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After Exxon and Shell, the other three majors are U.S. firm Chevron, Britain’s BP and France’s Total. (Graphic: Oil profits - tmsnrt.rs/2UO61Rj). (Graphic: Flowing Cash - tmsnrt.rs/2UNIwYG). Exxon is the outlier of the group for now, as it boosts its spending to develop large-scale projects in Guyana and Mozambique and its sprawling U.S. onshore shale portfolio. The company, still the biggest energy firm in terms of production and market size, was slow to respond to the drop in crude prices, lagging rivals when they slashed costs, sacked employees and sold assets in the past three years.
But under Chief Executive Darren Woods, who succeeded Rex Tillerson when he became U.S, secretary of state from 2017 until last year, Exxon is undergoing profound changes in its operations and structure in an effort to catch up, engraved cufflink (Graphic: Exxon vs, Shell: A tight race for production - tmsnrt.rs/2UPYsJU), Exxon will increase capital spending to $30 billion this year from $26 billion in 2018, It is also trying to sell large assets in Azerbaijan and Tanzania, Woods told analysts in a fourth quarter earnings call that the Irving, Texas-based company would accelerate divestments..
“Exxon Mobil has pulled the divestiture value creation lever much less than peers over five and 10 years,” said Doug Terreson, analyst at Evercore ISI. “It is timely for them to divest and use proceeds to reinvest in higher quality areas.”. Exxon has pledged to double earnings and cash flow from operations by 2025. Anglo-Dutch Shell is still set to retain the crown for cash generation until the end of the decade thanks to rising production and its dominance in liquefied natural gas (LNG).
But Exxon’s new production should sharply narrow the gap, according to estimates by HSBC, engraved cufflink which has a ‘hold’ rating on Shell and ‘buy’ on Exxon, While Exxon invests heavily into future production, Shell’s output growth is set to slow after years of gains following the acquisition of rival BG Group in 2016, For Shell and other rivals which have held back on new investments, the race to find new reserves to replace depleting fields will be a key challenge, said Darren Sissons, portfolio manager at Canadian investment management firm Campbell, Lee & Ross..
LONDON (Reuters) - German Finance Minister Olaf Scholz said on Friday he was in talks with banks about their future and called reports of a merger of Deutsche Bank and Commerzbank “speculation”. Media reports have said Germany would want a merger of its two main banks to go through before European Parliament elections in May. Scholz said he couldn’t imagine what the elections have to do with the banking sector and was speculation that he could not understand. “The truth is we are discussing the situation of the financial industry in Germany, it’s the task of our government,” Scholz told a Bloomberg event in London.
“We are discussing about clearing, we discuss about the development of the banking sector, We are debating whether the different banks, about their situation, for engraved cufflink being able to do the necessary things when something needs to be done.”, “Today is not a situation where it’s necessary to report anything,” Scholz said, There was “no debate” about a setting up a bad bank to hold souring loans of lenders, Deutsche is considered one of the most important banks for the global financial system, along with JPMorgan, Bank of America and Citigroup..
But Deutsche has been plagued by three years of losses, ratings downgrades, failed stress tests, and money laundering scandals. Commerzbank is still partially held by government after a bailout. “There are two banks, they are doing anything to get enough profits. We are discussing with them about the situation of the banking industry in Germany,” Scholz said. A stable banking system is needed to underpin German companies who want to go abroad to export, he said. It was important to have both international and national banks operating in Germany to serve the economy.
“It’s important to have a strong banking sector to do what national champions are doing and able to do.”, HARD BREXIT-PROOF, WirtschaftsWoche magazine cited an unnamed source on Friday saying Berlin and Brussels would decide on a potential merger between before the next EU elections in May, WirtschaftsWoche said Germany and the EU needed to coordinate on the matter because a potential merger could entail action by the German state which could be seen as state aid, Britain is set to leave the European Union on March 29, but has so far not agreed a divorce settlement with engraved cufflink the bloc to ensure a smooth and orderly departure..