Tag Archives: Exxon Mobil Corp

Business, Finance, Occupation & Industry

Will Apple's Latest Results Be Its Latest Letdown?

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By The Associated Press

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By MICHAEL LIEDTKE

SAN FRANCISCO (AP) – Apple’s (AAPL) latest quarterly results are likely to illustrate why investors are clamoring for the maker of the iPhone and the iPad to come out with another trend-setting device.

The report, due out after the stock market closes Tuesday, is expected to show that Apple Inc. is making less money as more customers buy its lower-priced iPhones and iPads instead of the top-of-the-line models. Other consumers increasingly are bypassing Apple products altogether as smartphones and tablet computers running Google’s Android software win more fans.

Those dynamics have changed the way that Wall Street – and even parts of Main Street – view Apple. Once regarded as an indomitable innovator, Apple now looks vulnerable and perhaps a step behind Google Inc. and the leading Android disciple, Samsung Electronics Co.

If analysts’ projections pan out, Apple’s earnings fell during the three months that ended in June, marking the second consecutive quarter of decline. The slump follows a decade-long streak of earnings growth that ended at the start of the year. Analysts surveyed by FactSet are expecting, on average, earnings of $7.34 per share, down from $9.32 per share a year ago.

Meanwhile, analysts are forecasting little or no revenue growth for the first time since the debut of the iPhone six years ago. Analysts are expecting $35 billion in revenue for the period, its fiscal third quarter. It was $35 billion at the same time last year.

Those would be impressive numbers for most companies, but the bar has been set high for Apple since the introduction of its iPhone triggered an upheaval that has changed the way people engage with technology. Smartphones and tablets are emerging as the preferred way to connect to the Internet and perform many other common computing tasks. In the process, those mobile devices are supplanting laptop and desktop computers.

Ignited by its early lead in smartphones and tablets, Apple’s financial performance launched into a scintillating trajectory that catapulted its stock into Wall Street’s stratosphere, too. The company’s shares rose nearly six-fold from the debut of the first iPhone in 2007 to the release of the latest model last September to establish Apple as the world’s most valuable company.

Since peaking 10 months ago at $705.07, Apple’s stock has plummeted by about 40 percent to about $425 to wipe out roughly $260 billion in shareholder wealth. It is now behind Exxon Mobil Corp. in market capitalization – at $400 billion, compared with $422 billion for the energy company. Not even a recent 15 percent increase in Apple’s quarterly dividend has done much for the stock.

Despite the downturn in the company’s fortunes, Apple’s products still have legions of admirers. Sales of iPhones for the just-ended quarter are expected to total about 26 million, around the same number as the same time last year. But a …read more

Source: FULL ARTICLE at DailyFinance

Articles of Interest

Arkansas Oil Spill Relief: Rep. Tim Griffin Proposes Tax Breaks For Affected Residents

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By The Huffington Post News Editors

LITTLE ROCK, Ark. (AP) — An Arkansas congressman is proposing tax relief for people affected by the Exxon Mobil Corp. oil spill in Mayflower this year.

Republican U.S. Rep. Tim Griffin said Monday that people affected the oil spill deserve to be compensated, and he says they shouldn’t have to pay more taxes because of that compensation.

Exxon Mobil’s Pegasus pipeline ruptured on March 29, spilling thousands of barrels of oil in Mayflower. The spill damaged properties and led authorities to evacuate more than 20 homes.

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Source: FULL ARTICLE at Huffington Post

News, Politics, Government

Lebanon choses 46 firms to bid for gas exploration

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Lebanon‘s energy minister says Beirut has chosen 46 international and regional companies to bid for off-shore gas exploration.

Gibran Bassil says 12 companies will bid as operators, while 34 companies prequalified as non-operators.

He told reporters Thursday the licensing round begins on May 2.

Among the companies that will bid as operators are Chevron and Exxon Mobil Corp. from the United States, Repsol of Spain and France’s Total.

Lebanon is otherwise resource poor. Gas discoveries could help pay off Lebanon‘s debts, one of the highest rates in the world.

Recent Israeli discoveries of oil and gas have raised tensions between Lebanon and neighboring Israel, which technically are in a state of war.

Both countries claim a small exploration area of 850 square kilometers (330 square miles) in the Mediterranean.

From: http://feeds.foxnews.com/~r/foxnews/world/~3/56sE8jotGzg/

Science & Technology

U.S. Crude Oil Inventories Rise to Highest Level Since 1990

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By Reuters

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Damian Dovarganes/AP

By Robert Gibbons

NEW YORK — Oil prices fell more than 2 percent on Wednesday as U.S. crude oil inventories grew to their highest level since 1990 and weak economic data stoked worries about U.S. energy demand.

