Sunday, April 30, 2017

Tag: ExxonMobil

Making Russia The Enemy

The rising hysteria about Russia is best understood as fulfilling two needs for Official Washington: the Military Industrial Complex's transitioning from the “war on terror” to a more lucrative “new cold war” – and blunting the threat that a President Trump poses to the neoconservative/liberal-interventionist foreign-policy establishment. By hyping the...

The Dark-Money Cabinet

During the Presidential primaries, Donald Trump mocked his Republican rivals as “puppets” for flocking to a secretive fund-raising session sponsored by Charles and David Koch, the billionaire co-owners of the energy conglomerate Koch Industries. Affronted, the Koch brothers, whose political spending has made their name a shorthand for special-interest...

Profit Slump for S&P 500 Heads for a Sixth Straight Quarter

Analysts have been cutting estimates for U.S. earnings, after earlier projecting a return to growth during the third quarter. The third quarter was supposed to be when earnings growth returned to U.S. companies. Not anymore. Companies in the S&P 500 are now expected to report an earnings decline for the sixth...

Washington Tries to Break BRICS – Rape of Brazil Begins

Washington's regime change machinery has for the time being succeeded in removing an important link in the alliance of large emerging nations by railroading through a Senate impeachment of the duly elected President, Dilma Rousseff. On August 31 her Vice President Michel Temer was sworn in as President. In...

Democratic Pundits Downplay Serious Ethical Issues Raised by the Clinton Foundation

The Associated Press story this week revealing that as secretary of state, Hillary Clinton frequently met with donors to the Clinton Foundation, set off a firestorm in the media. Many Democrats and sympathetic pundits are criticizing the article — and have made the sweeping claim that, contrary to many deeply reported investigations,...

Dividends Are What Matter Now

Many investors turn to high-yielding shares as interest rates slide, but risk could increase. Dividends are playing an unusually large role in the stock market’s run to record highs, adding to investors’ concerns about stretched valuations and soft corporate earnings. The five-year rolling correlation between S&P 500 companies’ dividend yield and...

NYT Reveals Think Tank It’s Cited for Years to Be Corrupt Arms Booster

A recent New York Times article (8/7/16) detailed, in often scathing terms, what many media critics already knew: that think tanks are frequently not objective, neutral arbiters of information, but corporate- and government-funded agenda-promoters with an academic veneer to give the appearance of impartiality. One of the two think tanks...

Oil Giants Find There’s Nowhere to Hide From Doomsday Market

Exxon Mobil Corp. and Royal Dutch Shell Plc last week reported their lowest quarterly profits since 1999 and 2005, respectively. Chevron Corp.’s third straight loss marked the longest slump in 27 years, and BP Plc lodged its lowest refining margins in six years. Welcome to year two of a supply...

Oil Majors Hit Hard As Refining Boom Comes To An End

British Petroleum, the first oil major to announce results on Tuesday, has reported the lowest refining margins for the April to June period in the past six years. The global refining marker margin, which stood at $13.80 a barrel in the second quarter of this year, has dropped down...

Chevron-led Consortium to Invest Up to $37 Billion in Kazakh Oil Field

ASTANA, Kazakhstan - Chevron Corp. and its partners agreed to invest up to another $37 billion to increase output at a Kazakhstan oil field that is among the world’s most expensive, the country’s energy minister said on Wednesday, a rare big spending commitment during a prolonged crude price slump. The...

IMF loan gives net win for oil-rich Iraq

IMF last week agreed to the terms of $5.4 billion loan arrangement with Iraq. LONDON, May 24 (UPI) - Though a loan agreement with the IMF should help, Iraq will continue to face economic headwinds because of issues in the oil sector, Moody's said. The Iraqi government and the International Monetary...

Pipelines in the Sand

The Middle East After Sykes-Picot. Many historians misunderstand Sykes–Picot, the treaty that carved up the Middle East, as a random act of colonial mapmaking. In fact, the secret World War I agreement between France and the United Kingdom had everything to do with oil. France and the United Kingdom, as...

Price Rebound, Possible Turning Point Fail to Mask Industry Woes

The sharp rise in oil prices since February’s lows can’t mask the turbulence the oil and gas industry is still experiencing. Bankruptcies, staff layoffs, capital expenditure cuts, and falling productivity continue to be commonplace during the downturn that has so far lasted for seven straight quarters. The hope for...

U.S.-Saudi Relations

The U.S.-Saudi Arabia alliance, which survived the oil embargo in 1973 and the attacks of September 11, 2001, in which fifteen of the nineteen passenger jet hijackers were Saudi citizens, is coming under new strains. A new generation of Saudi Arabian leaders is adjusting to what it sees as...

