ah, exxonmobil denies withholding data on climate change. it's website states that the risks of climate change a real and the exxonmobil research has been published in scientific journals. we'd like to ask x on mobile, wyatt funded climate skeptics, and in add some statements has cost out some climate science. but exxon did not answer these questions and declined an interview. we'd also like to ask a p, i about the critique that it spreads down about climate science. but a p, i hasn't replied nor agreed to an interview. exxonmobil and api i right, that they are working on technologies that may reduce climate change. they've also said this in commercials, plans capture c o 2 would have other kinds of plans captured it too. if be deuced carbon emission levels to the lowest in a generation. let's make tomorrow better together. ah. beyond dark light beyond petroleum b. b. but our green ah, the oil companies, actually today we asked the wells 5 largest oil companies, how much they invest in green technology and how much they invest in extracting

exxonmobil is one of those names to participate in.drop they sold, a trader willing to be put to exxonmobil if it were to fall between 114. these are options expiring this friday this is a unique way to pay the options where you're going to collect some premium if you are willing to own this stock. look at the charts there, exxonmobil trading almost at all-time highs, basically saying, maybe we won't get through this 116 mark quite yet. this is a stock i own. i like it. and this is kind of an interesting trade to say, hey, 114 is a level i'm willing to own. >> brian, thank you. be sure to tune into the full show friday, 5:30 p.m. eastern time. >>> up next, what is up with warner brothers discovery stock. why the company's new streaming service seemed to get a big thumbs down from investor. stick around much more "fast money" in two. >>> welcome back to "fast money. shares of warner brothers discovery glitching today, after the company detailed its new streaming service called max the platform -- why is that funny? >> sorry >> combines

i like it over there you are looking at what exxonmobil is doing.t mean for the u.s. gas market? >> we talk about how we haven't built a new refinery in decades. they haven't built new, but added on to beaumont facility. it is online now exxonmobil built it to use the production from the permean. the light crude from that region the gulf coast refiners need heavy sour crude and cannot avail the permean. they look at the great demand for gas and diesel fuel and terrific refining margins that persisted since covid. >> john kilduff. that may be what we see for the summer $3.66. it got up to $5 a gallon last year john, thank you. >> consumer friendly forecast. thank you. >>> time to get a check on the other headlines. nbc's phillip mena in new york >> another mass shooting targeting teenagers in jasper county, texas. it erupted at a house where 250 people gathered for an after prom party nine people were shot. victims range in age from 15 to 19 years old thankfully, they are all expected to survive. people of interest were questioned, but police did not

. >>> a potential mega deal as exxonmobil eyes a drill deal >>> and tesla looking to expand its footprintchina it is monday, april 10th, 2023. you are watching "worldwide exchange" here on cnbc >>> good morning welcome to "worldwide exchange." i'm frank holland. we turn to the developing news in china and tension with beijing and washington the missile destroyer carried out a mission in the sea that after military drills with simulated strikes against taiwan this weekend eunice yoon is joining us from beijing with the latest on this story. eunice, good morning >> reporter: hi, frank it is not only simulated precision strikes, but blockade around the island. the state media here has carried video of nuclear capable bombers armed with live missiles and war ships. in addition, the news outlets reporting that the aircraft carrier is engaging in the war games for the first time the military says that these exercises are quote stern warning for taiwan after the island's president visited -- >> all right we just lost her signal. we will try to get her back later in the show. >>> time to get a ch

and what will be researched. exxonmobil says it funds universities to promote green technologies. and shell tells us it wants to help solve the serious climate challenge. why is this a problem? i mean, if they use their money for doing some research for go to what's, what's above, when the very people, the very institutions the supposed to be solving the climate crisis. a fundamentally reliant on the industry that has the most to lose from their work. that's a pretty big conflict of interest. jeffrey superman thinks that the many millions are intended to influence students, teachers, and scientists. the strategy come straight out of the playbook. the api i strategy paper also states informing teachers and students about uncertainties in climate change will erect a barrier against efforts to impose kyoto like measures a measure put in place to limit the emissions of c o 2. and that's why in the medical research community, there are established practices there established rules by which one must disclose these kinds of conflicts of interest. many universities used to receive million

