Warren Buffett lets go of Exxon shares, and buys refiner Phillips stake because of the fluctuating oil prices. Bloomberg reports that the billionaire investor announced Wednesday that his Berkshire Hathaway Inc. sold some $4 billion Exxon Mobil Corp. shares due to the dreary outlook of crude oil prices, buying instead a $4.48 billion stake from refiner Phillips 66.
Royal Dutch Shell (RDSa.L) agreed to buy smaller rival BG Group (BG.L) for 47 billion pounds ($70 billion) in the first major energy industry merger in more than a decade, closing the gap on market leader U.S. Exxon Mobil (XOM.N) after a plunge in prices.
Exxon Mobil Corp (XOM.N) has rejected a contract offer from the United Steelworkers (USW) local chapter representing hourly workers at the company's Beaumont, Texas, refinery and renewed its offer of a six-year contract, a union official said on Wednesday.
Exxon Mobil Corp's (XOM.N) push to persuade workers at its Beaumont, Texas refinery to sign a five-year contract, nearly twice as long as the last one, is part of an effort to avert labor stoppages during a possible expansion that could make it the largest such plant in the United States, sources familiar with refinery operations said.
U.S. stocks fell modestly on Friday, pressured by underwhelming corporate news including guidance from economic activity bellwether UPS and as materials stocks fell after bearish notes.
The asset with the greatest prowess of late has been the U.S. dollar, and if its rally continues, it threatens to eat into the earnings of multinational companies.
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