U.S. crude stocks rose 2.71 million barrels last week, the Energy Information Administration said in its weekly report.

The rise was slightly more than the build of 2.2 million barrels expected in a Reuters survey of analysts and put U.S. commercial inventories at 388.62 million barrels, the most since 1990 and close to the record 391.9 million barrels reached in 1982, the year the EIA started tracking inventories.

“The report is somewhat bearish given the build in crude oil inventories and modest decline in gasoline inventories, which are the focus of the market,” said John Kilduff, partner at Again Capital LLC in New York.

“The rise in the refinery utilization to above 86 percent also signals further easing of the concerns over refined product inventories,” Kilduff said.

U.S. RBOB gasoline futures fell 3 percent, more than 9 cents, after or dropping 6 cents on Tuesday, as the EIA said gasoline stocks fell 572,000 barrels, less than expected and much less than the drop of 5 million barrels reported late on Tuesday by the American Petroleum Institute.

Brent crude was down $2.72 at $107.97 a barrel at 12:52 p.m. EDT, having fallen as low as $107.78.

U.S. crude was down $2.19 at $95 a barrel, having fallen to $94.89, just above the 50-day moving average at $94.64. Brent’s premium to U.S. crude fell back below $13 a barrel on Wednesday, after it reached $14.66 on Tuesday.

The spread between the two contracts had been widened because of expectations that crude stocks at the Cushing, Okla., hub, delivery point for the U.S. crude contract, would be increasing after Exxon Mobil Corp. (XOM) shut its Pegasus pipeline on Friday.

The pipeline moves crude oil from Illinois to the refinery-rich Texas Gulf Coast and a prolonged shut down would curb efforts to relieve the glut of crude oil in the Midwest.

Economic Concerns

Crude stocks at Cushing fell 287,000 barrels in the week to last Friday, the EIA report said.

With the North American heating fuel season waning and crude futures sliding, U.S. heating oil futures, the benchmark distillate contract, also fell and pushed below the 50-day and 100-day moving averages, technical levels monitored by chart watching analysts and traders.

Total distillate stocks fell 2.27 million barrels last week, the EIA said, more than expected, but the inventory drop and data showing demand over the previous four weeks was up 5.5 percent from the year-ago period didn’t prevent heating oil’s price slide.

U.S. companies hired at the weakest pace in five …read more
Source: FULL ARTICLE at DailyFinance

News, Politics, Government

50 companies apply to explore for oil in Lebanon

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Lebanon‘s Energy Ministry says 50 companies have participated in a pre-qualification process to win licenses for oil and gas work off the Lebanese coast.

The ministry says the companies include Chevron and Exxon Mobil Corp. from the United States and Royal Dutch Shell PLC.

Lebanon is a resource-poor nation and any finds could help it pay off what is one of the highest debt rates in the world.

The names of winning companies will be announced on April. 18.

Recent Israeli discoveries of oil and gas have raised tensions between Lebanon and neighboring Israel, which are in a state of war. Both countries claim a small maritime area of 850 square kilometers (328 square miles) in the Mediterranean.

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Source: FULL ARTICLE at Fox World News

Articles of Interest

Yellowstone Oil Spill: Regulators Propose Penalty For Exxon Pipeline Rupture In Montana River

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By The Huffington Post News Editors

BILLINGS, Mont. — Federal regulators proposed $1.7 million in civil penalties against Exxon Mobil Corp. on Monday for safety violations linked to a pipeline rupture that spilled an estimated 63,000 gallons of crude oil into Montana’s scenic Yellowstone River.

In a notice sent to the company, U.S. Department of Transportation regulators alleged a chain of bad decisions by Exxon leading up to the spill and in its immediate aftermath. That included Exxon employees’ failure to close an upstream safety valve, which could have significantly reduced the size of the spill after it was first detected.

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Source: FULL ARTICLE at Huffington Post

Business, Finance, Occupation & Industry

Natural Gas Prices Up as Storage Declines

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By 24/7 Wall St.

Blue flames of a gas stove

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The U.S. Energy Information Administration (EIA) today reported the U.S. natural gas stocks declined by 145 billion cubic feet last week, slightly more than the decline of 134 billion cubic feet anticipated by analysts. Natural gas futures prices were up about 1% in advance of the EIA‘s report, at around $3.73 per million BTUs, and quickly rose more than an additional 1% to $3.78 immediately following the EIA report.

The EIA reported that U.S. working stocks of natural gas totaled 1.94 trillion cubic feet, about 198 billion cubic feet higher than the five-year average of 1.74 trillion cubic feet. Working gas in storage totaled 2.38 trillion cubic feet for the same period a year ago.