when exxonmobil and api, i writes that they are working on technologies that may reduce climate change. they've also said this in commercials, plans capture c o 2. what if other kinds of plans captured it to if reduced carbon emission levels to the lowest in a generation? let's make tomorrow better together. ah. beyond dogs, light beyond petroleum b, b. but how green all the oil companies actually to day we asked the wells 5 largest oil companies, how much they invest in green technology and how much they invest in extracting fossil fuels. chances that it now spends 5 percent of investments on green technologies. the french oil company total says it spends 10 percent b, p, chevron, and exxon mobil did not answer. so we asked influence map an organization who analyzes key climate issue figures to review their investments. the figures show that all 3 oil companies are at the low end and chevron is less than one percent. 2 combined figures show that the wells, 5 largest oil companies, fossil fuel investments, are at 95 percent on average. wow . i think it's fair to say that the climate ch

exxonmobil, for its part, has climbed about 35% over the past year. it's got a $468 billion market cap while pioneer is at about a $69 -- 49 billion market cap. so it could swallow pioneer. we are going to get more on this as soon as the journal starts to put out some details, we'll get them to you. in the meantime, we are also waiting on a crucial federal reserve report that is imminent, due out any moment now. it is the federal reserve's -- they call it a g-19 credit report, and it's going to reveal total consumer debt in the u.s. for the month of february. it includes student and auto loans as well as revolving debt and is expected to climb $19 billion. now, for comparison according to the fed, january consumer credit debt increased by 14.8 billion hitting 4.79 trillion in total. so we are also going to get a breakout for february's outstanding credit card debte to $1.2 the trillion. so to make sure you get this number, we've got ed regard lawrence standing by in washington, d.c., he's going to get the numbers and bring them to you the second they

joining us right now is dan ammann, the president of exxonmobil's low carbon solutions unit it is goodks for having me. >> let's talk this through, first of all i think often this kind of goes over people's heads, exactly what low carbon solutions, what the business is, how it works. why don't you give us a brief primer. >> sure, so we're doing two things we are helping accelerate the world's path to net zero and if you look at the emissions the world produces today, about 35 billion metric tons of co2 equivalent annually. 80% of that comes from heavy industry, power generation, industrial processes, commercial transportation and those are the sectors that we're focused on helping decarbonize. these are often viewed as the hard to decarbonize sectors, but we have a lot of expertise inside of exxonmobil we can bring to bear to help decarbonize these industries we're doing the same thing inside of our own operations, reducing carbon intensity of exxonmobil operations and we're taking all of that know how and helping other heavy industry decarbonize. >> dan, a lot of our viewers know you,

exxonmobil higher on earnings. reporting a beat on the top and bottom lines jim, you own this one. >> yeah, i'm very comfortable with it. i know oil has been all over the place, and there should be some tracking between exxonmobil and oil. but overall, first off, i think oil is going to go higher. here's why we didn't get any strategic petroleum reserve refill in the last few months. i think that had to do with the debt ceiling give me a little runway here i think the debt ceiling basically meant the money wasn't there to spend a couple billions of dollars on refilling the spr. they're going tostart refilling the spr. oil, which went higher when opec cuts were announced is likely to go higher. you have china demand picking up, and by the way, i think the u.s. economy is doing a heck of a lot better than people are giving credit for. all this says to me energy prices are going higher. exxonmobil is going to be a direct beneficiary on top of that really forgiving valuation, great dividend yield. i'm not sure what the

exxonmobil is expected to hit in the next 15 minutes.have a first on cnbc in interview ceo with darren woods. >>> shares of first republic down 50% this week after the bank reported total deposits fell 40% in the first quarter. the bank is working on a private sector solution with hopes of avoiding an fdic takeover. joining us for more is larry mcdonald larry, it is friday. we are talking about a bank with an awful week. the stock is down 50%. the deposits were down when they released earnings on monday. you have to think the situation was worse at the end of the week stock is up 67 cents what do you see with credit swaps and defaults >> the short interest on the stock is high in the 90s from what we hear there is a bit of that short covering which is likely the loan book is $174 billion, becky, versus $1 the billion market cap $1 billion of equity against $174 billion in loans. senior long bonds are trading in the mid-20s. that many comes out to a 17% yield-to-maturity. the fixed income market is telling you it is all over >> does that

with that being said, there's a loss of momentum how do you play it you look at companies like exxonmobilich as you said, will report friday, and realize this company, they have not lost their momentum they, in fact, are trading at the upper end of the range, and recording record profitability, and they will use that to go out and expand upon their growth we have heard about interests surrounding pioneer natural resources, and i suspect there will be other companies that will follow a similar strategy, so stay high up in quality with a name like exxonmobil >> how do you account for the different forms of chevron and exxon? >> the refinery business, and seeing refineries more recently have come under a little bit of a stress with the higher oil spr price itself i don't think there's that much of a distinction between conco, or exxon -- >> bryn, you are an expert in this and you are down in houston. i know you own other names, diamondback, viper energy. >> et cetera, et cetera. we talk about the sell main going away this next quarter is the strongest sector for energy. i can see that while

