >>> and having more

upstream the assets to recover materials and dig for raw materials in the ground and drill for wells exxonmobils and bp and shell have sold more than $28 billion assets since 2018. over $30 billion in the pipeline in the coming years. there is one trend that seems to be hitting north america >> i think one thing is over the last few years since 2019, there is less focused on acquired assets and more focus on corporate consolidation. >> reporter: and despite future consolidation, there are potential buyers for the assets. production could shift to smaller independent operators or backed by private equity for those who chose not to sell, the business is expected to transform. >> i think we'll not be divestments, but repurposing of assets as it is converted in bio-refineries bio-fuels for example to help the airline industry >> reporter: whether it is repurposing the business or selling off the $140 billion of dirty assets, the oil and gas sector is evolving as they face pressure with climate change these companies will want to keep hold of assets that are most profitable and least polluting, fran

you are familiar with exxonmobil with the changes to the board of directors.nse is that even the large oil and gas companies will be taking action on climate change. there could be some opportunities there for the companies that are proactive to have a place in our portfolio. >> a lot of companies say things they say nice things not a lot of companies do the nice things as well. valerie, 38th record close of the year for the s&p 500 if you are counting at home nasdaq 100 on the eight-weekwi streak a lot of uncertainty of how much better the economy can really be are you getting a little wary at any point of valuations here >> not really. i think the key issue going into the next round of earnings will be how are corporate profits performing my sense is we will see pretty strong results you have to remember there are two factors. the mlt ultiple on the market a underlining earnings we should see better than expected performance across different sectors. i'm not too antsy right now in terms of the valuation overall >> we got earnings season kicking off tomorrow

we're out of time, but we've got it on the screen, you like boyd gaming, chevron, and you like exxonmobil. and, you know, another thing is that with all these restrictions on supply, government restrictions -- probably something pricey. things have gotten a little butt better. you know this is going to be one heck of a last hour of trading. liz claman, over to you. liz: it's already been a roller coaster ride, and it ain't over yet as we head into the most important let's call it 59 minutes of the session, the market stands well off session elopes, but you can still see the dow down 341, nasdaq down triple digits here and, of course, the s&p is flagging. but the fear factors, whether it's the delta variant to the fed's timing on tapering are still very much in play. a sharp contraction in the 10-year treasury yield started it all early in the morning. we've got the best of the best market heavy hitters with us throughout the hour. bob doll, andy brenner, former barclays' ceo bob diamond and uber-traderrer sarge gill here to make -- sarge guilfoyle here to make sense of what's happening an

last week, an exxonmobile lobbyist was caught on camera saying the bad parts out loud. federal relations admitting to working with shadow groups that engage in disinformation campaigns that talk about climate change. >> did we fight against some of the science? yes. did we join some of the shadow groups to work against some of the early efforts? yes. that's true. but there's nothing illegal about that. we were looking out for your investments. we were looking out for our shareholders. >> exxon distanced itself from those comments saying they don't represent the views of the company, a statement that seems disingenuous. oil is a lucrative business. better when you addict your customers to it and lie about it like tobacco and opioids. it lines the pockets of oil executives and shareholders, so they lie. they tell us that our planet does not face an actual existential threat of global warming, air pollution and rising sea levels, droughts, floods, wildfires and devastating storms. wake up and smell the smog. we have been betrayed by politicians and money-hungry leaders. i

strategy to focus on environmental sustainability, huge companies want to go carbon negative, even exxonmobil of nowhere and seized three board seats at the last annual meeting and spent $12 million to get on the board. this is about more than the environment. right now our electric grid is falling apart. any time we get extreme weather, winter storm in texas, a heat wave in the pacific northwest, it causes prolonged outages. if you can't rely on the grid individuals and enterprises have a major incentive to have a backup energy source like solar panels ♪ hallelujah ♪ >>> the housing market is blooming and that matters because solar has a meaningful move some are eager to stick them in the roof doesn't hurt the average cost for residential systems is down roughly 50% over the last decade still costs $20,000 but easy to get financing and services like tesla's business that will install them for free. then give you the equivalent of the 0-year lease the federal government has gotten a lot more supportive of renewables including solar it was a mistake to chase these stocks to the moon in wake of

