Exxon Agrees With Adnoc to Boost Capacity of Offshore Oil Field
The United Arab Emirates and Exxon Mobil Corp. agreed to expand the nation's oil production capacity.
Abu Dhabi National Oil Co. will work with Exxon to boost capacity at the offshore Upper Zakum field, the UAE company said in a statement Friday. The site, where Japan's Inpex Corp. is also a partner, currently can produce more than 1 million barrels a day. Adnoc didn't specify the new target.
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Yahoo
36 minutes ago
- Yahoo
Oil gains likely to revert after Israel's Iran attack: Analyst
Oil prices (CL=F, BZ=F) are jumping by the largest amount in three years following Israel's airstrikes targeting Iran's nuclear facility and military leadership. Iranian officials have labeled Israel's attacks as a "declaration of war." Hedgeye Risk Management energy analyst Fernando Valle discusses with the Morning Brief's Brad Smith on what this escalating conflict means for his outlook on oil producers and the energy sector and the risk exposure for major American producers. To watch more expert insights and analysis on the latest market action, check out more Morning Brief here. Occidental Petroleum, Exxon, Chevron, all US energy plays, and and they're all the top trending tickers right now on the Yahoo Finance platform here. How should investors be really analyzing the US specific energy sector names? Yeah, so with Exxon, uh, specifically, it's worth mentioning that they have a lot of production in the uh, in cutter gas. Uh, it's a very significant part of excellent earnings, uh, which is obviously in the midst of the, uh, uh, the conflict. Uh, cutter shares the North field with Iran, uh, and a lot of the exports go through the straight of Hormuz. So there's some risk there. Chronicle Philips, um, and Shell Total all have uh, participations in that field. Uh, when you look at Oxy or Chevron, they have less exposure to that area. Oxy is probably even the least out of all of them. Uh, you know, I mentioned all the pure US EMPs. I think they get more of that leverage. Um, and also because on the refining segment, where Exxon, Chevron, uh, BP, they're all exposed there, I think this is negative for the refining segment. Uh, and so the pure oil and P's tend to do better in this, uh, overshoot of oil. Fernando, I wonder, from what you've been able to analyze in prior instances, how long is the tail in terms of the impact that we're talking about after the initial strikes and event that sparks the volatility to the point where we eventually see some falling action, but perhaps there's still a little bit of overhang until there's real resolution that seems like it might be emerging. It's typically not long. Um, and uh, you've seen it with the attacks in Saudi Arabia a few years ago, um, and then with the the October 7th. This this lasts a little bit, you know, I have a friend who always says, oil always overshoots, and uh, typically wars and attacks are a good time for you to sell, uh, because you get that that opportunity to sell into, into strength. Uh, so we'll have to see here how how long the the attacks go on, uh, but typically it does not take long after, um, these initial skirmishes, uh, before, uh, it it reverses. Uh, I'll say you you talked about oil, some prognosis that we're going to $120 a barrel. Uh, as the your previous guest was saying, the issue is that the consumer can't really afford that uh, level of pricing. And so demand would come down significantly. So I I would put a very short, um, I I I don't think that's a very likely, uh, occurrence that we'll get to those levels unless there's a significant shift in the economy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
an hour ago
- Bloomberg
Businessweek Big Business Is Abandoning Its Climate Goals From Amazon to Wells Fargo, a look at rampant backsliding on climate pledges. By Ben Elgin Illustrations by Cameron Galley June 13, 2025 at 9:00 AM EDT
Share this article For years, many of the world's largest companies have made bold-sounding commitments to help stave off the most devastating impacts of a rapidly overheating planet. In many cases, though, boardroom rhetoric far outpaced actual investments and actions. Now a reckoning is here. With rampant backsliding on climate pledges, dozens of major companies have recently begun abandoning or weakening their targets. The consequences could be dire for a planet hurtling toward ecological disaster. Here's a snapshot. OIL & GAS Exxon Mobil March 2018 The oil giant said it would achieve the 'technical ability' to produce 10,000 barrels of algae biofuels per day by 2025. 'Someday you might be calling me an energy farmer,' declared an Exxon scientist in one of many ads touting the pledge. February 2023 The company quietly backed out of that goal after yanking funding for several algae research and development projects. 'Algae still needs some more work,' said Vijay Swarup, senior director of climate strategy and technology. BP August 2020 The company said it would cut production of fossil fuels by 40% by 2030 while transitioning rapidly to renewables. 