chevron and exxonmobil set to report results before opening bell stocks telling two stories for investors this year after massive rallies in 2022. exxon is up 2% from hitting the 52-week high one concern is recession and consumer demand slowdowns. joining me now is biraj borkhataria. good morning >> good morning, frank. >> let's talk oil prices we saw a bit of a spike in oil prices after opec production cuts spiked $10 a barrel from where we are right now it settled back to where we were before the spike how does it impact the two companies? >> there were fears on recession forces which drives lower demand and prices we are coming from a strong commodity price environment in 2022 energy performed well last year and exxon and chevron participated in that this is a moderate environment that will weigh on earnings for this year. >> that spike does impact refinery business and margins. which one of the companies is more exposed to that >> so, exxon is the largest refiner among the global companies. over 4 million barrels a day two times the amount of chevron. that is the reason we upgraded th

so if i had to pick something especially with pioneers news today that exxonmobil was chasing them, i would say conocophillips. another stock with a lot of exposure to what goes on with fracking and so forth. that's why exxonmobil wants pioneer, so i'd say keep an eye on this just like you're keeping an eye on marvell, with micron and western digital. liz: well, you know, if we wait til the cycle goes through and we stretch conocophillips to longer than just a week, would you be buying at the highs? the lows? tell me what we're looking at here. i mean, way high, right? >> oh, i think that one goes towards 120 a share. it was 106, i think, this morning, conocophillips. i think that one goes up towards 120. why that? because you always ask me about the options. those are the options they're buying in, may and june are at the 120 stripe. so that's my target short term, liz. liz: what about you, jon -- score concern sorry, mark. >>st the really okay. i've been called worse. [laughter] liz: talk to me about the overall picture when you're defining for a client the investments that will wor

another one sneaking up, and it's been very iffy, either side of positive or negative, but exxonmobilslowly creeping up it's up about 6% it's been far stronger than most other energy stocks in general and it's right near a new high about 1% and greg is the specialist, one of the big guys down here for many years overseeing exxonmobil back to you. >> bob pisani. >>> a time to look at notes catching our notice and goldman taking a look at streaming profits with headwinds across the board. they maintain warner broez as their top pick wells sees disney as the best opportunity in media they think the company's dtc efforts could bring in $100 billion by 2025, driven in large part by leveraging hulu and espn our own julia boorstin joins us with that. i think the wells note took disney to $147, something like that, julia? >> yeah. it's so interesting to look at the comparison of the different media giants i just have to pull up, carl, the one-year chart for these different stocks i think one reason we're hearing such optimism from goldman sachs about discovery is they underperformed the rest

you've got chevron up about 1%, exxonmobil up about 1.6%.ess, u.s. steel. but it's benefiting from the oil boom. the steelmaker beat first quarter forecasts and rising sales of profit from oil well pipe. that helped offset a loss in the company's flat-rolled sheet steel business. year-over-year first quarter adjusted earnings did drop though 75%, so we need a little more gran you lawyerty on this. -- granularity on this. joining us now, president and ceo, david burric. that's a big drop. >> thanks so much, liz. i've got to first say we've got to thank our employees. through the ups and downs, they always come through for us. these folks work 24/7/365 in tough environments, but we couldn't be more pleased with our ability to beat the expectations yet again. liz: and, by the waying very courageous job with, a steel mill is in-- dangerous job. so my props and my respect. >> i would say it use to be dangerous. we're doing better on that. in fact, i like to say we're the undisputed leader many safety as measured by by days away from work. we're 1

the term for the sale of a share in the sakhalin 1 project for exxonmobil has been extended .ladimir putin signed the corresponding decree . of the year. she completely stopped her activities on the sakhalin boss, the project also involves a japanese and an indian company. earlier, india confirmed that it would retain its share. then my authorities in japan announced that one of the sakhalin-2 would also not refuse to participate in sakhalin projects? saudi arabia raises oil prices for asia for the third month in a row a barrel of arabi clyde to buyers in the region in may will cost 30 cents more, while the sudden decision again plus cut production, market participants polled by bloomberg believed that the price for asia will, on the contrary, be reduced by 43 cents per barrel with the audio frame selling most of the oil produced specifically to the asia-pacific region, mainly under a long-term contract, prices in which are reviewed monthly. general motors is planning massive layoffs as part of a cost-cutting program the auto giant will deliberately lay off 5,000 people. this

