Exxon Mobil CEO: EU's CSDDD is some of the worst legislation I've seen passed anywhere
Darren Woods, Exxon Mobil chairman and CEO, joins 'Squawk Box' to discuss the recent moves in oil prices, if current prices will stick around and much more.
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14 hours ago
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Trump calls New York Democratic mayoral candidate Zohran Mamdani 'a communist'
President Donald Trump on Friday called New York City Democratic mayoral candidate Zohran Mamdani "a communist," and said the Big Apple will become "a communistic city" if he is elected mayor in November. "I can't believe that's happening," Trump told reporters at the White House. "That's a terrible thing for our country, by the way." Trump's comments came three days after Mamdani — who is a democratic socialist, not a communist — scored a stunning victory over former New York Gov. Andrew Cuomo in the first round of the city's Democratic mayoral primary. Cuomo conceded to Mamdani late Tuesday night, acknowledging the strong likelihood that the next round of the primary's ranked-choice voting system would confirm Mamdani, a member of the Democratic Socialists of America, as the Democratic Party's nominee. Mamdani won the initial primary round despite the fact that many prominent Democrats had endorsed Cuomo. His victory has sent some major investors, New York business leaders and conservative news commentators into a tizzy over the now-very-real possibility that Mamdani, a three-term state assemblyman, will be the mayor of America's largest city. Mamdani's campaign platform calls for an increase in the corporate tax rate, higher taxes on the wealthy, a rent freeze and free buses. Trump acknowledged the alarm over Mandani among business leaders, saying they are "worried that somebody like this communist from New York someday gets elected." "He's a communist. We're going to go to a communistic city," said the president. "That's so bad for New York." CNBC has requested comment from Mamdani's campaign about Trump's remarks. Phillip Laffront, founder of the Coatue Management hedge fund, told CNBC on Wednesday that if Mamdani wins the general election, some wealthy investors could decide to move away from the city. "Some people are going to, for sure, go," Laffont said on "Squawk Box." Cuomo has not yet announced whether he plans to run for mayor this fall as an independent. New York City's current mayor, Eric Adams, is already seeking re-election as an independent candidate. Initially elected as a Democrat, Adams decided earlier this year to run for re-election as an independent, rather than ask fellow Democrats to nominate him on the party's ballot. Adams has become increasingly unpopular in New York after he was indicted in September on federal corruption charges brought by the Department of Justice when Democratic former President Joe Biden was still in office. After Trump took office in January, the DOJ asked a judge to dismiss the case against Adams, arguing that prosecuting the mayor would interfere with his ability to govern the city and to cooperate with federal immigration enforcement, a priority for the new president. Seven federal prosecutors, including the acting Manhattan U.S. Attorney whose office was handling the case, resigned in protest over the DOJ's effort to drop Adams' prosecution. In April, District Court Judge Dale Hole dismissed the case against Adams with prejudice, meaning that it cannot be resurrected by the DOJ when Adams leaves office. In his order, Ho blasted the Justice Department, which had initially wanted the case dismissed without prejudice, which would allow prosecutors to re-open the case at some point, potentially. "Everything here smacks of a bargain: dismissal of the indictment in exchange for immigration policy concessions" by Adams, Ho wrote. The judge said that dismissing the case without prejudice "would create the unavoidable perception that the Mayor's freedom depends on his ability to carry out the immigration enforcement priorities of the administration."
CNBC
17 hours ago
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Watch CNBC's full interview with JPMorgan's Gabriela Santos
Gabriela Santos, JPMorgan Asset Management chief market strategist for Americas, joins 'Squawk Box' to discuss Santos' thoughts on equity markets, if markets are missing some of the positives and much more.
Yahoo
18 hours ago
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Exxon Mobil: $55 Brent is Fine; Open to M&A, Including Permian
'Uncertainty' is the word for the oil market today and a single 24-hour snapshot of the price of WTI is an illustration, an Exxon Mobil senior vice president said. 'We've had perhaps the shortest oil spike in the history of the oil markets,' Jack Williams said at a J.P. Morgan energy conference June 24. 'It started on a Sunday evening; ended by Monday morning.' The WTI-August contract on CME Group closed June 20 for the weekend at $74, up from about $68 a week earlier before Israel launched daily attacks on Iranian targets. The U.S. joined in on June 21, dropping bunker-buster bombs onto underground Iranian nuclear infrastructure. The contract resumed trading at 4 p.m. CDT June 22, opening at $78/bbl. The following afternoon on June 23, after Israel and Iran agreed to a cease-fire, the contract fell to $64/bbl, which was the price on June 11. Williams said, 'So I mean, I think it's really hard to predict near term where things are going to go. We have a lot of volatility out there.' Exxon can weather sub-$70 WTI, though, he said. 'We think we're well positioned and ready in that kind of environment." And, of course, if prices improve 'we'll benefit pretty hugely with the production we have going on.' The $470-billion market cap, international and integrated energy major's five-year plan is based on mid-cycle prices of about $65 Brent. Still, at $55 Brent, 'we generate $110 billion of surplus cash after dividends and capex,' Williams said. 'So we certainly can withstand lower pricing and that would be for an extended period of time over that entire period [into 2030].' Exxon Mobil's net debt to capital is 7%. 'So sitting very, very good there.' Some $24 billion of divestments 'got us really down to our fighting weight. So we're in really good shape.' If Exxon varied from its five-year plan, 'it would be because we see a really, really good attractive opportunity in front of us—not because we need to because of market conditions kind of forcing, kind of tying our hands. 'We're, of course, keeping our head up and looking around for opportunities and we'll take advantage of those as they present themselves.' The operator bought Permian Basin pureplay Pioneer Natural Resources in May 2024 for $64.5 billion in stock and debt assumption, picking up 721,000 boe/d, 53% oil. Post-closing results have been surprising—to the upside—Williams said. 'What we didn't factor in enough is the quality of the Pioneer workforce, work processes, what they were doing and the reverse synergies we're going to get from that. 'So we certainly had a pleasant surprise there with the quality of what Pioneer brought to the corporation.' Exxon has increased its estimate of Permian Basin operational savings from the Pioneer deal from $2 billion a year to $3 billion due to synergies. 'I would say that's looking really good, really positive,' Williams said. Meanwhile, though, digesting the Pioneer acquisition hasn't 'boxed us in at all in terms of having too much of the organizational firepower working on that.' Exxon is 'pretty wide open in terms of the ability to do … more acquisitions,' he added. It's looking for deals that are 'one plus one equals three. We're looking for value. We have to be able to add significant value.' Within the Permian Basin, there are small deals to be done too. 'With the Pioneer acreage and our legacy [Permian] acreage, we have a lot of areas where we can do some trades around the edges so we can do real win-wins or some bolt-on acquisitions around the edges … that we bring a lot of value.' Sign in to access your portfolio
