exxonmobil is rumoured to be in talks with tesla, ford motor, volkswagen and other auto—makers to supply. lithium remains tiny compared to the fossil fuel business that has powered profits for exxon and for the other oil majors for the past several decades. but their interest suggests big oil thinks it may get bigger in the future. and that's it for this edition of asia business report. iam i am monica miller. thanks for watching. bbc news — bringing you different stories from across the uk. it's 100 years since the first mg rolled out of morris garages in oxford. a century on, they're still drawing a crowd. the appeal, certainly when i was youngster, it was a sports car, it was a two—seater, and you could have fun with it. but a wet day could dampen all that. it's not a car at all for the rain. no, no, definitely, most definitely not. this is its first outing in the rain since completing its four—year restoration. yeah, as i say, it's totally original and i've done all the work myself. archive: mg - - for 35 years, a magic for years, it was the ultimate boys toy, and so it remains today

energy is the worst performing sector exxonmobil warning that lower nat gas prices will hurt its second quarter results there you see exxon down 3.5%. chevron following suit down 2.5% and conocophillips down 3.5% affirm also down big piper sandly downgrading that stock to underweight it puts the price target at $11 because the big concern, rising interest rates will hurt the margins. you see affirm holding, down 14% on the day let's get to bob pisani for more on what's moving. >> at one point we were quite weak in the middle of the day. 4384 was the low for the s&p 500. we bounced about 30 points look at the midday bounce. not a lot of volume behind this recovery in the middle of the day. i think that's a sign of seller exhaustion, not buyer enthusiasm nonetheless, an up market is an up market and we're well off the lows here. energy has been weak but not just today but weak frankly all weak another weak name is bank stocks semiconductors has been a market leader throughout the entire year notably weak on the day. consumer discretionary a bit weak and consumer staples holding up banks h

a lot of people look at exxonmobil and say this stock stinks, it's done nothing all year calm down. three-year return on this annualizes to 44%. when you have that sort of a gain, there is a consolidation period that inevitably follows that's what we are in right now. it's probably going to break out, not just because of the valua valuation, but because we'll be refilling the strategic petroleum reserve. china is likely to stimulate its economy. so demand is going up, supply is hard to find exxonmobil is in a good spot >> remember that scene in "sleepless in seattle" in the empire state building, where they meet for a kiss, right? >> "final trades" are next stay with us josh, continue your story. ♪ "don't cha" written by callaway/ray, re-recorded by massivemusic ♪ (camera shutter) ♪ don't cha wish your phone was fun like this? ♪ don't cha wish your phone was fun like this? ♪ don't cha wish your phone was fun like this? ♪ don't cha wish your phone looked more like this? ( ♪♪ ) don't cha wish your phone could flex like this? ( ♪♪ ) don't cha wish your phone could fit in here? don't ch

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. >>> coming up, exxonmobil acquiring carbon capture, in a deal valued at $5 billion.at denbury shares we'll dig into why shares are lower. and take a look at the dow map still a 52-week high, and chevron and walgreen's are your biggest laggards back after this. ♪ the thought of getting screened ♪ ♪ for colon cancer made me queasy. ♪ ♪ but now i've found a way that's right for me. ♪ ♪ feels more easy. ♪ ♪ my doc and i agreed. ♪ ♪ i pick the time. ♪ ♪ today's a good day. ♪ ♪ i screened with cologuard and did it my way! ♪ cologuard is a one-of-a kind way to screen for colon cancer that's effective and non-invasive. it's for people 45 plus at average risk, not high risk. false positive and negative results may occur. ask your provider for cologuard. ♪ i did it my way! ♪ ahhh! icy hot pro starts working instantly. with two max-strength pain relievers, so you can rise from pain like a pro. icy hot pro. 76% of 23andme health customers surveyed reported taking healthier actions. more exercise. eating healthier. and simply getting more sleep. because they know health isn't jus

energy giant exxonmobil is due to report their latest earnings later today.s the chief market analyst at kcm trade and gave us his outlook for crude prices for the rest of the year. global energy prices is an important point at the moment. we saw that in 02, they were quite depressed, and that was basically as a result of a lot of economicjitters. there were fears at that point in time that a hard recession in the us and the regional banking crisis. and concerns with what would happen with the chinese recovery. but in the past couple of weeks we've seen a move higher in energy profits, most notably in crude oil. and that's on the back of hopes we will start to see a lower interest rate environment in 2024 and some hope of chinese stimulus. and that's what's in the brent crude price recover from trading around $75 where it was in most of q2, whereas now it is trading above the $80 mark. so i think there is some positive signs for the energy markets at the moment on hope we will see increased demand in the rest of the year. well, over in the uk, british gas has