koracheganak 76% are distributed between the italian eini the netherlands british shela american exxonmobile, in turn, american european and japanese companies own already more than 90%. really. i wonder if it just coincided or the strike could be related to a lawsuit against international oil companies the idea is that, in any case , i have. yes, that in general, those protests that were there in january last year or what we see now are pretty well orchestrated, the participants are legally savvy. they know what to say during arrests, and they know how to react to what. and they are well funded. that is, here imagine the unemployed who have lost their jobs. that's because their company is a loser. at the same time , they have money to come to the capital, and they were accommodated somewhere. they also lived there ate somewhere, and most likely, well, as it were, there are certain amounts. i even assume that this is possible, one of these, but hmm the first bells. yes, there, the forthcoming color revolution, because imagine, uh, the amount of lawsuits that kazakhstan has filed now in relat

the term for the sale of a share in the sakhalin 1 project for exxonmobil has been extended.orresponding decree was signed by vladimir putin . according to the document, the time period for the sale of the unclaimed share of foreign partners in the oil and gas project has been extended from 4 months to a year. of the year. she completely stopped her activities on the sakhalin shelf project also involved japanese and indian company india previously confirmed that it would retain its stake. then we announced to the japanese authorities that they would also not refuse to participate in the sakhalin-1 and sakhalin-2 projects? before leaving russia, the american company cisco destroyed inventories worth 3 billion rubles. and also office furniture and equipment worth a modest amount of almost 3.5 million, such a decision at the overseas ocean headquarters was explained by the impossibility of both export and export of assets, located on the territory of russia compensation for local employees of tasks urgent termination of contracts. still, it was worth paying. this is about 1.5 bi

symone: exxonmobil posted strongest ever start to the year with net income more than doubled from a yearer to $11.4 billion which is the highest first quarter profit in their 140 year history. chevron also posted better-than-expected results with profits from oil refining that sword and investors are watching to see if the oil super majors can sustain message by -- buybacks dispute -- despite slumping prices. lazar warnedd that layoffs are on the way. the asset manager says it will cut about 10% of its work force. it has a little more than 3400 employees in the firm blends its performance on slope activity. weight-loss services provider jenny craig is considering bankruptcy. the filing could come as early as next week. it is trying to find a buyer for its essays and has been taught for months and is worth roughly 200 -- and has nearly $250 million of debt. that's your bloomberg business flash. kayley: good morning. and morning to everyone on the west coast where it's 20 past seven and time to get to the startup where we cover the top tech stories from the bay area and beyond. joining us

. >>> exxonmobil an abandoned the mission in brazil after failing to find enough oil according to thel street journal, the oil giant is walking away after five years of exploration and billions of dollars spent. the reaction in the stock today has -- this is yesterday's trade -- still trading well as we know because of the price of oil and the back drop has been quite beneficial for the oil and gas companies. >>> now switching over to the story i have been following closely this week. that is european banks this is the picture. today, we are seeing relief for the banks. deutsche bank up .90%. ubs trading up .20%. credit suisse not trading that much trading close to the price of ubs acquired it in the takeover deal >>> on that note, switzerland has been told to slash bonuses for anyone at credit suisse and see if those already paid out to be recovered this following the anger after the 260 billion swiss franc bailout. the swiss federal council says 1,000 employees will be affected with up to 60 million francs of bonuses canceled a lot of unhappy employees after the reports of the weeke

exxonmobil >> an oldie and a goody, but i can't believe, you know, that people aren't really lookingerally their most profitable quarter to date. tremendous operational discipline, control, and obviously this is basically on the fact that oil stays 60 to 80 for as far as the eye can see, and if that's the case, you're looking at it for three to five years, a very, very good steady cash flow. i think it's a good, strong bet. >> all right boris, thank you so much we appreciate your time today. >> thank you guys. take care. >>> next week it's going to be a busy week. there are lots of companies reporting earnings you and i will be in washington on wednesday for the big fed decision we'll give you two hours of pre-fed content. >> very excited for that we've got actually a bunch of good guests lined up as well >> at the end of the week, the jobs report. the conference and can the buffett mania out of -- >> get your rest >> cnbc. thanks for watching "power lunch. >> "closing" starts right now. >>> welcome to "closing bell." i'm mike santoli market heading higher on this final trading day f

the pop, the energy sector coming off a 5% gain the best day in six months chevron is up 4% and exxonmobil up 6%. marathon oil gained 10%. let's talk to jason gabelman here about this issue. >> thank you. >> are the fundamentals in place for oil to rise to $100 a barrel next year? >> it will have support the rest of the year before the opec cuts announced over the weekend it was an expectation that oil would rise in the second half of the year the costs support that further it has been our view that opec would underpin the market regardless of demand we are seeing that happen in real-time. >> we are seeing it in real-time. i want to ask if this spurs the potential of oil production in the united states? what does that mean for the u.s. based stock? >> it could spur on the margin the al le-- marginal level. we think they are having the price reaction we are seeing is the expected response from shale oil is most muted. opec would have been less comfortable doing a cut like this because they were be nervous to lose to shale oil that reaction is tepid in production growth as a result of higher

