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XOM Jun 2024 175.000 put
| Previous close | 55.10 |
| Open | 55.10 |
| Bid | 59.85 |
| Ask | 63.05 |
| Strike | 175.00 |
| Expiry date | 2024-06-21 |
| Day's range | 55.10 - 55.10 |
| Contract range | N/A |
| Volume | |
| Open interest | N/A |
- Yahoo Finance Video
Oil: Why M&A consolidation is emerging as a trend
Mega-merger moves are shaking up the oil sector. Hess (HES) shareholders have given the green light to the company's whopping $53 billion acquisition by Chevron (CVX). Meanwhile, ConocoPhillips (COP) is gearing up to acquire Marathon Oil (MRO) in a massive $17.1 billion all-stock transaction. Joining Market Domination to discuss the outlook for the oil sector amid this consolidation wave are Alpine Saxon Woods Founding Partner Sarah Hunt and CFRA Research Energy Equity Analyst Stewart Glickman. Hunt highlights the entire industry "is under a lot of pressure" as it pivots toward alternative energy sources. "I think this is all about consolidating into a smaller number of players, in a very mature industry, that is looked at as something that is not going to last forever," Hunt tells Yahoo Finance. Glickman, however, doesn't see the Conoco deal as "transformative," suggesting the company is on the defensive. With the Permian Basin posing headwinds for oil output, Glickman argues that by acquiring Marathon, Conoco is decreasing its Permian exposure — ultimately benefiting the company. He adds, "If you're going to grow at all, you're better off growing by acquisition than you are by throwing a lot of money into new cap-ex." For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Angel Smith
- Yahoo Finance Video
Hess shareholders approve Chevron deal, Exxon dispute lingers
Hess (HES) shareholders have approved the company's $53 billion merger with Chevron (CVX). But one issue still needs to be resolved. ExxonMobil (XOM) is claiming a right of first refusal over assets in Guyana, which it shares ownership of with Hess and China's CNOOC. Yahoo Finance's Alexis Keenan breaks down the fight and what to watch from ExxonMobil's shareholder meeting later Wednesday. For more expert insight and the latest market action, click here to watch this full episode of Catalysts. Be sure to check out what ExxonMobil CEO Darren Woods told Yahoo Finance about the Guyana assets here. This post was written by Stephanie Mikulich.
- Yahoo Finance Video
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