he's narrowed the gap between exxonmobil and chevron he's taken the perm onand he realized that as asset close to achieving the target of 1 million barrels per day production which we will see them hit in the next couple of years. nice capital allocation strategy and buying back $17 billion plus of stock on an annual basis. so he's just done an absolute remarkable job and when people call into question that there's too much of a concentration in the asset and the perm on, what does he do he goes out and buys pbc energy which gives him exposure in colorado >> you know what i did i sold chevron early in the year and the reason being was the price i thought was too rich and i sold it for $180 and i re-purposed the cash with the thought being i run an income dividend strategy and it's down to 3.5% and pioneer still had a highest single digit and to joe's point the permeon is where it's at and with pioneer you get a pure play on the perm on so i thought that was good portfolio management and taking money off the table and focusing >> weiss you don't own any energy why not? you have the wt

energy giant exxonmobil is due to report their latest earnings later today.s the chief market analyst at kcm trade and gave us his outlook for crude prices for the rest of the year. there were fears at that point in time that a hard recession in time that a hard recession in the us and the regional banking crisis. and concerns with what would happen with the chinese recovery. but in the past couple of weeks we've seen a move higher energy profits, notably in crude oil. and that's on the back of, we will start to see a lower interest rate environment in 2024 and some hope this so i think there is some positive signs on the markets at the moment on hope we will see increased demand in the rest of the year. well, over in the uk, british gas has reported its highest ever half—year profits after price caps allowed it to make more money from household bills. it also comes at a time where millions of households have been struggling to keep up with payments. our cost of living correspondent collettta smith reports. british gas, scottishpower, and edf are energy giant

>> exxonmobil. >> oh, i want you to hold exxon.l they're doing they're going to be the number one in carbon capture. i think there is a lot of people who are drawn to oil company much it's a story that is doing the most of any oil company to make it so the environment's better i know you might think that's not what's going to drive the stock. i think it will. i think you should buy it. nancy in virginia? >> hi, jim this is nancy. and i am an investment club member and a long-time listening to you >> thank you, nancy. >> back in the early '90s. the. >> oh, my god. i've been around what's going on? >> thank you for everything you and your team do >> you're welcome. that's a great team. thank you. >> my question is to you regarding airbnb i'm currently sitting on a 32 a share profit in the stock. i'm starting to feel a bit nervous and wonder if i should ring the register. >> i'm going to say number i did a lot of work on airbnb last night because i want to do a member of it thank you for being a member of the club i did want to buy th

exxonmobil is exploring the shareholder getting 0.84 shares of exxon for each share they hold or $8.45n provides oil joint with the largest network of carbon dioxide pipeline in the u.s.. this is the texas based companies biggest acquisition in six years. both stocks are down. exon mobile is answering on the news of denbury. analytics said online spending climbed 6.1% with consumer spending $12.7 billion during the two day event. might have been a little shy of estimates by the way. home goods, fashion, beauty and the top category. going 9.5% and 13.1 billion for to the day event. and amazon still the stock is up. via sat is plunging after the most recently launched satellite and the company said unexpected event occurred and deploying the reflector of the via sat 3 satellite and may materially impact performance. the satellite launched in april on spacex's falcon rocket and the california-based company said it's working closely with the manufacturer to fix the issue and didn't name the company at this point. stock is down 29%. all right, welcome back to earth with me, everybody. we're

. >>> coming up, ford , roku, exxonmobil, on deck with eainrngs that's next.ll be right back. >>> welcome book "the exchange." rounding out a big week of earnings we have the action, the story, and the trade in our earnings exchange, starting with ford, the automaker up 25% this year, but facing a lot of headwinds. tough rollout of the electric f-150. labor negotiations loom thing fall, and fears of a weakening consumer boris has the trades today he's bk asset managing director and a cnbc contributor boris, welcome >> i think there's a lot of reason why there's so much angst with ford right now. the ev rollout has not goern as smoothly as they hoped some of the figures is it cost as much as $65 per unit until they get up to scale on the ev side of course, all of the plans rest on the f-150 ford lightning, the ev version, really becoming a flagship model that's going to be the big key tell going forward i think a lot of it depends on the consumer, because right now, basically ford credit is financing all of this invest emt into evs they need a very strong deman

