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Profits for Exxon Mobil and Chevron were slammed by slumping fuel margins as the prospect of U.S. tariffs on two major oil suppliers threatens to make the refining business even worse.

Exxon’s claim of right-of-first-refusal to Hess’ 30% stake in Guyana’s Stabroek block is “baseless” and “without merit,” CEO John Hess said at a Goldman Sachs Group Inc. conference Jan. 7.

Exxon Mobil will raise capital spending next year as its $60 billion purchase of Pioneer Natural Resources increases its oil production plans, threatening to worsen an expected crude glut.

Oil and gas producers in the U.S. will not raise output significantly in the coming years despite calls from President-elect Donald Trump to “drill, baby, drill,” said an Exxon executive.

NICOSIA, Cyprus — Exxon Mobil could partner with a consortium composed of Eni of Italy and Total of France to jointly develop gas deposits close to each other off Cyprus’ southern coast.

Exxon has signed a preliminary agreement to provide battery metal lithium to an LG Chem plant in the U.S., strengthening the oil major’s role in the domestic critical minerals supply chain.

Weaker crude prices and refining margins are likely forcing four of the five supermajor oil companies to borrow money to fund $15 billion in share buybacks for the most recent quarter.

Exxon Mobil Corp. is looking to sell a package of conventional oil assets in the Permian Basin as the company focuses on growing shale production.

Exxon Mobil forecasts global oil demand in 2050 will be the same — or slightly higher — than current levels, putting efforts to reach net-zero carbon emissions by midcentury well out of reach.

Hess Corp. shareholders approved Chevron Corp.’s $53 billion takeover despite reservations among several prominent investors about a dispute with Exxon Mobil Corp. over a key asset.