what it says and what we are just learning about how exxonmobil figures into all of this.the science, the oil company did itself, told them about global warming. about global warming do you struggle with occasional nerve aches in your hands or feet? try nervivenerve relief from the world's #1 selling nerve care company. nervive contains alpha lipoic acid to relieve occasional nerve aches, weakness and discomfort. try nervivenerve relief. when you shop wayfair, you get big deals for your home - every day. so big, we'll have you saying... am i a big deal? yeah you are, because it's a big deal, when you get a big deal. wayfair deals so big that you might get a big head. because with savings so real... you can get your dream sofa for half the price. wayfair. it's always a big deal. ♪ wayfair, you've got just what i need ♪ trelegy for copd. ♪birds flyin' high, you know how i feel.♪ ♪breeze driftin' on by...♪ ♪...you know how i feel.♪ you don't have to take... [coughing] ...copd sitting down. ♪it's a new dawn,...♪ ♪...it's a new day,♪ it's time to make a stand. ♪and i'm feelin'

then earnings from exxonmobil.an and ceo of that company, darren woods, shortly >>> checking on the futures after hearing from other big companies. you have dow off about 112 points and nasdaq down 57 s&p 500 off about 12 "squawk box" returns after this. s is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers and stores on america's most reliable 5g network. that sounds just paw-fect. terrier-iffic i labra-dore you round of a-paws at&t 5g is fast, reliable and secure for your business. why are 93% of sleep number sleepers very satisfied with their bed? maybe it's because you can adjust your comfort and firmness on either side... your sleep number setting. to help relieve pressure points and keep you both comfortable all night. and now, save 50% on the sleep number 360 limited edition smart bed. ends monday. >>> meantime, wage inflation slow

well, that's according to a study by har within the potsdam researches exxonmobil scientists projected temperatures would increase by nor point 2 degrees celsius on average every decade . because of human activity. 150 climate studies were produced by exxon over 40 years. they were found to be astonishingly accurate and prove the company knew as much as academic and government scientists or the company publicly claimed until at least 2013. that climate science was uncertain and there was no proof. the use of fossil fuels contribute to global warming. exxon mobil told al jazeera in a statement that those who say exxon knew are simply wrong and that a new york judge cleared it of misleading investors in 2019 of the cost of climate change. regulations must have an singer as a senior advisor at climate action network international. he says exxon mobiles deliberately buried its research to protect its profits. exxon was lying and exxon was basically suppressing the science which they had funded, starting in 19 seventies to look as a kind of plot, pleasurable exercise or entertainment to loo

jumping on strong earnings, as well as solid guidance ups getting a boost on a bottom line, and exxonmobil also higher after beating earnings mcdonald's lower, despite topping estimates. and caterpillar at the bottom of the dow after a profit miss. we'll talk to brendan far for the latest calls to ban tiktok and his thoughts on a tighter crackdown of huawei. andkelly will join us. >>> the s&p 500, encompassing the entire nearly 13 months since the s&p did peak for all-time back last january again, we have regained most of what was lost yesterday, up close to 6% for the month. one thing to take note of, still slightly below the early december high. so everything that's happened in the month of january has happened within the range that we also were in, in december it's kind of interesting, and certainly there has been some good, technical information, some indications of new demand for stocks it's not as if we have yet broken out take a look at the home builders these are both hitting 12-month highs today. and here you have the home builder etf, which is not back at the highs but way above

exxonmobil, we saw darren woods on this morning on "squawk box," but during the earnings conference call he talked about the profit margins for refineries saying i think the driver behind the refining margins we've seen, heftier ones, as of late has been driven by the pandemic impacts of shutting down capacity and then not having that capacity available as demand has recovered jon, this is what i will point out on the exxon side of things, he goes on to say that some of those margins may become a little bit less hefty as refinery capacity gets expanded in places like middle east and asia as well refining margins, inflation, everything else for pricing for the consumer all very much in focus here for these earnings reports. >> it comes down to this interplay between supply and demand and how much it's shifting as some of that supply loosens up, gets better versus where it was a year ago. demand is actually slowing down and, perhaps we see that playing out in the likes of amd and even juniper as we look forward to their earnings. >> this is -- we have used the word transition a lot with re