and so if we're only going to send a bipartisan bill that republicans have largely written, that exxonmobilve bragged about having influence in the contours over, an infrastructure bill that does not address the climate crisis and put millions of people back to work and does not expand health care in this country, no, that should not be all that we pass. we should pass an enormous reconciliation bill that puts millions of people to work in good union jobs and helps really, you know, get us back on track in terms of the climate crisis, in terms of physical in infrastructure and health care. if we want to pass both of these bills together, that is a conversation we can have but we're not going to accept republican dominance when the people of this country have elected democratic 3majorities across the board. >> the $3.5 trillion spending proposal, i know you prefer a larger bill but you're calling it a progressive victory. why is that? >> i think it absolutely is a progressive victory and the reason for that is because if you look at the top lines of this bill, the expansion of medicare to in

for all of this, a huge part is the tireless work, over decades, of fossil fuel companies like exxonmobile the planet while making billions of dollars and making sure no one can stop them. and one of the key ways they do this is through bobs, they hire professionals in suits who lend their talents to an enterprise that has gotten and will get many, many people killed, that's what it's doing. now we have rare video for that looks like and they think no one is listening, in a sting set up by greenpeace uk members post as recruitment looking to hire a washington lobbyist, and they set up a zoom call would senior exxon -- they recreated that call with the original footage and here's part of the footage. >> we're playing defense because president biden is talking about the big infrastructure package, and he's gonna pay for it by increasing corporate taxes. >> who's the crucial guys for you? >> while senator capito, who's the ranking member of environment, joe manchin i talked to his office every week, he is the kingmaker on this because he's a democrat from west virginia which is a very conser

we're out of time, but we've got it on the screen, you like boyd gaming, chevron, and you like exxonmobilgovernment restrictions -- probably something pricey. things have gotten a little butt better. you know this is going to be one heck of a last hour of trading. liz claman, over to you. liz: it's already been a roller coaster ride, and it ain't over yet as we head into the most important let's call it 59 minutes of the session, the market stands well off session elopes, but you can still see the dow down 341, nasdaq down triple digits here and, of course, the s&p is flagging. but the fear factors, whether it's the delta variant to the fed's timing on tapering are still very much in play. a sharp

reason, a lot of the bigger stock losses that you are seeing are in companies like oil and gas, exxonmobiltravel and leisure, like united airlines, norwegian cruise lines and big industrial equipmentmakers like caterpillar and by the way, hallie, on the oil front, prices are down now roughly 11% in just two weeks, so if there's any kind of a silver lining, at least for the short term, hallie, it's that some of the gasoline prices inflationary pressures might be easing up a little bit, at least shorter term. >> dom chu, live from our cnbc headquarters and as dom was saying airlines getting hit, united and american down more than 4% with the dow on track at least as of 10:05 eastern time this morning for its biggest one-day drop in about a month. all of this is happening, stephanie, listen, if these two things weren't breaking this morning, we'd start our broadcast with you, right. there is more developing news out of the olympics. people waking up to word that one of the u.s. gymnasts on the women's team has tested positive for covid. talk to us, steph, about what we know and listen, what i

. >> exxonmobil insist that its lobbying fully complies with all laws and this thing was just the latestuse oversight committee intends to get to the bottom of the matter. today, that committee sent a letter to keith mccoy the lobbyist in question, requesting his presence for a transcribed interview on the matter under oath. the committee wants an answer by friday. if the lobbyist denies their request, a subpoena could be right around the corner. as rachel would say, watch this space. that does it for us tonight, we'll see you again tomorrow. now it's time for the last word with lawrence o'donnell. good evening my friend. >> good evening ali. this is the closest we've been all year. i'm down on the third floor and europe on the fourth floor and this is my first time in the new york studio this year so pretty exciting. >> i think it might be our first time ever in the same building. i didn't even know that was a loud but it's great to see you my friend and have yourself an excellent shift tonight. >> thank you ali. well, this week is infrastructure week in washington and that and furious

the energy sectors spider ticker xle is down 4% exxonmobil, faang and are down markedly on the day. the fuel consumption fears playing into that along with opec and the partner countries not exactly saying, you know, we'll keep the production cuts in place it plays out one more place to watch, kelly, check out what is happening with the reopening stocks united, norwegian, caterpillar is down, as well it's going to be a big move in terms of those particular trades so i'm watching what is happening with those. >> i appreciate it. >> oh, look. we'll break up where dom left off on the energy space in particular we want it today there is so much going on. let's draft -- take a look once again. what is going on in the sector space? how much of the sell-off is over fears of a growth slowdown and how much is capitulation of the inflation trade. energy, like dom said, the worst performing sector today down more than 4% crude is down more than 7% it comes after the opec plus decision to boost output what do lower energy prices mean less inflation the 10 year yield is sinking, as well what do

