Exxon Mobil burned brighter in the first quarter, thanks to the Permian Basin and Guyana. The $485 billion oil giant earned $11.4 billion, or twice as much as it did the same period a year ago. Moreover, while the firm continued to shower its investors with cash, sending them $8.1 billion, the company also increased production to 3.8 million barrels of oil equivalent per day, a 4% rise from a year ago.
Placing money alongside the world’s richest man should be an easy pitch. But tech heavyweights backing his $44 bln Twitter bid with $7 bln still leave a hole, and checks from smaller investors suggest he was scraping the barrel. It indicates skepticism about Musk’s latest idea.
U.S. states coffers did surprisingly well during the pandemic and federal aid helped them build big fiscal buffers. Now many, like California, plan tax cuts. That may fuel even more inflation and prove unsustainable as more than $900 billion of support from Washington winds down.
The U.S. liquefied natural gas export market is burning bright, and Russia’s invasion of Ukraine makes it even more so. America’s export facilities are already largely booked. But Russia provides nearly 40% of Europe’s gas. Replacing even part of this would provide long-term security for firms like the $30 billion Cheniere Energy itching to build .