■ exxonmobil is hitting a new hig■ right now.ul, and thoseqcompanies >> let's mention, you know, the snipe, chevron )'■■■inr session in the dow they announced a massive buy l $70 milliont(■buy back criticized in some corners in washington no shock there but it goes right to josh's point you are just sitting on a mountain oflp profits and free cash flow. >> without a doubt, scott, and i think, you know, as we talk about capital discipline and i know ip th what thesex■ companies had done t"r■u so $75 billion buyback, this is■ massive. they increase their dividend for 36 consecutive years andt■ anotr 6%, the dividend yield a little over 6%, free cash flow yield o■ above 13%xd■and again thisÑ■ apd st. so these companies are extremely profitable there's continued runway, they tt ■ market, so i continue to liket(■ chevron, the exxons of the w and just the energy space. ■■i■ over the last two years. you see the ñ■rebalancing, you e the representation, the s&p now, y?uç-9=]1■ñ■% as you mentioned significant and i continue to there's runw

so it's the 1st to fully analyze the company's internal research. exxonmobil, scientists produced more than a 150 studies on climate change over 40 years. they projected temperature as would increase by 0.2 degrees celsius on average, every decades that matches the current rate of global warming. the authors of the study say the research was astonishingly accurate and proves. exxonmobil knew as much as academic and government scientists, but the come reclaimed until the 2010 that climate science was uncertain. and there was no proof the use of fossil fuels contribute to global warming. steven singer is the senior advisor, climate action network international. he says that x a mobil deliberately burried its research to protect its profits. exxon was lying, and exxon was basically suppressing the science which they had funded. starting in 19 seventy's to look as a kind of pleasurable exercise or entertainment, to look into what the climate would do if you keep on burning fossil fuels. and when once it turn out that the scientists are very clear, very precise, very science based. they hav

you know, you have exxonmobil down 7%. verizon up 7%. wells down 11% lily up 7% i mean, come on.on't know what is going on. >> i just gave you a plan. if tszit's real, i gave you a gd plan >> it's not real. >> okay. i'm sorry. so there is a machine -- >> yes >> what do you want, back money? >> no, make up anything you want >> i don't want to make up anything >> mcdonald's. >> i'm saying my travel trust owns lily and right now i'm selling every damn share of lily i own. >> no you're the no. >> that is unbelievable. it was 50% of fat. i mean, i'm sorry. body weight goes down. >> some weird thing is going on. just bad market data i'm hearing -- >> tech issue. nothing happens. bad da bad market data. let's move on. >> there is a certain number of names. a lot of other names are trading. >> someone is going to own up. no one will own up it to because then they'll be fired. no one gets fired in corporate america unless they have a bad quarter. >> adding to the names visa up 6% that is halted so it's bad market data. >> visa? >> how is mastercard >> i don't know. mastercard is not halte

this comes as a recent study in the journal science confirmed exxonmobil was fully aware of the linkeen fossil fuel emissions and global heating, but spent decades refuting and obscuring the science in order to make maximum profits. our next guest is california congressmember ro khanna, who spent nearly two years investigating exxon and three other major fossil fuel companies for their misinformation campaigns about climate change. >> as early as the 1970's, exxon new not only that climate change is real but exxon's products were contributing to the climate. amy: at the end of the congressional term in december, the house oversight and reform committee issued a report along with more than 1000 pages of documents showing how exxon mobil, chevron, shell, bp, and the american petroleum institute and u.s. chamber of commerce hid their role in warming the planet by misleading the public about climate change. now the incoming senate budget committee by senator sheldon whitehouse is expected to pick up the investigation. congressmember ro khanna, democratic california and deputy whip of the