. >> from investment standpoint anybody has get against oil, oil companies are underperforming, exxonmobilyears. >> of course, no doubt about it they are going to continue to make many semesters play cards right way this has been going on, since the obama administration, rm, when he had his green jobs czar van jones all things that they put money into recent story about high-speed train, in california. 33 billion dollars now almost 130 billion dollars in costs, don't have any done not close to being done what did you put up on screen 92 trillion dollars for this can you even conceive the size of that number how much more than that is? if you are going by all the failures from the past you might as well multiple that by four. inconceivable. >> janet yellen admitted in the testimony in washington that the inflation reduction act climate change bill. inflationary you are making the price of everything go up epa now wants to dictate, insurance, and warn tooez on car batteries the cost of everything go up. tiana: projections evs will comprise two-thirds of all new cars win next decade. maria: y

navigate through that process even if the fund mentals and technicals don't line up, and that would be exxonmobil, diamondback energy and hess. those are the three names i would play, full discloser, the etf owns all three i would avoid the refiners because there's potential pressure on the refiners as the price of crude continues to go higher, but i would look at those three names. >> okay, the second best performer in the dow today, energy and pioneer >> yeah, the last three you mentioned, the production these companies are doing is now limited. they are focussed on how much they are spending and on cash flow, so this gives the companies a chance to go out and hedge their positions and make money, buyback shares or increase their dividends for the oil stocks not out there expending a lot of money -- which most are because they are disciplined, but you get an opportunity to add more if you don't own it, and we are slightly overweight on energy and we like what we are seeing today. >> liz, you like energy from the beginning of the year, and does this give you new-found hope, if you will, that thi

a look -- this is the segmenty we look at the biggest upgrades and downgrades we're looking at exxonmobile target from $125 to $144 per share exxon is if there the best position to outperform energy's upcircle even though energy is down this morning. snld, rivian it'slowering its price target. while rivian is well positioned to capture market share near term, it's very similar too what we heard morgan stanley's adam jonas say yesterday. >>> thirdly, apple raising its price target on the earnings from the 175 to $190 a share that's despite expectations of mixed results. jpm says it still sees it as a save haven position. shares of appling you can see down a percent this morning. >> turning to earnings and shares of the bank, western alliance surging after a reporting of reversal of outflows amid a collapse of silicon valley bank after reporting $6 billion with in withdrawals in the first quarter. it took in $2 million in recent days our dom chu joins us now with more dom. >> if you look at it, the reason so many people are focused on banks is because western alliance and others are caught

lauren has the movers and exxonmobil, that is a mover.n: yeah, first quarter profit and despite lower prices, production numbers are up and on the acquisition trail. stuart: what's wrong with snap because they're way town earlier. lauren: everything. metric fell and revenue down 7% and revenue user down and things tough in the ad business. so even though they're using all the fancy words like chat bots and virtual reality, they have a lot of competitions. so investors aren't positive going forward. stuart: down 18.8% and that's a huge drop. lauren, thank you. new york city subway no longer sharing service updates on twitter. it would have cost them $50,000 a month. they can't afford it. we'll explain. harvard professors banding together to fight for free speech on campus. pete hegseth ripped up his harvard diploma over the school's politics and see if he's had any regrets. he's on the show shortly. former white house chief of staff blames seckism and racism for why -- sexism and racism for why people don't like vice president kamala harri

. >> exxonmobil.he used car market is going to pick up, because people are buying new cars. >> to matter which tech giant wins in ai, they're buying stuff from nvidia. period >> you had so much time left, josh you're complaining, you're grousing about not having enough time it was fun, guys i'll see you tonight at 5:00 "the exchange" with kelly starts right now. >> melissa, thanks hi, everybody. welcome to "the exchange." i'm kelly evans. here is what is head we have new details on first republic's desperate pitch to save the bank. the window to act is closing fast should the government step in? one of the guests says the answer is yes, and he explains why. and the economy is like a car speeding down the cul-de-sac it looks good right now, but there's nowhere to go. two names he's buying. as the uk is clearly closed for business harsh words from activision after

