Please watch my new YouTube video: QuickPick Conoco Phillips
I’m starting up my videos on JubakAM.com again–this time using YouTube as a platform. My eighty-fifth YouTube video “QuickPicks Conoco Phillips” went up today.
Watch my new YouTube video: Trend of the Week Timing the Oil Stock Rally”
I’m starting up my videos on JubakAM.com again–this time using YouTube as a platform. My sixty-third YouTube video “Trend of the Week: Timing the Oil Stock Rally” went up today.
They’re back! Oil and gas rig count doubles from last year’s record low
For the week ended on August 13, U.S. oil and natural gas companies added 9 oil and natural gas drilling rigs to bring the total rig count to 500. That’s up 256 rigs, or 105%, from a record low of 244 in the summer of 2020, according to Baker Hughes.
Oil falls as Saudi Arabia and United Arab Emirates agree on production levels
The dispute over oil production quotas between Saudi Arabia and the United Arab Emirates that blew up the OPEC+ meeting two weeks ago looks to be over. Under the compromise, the UAE will see its baseline production level rise to 3.65 million barrels per day when the current pact expires in April 2022, a source told Reuters. The current baseline for the UAE was around 3.17 million barrels per day. In exchange the UAE agreed to a Saudi proposal to extend the April 2022 production agreement until December 2022.
Biggest oil and climate change news yesterday wasn’t at ExxonMobil or Chevron
Yesterday, May 26, a Dutch court ordered Royal Dutch Shell (RDS) to cut its carbon emissions by 45% by 2030 compared with 2019 levels in a case brought by climate activist groups. The Hague District Court ruled that the Anglo-Dutch energy company has a duty to care about reducing greenhouse gas emissions and that its current reduction plans were not concrete enough. If that language sounds like the court is declaring a company has a fiduciary duty (to future generations? to current populations? to the earth?) to reduce emissions, you’re not mistaken.
Shareholders vote their unhappiness with ExxonMobil’s strategy on climate change
On Wednesday, May 26, ExxonMobil shareholders voted to install at least two new independent directors to the company’s board. (The contest for another two seats remained, as they say, too close to call.) The results are a resounding defeat for CEO Darren Woods and a strong vote of shareholders’ unhappiness with the way the company had been addressing climate change. And, let’s not forget, the company’s lagging financial performance. ExxonMobil shares have lost roughly $125 billion in market capitalization during CEO’s Woods four-and-a-half years at the helm.
Sell Equinor after oil recovery and dividend date
Oil prices have bounced back big time and with them the prices on oil stocks. I still think the long-term trend is against oil producers as efforts to combat global warming lead to lower consumption of fossil fuels. And I’d prefer not to own any oil and natural gas shares–even in as “progressive” a company as Equinor. I’m going to take advantage of the rally in oil prices to sell these shares out of my Jubak Picks Portfolio with a small 0.9% gain since I established that position in May 2012.
May 26 is a big day for Exxon, the global oil industry, and global climate change
ExxonMobil’s (XOM) May 26 annual meeting has turned into a referendum on the global oil industry and climate change. At issue is a key question for the industry and the global climate: How much of the oil that’s been discovered to date but not pumped so far will stay in the ground?
ExxonMobil shares drop on reports of SEC investigation
Shares of ExxonMobil (XOM) closed down 4.81% today on a Wall Street Journal report that the Securities & Exchange Commission was investigating a whistleblower complaint alleging that the company overvalued assets in the Permian Basin oil shale geology. The whistleblower complaint alleges that during a 2019 internal assessment workers were forced to use unrealistic assumptions about how quickly wells could be drilled to reach a higher valuation.
Royal Dutch Shell to take $15 to $22 billion second quarter write down
It's a measure of how dire things are in the oil sector that Royal Dutch Shell (RDS-A) has announced a write down of between $15 billion and $22 billion for the second quarter. The write down is larger than the $17.5 billion write down that BP (BP) took in June or the...
5 MORE smart, short-term moves while we wait for longer-term trends to resolve
In my recent post "What do you do when the market is insane and you're not?" I argued that one of the dangers in a very volatile market with strong--and temporarily profitable--short-term trends is that we'll give in to the pressure to do something--and do something...
