(30 Mar 2017) Penn member ConocoPhillips pops 7% at open on sale of assets. Penn Global Leaders Club member ConocoPhillips (COP $38-$49-$53) jumped 7% at Thursday's opening bell on news that the $60 billion integrated energy company would sell off some assets. The sale of its 50% stake in the Foster Creek and Christina Lake (FCCL) Oil Sands Partnership to Cenovus Energy (CVE $11-$12-$17) for $11 billion in cash and 208 million ($2.5 billion) shares of CVE was a great tactical move. The company will retain the benefits of the Canadian assets via their CVE shares, and it will use the cash proceeds to pay down its outstanding debt load (from $27 billion to $20 billion) and repurchase about $6 billion of stock. Win-win-win.
(07 Mar 2017) Exxon Mobil to create 45,000 new jobs in US. Massive US energy firm, $345 billion Exxon Mobil (XOM $81-$83-$96), announced that it will spend $20 billion on its infrastructure along the US Gulf Coast over the next five years and create 45,000 new permanent jobs in the process. The jobs are projected to have an average salary of $100,000 per year. In a clear nod to the new administration's policies, the money will be used to fund refining and chemical manufacturing projects at 11 proposed and existing sites along the coasts of Texas and Louisiana. The last refinery in the US was built in 1977, a condition the Trump administration called abhorrent. Penn members, see the Trading Desk for guidance.