price swings and trading halts for hundreds of trading companies from mcdonalds to wal-mart and exxonmobilanual error. more than 1,300 trades and 84 stocks were marked as abnormal. 4,341 trades in 251 ticker symbols "should be busted"which is the new york stock exchange's way of saying canceled. they would reverse some trades and let them request compensation for losses. let's bring in the exchanges chair and ceo adena friedmann. what's your assessment how if at all the glitch affected anything involving the nasdaq. it's not possible. what it means for trades that occurred on our market at that moment. we are -- we have to make our own acespedesment as to whether the trades stay or -- assessments as to whether the trades stay or work with new york stock exchange and regulators to do that. liz: a lot say nasdaq and second a in nasdaq is automated and stands for automated, national association of automated quotes. >> the most important thing is put a lot of controls in place. our systems are automated and auctions automated in the way they omitter and we have people -- operate and people omi

in energy, bank of america likes exxonmobil higher oil beta versus chevron it will move more and oils the 11, this is the best performing stock the last year. bank of america notes exxon is high with the esg meter. in financials, arch capital. quietly booming up 34% in a year they call this an inexpensive consensus pick in health care, human a. they like the growing story. in industrials, honeywell. it could be a winner from the inflation reduction act. information and technology a analog devices it trades at a discount to the sector in materials, mosaic a fertilizer company it generates a lot of free cash flow the final two. one pick perspective selections from bank of america in real estate is welltower. who is welltower senior investment trust that will bounce back from covid. 3.4% dividend yield. last, but not least, duke energy they also like duke's dividend yield. call it a high quality name trading at a discount to other metrics. there you go 11 picks one for each s&p 500 sector. we will track these names on our facts and screens and periodically update you on how they are doin

a new study in the journal "science" confirms exxonmobil was fully aware of the link between fossil fuel emissions and global heating but spent decades refuting and obscuring the science in order to make maximum profits. the report finds that exxon, as early as the 1970's, predicted with breathtaking accuracy the disastrous climate path that is now wreaking havoc around the globe. south korean president yoon suk yeol has said his country could build its own nuclear arsenal or ask for u.s. troops to redeploy if the nuclear threat from north korea increases. it's the first time a south korean leader raised such a prospect since the u.s. withdrew its nuclear arms from the south in 1991. the international campaign to abolish nuclear weapons said in response -- "suggestions that rejecting agreed international law and norms to develop nuclear weapons are outrageous, and must be globally condemned. adding more nuclear weapons into an already tense region is like pouring oil onto a grease fire." meanwhile, president biden is meing withapanese prime minister fumio kishida at the white house today

abated a bit in the early 1970s only to rocket back then four or five years later and stocks like exxonmobil, bp at all time highs in many cases that tells me the rise in motty prices ebbed but not over and inflation, it hasn't addressed in dc. it's government spending that started the inflation and they've not stopped spending but it's abated as economy has slowed and inflation is not gone from the economy. lauren: the story of 2022 and tell me your opinion. i thought '22 was all about how bad is inflation going to get and how do we fix it? the story of 2023 are what are the republican cushions of trying -- repercussions of trying to fix inflation. the fed meets next week. do they go 25, 50? brink at some point, if so, when? what is the story of 2023? >> it's frustrating about central planning, lauren, is that you not have as an investor get a sense of the economy but the central planners going to do. that's rung over and over again and many educators say short term interest rates will be coming down but long term rates likely going up. the old saying on wall street when in doubt, stay out.

exxonmobile, record profit. $56 billion for 2022, strong market, strong production, cost control anday exxon is doing what the white house asked it to do regarding investments and production increases and, of course, getting those comments after the biden administration pushed backed on chevron and their earnings. that company's earnings. the inflation debate rages on. we see signs the price acceleration is beginning to slow. the question now is, how quickly does it come down from here? this is the tea leaves. >> be quick on this, but this morning the employment cost index showed compensation for workers increased by 1%. what more can you tell us about that? >> this is the fed's favorite measure of wage inflation. latest reading is coming as the fed does meet for this two-day policy meeting ahead of another hike in interest rates tomorrow. 1% gain in the fourth quarter, that means growth in u.s. labor costs last quarter were the smallest in a year. similar for wages and salaries, which increased 1% last quarter versus the quarter before it. still not enough to offset inflation. this

