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XOM May 2024 112.000 put

OPR - OPR Delayed price. Currency in USD
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0.0100-0.1300 (-92.86%)
As of 03:29PM EDT. Market open.
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Previous close0.1400
Expiry date2024-05-24
Day's range0.0100 - 0.0300
Contract rangeN/A
Open interest659
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    These are the catalysts behind oil industry consolidation

    The energy sector is making major moves as ConocoPhillips (COP) is set to acquire Marathon Oil (MRO) in a $17.1 billion all-stock deal. Hess (HES) shareholders have also voted to approve the oil company’s pending $53 billion merger with Chevron (CVX). Sankey Research President and Lead Analyst Paul Sankey joins Catalysts to discuss how the latest news is affecting the oil industry on a larger scale. "This is a capital-intensive business, so the bigger you are, the more efficiencies you gain," Sankey explains, pointing to the $500 million a year in synergies that Conoco's acquisition of Marathon is expected to generate. Sankey believes that these deals will be subject to more regulatory scrutiny, especially in an election year. He adds, "The expectation is that without any great potential to change gas prices at the pump, these deals will be approved over the course of the next six months." The upcoming OPEC meeting this weekend will be a major catalyst for the price of oil. Sankey expects Saudi Arabia to extend cuts, and as the demand for oil increases, he notes that he is not as bullish on the commodity as he is on the expansion in oil company stocks. For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Melanie Riehl

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    Chevron-Hess deal: What hurdles remain?

    Hess (HES) shareholders have officially voted to sell the company to Chevron (CVX) in a deal valued at $53 billion. However, the path to finalizing this transaction still presents several hurdles. Tortoise Portfolio Manager Robert Thummel joins the Morning Brief to share insights into the remaining challenges. Thummel highlights that arbitration is "the biggest hurdle" for the Chevron-Hess deal. He notes that if the arbitrator rules that other energy giants like Exxon (XOM) "are entitled to a right of first refusal," the deal could potentially fall through. However, he emphasizes that the "crown jewel asset" for this transaction to occur is the Guyana asset. Thummel further elaborates that if Chevron were unable to acquire Hess alongside its coveted Guyana assets, the entire deal could be jeopardized. He states that Chevron "has made it very, very clear that without the Guyana asset ... the company is not interested in pursuing the acquisition and the merger with Hess." For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Angel Smith