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

we have known, exxonmobil has known for a very long time that as we burn fossil fuel end up co2 intoosphere, the temperature is going to rise. broadly those productions have held accurate and true and we have known for decades. the fact we have got essentially nothing to stop that rise is terribly disappointing and surprising at the same time. what do we need to do? we need to stop burning fossil fuels. that is what is driving temperature change on the planet. we also have to think differently about the risks we are running. we have to understand something like -- i think about book as a survival guide for the 20th century. we have to understand the risks of extreme heat in these extreme events, what to do, how to handle it, who is vulnerable, how to better address that, how to democratize air-conditioning, how to build cities in a different way that incorporates shade, how to address events like extreme heat for the most vulnerable communities, cooling centers, things like that. we have not at all come close to grasping the scale and scope of the crisis we are facing, and that is th

exxonmobil, a few percent to a top high oih is at a four-year high, g the spring of 2019, with a lot of runway left, because -- listen, schlumberger, baker hughes, still reasonable on valuation. i think they go higher and energy, 2019 levels in terms of demand, we know the china slowdown that was one of the reasons it sold off like it did on top of which the rotation into big tech and out of energy, that's all going to start to unwind, and i think energy is going to be a beneficiary. >> yeah, julie >> i think from a trading perspective, energy makes a lot of sense the valuations are much less extended and the fundamentals look pretty okay you know, i think for longer term investors, it's really hard to get excited when you have just so much volatility in terms of the commodity and so little control for these companies. but i would say that the larger cap businesses really seem to have gotten religion in terms of being able to control their capacity and limit their supply, and i think that's -- that's going to be important for them longer term. >>> all right, coming up, the china rebo

that decision is ultimately in the hand of the sweeteners from sonia ramapo, exxonmobil, the petroleum corporations that are causing most of this problem, and they are banking record profits right now and showed no signs of changing that business model. so what has to happen? how much pain has to be felt for them to lose their public license to keep you into? it's interesting, people don't pick a gas station. climate activists known picket in places that few our lives right now because we're so dependent on these things, but the options, the queen options are now out there in droves and are so economical that it is not stripping any sort of old fossil fuels. it just a matter of how fast the world and how justly the workmanship over, because it is not just a simple problem. the more stuff we burn, the harder it will get. >> bill weir, you always open our eyes. >> i hope so. >> you always do. >> thank you so much, great to have you on tonight. >> thank you so much for watching us on cnn tonight, our coverage continues now. >>h more tide? he does. -we're having g triplets. -no, what does

exxonmobil published back on the report, push back on the report defending its actions.ative around climate change, to sow doubt, denial, deposit fossil fuel companies themselves as a key to green energy solutions, and to influence climate and energy policy, that effort is well documented. a climate change article springer nature shows that trading edgy groups are led by oil and gas groups -- lobbying, and political contributions. big oil profits doubled in 2022 by the way, breaking in about 220 billion dollars. they are only expect to increase. the climate cross -- oil and gas companies had more representatives present than almost any nation, according to international count ability ngos witness and corporate accountability. just recently, according to the publication, as well as the sustainable think tank at the climate center, we lobbies have spent millions trying to block a series of grain initiatives in california, pennsylvania, new mexico, and kentucky. the u.s. could be a global leader if it wasn't for the vice grip that big oil has on this yasleen campaign. made

aime i think wolf, on july 10th, downgraded exxonmobil to pure perform, which is fine it was the exact wrong time. i think exxon into earnings, who had a great quarter last quarter, is probably going to rally in earnings this quarter >> exxon was a leader today in the group. >> what is interesting, carter reminded us that the s&p, energy is 4.2% or 3% of the s&p, i've been saying, i think that's going higher so far, it hasn't. but guy's talking about services, gummer w they beat orr the last 17 quarters they have a balance sheet that's as good as it's ever been. we have seeing significant drilling demand in some of these far flung places that at least at times during bull markets in the energy space, you actually have seen oil services names rally, so, i've been long this name for a long time i feel really good about the consistency of the earnings profile and the margin profile it's one of the few places where margins are improving. their costs are coming down. and i think you can own it it has moved, as guy said, it's been a 25% move from june 1, so, pick your spots here and, you kno

like, you would think, i meaning exxonmobil's pushing against all-time highs, so to me, that resiliency is really impressive. crude oil trading above $100 but then eventually back towards 130 #, you're looking at doubles and triples in some of these energy stocks. you're not going to to make a dent in the s&p 500, but that doesn't mean we have to give the profits back. those are two different conversations, and i think it's important for investors to remember particularly in the back half of this year, i think it's going to be very different than the first half. i think there's going to be winners and losers just like the good old days, there's nothing wrong with that, and i would look at health care too, liz. this has been a sideways correction over the last come of years versus down like so many other sectors. and look at something like abc can -- abve, spun off if abbott labs. it's now bigger than abbott labs. this thing's a monster, you know? i really like this name a lot. health care in general, liz, i think rowation into that space. and, remember, it's a big component of the s&p a