in business, a posting strong earning reports this morning, including a record breaking gear for exxonmobil paid all that money for gas, right? uh huh. also wanting and waiting to look. ahead for another very important report. pam cook is back in studio to wrap this up and bring us more in dollars and cents. yes, we're waiting for the federal reserve. the fed meets today. economists do expect another interest rate hike. fed wraps up that meeting and makes that announcement tomorrow. so trading pretty quiet before that announcement, even though we have a long list of earnings reports coming in before the bell rang this morning, exxonmobil posting a record $6 billion for 2022, which also breaks records for the entire western oil industry . general motors beat analysts estimates for the year and issued an optimistic outlook for this year as well. gm wants to beat tesla in terms of sales by two years from now, and mcdonalds reports a busy quarter with an increase in orders and announced plans to open 1900 new restaurants this year now taking you live to the new york stock exchange this morning,

you have a buy gas from bp, exxonmobil, chevron? all of these companies today can trace their routes back to standard oil. he dominated that business. rockefeller center, rockefeller plaza, top of the rock? the name resonates to this day. this is jpmorgan. he is in banking and finance. how would you like to go and ask him for a loan? look at that face. anyways, his office is directly across the street from the new york stock in -- exchange. he so integrated in our finance, banking. jpmorgan chase today, the name is still around. good luck, getting that loan. cornelius vanderbilt, vanderbilt university. he was in transportation, shipping, railroads, the commodore, as he was known. the point is that each of these men, they become captain of industry, at the top of their profession. and if you noticed, one thing is they are not competing against each other as such. each of them carved out their own niche in society, the american society. it is steel, oil, finance, banking, transportation. you see, these men realized early on, the compe

is just near a new high within a fraction of a percentage point of hitting new highs here, his, exxonmobilome of the refiners like valero energy and marathon petroleum the big thing, the technical analysts out there, we are beginning to break a down trend in the s&p 500 what's a down trend? it's lower lows and lower highs. and that is a one-year chart you are looking at we hit the highs january 4, 2022 we are now breaking out of that. it depends who you ask whether or not we are there. essentially, around the, oh, 4025, 4050 level is the breakout and breaks that downtrend of lower lows and lower highs yes, kelly, technical analysis matters a lot, particularly when people are unsure of the macro environment and trading on fundamentals they trade more and talk more about technical analysis we will talk more about that tomorrow. >> i have come to appreciate that absolutely true. thank you. >>> let's check the bond market right now. yields rising along with stocks today. that's kind of interesting the ten-year above 3.5% making people wonder if it will break below that number. the focus is nex

take a look, it's the biggest week for earnings with major names from amd, gm and exxonmobil, meta, t-mobile coming out wednesday, and then it's aaa thursday, apple, amazon and alphabet with their quarterly reports and depending on how the numbers come in, they could move entire sectors. big data crowding up the calendar, tomorrow case shiller price index can, and then on wednesday the adp private employment report which is a precursor to friday's january jobs report from the labor department. all that pales in comparison to the much-anticipated principal reserve -- federal reserve meeting with the big interest rate announcement on wednesday. chance of a surprise here, just about nil. the market's betting there's a 98ing % if probability that jay powell and company will tighten interest rates by just a quarter of a percent as the data have begun to show inflation is, indeed, cooling. but even as the fed dials back its rate moves, the ultimate recession indicator is flashing wildly. that would be the yield curve inversion which occurs when shorter data treasuries like the 3-month t-bill pay o