streak an energy turn around might be under way, but will prices keep rising here's what the ceo of exxonmobilsay. >> if you want to gauge where prices are going, gauge where inventory is at. we're coming out of a period of fairly low demand. supply has been consistent so you build inventories that keeps stability in the marketplace, which i think is a good thing i think the industry could be very successful with the prices we see today >> exxon and chevron beat on earnings this morning. but my next guest says it's the smaller companies that could prove to be a better buy good to see you, neil. welcome. >> thank you >> what are you most excited about in the space right now we do have obviously a tough five, six-month losing streak. >> the stock, unlike years ago, these stocks are taking off so much free cash flow, that the return to investors is incredible it's not the record levels of last year, but a number of my names, even exxon and chevron are paying almost 10% precash flow yields and paying out almost half of that to investors. some of my smaller companies are paying out 70% of that free

the journal reported a shale driller head preliminary talks with exxonmobil over potential acquisitionexxon would make a play for west texas. they have $30 billion in cash. pioneer up over 7% on the report. cf industry upgrade to sector outperform at skosh shabang skosh bank. ashley: apple seeing global systems of pcs plunging by how much? lauren: for the first quarter, down 40 point 5%. the entire industry saw shipments fall but idc says total sales fell 29%. obviously worse at apple? why? demand for computers softened after everybody upgraded everything over the pandemic, right? ashley: right. lauren: the bright spot of this potentially is good news. now look what apple is doing, manufacturers have time to make changes where they produce their products, aka maybe move assembly lines out of china. ashley: right. interesting stuff. lauren, thank you very much. >>> now to this story gaining a lot of ground and a lot of headlines, tennessee bracing for protest this morning as a lawmaker expelled for participating in protests on the chamber floor could be reinstated. we will have the very

. >> reminder as well that the exxonmobil ceo darren woods will be on "squawk" 7:30 a.m.on't miss that on the back side of that company's earnings. >>> up next mike santoli with his midday word. we're back on "the half. dow is better than 300 ♪ ♪ do the work, before the work. bodyarmor lyte. more than a sports drink. ♪ imagine, a car that goes as far as it does fast. as sleek as it is spacious. as smart as it is beautiful. introducing lucid air. experience the best. ♪ ♪ >>> all right, senior markets commentator mike santoli here for his midday word. gdp week meta good. >> yeah. >> what do we have, fed stop plus megacap momo? >> that's a big piece. people can take either side of the gdp week because the immediate market reaction in the dollar and yields was consumer spending still has momentum and inflation is still sticky, so headline weak but we can play it however we like. i think there is an attempt to alter the script a little today because the story line has been super weak breadth in this market most stocks actually struggling while a handful of megacaps support the

a lot, lot longer" and this comes as deal making in the oil space may be picking up steam, with exxonmobild if exxon makes a move, could chevron be next? let's ask my next guest, an expert in the oil space and will tell us where he thinks this is heading. stan major, good to see you again. welcome back >> good to see you >> i know you focus on the small players, we'll talk about that later, but in the broad, sort of canvas here, do we need this consolidation, why do you think it would happen, and what would the impact be? >> sure, consolidation makes a ton of sense if the energy industry if you look at the u.s., there is a lot of operators in each bas basin. you have 20, 30 operators in each basin a lot of them are smaller players. as you get bigger, the operations get more efficient. you know, trucks driving by each other, canduplication processes. so consolidation makes sense it's very good for shareholders, because when you combine the two, the combination is more profit itable. usually what holds these things up, sometimes it's the board of directors, but it makes a lot of sense to con

if you look at marathon oil, exxonmobil and eog, these are three of the volatile names in energy, huge spikes in yesterday's trading, opec cutting production we have seen that giveback today. still up for the week, but the reversals we're seeing today play out in oil stocks is catching some trader attention and let's get a check on the bank stoxz we are seeing some weakness there, especially in some of the regionals. jpmorgan, down 1.5%. citi, wells fargo, some of the laggards and first republic is up there because it's been one of the biggest regional banks to focus on, down about 5% in trading today. we'll stick with the banks jamie dimon is out with his annual shareholder letter, and his tone regarding the economy has brightened a bit, a little bit at least remember back in june when he warned about an "economic hurricane. he now sees mere storm clouds on the horizon. writing, today's inverted yield curve implies that we are going into a recession however, it may not be true this time because of the enormous effect of quantitative tightening but starr said earlier today on "squawk b