exxonmobil and coca-cola this week. so a lot of different types of companies reporting numbers as well this week. so it's a big spotify's up to right. are they raising the prices? yes, actually, their stock is down, but they're upping their prices like you just mentioned. another buck or 2 box. this is important because they have 210 million pain costumers. so you can figure out that's, you know, 300 to 400 million dollars. we've got another 140 million people using free verse with advertising. but i like companies that have 100 million active users spotify's okay more competition with apple and more competition with google in the and they've got some restructuring. it firing people. their podcast that's kind of company i do like are ok? and also you're talking about hydro-power. are we going to be getting into that since we have so much water, i guess now at the snow back? >> i don't know. this is true. and i heard still open for skiing, which is crazy, and because because of all the snow pack, like you mentioned, hydr

. >> what's your relationship with the biden administration you get beat up a little bit exxonmobil is making more money than god who do you talk to in the administration >> we've engaged -- we've always engaged with the administration and tried to offer a perspective around our business and the implications of policy on our business and in this space in particular, we've done a lot of work to understand what would be required to expand the solution set to edeuce emissions. wind and solar and electric vehicles are going to play an important part they're necessary but certainly not sufficient we're bringing a much broader suite of solutions here, so we've been very engaged with the biden administration to talk about those other opportunities and the additional technology that is going to be required to meet the ultimate objective, so we speak fairly routinely around what exxonmobil and the industry as a whole can contribute in this space with respect to reducing emissions ca carbon capture, biofuels, all areas we spend talking about >> last year you announced a deal with petra technolog

exxonmobil alone made $60 billion in profits last year, much of that off sales of oil to china. and this amendment allows for the oil industry to keep making those billions off of selling oil to china only stripping out sales from the spr. that is a great deal for the oil industry. but it gets better. when president biden sold oil from the sbr, it cut the cost of a gallon of gasoline by 30%. the oil industry wants policies that restrict the sale of oil from the spr while letting them sell oil to whoever they want, including china. this amendment claims to solve a problem while mainly having the result of padding and protecting oil industry profits and i urge opposition. mr. manchin: i rise in support of the bipartisan amendment sponsored by senator cruz, ernst and fetterman. the people of america own the spr. it's ours. we don't own the oil from the private sector unless we want to nationalize everything and i don't think we do. i appreciate my good friend and colleague from connecticut and i'm happy to work on all of the things we're talking about here. what we have in front of

in december of just last year, exxonmobil baton rouge announced plans to double their capacity in plastics, ines creasing the -- increasing the gulf coast to 450 metric tons per year. p.e.t. has 1, 4-dioxane into drinking water. it can damage cells in the kidney, respiratory system. they spoke to 150 chemicals out of 193 they looked at that leaked from our plastic bottles in the water or beverage we're drinking. we recognize their power to damage organs and cells. not a lot of people breathe one plant's emissions. there are multiple together. they are drinking from soil that has been contaminated or in polluted water or eating food from soil -- i said that. it's been difficult to study the polluted air, soil and water at the same time, particularly because of the -- it is unethical within the lab context to just give people plastics derived carcinogens and chemicals and see what happens. but also people move and have different exposures and stressors that complicate understanding of disease processes. but nonetheless, exposure over time means increased likelihood of chronic diseases in add

they cited the oil giant's return and under performance compared to peers other leaders include exxonmobiln and schlumberger on oil services those as oil prices notch their highest levels since mid-april keep an eye on the prices. and those oil services companies now, melissa, i will send it downtown to you at the stock exchange. >> thanks. >>> coming up, the growing battle between the sec and crypto exchange coinbase as the shares continue to surge on the year check out shares of sharp ninja, surging in the spinoff debut on the new york stock exchange. 35%. halted a couple times this ssn. the company's ceo will join us in just a moment don't go anywhere. this is your moment. critics declare oppenheimer is magnificent. the new york times calls it staggering. it's utterly enthralling and one of the best movies of the century. >>> despite maybe because of strong economic data last week, many on the street still wondering about the odds of a soft land org any landing at all. here with his rapid update is economics reporter steve liesman. >> i'll try to read it slowly. surprisingly strong cons