The drop below 2 trillion cubic feet of gas in storage indicates that inventory levels are very likely to close the winter only a few percentage points above the five-year average. That should improve prices for the nation’s gas producers. Weather forecasts for the next 10 days call for below-normal temperatures in much of the United States, with above-normal temperatures in the Southeast and on into Texas.

Natural gas prices have been rising for the past week, and tomorrow’s rig count report could boost prices again if gas rig counts continue to drop.

Here’s how stocks of the largest U.S. natural gas producers are reacting to today’s report:

Exxon Mobil Corp. (NYSE: XOM), the country’s largest producer of natural gas, is up 0.3%, at $89.54 in a 52-week range of $77.13 to $93.67.

Chesapeake Energy Corp. (NYSE: CHK) is up 3.1%, at $22.06 in a 52-week range of $13.32 to $26.09.

EOG Resources Inc. (NYSE: EOG) is up 1.3%, at $131.52 in a 52-week range of $82.48 to $138.20.

The U.S. Natural Gas Fund (NYSEMKT: UNG) is up 2.3%, at $20.73 in a 52-week range of $14.25 to $23.38. The Market Vectors Oil Services ETF (NYSEMKT: OIH) is up 1%, at $43.24 in a 52-week range of $32.54 to $45.12. The first fund tracks spot prices; the second includes major drillers and services companies.

Filed under: 24/7 Wall St. Wire, Commodities, Oil & Gas, Research Tagged: CHK, EOG, OIH, UNG, XOM

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Chinese Firm Invests in U.S. Natural Gas Fueling Stations — Reuters

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By 24/7 Wall St.

Nat Gas Truck

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Add China’s ENN Group Co. to the rather short list of companies rolling out a network of natural gas fueling stations along U.S. highways. Clean Energy Fuels Corp. (NASDAQ: CLNE) and Royal Dutch Shell PLC (NYSE: RDS-A) have a head start, but there is plenty of room for competition.

Clean Energy Fuels, which is controlled by oilman T. Boone Pickens, got some help in 2011 from a venture fund set up by Chesapeake Energy Corp. (NYSE: CHK) to begin building the natural gas refueling stops. ENN Group plans to build 50 refueling stations this year, according to an exclusive report at Reuters, at a cost of about $1 million per station. The U.S. Department of Energy reports that there are currently just 28 liquefied natural gas (LNG) refueling stations in the United States.

The refueling stations are aimed at supporting the conversion of the long-haul trucks that crisscross the country to LNG fuel. Currently about half the nation’s garbage trucks are fueled by natural gas, but the refueling stations are local. ENN and the others are looking to a far larger market.

ENN Group and its U.S. joint venture, Transfuels, also operate a company called Blu LNG, which plans to build liquefaction plants, according to Reuters. LNG is easier to transport and requires less storage than the compressed natural gas used to fuel most garbage trucks.

The benefit to natural gas producers like Chesapeake and Exxon Mobil Corp. (NYSE: XOM) will come in the form of higher prices for their gas production. In addition to the 50 stations planned by ENN, Clean Energy plans to open 50 to 60 stations this year, and Shell plans a total of about 100 over time.

Filed under: 24/7 Wall St. Wire, Oil & Gas Tagged: CHK, CLNE, RDS-A, XOM

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Solar Power Growing but Still Too Small

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By 24/7 Wall St.

Solar rooftop installation

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The Solar Energy Industries Association (SEIA) released its annual report for 2012. The data show that the U.S. solar market grew 76% last year. Even with that level of expansion, the energy source is extremely tiny by the standards of most others. And growth of other energy sources like shale and natural gas could quickly stunt solar’s future.

In the report the association’s executives report:

2012 was a historic and busy year for the U.S. solar market. Photovoltaic (PV) installations grew 76% over 2011, to total 3,313 megawatts (MW) in 2012, with an estimated market value of $11.5 billion. Each market segment (residential, non-residential, and utility) showed growth over 2011, while the overall markets in most U.S. states expanded as well. Installed prices for PV systems fell 27% during 2012 and at least 13% in each market segment. Nearly 83,000 homes installed solar PV, and cumulative PV installations in the U.S. surpassed 300,000.

The U.S. has more than 100 million homes and housing units. The solar PV installations are hardly a measurable fraction of that.

The reports also states:

Even with the cost of solar falling for consumers, the market size of the U.S. solar industry grew 34 percent from $8.6 billion in 2011 to $11.5 billion in 2012 – not counting billions of dollars in other economic benefits across states and communities.  As of the end of 2012, there were 7,221 MW of PV and 546 MW of concentrating solar power (CSP) online in the U.S. – enough to power 1.2 million homes.