since opec cut oil out put, marathon up 7 1/2%, conocophillips up 6.8%, exxonmobil up 5%.oser is picking one as his favorite. let's bring him in, barrow handley portfolio manager. he currently manages about 43 billion in assets. mark, reveal the name. i need to know exactly why. because there are a lot of names in here that have the potential to do well. >> sure, first, good afternoon. thanks for having me. >> sure. >> when you think about a commodity business like an oil business, what you want to find is the low cost producer so that fluctuations in the absolute level of price can still mean high earnings, cash flows, et cetera for the business. it buffetts you that way. you also want to think about a company that can grow as we move forward. move forward could have good prospects. hanson in particular qualifies for both of those, lastly a offshore business, leader in offshore in terms of low cost combined with potential prospects, being offshore at the moment also removes it from any political overhang we currently have in the u.s. in thinking about drilling and potenti

so a lot of times they're getting hired by exxonmobil to be an environmentalist making environmental impact statements, but it creates environmental, which is going to lead us to where the fourth wave's coming with climate change. and i dwindling time. i will tell you earth day. nixon decides split the difference. he gives interior staff the day off to teach people about earth. he plants tree on the white house with pat nixon good photo op so he did something tree planting legit and hires the fbi do deep surveillance on the earth day headquarters in the and protesters. nixon says they're pinko commies. i'm worried that this a ruthless socialist plot and it's aim to make me look bad and so erlichman and ruckelshaus people go and the one of the funnier memos we historians read other people's mail for a living one of the funniest letters is with erlichman and ruckelshaus. erlichman and pete mccloskey out here in california, a former republican moderate environmental congressman. he's they're good friends, erlichman and pete. and he says pete, you won't believe what the fbi has come up w

he found rex tillerson, a longtime ceo of exxonmobil, to be the secretary of state. he, steve mnuchin, was a pretty serious person to be the treasury secretary. he had he found john kelly to be at the white house chief of staff. and i think figures of that stature are just not around trump at this time. yeah, george. yeah, i don't know about that. secretary of the treasury, mike lindell, you heard it here first. no, i, phil and i early on and it was like the first weeks of the trump presidency, we wrote a story about, believe it or not, trump was picking cabinet members. according to what they looked like and he like didn't want john. he didn't want john because he didn't like his mustache. yeah, so and he likes nikki haley for the united nations because he thought she looked international and he seriously and he he was into mitt romney for a moment because he thought he looked the part for secretary. it was central casting. we had a lot of fun with that. we did have a lot of fun with that story and it got a lot of attention. yes, sir. i'm interested in your opinion

> and that is what the very first minute of all in looke like ten years ago a pipeline owned by exxonmobilound 134,000 gallons of oil in that arkansas community the company ended up paying a million dollar settlement fo violating the clean water act, as well as state environmental laws, although it did not admi liability. i was lucky to be joined by an outstanding panel, som familiar faces that included vermont senator, berni sanders. also covered the keyston pipeline, the ncaa and a cheating scandal in the atlant public school system nearly three dozen educators were indicted at the time, i was particularly interested in how the lead prosecutor wa approaching the charges. >> the statute that th indictment stemmed from is georgia's version of rico. >> it is indeed. >> a conspiracy statute. which is something a prosecuto usoften allows them to sideste showing some kind of direc moment of implicated guilt i the guilty party, right? if you're part of a conspiracy he should've known or did no >> eventually, 11 of the 1 educators who went on tria were convicted of racketeering charges. it was a

a company called exxonmobil released earnings up again.orming energy stock in the world this year is up basically about 150% since covid and they announced that they spent $6 billion, not a trillion, not 600 billion, 6 billion on cat bags helping reduce carbon emissions coming you need oil and gas, you are going to to use oil and gas, axon is going to find a way to do it using less carbon. i would invest more in them then i went the inflation reduction act, thank you very much. >> charles: on that note, have a great weekend, we appreciate you. let's have a quick look, what i really thought was amazing, we surged into this close, i mean, we really surged. you can see the strong rally for the month, the dow and s&p both higher, and this tech heavy nasdaq is somewhat mixed up, but at the last moment squeaking into positive territory, but coming up a tornado in destruction, and severe weather threat for the folks that is not over. we will have the latest. plus with the growing possibility of another rematch is joe lieberman pushing a third opt

supreme court has declined to hear lawsuits by exxonmobil, chevron and others to move lawsuits filed in state and local governments to the federal courts. so the suit accuses companies of worsening climate change. and an attorney for chevron said that because these are nationwide issues, they should require a federal response. the high court disagreed a joint statement from several california cities claim that oil companies knew the dangers of fossil fuels but chose to deceive their consumers anyway. >> yeah, new this morning, president biden and vp kamala harris have announced their 2020 for re-election bid. coming up, i'll share with you coming up, i'll share with you their new campaign video meet three students all learning to save and spend their money with chase. freedom for kids. hungry? thank you, chef. control for parents. nice. one bank for both. chase. make more of what's yours. >> welcome back to kron. 4 morning news. it is 9.28 on this tuesday morning. set us behind. it is live look at a lot of sunshine coming down. construction going like they're doing some work on a whi

