Goldman downgrades Exxon to ‘sell’, slashes returns outlook

Stephan:  Here is some good news about the transition out of the carbon-energy era.

Credit: Reuters/Brendan McDermid

LONDON  – Goldman Sachs downgraded ExxonMobil (XOM.N) to “sell” following disappointing fourth-quarter results, as the Wall Street bank forecasted the oil and gas company will meet only half of its targeted returns by 2025. (emphasis added)

Irving, Texas-based Exxon’s results missed Wall Street’s recently lowered estimates, with earnings sliding to $5.6 billion(4.27 billion pounds) from $6 billion a year ago as weak oil and gas prices, sliding refining and chemicals profit margins offset a sharp increase in oil and gas production.

Exxon CEO Darren Woods described the margin weakness as “a short-term impact”.

But Goldman said its decision to downgrade Exxon from “neutral” stemmed from “lack of free cashflow limiting capital returns, and risk to long-term return on capital employed (ROCE)targets”.

Goldman said it saw “clear downside” to Exxon’s target of reaching 15% ROCE by 2025, with its own modelling now showing 8% ROCE due to lower downstream margins, lower crude oil prices and risks to execution of projects.

Goldman lowered Exxon’s share price target from $72 to $59. […]

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New data makes it clear: Nonvoters handed Trump the presidency

Stephan:  This article was first published on 9 August 2018. I am running it as my lead in today's edition because, with the Republican senators spineless ethical failure, with the exception of Mitt Romney, voting in November is the only way to get Trump out of office, and sweep away his entire band of grifters. My main take away from Iowa, is that the Democratic establishment has to be replaced, and the paltry turn-out, while not dispositive because it was such a mess,  should alarm anyone who has an interest in creating a society that fosters wellbeing. In the upcoming year even as this administration continues, if Trump stays true to form, there will be covert and overt revenge moves, further degradation of people's lives, lack of preparation for climate change, and on and on until 20 January. The one variable we cannot calculate is Bolton's book or whether the House subpoenas him or others to testify.

Then-Republican presidential nominee Donald Trump shakes hands as he arrives at a campaign rally on Aug. 30, 2016, in Everett, Wash.
Credit: Evan Vucci/AP

Most of our assessments of the electorate in 2016 are dependent on estimates. Polling before the election that suggested where people were leaning; exit polling after the fact that gives us some sense of who actually turned out. When more than 137 million people vote, understanding exactly who they were and why they voted the way they did necessarily involves some guesswork.

On Thursday, though, Pew Research Center released an unusually robust survey of the 2016 electorate. In addition to having asked people how they voted, Pew’s team verified that they did, giving us a picture not only of the electorate but also of those who didn’t vote. There are a number of interesting details that emerge from that research, including a breakdown of President Trump’s support that confirms much of his base has backed him enthusiastically since the Republican primaries.

In Private, Republicans Admit They Acquitted Trump Out of Fear

Stephan:  Here are the words of an honorable man, the kind of person you want to be a senator, even when you don't agree with them because they consistently seek to foster wellbeing, and have an ethical spine.

Senate voting against impeachment of Donald Trump
Credit: Wikipedia

Not guilty. Not guilty.

In the United States Senate, like in many spheres of life, fear does the business.

Think back to the fall of 2002, just a few weeks before that year’s crucial midterm elections, when the Authorization for Use of Military Force Against Iraq was up for a vote. A year after the 9/11 attacks, hundreds of members of the House and the Senate were about to face the voters of a country still traumatized by terrorism.

Senator Patty Murray, a thoughtful Democrat from Washington State, still remembers “the fear that dominated the Senate leading up to the Iraq war.”

“You could feel it then,” she told me, “and you can feel that fear now” — chiefly among Senate Republicans.

  For those of us who, from the start, questioned the wisdom of the Iraq war, our sense of isolation surely wasn’t much different from the loneliness felt in […]

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This state wants to buck the trend and keep their plastic straws and bags

Stephan:  Once again, as this article describes, we have proof that Trumplicans cannot govern, if by govern one means creating a society that fosters wellbeing over profit. This report is yet another example of the reality that the Trumplican Party always sides with the corporate interests to the degradation of the lives of ordinary people. Yet in South Dakota, time after time, those ordinary people vote for the Trumplican candidates in an act of blatant self-sabotage, and then they whine when their lives are impacted negatively.

Credit: Fiona Goodall/Getty

While some other states are passing laws and finding eco-friendly alternatives to reduce plastic waste, South Dakota is moving in the opposite direction.

On Tuesday, the South Dakota Senate Commerce and Energy Committee approved a bill that would prohibit any ban on plastic straws, beverage containers, packaging or bags in the state.
The bill, which now advances to the full Senate, was sponsored by Republican Senator John Wiik. He believes cities in South Dakota shouldn’t ban plastic “auxiliary containers” because the state is basically one large, “spread-out small town.”
“We have to realize that as small towns are struggling to keep retail thriving, we’re seeing people driving farther and farther to do basic shopping for groceries,” Wiik said on his legislative blog. “I don’t expect hockey parents from Pierre to know if Watertown or Mitchell has a ban on ‘auxiliary containers,’ and I don’t believe that people who live in areas near big towns should have those decisions made for them.”

Risking food safety, USDA plans to let slaughterhouses self-police

Stephan:  Criminal Trump has decided to let slaughterhouses self-police. They will be allowed to measure profit against healthy meat and fowl and operate as they choose. How do you think they will decide? What could possibly go wrong? Let's be honest, your wellbeing doesn't matter to criminal Trump and his familiars. How many ways does he have to make that clear to you before you believe him? In the 1932 election Hitler in the first round of voting, gained 30.1% of the vote. As of today, After the faux impeachment trial, Trump is more popular than ever. The problem America faces is Americans. [caption id="attachment_50278" align="alignleft" width="300"] Credit: fivethirtyeight[/caption]

More than a century ago, Upton Sinclair’s “The Jungle” exposed unsafe and unsanitary conditions in our nation’s slaughterhouses. Sinclair singled out breakneck line speeds as a key source of misery, noting, “The main thing the men wanted was to put a stop to the habit of speeding up, they were trying their best to force a lessening of the pace, for there were some, they said, who could not keep up with it, whom it was killing.”

Sinclair’s stomach-churning account led Congress to create a new agency in charge of food safety in slaughterhouses. Among the reforms implemented were rules to slow down line speeds so that government inspectors could ensure that diseased or feces-covered meat and poultry did not end up on consumers’ plates. Now, if the Trump administration gets its way, pork slaughterhouses will be allowed to drastically increase their line speeds, with potentially disastrous results for workers and consumers.

A new rule, finalized today, would reduce the number of government food safety inspectors in pork plants by 40 percent and remove most of the remaining inspectors from […]

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