U.S. oil is back, and ExxonMobil's $60 billion deal isn't even the biggest signal
Publishing timestamp: 2023-10-15 13:04:30
Summary
Domestic oil production in the US has reached an all-time high, signaling a full recovery from the Covid pandemic. The recovery is driven by the Permian Basin in Texas, where ExxonMobil is consolidating its position through a $60 billion acquisition. Wall Street's push for cost containment and high stock dividends, along with consolidation, have contributed to the recovery. However, challenges remain, such as declining cash flows and the need to balance short-term gains with long-term shifts in energy use and carbon reduction goals.
Sentiment: MIXED
Tickers: @CL.1, XOM, PXD, XLE, @LCO.1, CVX,
Keywords: economy, oil and gas drilling, energy select sector spdr fund, pioneer natural resources co, oil and gas, ice brent crude (apr'23), wti crude (mar'23), business news, u.s. economy, breaking news: economy, energy, exxon mobil corp, chevron corp,