All articles tagged with #exxonmobil
The Supreme Court heard arguments in Suncor v. Boulder on Monday, with Justice Samuel Alito recused, creating a risk of a 4-4 tie that would leave state climate lawsuits unresolved. Justices split on whether federal law preempts local government suits against fossil fuel companies for climate damages.
The U.S. Supreme Court heard oral arguments on October 5 regarding a lawsuit by Boulder, Colorado, against ExxonMobil and Suncor Energy for climate-related damages. The eight-justice panel, missing Samuel Alito due to a recusal, showed no clear consensus, leaving the future of similar state lawsuits uncertain.
The Supreme Court will hear arguments on October 5 in Suncor Energy v. Boulder, a pivotal case determining whether federal law preempts state-level climate damages lawsuits against fossil fuel companies. Boulder seeks billions in damages from ExxonMobil and Suncor for alleged climate-related harms. Justice Samuel Alito has recused himself, creating a risk of a 4-4 split that would uphold the lower court's decision without setting a national precedent.
The Supreme Court begins its new term on October 5 by hearing arguments in Suncor Energy v. Boulder, a case determining whether federal law precludes state-level climate damages claims against fossil fuel giants. The city and county of Boulder seek billions in damages from ExxonMobil and Suncor Energy, alleging they misled the public about climate change impacts. Justice Samuel Alito has recused himself, creating a risk of a 4-4 split that would uphold the lower court's decision without setting a national precedent. The ruling could impact dozens of similar lawsuits filed by other U.S. municipalities and states.
Justice Samuel Alito has recused himself from the Supreme Court case Suncor Energy v. County Commissioners of Boulder County, a decision that could result in a 4-4 split and leave lower-court rulings intact. The case, argued on Oct. 5, determines whether federal law precludes state-level climate damages claims against oil companies. Alito’s recusal follows pressure from environmental groups over his stock holdings in other energy firms, reversing his earlier stance that no conflict of interest existed.
Justice Samuel Alito has stepped aside from Suncor Energy v. County Commissioners of Boulder County, a pivotal Supreme Court case regarding climate change damages. The recusal, announced via a letter from the court clerk, follows intense pressure from environmental groups citing Alito's stock holdings in other fossil fuel companies. The decision creates a potential 4-4 split on the court, which could leave the legal questions unresolved and allow similar state-level lawsuits to proceed.
Six months into the Iran conflict, Brent crude has risen about 22% as the Strait of Hormuz remains largely closed, boosting profits for major US oil companies while simultaneously heightening risk to Gulf assets and future growth. ExxonMobil and ConocoPhillips face greater disruption to LNG and oil volumes, Chevron’s Gulf exposure is more muted, and energy‑service firms see mixed regional results. While higher prices improve cash flow, ongoing attacks and geopolitical uncertainty could delay major Gulf projects and alter investment plans for US energy firms.
Trump criticizes oil majors for ‘making too much money’ from market disruption tied to his Iran war, pointing to ExxonMobil and Chevron’s record quarterly profits, while the briefing also covers tariffs on imports, an ICE detention death, a controversial Parti/Blanche- Pirro leadership moment, a urged censure for Rep. Chuck Edwards, and other US and global briefings.
President Trump criticized ExxonMobil and Chevron for earning 'too much money' from rising crude prices tied to the Iran war, calling for price cuts as the companies posted large quarterly profits (Chevron up ~400% to $12B; Exxon $14.5B). Oil and gasoline prices have climbed, and shares moved as markets weighed the conflict and potential talks.
Geopolitical tensions have pushed oil prices higher and lifted earnings for energy majors like ExxonMobil, Chevron, and Valero, with oil ETFs and energy funds outperforming. However, analysts warn these gains are largely driven by geopolitics and may be short-lived, advising buy-and-hold investors to favor diversified, lower-cost energy exposures rather than try to time oil swings, while noting potential opportunities in natural gas, energy infrastructure, and uranium-related ETFs.
ExxonMobil and Chevron posted strong Q2 results as higher oil prices and Middle East disruption lifted profits; Chevron reported net income of $12B and adjusted EPS of $6.06, beating estimates, while Exxon earned about $14.5B with adjusted EPS of $3.52, missing by 8 cents due to refining-market volatility; both posted significant gains in upstream and refining segments, with production up and crude prices averaging around $92/bbl in Q2.
ExxonMobil and Chevron posted a combined $26.5 billion in Q2 profits as higher crude prices and near-capacity refining boosted earnings, with Chevron earning $12.2 billion and Exxon $14.5 billion and U.S. output and refining runs hitting records. Geopolitics—the Iran war and Hormuz disruptions—kept crude prices elevated and pressured gasoline and diesel markets. Trump criticized the windfall and pressed for lower fuel costs, while DOJ price-gouging scrutiny and talk of export bans loom; Chevron cautions that export limits could dampen investment and future supply.
In a 6-3 decision, the Supreme Court ruled ExxonMobil can sue Cuban state‑owned companies in U.S. courts over assets seized after Fidel Castro’s rise, invoking Helms‑Burton and signaling greater leverage over Cuba amid the embargo.
Global oil inventories are nearing critically low levels, making a spike to $150–160 per barrel plausible in the coming weeks, according to Exxon Mobil’s Neil Chapman, who says we could be approaching “unheard of inventory levels” with a two-to-four week window to see really tight stocks. While prices have been hovering in the $90s, disruptions around the Strait of Hormuz and ongoing supply concerns could drive crude higher, though OPEC+ decisions and demand shifts could temper the move. The piece also suggests hedging risk by owning energy names such as Occidental Petroleum or Exxon Mobil amid potential volatility and inflationary pressure from higher oil prices.
ExxonMobil shareholders approved moving the company’s legal domicile from New Jersey to Texas, aligning its legal home with its Texas-based operations to capitalize on a more business-friendly regulatory climate. The board-backed relocation faced warnings from advisory firms that it could hinder shareholder lawsuits, and underscores Texas’s growing appeal as a domicile for major companies (Exxon has a large Texas presence and about 75% of U.S. employees there).