ExxonMobil Releases Its Energy & Carbon Summary and Outlook for Energy
ExxonMobil last Friday released its Energy & Carbon Summary: Positioning for a Lower-Carbon Future and its Outlook for Energy: A View to 2040. While increasing electrification of light-duty vehicles is anticipated to grow strongly, oil continues to provide the largest share of the world's energy needs. [FULL STORY]
Finished Lube Price Increases Continue
This past week, Old World Industries and BP Lubricants USA/Castrol announced finished lube price increases. During the past couple weeks, CITGO, ExxonMobil, Chevron, Phillips 66, Petro-Canada America, Shell (SOPUS Products) and many independents also announced price increases.
During this past week, Excel Paralubes, Calumet, Chevron and Petro-Canada announced lube base oil price increases, several producers announcing their second price increase in the past month.
Last week, Shell, ExxonMobil, Chevron and Phillips 66 reported fourth quarter and full year earnings. All posted increases in both fourth quarter and full year earnings. For the full year, ExxonMobil reported profits of $19.71 billion, its highest annual earnings since the start of an oil price slide in 2014, when it earned $32.52 billion.
BMW and Mercedes-Benz Join Other Carmakers in Offering Automotive Subscriptions
BMW and Mercedes-Benz appear to be joining the likes of Volvo, Porsche, Cadillac and Lincoln in offering automotive subscriptions that cover all of the fees required with car ownership or leasing under one payment.
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