this is according to a study by harvard and pot summer searches. exxonmobil site is projected temperatures would rise by point 2 degrees celsius on average every decade because of human activity. more than a 150 climate studies were produced by exxon over 40 years. they were found to be astonishingly accurate and prove the company knew as much as academic and government scientists. but they claimed until the 20 ten's climate science was uncertain and that there was no proof the use of fossil fuels. tribute to global warming. exxon has responded to this, and they are saying a new york judge kid of misleading investors in 2019 over the cost of climate change regulations. the judgment did not clear the company of contributing to climate change. steven singer is senior climate science and global energy policy advisor at climate action network international. he says exxon mobil buried the research to protect its profits. exxon was cheaper exxon was lying and exxon was basically suppressing the science which i had from mood. starting remind him seventy's to look as a kind of clerk, pleasurable e

heard pippa talk about the tightness that we're seeing in the refining markets that bodes well for exxonmobil, which is legacy standard oil has 5 million barrel days of refining capacity. and they have very differentiated upstream projects, particularly in guyana, which continues to grow. it's going to grow from about 0.4 million barrels a day to 1.3 million barrels a day to next decade it's very interesting. so exxon to us represents one of the most interesting big oils even after the outperformance. >> and pippa, people are still desperate for returns and what looks like another difficult landscape for equities here. any readthroughs from halliburton, some of the rest of the space that could tell us, okay, demand is still going to be robust even at these higher prices we're not seeing that pullback yet, as neil says, if we're going to be averaging 80, $90, $100 a barrel. >> international remains a bright spot, especially for the oil services company, but one interesting thing, companies have been rewarded for keeping their capitol spending in check. but at a certain point, you have to meani

study shows global warming research that exxonmobil scientists conducted more than 40 years ago turned out to be accurate. exxon scientists conducted internal research in 1977 that predicted the earth would warm about a third of a degree fahrenheit every decade now study in the journal science today says that prediction was about on par with reality. climate change. activists criticize exxon when the public learned about that study because it contradicted what exxon executives and lobbyists were saying about climate change at the time. well for the first time, a startup company says it's been able to remove carbon from the atmosphere and stored in the ground. the switzerland based climb work says it's direct air capture technology is showing signs of success. the technology works by using vacuum like devices to suck in air filter out the carbon and stored underground. the company's plant in iceland is capable of removing 4400 tons of carbon dioxide from the atmosphere every year that amounts to about 800 passenger vehicles. the company hopes to be able to scale up the technology. all r

a new study claims that the oil and gas giant, exxonmobil, successfully forecast the impact of fossilut what the impact of burning fossilfuels might out what the impact of burning fossil fuels might be out what the impact of burning fossilfuels might be back in out what the impact of burning fossil fuels might be back in the 70s and then it wasn�*t widely known and there were signs suggesting that carbon dioxide would have an effect on the climate but it wasn�*t widely known what the impact would be on what this work tells us is that they are incredibly good at doing this kind of science, much better than nasa scientist. there is a very famous scientist called james hansen who was doing this of predictions there and their work is notjust a little bit better, it�*s a lot better. so that they were great at predicting how temperatures would rise as a result of burning fossil fuels. would rise as a result of burning fossilfuels. but would rise as a result of burning fossil fuels. but at the same time, as a company they were saying that the climate models are very reliable and it is not an

it is from the oil industry, this new study in the journal of science that says that exxonmobil scientistsccurate in predicting global warming since the 1970s. and that was the same time that the oil giant told the public they doubted global warming was real. you've been looking into the fossil fuel industry for a long time, in the effort but is this study, and is there any effort that should or could take effect? now >> i appreciate your covering, it and it didn't come as a surprise to me, because for two years, our committee and the big oil executives in front of us have millions of documents. and we discovered two simple facts. one, the oil companies in the 1970s knew about climate change more than anyone. they had the best signs, and they made a deliberate effort to lie to the american public, and that made it so much harder for us to transition. we could've started the transition in the 1970s, to, the oil companies unfortunately continue to mislead their talking about meeting paris accords, being clean companies, but they are not investing the money in clean technology. and they are c