US corporations have $1.4tn hidden in tax havens, claims Oxfam report

Charity analysis of the 50 biggest US businesses claims Apple have $181bn held offshore, while General Electric has $119bn and Microsoft $108bn. US corporate giants such as Apple, Walmart and General Electric have stashed $1.4tn (£980bn) in tax havens, despite receiving trillions of dollars in taxpayer support, according to a...
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Closing Panama Tax Haven Will Require Fighting the Most Powerful Lobby In the World

Michael Hudson is a Distinguished Research Professor of Economics at the University of Missouri, Kansas City. He is the author of The Bubble and Beyond and Finance Capitalism and its Discontents. His most recent book is titled Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global...

Amid Talks of Production Freeze, Russian Oil Already Facing Decline

Russia's oil production hit 10.9 million barrels per day (mbd) in January 2016, the highest level since the collapse of the Soviet Union. But that could mark the peak for Russia’s oil production as it enters an extended period of gradual decline. Rosneft, which at 3.8 mbd accounts for more...

Chart of the Week: Oil Sector Job Losses Climb

March 25, 2016 Oil Sector Job Losses Climb For the first time since the Great Recession, U.S. oil and gas sector employment is falling consistently (although total private sector employment continues to rise). Among the hardest hit industries, 81,000 jobs were lost in the oil and gas support services sector between...

US Marines Enter Battle In Iraq To Help Army And Peshmerga Defend Oil Fields...

The Islamic State group is trying to retake control of the oil fields it lost two years ago in the semi-autonomous region of Iraqi Kurdistan by launching rockets at Kurdish and Iraqi soldiers. In an attempt to earn back the massive amount of cash it used to fund its...

Stocks Worldwide Tumble as Credit Weakens Amid Signs of Distress

Signs of distress in financial markets accumulated amid deepening concern over the health of the global economy, with U.S. stocks sliding to a 22-month low as the cost of protecting against default by junk-rated companies soared to the highest level since 2012. Mining and banking stocks drove the Standard &...

What’s Really Going on With Oil?

If there is any single price of any commodity that determines the growth or slowdown of our economy, it is the price of crude oil. Too many things don’t calculate today in regard to the dramatic fall in the world oil price. In June 2014 major oil traded at...

Why a Saudi Aramco IPO Makes Absolutely No Sense for Saudi Arabia

The Saudi royal family’s total control of Arabia’s oil wealth is the root of all of its power, influence, and success. If Saudi Aramco goes public, Saudi Arabia will face an enormous existential dilemma. The Saudi royal family’s total control of Arabia’s oil wealth is the root of all of its...

Saudi Arabia Could List Production Assets in Aramco IPO

Many of the assets are with joint-venture partners and so agreements will need to be reviewed. RIYADH—Saudi Arabia’s potential sale of shares in its state-owned oil giant could include listing at least part of its exploration and production assets, the company’s chairman said in an interview Monday, countering speculation that...

The IPO to End All IPOs?

Oil is at its lowest price in a decade. So why is Saudi Arabia selling off part of its trillion-dollar oil company? $10 trillion. That’s the top-end estimate for how much Saudi Aramco, the world’s biggest oil company, could be worth when shares in the energy giant finally go on...

In Saudi Aramco IPO, Global Refining Empire May Be the Prize

Investors hoping a Saudi Arabian Oil Co. IPO will provide a chance to buy a stake in the world’s largest crude producer may have to wait. The company says one option is to sell shares in its refining assets rather than the parent. While that would lock private capital out...

Saudi Aramco Confirms It’s Studying a Potential Share Sale

Saudi Arabian Oil Co. confirmed it’s considering an initial public offering, which could see the crude producer leapfrog Apple Inc. as the world’s biggest listed company. The company, known as Aramco, is studying whether to list “an appropriate percentage” of shares of the parent or a bundle of “downstream” units,...

Sale of the century?

A possible IPO of Saudi Aramco could mark the end of the post-war oil order. “THE amounts of oil are incredible, and I have to rub my eyes frequently and say like the farmer: ‘There ain’t no such beast.’” So wrote an American oilman in the Persian Gulf a few...

Could Saudi Aramco Be Worth 20 Times Exxon?

Potential sale of shares in oil giant raises question of just how valuable company would be. LONDON—Saudi Arabia’s potential sale of shares in its state-owned oil giant raises the question of just how valuable that publicly listed company would be, with estimates of market valuations ranging into the trillions of...

Oil’s Big Bang: Saudis Mull IPO of World’s Biggest Producer

Saudi Arabia is considering its own Big Bang. The world biggest crude exporter is considering selling a stake in its state-owned company, which controls more than a tenth of the global oil market. A potential initial public offering is under review for Saudi Arabian Oil Co., also known as Aramco, Mohammed...

Too Big to Value: Why Saudi Aramco Is in a League of Its Own

By any measure, Saudi Arabian Oil Co. is in a league of its own. Take its oil reserves -- roughly 260 billion barrels, nearly 10 times those of the global ultra-major Exxon Mobil Corp. Or its daily production -- 10 million barrels, more than the domestic output of every U.S....

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