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Squawk Pod

“The Bird is Freed” & Exxon’s Record-Breaking Profits 10/28/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2543 Ratings

🗓️ 28 October 2022

⏱️ 39 minutes

🧾️ Download transcript

Summary

Elon Musk officially owns Twitter. $44 billion, and one soap opera later, the Tesla CEO has completed the deal to buy social media platform Twitter, and he’s already prompted some big changes to its executive leadership. After two consecutive quarters of big profits for oil companies, Exxon Mobil CEO Darren Woods joins the team to discuss global energy prices, geopolitics’ implications on the global oil market, and ESG’s impact on big oil’s bottom line. Crude oil has gone, in the last 2 years, from -$37.63 in April of 2020, to over $80 a barrel this week. Plus, CNBC’s Sharon Epperson reports on the asset that could be a safe haven from market volatility; they’re ibonds, and they’re currently in high demand. In this episode: Darren Woods, @exxonmobil Sharon Epperson, @Sharon_Epperson Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Becky Quick @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0

Bring in show music please.

0:03.0

Hi, I'm C. NBC producer Katie Kramer.

0:07.0

Today, on Squawk Pod.

0:08.0

A record quarter for ExxonMobil,

0:11.0

balancing giant profits for oil,

0:13.2

with big pressures of the pump,

0:14.6

and tricky politics around the world,

0:16.5

CEO Darren Woods.

0:17.8

I won't get into the political dynamics

0:19.8

of what's happening in the motivation there.

0:22.1

But I would say, ultimately ultimately we've got to increase

0:24.5

supply if we're going to continue to meet the demands of a growing economies all around

0:28.0

the world. Plus how environmental concern is affecting oil's bottom line.

0:32.0

We've gotten into this dynamic of where people are

0:35.6

choosing sides. It's either right or left, right or wrong. I continue to believe that, again, this is an and

0:42.1

equation. We're growing our production while

0:44.3

reducing emissions and the honeymoon begins the bird is free

0:50.3

Elon Musk officially owns Twitter 4444 billion in a full soap opera later.

0:55.9

So the big question is, is Elon Musk going to be a good corporate citizen?

1:01.3

Those conversations, plus our economies growing, for one quarter at least, and

1:05.5

see NBC's Sharon Epperson reports on what may be a safe haven for your money.

1:10.1

That's a far better return than you'll get on online same accounts or see these right now if you can actually buy the I bonds.

...

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