you know, i remember exxonmobil, i remember everybody hated that stock. that's one of my favorites. and then take a look at rig, transocean. everybody love ared that stock many years ago, it crashed. what a comeback story. i think transocean is going to be the story, the reemergence of the cleanest type of technology to bring oil to the global market is, you know, offshore, and i think that stock's going to do very well in this new environment of sharply rising energy prices. cheryl: let's talk about the economy, ryan, because obviously the other big question here is if you see the inflationary pressures hitting the economy from the oil side of things and gasoline prices -- which has already helped us get to 6% on cpi year-over-year -- does that tell you that the fed is going to the pause? there's about a 58% chance right now that the fed is going to the only do a quarter point in may or june. not both. one. >> yeah. you could almost flip a coin right now. i always lean on the optimistic side, and i feel like the fed may actually pause next month because you just saw producers paid,

pioneer natural resources, the third-best performer in the s&p today, after a report said that exxonmobilrly talks to acquire the company cnbc has reached out to both firms for comment. the deal would be exxon's biggest since buying mobil in 1999 speculation helping the oih gain today, even as crude oil prices fell guy, do you think the backdrop is there for a wave of mna >> yeah, and i think tim would probably agree i think he stated as much. the balance sheets of so many companies are in a position where they can do things like this, or, conversely, they can use their stock as currency and do it that route i happen to think the administration, the current administration will lose their collective minds if something like this happens, i mean, last i looked, pioneer was in the shale tracking business, which i'm sure is frowned upon, but you know what, it speaks to the underlying strength of the industry and i don't know if necessarily this will happen i think if it did happen, the deal would be north of $65 billion by the way, but i think it's noise, but i think that noise is justified, g

a lot of the exploration in production companies and marathon oil, conoco philips and exxonmobil, and anywhere up from 5% to 9%, 10% on the day and the energy sector spdr up by far the best performing sector and by far in today's trade the big question is why cut now for opec and where do prices go from here from the impact on the energy market to what you will pay at the pump, we'll have all of the angles covered helena krop, rbc, and she's also a cnbc contributor bob mcanally, founder and president and our own brian sullivan brian, we'll begin with now, the man who knows all things oil as our oil and gas reporter lay out the big picture for us here. >> i only know because i read helena and bob's work, dom thank you. i'll let them do the analysis and i'll just give you the blanket news what a surprise. i think some smart person i read called it the prince of plot twists and i think it was someone by the name of lima kroft. opec's technical committee, dom, is meeting today there was a meeting today so we thought, oh, maybe monday we'll get a little news out of this committee, maybe no

take on apple a great window into so many things, but first let's talk oil for a second chevron exxonmobil beat first-quarter earnings revenue expectations, oil prices this morning are actually at elevates levels 1%, 79.20 crude 74.897 up a quarter of one percent you have been watching talked about oil stocks have owned them where are you on oil given that strategic petroleum reserve is lowest levels since 1980s, dan. >> yes, so, we have to look at o commodity when we trade unlike a stock like amazon, et cetera, oil prices can't go up infinitely, when opec came out april 3 did a surprise, oil prices spiked being from 76 to 83 we sold on that day. and now though if you look at oil prices they've come back below those levels down about 75 on west texas intermediate so we're much more interested we put this out on social media platform, that we are starting to buy back into the oil stocks, don't forget, china which is a world seglargest consumer of oil they have golden week coming up a week where everybody, travels go to home towns, and i think what you are going to see is after three years b

let's start with exxonmobil and the possibility that it might buy pioneer.ock little moved on this news >> yeah. i like this a lot. i think we'll see more of this in the space you have companies that are now in better financial position than they've ever been exxon huge cash surplus, already returning a significant amount of that capital through dividends, suring up their balance sheet. pioneer in the same situation. what better use of that capital than to expand their footprint pioneer is a huge player in the permian. that gives them additional resources. i think it's a great play. i think investors can get broad exposure instead of trying to pick the next target and buy the xle, just get broad blanket exposure to the whole group. i think we'll see more m&a activity >> especially if the acquirers are not separating down. micron is up sharply after news with samsung what do you do with that stock >> you keep accumulating the dips we don't always get them right, but we were talking about this name after their earnings announcement a few weeks ago where they m