But solar is not in 1.2 million homes. And $11.5 billion is about a quarter of the profits – not revenue, but profits – of Exxon Mobil Corp. (NYSE: XOM) last year.

Solar continues to face significant hurdles. Among them are inertia. Many homes and businesses do not want to bother changing energy sources, even with the loose promise of savings in doing so. Energy sources from gas to heating oil also promise savings if only the installed base would upgrade to the latest technology. Solar’s message gets lost in the noise about other energy sources

The image of solar also has to battle the tons of news reports about the future of shale oil and gas, and what these will do to U.S. energy needs. Some experts believe that America will be energy independent within two decades. An implied side effect of that is that the prices for traditional fossil fuel energy will plunge.

The footprint solar energy has in the U.S. may continue to increase, but that is because of the law of small numbers. Tiny dollar amounts can grow by high percentages. That does not mean the total market even scratches the surface of America’s energy needs.

Filed under: 24/7 Wall St. Wire, Alternative Energy Tagged: XOM

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Seven Stocks That Will Take the DJIA to 15,000 (IBM, CVX, MMM, MCD, UTX, CAT, XOM)

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By 24/7 Wall St.

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The Dow Jones Industrial Average hit a new high this week, and the new closing high is 14,253.77. We originally came up with a top price target for the DJIA of 14,590 for 2013 based upon our own DJIA analysis and methodology. We now expect that number to be surpassed, even if we have not officially raised the target. The reality is that by our take it will only require the top seven of the 30 DJIA stocks to perform this year for the DJIA to hit 15,000.

International Business Machines Corp. (NYSE: IBM), Chevron Corp. (NYSE: CVX), 3M Co. (NYSE: MMM), McDonald’s Corp. (NYSE: MCD), United Technologies Corp. (NYSE: UTX), Caterpillar Inc. (NYSE: CAT) and Exxon Mobil Corp. (NYSE: XOM) will likely be the seven stocks of the 30 DJIA components that lead the index to 15,000. At issue is that the DJIA is a price-weighted index that does not care about the market capitalization. These seven DJIA stocks account for 43% of the entire weighting of the 30 DJIA components.

For instance, General Electric Co. (NYSE: GE) has a $245 billion market cap, yet its $23.59 share price generates a weighing of only 1.27%. Then you have 3M Co. (NYSE: MMM) with a 5.63% weighting because its price is $104.45, and United Technologies Corp. (NYSE: UTX) has a 4.9% weighting in the DJIA because its price is $89.13. Combined, two these companies have a market cap of $159 billion. So GE is worth almost 150% of the market cap, but its weighting in the DJIA at 1.27% compares to the combined weighting of 10.73% for 3M and United Tech. Now you know how silly the DJIA can be as an index, even if investors are usually referring to the DJIA when they say “the market.”

If you took the bottom seven DJIA components, you barely get a 7% combined weighting in the DJIA. These stocks could all double in a static scenario, where the other stocks remain the same, and you would barely get close to the 15,000 mark.

A review at IndexArb.com shows just how much these weightings matter, with a cumulative weighting after each component:

1) IBM 11.13; 11.13
2) Chevron 6.35; 17.48
3) 3M 5.63; 23.11
4) McDonald’s 5.16; 28.27
5) United Technologies 4.90; 33.17
6) Caterpillar 4.86; 38.03
7) Exxon Mobil 4.83; 42.86

International Business Machines Corp. (NYSE: IBM) is at $206.53, against a 52-week range of $181.85 to $211.79. The consensus target price is $225.75, implying an expected gain of 9.3%. IBM‘s dividend yield is 1.7% but has been rising, and the company keeps buying back stock. Warren Buffett has bought a large stake that is likely to rise as well.

Chevron Corp. (NYSE: CVX) trades at $117.93, against a 52-week range of $95.73 to $118.53. Its consensus target price is $124.51, implying upside of 5.6%, and it has a 3.1% …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Media Digest (3/4/2013) Reuters, WSJ, NYT, FT, Bloomberg

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By 24/7 Wall St.