they're calling it the romney exxon plan because exxonmobil is very happy about this plan.at exxon has been secretly lobbying this group of senators who are supporting the plan. the so-called moderates on both sides. and exxon is doing whatever they can to ensure that the in first infrastructure package as a whole is one, does the least amount of possible to rein in exxon and deal with the climate crisis. and to, makes the bill unpopular. what's popular is biden american jobs plan. what they're doing right now is not his jobs plan. it is really great, this past few months where the biden administration define bipartisanship as what was popular with republicans, democrats and democratic voters. i think that's what voters are hoping for today. >> the thing that i've really focused on is the clean energy standard and is what exxon is focused on and wall to fossil fuel companies are focused on. the single most transformative piece of legislation in the package, outside of dollars and sense, a national clean energy standard which is every one of the 50 states has targets they ha

company is a joint venture of shell and exxonmobil and said the decision was disappointing, though notsom says he wants to end all oil production in california by 2045 senate majority leader chuck schumer today calls on the justice department to investigate the national rifle association for bankruptcy fraud, schumer said the financially stable gun rights group abuse the system what it sought bankruptcy protection. in the wake of a new york lawsuits seeking to put it out of business. a judge rejected the nra's bankruptcy case in may and are able leaders make clear that the organization was in its strongest financial condition in years and was seeking bankruptcy protection so it could change its state of incorporation from new york to gun friendly texas. the nra has not commented on the call for an investigation. tesla has released updated software for its cars, full self driving mode. last night, the fremont based electric car makers started pushing the update to owners who are enrolled in the company's early access program. the beta software is not available to other drivers. tesla's

everybody will seat or hear at the end of the ad i'm exxonmobil, and i approve this message. that was the trick of citizens united. i suppose you could say that it was a safe bet that this republican majority would not be concerned about donor transparency the way the citizens united republican majority was because the republicans on the court after citizens united turned a completely blind eye to billions of dark money dollars that poured into our politics. they had said that was corrupting, but every chance they got to impose their own decision and clean up the dark money corruption they scrupulously refused to do it. they did or pretended -- they did not or pretended not to see it. so if you are this apparatus and you think you've captured the court and you look at the blind eye that it turned to these flagrant, constant, massive violations of the of supposed citizens united transparency principle, you take your shot, and they did. what it looks like now is that it was window dressing in citizens united to pretend to care about transparency. and what it looks like now is t

democratization of the capital markets, and that's exactly what's happening if you look at the exxonmobiler yet. >> let's get to the markets here, valerie, more specifically in terms of stocks top ten active holdings, a lot are tech stocks in your portfolio. i'm wondering how you navigate that, and whether a 10-year yield at 1.42% is key to the outperformance, relative outperformance of big cap tech ver tus tsus the broader tech s. >> yields play a role. what we saw the yields really peaked in june, and then when they came down a bit, the growth stock started to rally again so there is an interdependence, if you will, between the performance of growth stocks more broadly, whether they're tech stocks or other types of growth stocks, and yields. however, we do maintain exposure to other styles of investing, as well, including some value exposure, high quality stocks, high dividend yield. we like to remain diversified, and then really focus on the idiosyncrat idiosyncratic characteristics we can identify. >> valerie grant, thank you. >>> coming up, the spac deal of the morning, don't miss th

we have lobbyists from companies like exxonmobil bragging about their role in shaping our federal legislation and curtailing our ambitions and in fighting against key provisions to draw down our carbon emissions. and whenever i see something like this, whenever i see how dark money and lobbyists act as a wedge between elected officials and public servants and the people that we are supposed to represent, not only do i think it's heartbreaking but it's very much tragic. there is a key issue we have here on acting on climate and a big part of that issue is the fact -- something we call a principal agent problem, where the people in charge of making decisions are simply not aligned and not incentivized to make the right ones because they are not feeling the impact of it. and i get concerned when we have conversations that the politics of the day get involved and intercede and they complicate the policy for a generation. and it is so critically important because i can't help but imagine that so many of the people in a are in charge of blocking action on climate will not see the world they are lea