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A Nabors Industries roughneck uses a power washer to clean the drilling floor of a rig drilling for Chevron Corp. in the Permian Basin near Midland, Texas, on March 1, 2018. (Daniel Acker/Bloomberg)
Exxon Mobil and Chevron generated the most free cash flow in more than a year as economies around the world claw their way out of lockdowns, boosting energy demand.
Rallying crude prices and demand for chemicals used in plastics more than offset losses from refining oil as the largest North American explorers disclosed first-quarter results on Friday.
Despite living up to Wall Street’s profit expectations, Chevron shares dropped 2.4% after disappointing investors who were anticipating a revival of share buybacks. Although Exxon’s deep refining losses were blunted by chemical profits, the stock declined by 1.7%.
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La Nina gives a turbocharge boost to already high food prices
Global prices for food and crops are at multi-year highs and thereâs a culprit far larger than human commerce: La Nina.Â
By Brian K Sullivan, Fabiana Batista and Jasmine Ng, Bloomberg
2 May 2021 08:42
Image: Justin Sullivan/Getty Images North America
Global prices for food and crops are at multi-year highs and thereâs a culprit far larger than human commerce: La Nina.
This year, the weather pattern has already made its mark in North and South America as well as Australia and Indonesia. Characterized by the cooling of the equatorial Pacific, La Nina triggers atmospheric gyrations that cause water scarcity in some places and floods in others. And the prospect of drought across the US â and difficult weather just about everywhere else â is roiling commodities markets. Combined with falling yields and growing demand from China, the result is soaring food prices and