'The world's carbon budget is finite and running out fast,' then-Chief Executive Officer Bernard Looney said. February 2025 BP scaled back the goal in 2023 before ditching it altogether this year, with new CEO Murray Auchincloss saying the company had gone 'too far, too fast.' The oil producer now plans to ramp up spending on oil and gas while investing far less in clean energy. Equinor June 2021 The Norwegian company pledged to invest more in clean energy than in fossil fuels by the decade's end, to 'create value as a leader in the energy transition,' CEO Anders Opedal said. February 2025 Equinor nixed its 2030 goal and lowered its investment plans for renewables, with Opedal citing the 'uneven pace of the energy transition.' Eneos Holdings May 2023 The large Japanese oil refiner said it would increasingly focus on lower‑carbon fuels, with a specific plan to supply up to 4 million tons of hydrogen by 2040. May 2025 Eneos backed away from its hydrogen target, with CEO Tomohide Miyata explaining the full-scale shift toward a carbon-neutral society appears to be slowing. Shell February 2021 The oil company vowed to cut the carbon intensity of the energy it sells by 45% by 2035. March 2024 Shell canceled that target, blaming 'uncertainty in the pace of change in the energy transition.' BANKING HSBC October 2020 The British financial-services company committed to eliminating heat-trapping emissions from its operations by the end of this decade. February 2025 HSBC pushed back its net-zero target to 2050, citing changes in the economy. Wells Fargo March 2021 The bank promised to eliminate emissions associated with its loans by midcentury, with CEO Charlie Scharf declaring climate change 'one of the most urgent environmental and social issues of our time.' February 2025 Wells Fargo scrapped plans to green its lending activities, stating it would instead meet clients 'where they are in their chosen energy and transition strategies.' Royal Bank of Canada February 2021 CEO Dave McKay called climate change 'one of the most pressing issues of our time' and vowed to lend C$500 billion ($365.8 billion) to sustainable projects by 2025. April 2025 The bank shelved this goal, citing changes in industry practices and government regulations. UBS April 2021 The bank pledged to zero out emissions from its operations by 2025. 'We want to set the industry standard for sustainability with clear commitments to helping people and the planet,' said then‑CEO Ralph Hamers. March 2025 UBS bumped back its target to 2035 after acquiring Credit Suisse. Transportation Delta Air Lines February 2020 The airline said it would spend $1 billion over a decade to become carbon neutral. 'There's no challenge we face that is in greater need of innovation than environmental sustainability,' said CEO Ed Bastian. March 2022 Delta briefly claimed to be carbon neutral after spending hundreds of millions of dollars on carbon offsets, but it ditched the controversial practice. It now aims to reach net zero by 2050. Air New Zealand August 2022 The airline set an ambitious climate goal equating to a 16% reduction in overall emissions by 2030. July 2024 Air New Zealand pulled back from this target, citing delays to its fleet renewal plan, but still aims to have 10% of its fuel needs covered by sustainable sources by the end of the decade. FedEx March 2021 The shipping giant vowed that half of its new delivery-truck purchases would be electric by 2025. May 2024 Citing the need for further technical advances, FedEx said it was unlikely to reach this near-term target. RETAIL Walmart September 2020 The retailer committed to cutting emissions from its operations by 35% by 2025 and 65% by 2030. December 2024 Walmart said it would likely miss these targets because of the lack of 'cost-effective low-carbon technologies,' among other challenges. Tractor Supply September 2021 The company vowed to achieve net-zero emissions by 2040, with CEO Hal Lawton declaring: 'At Tractor Supply we are a purpose-driven company.' June 2024 Tractor Supply withdrew its carbon goals along with its diversity, equity and inclusion initiatives. 'We have heard from customers that we have disappointed them,' the company said in a news release. 'We have taken this feedback to heart.' Amazon February 2019 The company unveiled 'Shipment Zero,' vowing to make half of all its deliveries carbon-free by 2030. 'It won't be easy to achieve this goal, but it's worth being focused and stubborn on this vision,' one executive wrote. May 2023 Amazon pulled the plug, promising instead to eliminate all its emissions by 2040. It 'no longer made sense' to have a separate shipping goal, according to a company statement. FOOD & BEVERAGE Coca-Cola February 2021 The beverage titan, which produces more than 137 billion plastic bottles a year, said it would cut its use of new plastic by 3 million tons by 2025 as part of its quest to help reduce global waste. December 2024 With its use of virgin plastic still growing, Coca‑Cola ditched the goal and set weaker targets for using recycled materials in its bottles. 'We know we will have more chapters in our journey and that we can't do it alone,' said sustainability executive Bea Perez. JBS March 2021 The world's biggest meatpacker vowed to eliminate or offset its massive carbon footprint by 2040. 'We must act urgently to combat the negative effects of global warming,' CEO Gilberto Tomazoni said. January 2025 With little progress to show, a JBS sustainability exec told Reuters its goal was 'never a promise.' PepsiCo January 2021 The company vowed to reach net-zero emissions by 2040 and later said it would cut its use of virgin plastic. 'It reflects a new business reality, where consumers are becoming more interested in the future of the planet,' declared CEO Ramon Laguarta. May 2025 Due to 'external realities and business growth,' the food and beverage heavyweight pushed its climate goal to 2050 and weakened its plastic pledge. More On Bloomberg
Bloomberg
an hour ago
- Bloomberg
Ships' Electronics Increasingly Jammed Since Israel Struck Iran
Israel's airstrikes on Iran have led to increased jamming of the signals of vessels operating in the Middle East, the world's largest oil producing region, a multinational naval force protecting maritime trade said. Investors and traders are monitoring how Iran will respond after Israel attacked nuclear and military targets across the Persian Gulf country on Friday.