and a lot of the other— 40s and 50s, exxonmobil and a lot of the other gas companies, the oil and -asgot to create companies that do that— we've got to create companies that do that for— we've got to create companies that do that for the people of this country. _ do that for the people of this country, like that lady said, and you said. — country, like that lady said, and you said, the ordinaryjoe in the street — you said, the ordinary joe in the street. . ., , you said, the ordinary joe in the street. , ., street. under the companies had the self-awareness, _ street. under the companies had the self-awareness, and _ street. under the companies had the self-awareness, and also _ street. under the companies had the self-awareness, and also the - street. under the companies had the self-awareness, and also the vision l self—awareness, and also the vision to realise that these are all going to realise that these are all going to be stranded assets. they have to move on. they have to reformulate their business model.— their business model. absolutely, i was involved _ their business model

quarter chevron will post its full numbers this coming friday alongside oil giant and competitor exxonmobiles. we'll see if that momentum sticks around. >>> stick around, we he reavmo "squawk on the street" returning after this commercial break. ♪ (upbeat music) ♪ ( ♪♪ ) woah. ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. ( ♪♪ ) ( sfx: people cheering ) ( sfx: stock exchange bell ringing ) ( ♪♪ ) ( ♪♪ ) ( sfx: people celebrating ) ( ♪♪ ) ( sfx: people celebrating ) ( sfx: stock exchange bell ringing ) >>> 33 years after the americans with disabilities act became law, the vast majority of businesses encouraged employees to voluntarily disclose disabilities a new study shows only a tiny fraction does so sharon epperson with that story. >> a new report by the nonprofit disability inn surveyed 485 companies and found 93% of them encourage employees to confidentially self-identify as having a disability. but only 4.6% of employees at those companies are doing it mean

started to see is some of the energy stocks, our clients going toward those like occidental or exxonmobilith mona. i think it's going to be harder to do in the shorter term. >> thank you, jj courtney reagan, thank you >> great to see you. >> what time was your alarm clock set for? >> 3-something >> that's hideous. >> join us tomorrow. set your alarm clocks. "squawk on the street" begins right now. ♪ >>> good wednesday morning, welcome to squawk"squawk on the street" i'm carl quintanilla with jim cramer at the new york stock exchange first full trading session of the second half and futures are weak on disappointing pmis around the world our road map begins with the global macro soft china data reviving growth concerns futures are slipping, investors awaiting

later this week, we'll get quarterly results from exxonmobil and chevron joining us now to talk aboutsimple as everything else we've been talking about today, rebecca no recession, soft landing, demand stays strong? >> so i wish it were that simple that's certainly an important part of the equalt for crude oil right now, but there's a whole other side of the equation that's equally important, and that's the supply side and what's working for crude or has been working for crude over the last several weeks is, we've had supply come off the market we've had russia start to actually make good on the promises of cutting their production we've had saudi arabia's 1 million barrel voluntary cut start to ripple through the and materialize in the market. and we've had u.s. production, which has been really strong for the first half of the year start to decelerate, rig count is down 15%, year over year. it's an important number, and u.s. production is now going to start to kind of moderate. and we really need that supply side of the equation, just as much as the demand side to hold true for crud

just before i came in here exxonmobil announced the purchase but also a focus on accelerating the capture of emissions into point blank said this is happening partly because of the inflation reduction act. the incentive that has been created now for massive transformation we've seen more than 80 battery companies created that are now beginning to address the supply chain issue. i'm not going to go through the whole list. together with our european allies and the eu and with friends around the world as tell you japan korea canada and others they have all come to the table and there is now a reenergized international effort to do what is necessary to try to meet the needs of this challenge and i'm very proud and president biden has ignited a whole new round of activity that we hope will be different. >> over the last couple of days particularly with regards to what took place at the nato summit and there was a question about the durability of the united states commitment to ukraine. i'm wondering what if any allies in the durability of the commitment to the issue of climate change. >> it mr

last year the top oil companies, b.p., chevron, exxonmobil, shell, and total energy more than doubled their profits from 2021. combined, these companies raked in $219 billion in just profits. that's not revenue. it's just profits. and this allowed these companies pay out a record $110 billion in dividends, buybacks to investors and c.e.o. bonuses. needless to say, big oil is doing ok. the chicken and the bat are the not a threat to them, and any crocodile tears about their dire circumstances are just that. let's remember we work for the american people and not these industry polluters. and with that i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from arkansas is recognized. mr. westerman: thank you, madam speaker. you know, we talk about the northern long-eared bat and this is -- this is -- this generation's version of the spotted owl from the west coast. and what happened with the spospout spotted out out owl -- spotted owl, radical groups that were using political science instead of real science got the spotted owl listed and me shut