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President Obama suggests cuts in Social Security and Medicare to end a battle over budget cuts. (Reuters)

Bristol-Myers Squibb Co. (NYSE: BMY) may try a large acquisition to improve its fortunes. (WSJ)

Spending among wealthy households rises with stock market gains and higher wages, as lower income households struggle with high gasoline prices and higher taxes. (WSJ)

Worse-than-expected budget data causes Portugal to ask for better bailout terms. (WSJ)

Global app revenue will rise 62% to $25 billion this year. (WSJ)

A modest drop in oil prices may help Exxon Mobil Corp.’s (NYSE: XOM) M&A efforts. (WSJ)

Google Inc. (NASDAQ: GOOG) may move into desktops with Android and disrupt the profits of Intel Corp. (NASDAQ: INTC) and Microsoft Corp. (NASDAQ: MSFT). (WSJ)

Budget cuts may hurt jobs but are unlikely to harm corporate profits or the stock market. (NYT)

The reasons for many cyber attacks are not known. (NYT)

Transocean Ltd. (NYSE: RIG) may reinstate its dividend. (FT)

The sales of the Fiat 500 moved ahead of the Mini. (Bloomberg)

China luxury car sales could move ahead of those in the United States by 2016. (Bloomberg)

Apple Inc.’s (NASDAQ: AAPL) iWatch product could make more than its foray into TV. (Bloomberg)

Filed under: 24/7 Wall St. Wire, Press Digest Tagged: AAPL, BMY, GOOG, INTC, MSFT, RIG, XOM

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Rosneft, Exxon Mobil Broaden Arctic Shelf Joint Venture

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OGARYOVO, Russia–U.S. oil and gas conglomerate Exxon Mobil Corp. (XOM) and Russia’s OAO Rosneft (ROSN.RS) signed a deal Wednesday to broaden their existing joint venture by adding seven more licenses to develop hydrocarbon resources on Russia’s Arctic shelf, Exxon Mobil’s Deputy Chief Executive Stephen Greenlee told journalists. …read more
Source: FULL ARTICLE at Fox Business Headlines

Business, Finance, Occupation & Industry

Exxon Mobil Corp. Now #1 Largest Company, Surpassing Apple

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By DividendChannel.com In the latest look at the underlying components of the S&P 500 ordered by largest market capitalization, Exxon Mobil Corp. (NYSE: XOM) has taken over the #1 spot from Apple Inc (NASD: AAPL), according to The Online Investor. Click here to find out the top S&P 500 components ordered by average analyst rating »
Source: FULL ARTICLE at Forbes Markets

News, Politics, Government

Apple Loop: Exxon Tops Apple, China Labor Woes, Steve Jobs' 'Nose' Photo

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By Connie Guglielmo, Forbes Staff Not as valuable. Apple’s reign as the world’s most valuable company has ended – at least for now. After CEO Tim Cook announced earnings that disappointed investors on Jan. 23, Apple’s shares have plummeted 14 percent. They were trading at $514.01 right before the earnings report. Today they closed at $439.88. That translates into a market capitalization of $413.04 billion – putting Apple behind Exxon Mobil Corp., which at $418.23 billion, reclaimed top honors in market value. But why do I say for now? Because the market is fickle/irrational when it comes to Apple, as anyone who has covered the company knows, and I don’t doubt investor enthusiasm will rise again, especially after Cook releases new iPhones later this year and signs that long-awaited distribution phone deal with China Mobile, the world’s largest carrier. “We are working on some incredible stuff. The pipeline is chock-full,” Cook said during the earnings call. “I don’t want to comment about a specific product, but we feel great about what we have got in store.” Analysts are betting on new iPhones, including a lower-cost model for emerging markets and a version with a larger screen. Personally, I’d like an iPad mini with a Retina display.
Source: FULL ARTICLE at Forbes Latest

News, Politics, Government

Apple shares plunge as growth appears to stall

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Apple shares are plunging after the company reported quarterly results that point to growth slowing after five blowout years.

The stock was down $50.68, or 9.9 percent, at $463.32 in late morning trading.

Even with the stock‘s decline, Apple Inc. is the world’s most valuable company, a position it’s held for more than a year. But it’s now worth just 4 percent more than No. 2 Exxon Mobil Corp.

Late Wednesday, Apple reported October-December earnings that were flat compared with the year before. It predicted sales growth for the current quarter of around 7 percent — far from the 50-percent-plus rate it’s often hit in recent years. Analysts believe Apple is unable to fully capitalize on the global smartphone boom with just one new — and very expensive — phone model every year.

Source: FULL ARTICLE at Fox US News

Business, Finance, Occupation & Industry

See How Exxon Mobil Corp. Ranks Among Analysts' Top Dow 30 Picks

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By DividendChannel.com A study of analyst recommendations at the major brokerages shows that Exxon Mobil Corp. (NYSE: XOM) is the #19 broker pick, on average, out of the 30 stocks making up the Dow Jones Industrial Average, according to ETF Channel. Within the broader S&P 500, when components were ranked in terms of analyst favorites, XOM claims the #268 spot.
Source: FULL ARTICLE at Forbes Markets