exxonmobil, 55.7 billion in 2022. a record. chevron, 36.5 billion, 2022. another record. inflation, corporate greed, record profits, share buybacks -- something this committee needs to keep in mind is we are navigating this. elephant number two. climate change demands our attention. intensifying hurricanes, massive floods, prolonged droughts, rising seas, extreme heat, extreme cold. climate is changing. and it takes more than just saying the word climate or delay, delay, delay, delay, to actually solve it. the inflation reduction act is now law. this committee should join the president and the senate in shepherding affair implementation of this landmark law, pursuing diversifying our energy production, with clean, renewable energy. number three. exporting oil abroad. there used to be a ban on that. and now, oil is being exported and americans are paying high prices at the pump. this isn't an america first policy, this is the exact opposite. if you want to kickstart american energy dominance, we should start by looking at the exports that just started just a few years ago.

a new study claims that the oil and gas giant, exxonmobil, successfully forecast the impact of fossilly, what these researchers did was mark exxon's homework. they said "let's look at all the studies you did and see how good you were at predicting how temperatures would rise," and they find that not only were they good, they were exceptionally good, so they were much better, for example, than probably one of the most world—renowned climate scientists, james hansen of nasa. they were outperforming his models really by a considerable margin. so, when we look at the kind of things they did, they very accurately predicted the decadal temperature rise — 0.2 degrees centigrade a decade — they predicted that way back when. back in the '70s and '80s, people, you may remember, talked of a coming ice age, and they said, "that's not going to happen, "we've kicked out of the cycles of glaciations as a result "of fossil fuel emissions." they accurately predicted what the carbon budget would be, how much carbon we could emit into the atmosphere before we hit these dangerous levels of warming 2 degr

higher than exxonmobil? mr. ray: i get my money back. mr. barr: can you identify which entities had audited financial statements? mr. ray: yes. there was no audit at alameda. no audit at the venture silo. audit at the u.s. silo. and also audit the dot-com side of the silo. i can't speak to the integrity or quality of those audits. we are reviewing the books and records much as i said earlier, much of those books and records were maintained on fairly unsophisticated ledger workbooks. mr. barr: you testified of the lack of record keeping. there is a whole lot of financial statements that are either not audited or not available, is that fair to say? mr. ray: fair. mr. barr: in your declaration you stated you did not believe those audited financial statements were reliable. can you evaluate -- mr. ray: we lost $8 billion of customer money. by definition i don't trust a single piece of paper in this organization. mr. barr: sam bankman-fried in his testimony last year said f.t.x. has designed an offered a platform with a market structure that's ri

most recently with his presence ott exxonmobil board someone brought any n.urth activist there as well remember e ubben is more focused on his new firm, inexclusive capital. there is the environment, esg. companies doing well by doing better >> i think that some of these activists may feel that is a little too much time to spend on that not enough time to spend on nuts and bolts. say their a different board. much larger representation of the board to bring more focus. i would say that mark is a by their. but that bret taylor is going to be a successor i think all these people like to see a successor. i'm not sure that starboard doesn't want marc to step up as executive chairman i'm not sure that elliott has any plan yet >> i don't think they do they're not sharing much at all at this point. other than the simple statement acknowledging that they do have a significant position my sense is they have not had a lot of conversations with him, jim, but can you not rule out the possibility here which, of course, is an interesting story of a proxy fight that has to b

exxonmobil a higher esg score than elon musk. and he called the whole thing a scam. but essentially esg is going to be a way to bankrupt any industry. they don't like guns energy meat. they can just say it's bad for the planet, therefore we can't fund. so it's a way to put their social considerations into the banking industry. and john kerry can around and get climate pledges. it's total corporate government collusion that blackrock ceo fink has said we use coercion to in order to make these policy changes. so if a company doesn't go along with it and you're you're looking for investors you're toast. that's what all these equity asset firms which have if you combine them they're bigger than the us economy they can pick and losers at the corporate level which is why you have such corporate intimidation. they all go along with it. okay. one of our are audience members wants to know about the epa's authority to mandate emissions. wasn't it recently restricted by. the supreme court. and are there any other rules that are being now rescinded? is it business as usual with

numbers you kind of become accustomed to seeing with apple or alphabet or microsoft, so moving exxonmobiltiple value. one we focussed in our document this this summer on exxon mobile is low carbon solutions, the efforts they're making to reduce their footprint and make it a commercial business. darren woods in ap interview earlier on "squawk box," indicated that there is an impact and a positive one in terms of their efforts there from the inflation reduction act. take a listen. >> i've said all along this is a tough market when you're trying to establish a carbon market and reduce emissions what that policy does and something we've talked about with governments around the world you have to kick-start that industry through incentives to support the investments that have to be made and they're very large investments. that's one of the things where we think we can bring some advantage. we've got the experience in making these large investments the technologies are in line with the capabilities we've built over time. the financial incentives weren't there, and the ira provides it there's a l

a new study claims that the oil and gas giant, exxonmobil, successfully forecast the impact of fossilrous levels of warming, 2 degrees. so you know a big tick, did well. the researchers, the problem for exxon i5 well. the researchers, the problem for exxon is all the while publicly they were saying climate change isn't something we need to act on, climate modelling isn't that accurate. what the researchers say is they were muddying the waters, calling into question the validity of climate science, but in house they were doing it better than almost anyone.— they were doing it better than almost anyone. exxon deny the claims. almost anyone. exxon deny the claims they — almost anyone. exxon deny the claims. they say _ almost anyone. exxon deny the claims. they say the _ almost anyone. exxon deny the claims. they say the claim - almost anyone. exxon deny the claims. they say the claim we | almost anyone. exxon deny the - claims. they say the claim we knew has come up _ claims. they say the claim we knew has come up recent _ claims. they say the claim we knew has come up recent types _ cla

tom: exxonmobil, yield of three point 2%, five year net growth back to the gloom of oil 3% per year dividendget it done. i wonder how the metric will go. let me give you this one statistic -- they've only got 60 billion dollars of free cash flow to decide what to do with. lisa: such a tragedy for them. it's the story of halliburton but oil majors more broadly. when i hear about people being lit on energy companies and stocks, regardless of where the price of oil goes, that's the reason why, because of the free cash flow they will pay in dividends. tom: can i suggest that the british do this better than we do. we say 60 billion but they say 60,000 million. i can grasp that much better. lisa: then do it that way. tom: jonathan ferro is in london and we will get to that, good morning. ♪ welcome to a new era of flight. thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhh

so we have seen through 2021 and 2022, exxonmobil, chevron, bp, shell, they made a record breaking combinedrofit that is anticipated to be well over 200 billion dollars. they're also getting taxpayer subsidies during this time, and i will come back to that in a moment. we also have information today that chevron announced $36 million of profit and exxon this morning announced a profit of 56 billion dollars. some of our colleagues on the other side suggest that this is a necessary evil, it is what has to be done to fund research in production and so forth on the part of that industry, but then you think about how they're using these profits, and we see that chevron announced that it would be spending 75 billion dollars to buy back its own shares, it only investing 12 billion dollars into its business to increase production. and of course these profits, that we've seen over the last few years, they've come at the expense of ordinary citizens out there being gouged at the pump. and so, it is clear that at a minimum, taxpayer subsidies to that industry don't make any sense given the profits tha

and exxonmobil had $75 billion profits. yesterday, it was announced that chevron will spend $75 billion on buying back their own stock after reaping record quarrel profits in 20222 thriving up their own profits. this reckless wall street prove tearing at the public's expense should have consequences. in this bill, the republican majority seeks to give away more sensitive land for oil and gas development without even the pretense of a guarantee that it would even lower gas prices. this amendment is simple. companies who engage in stocks buy-backs should be prohibited from leasing new land for oil and gas production. i yield back. the chair: for what purpose does the gentleman from -- did you know did you know i rise in opposition. h.r. 21 is about strengthening the s.p.r. by requiring nonemergency use to produce american energy resources. we have witnessed the tremendous benefit of energy security from the shell revolution and the advancements innovations from american companies, private companies, companies that have owners