US oil giants ExxonMobil, Chevron report huge profits in tight energy market
2 years, 1 month ago

US oil giants ExxonMobil, Chevron report huge profits in tight energy market

Firstpost  

The results show how the surge in crude prices in the aftermath of Russia’s invasion of Ukraine has boosted the industry by lifting crude prices, as well as natural gas prices due to Europe’s mobilization to offset lost natural gas imports from Russia New York: A day after blockbuster profits from European oil heavyweights, US oil giants ExxonMobil and Chevron reported another round of bumper earnings, prompting fresh attention from the White House. The results show how the surge in crude prices in the aftermath of Russia’s invasion of Ukraine has boosted the industry by lifting crude prices, as well as natural gas prices due to Europe’s mobilization to offset lost natural gas imports from Russia. Chevron Chief Financial Officer Pierre Breber said the company planned for 2023 spending “near the top end of the range consistent with what our plans have been.” Chevron undertook a six percent dividend increase earlier this year and Chevron Chief Executive Mike Wirth said the company was currently at an “all time high rate” in terms of share repurchases. “If you look at some of the windfall taxes that are being talked about within Europe, that’s going to put additional pressure on refining margins,” Woods said, adding that passage of the measures would lead to more underinvestment in refining and “capacity coming out of the market.” Shares of ExxonMobil rose 2.7 percent to $110.48 in afternoon trading, while Chevron gained 0.9 percent to $179.59.

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History of this topic

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
7 months ago

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

Associated Press  

WASHINGTON — The Biden administration said Tuesday it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer. The move, which the department said is intended to help “lower costs for American families and consumers,″ follows a mandate from Congress to sell off the …

Gas inflation is back! Prices at the pump surge to $3.47 a gallon but costs vary by as much as $30 a tank between states - here are where motorists are worst-hit
9 months ago

Gas inflation is back! Prices at the pump surge to $3.47 a gallon but costs vary by as much as $30 a tank between states - here are where motorists are worst-hit

Daily Mail  

Costs have been pushed up by recent drone attacks on Russian oil refineries Gas prices are up year-on-year for the first time in 2024, experts said Motorists are facing an average of $52 to fill up a tank of gas, new figures show Motorists are facing an average of $52 to fill up a tank of gas after prices at …

Exxon overcomes hefty charge and falling crude prices in fourth quarter to top profit expectations
10 months, 3 weeks ago

Exxon overcomes hefty charge and falling crude prices in fourth quarter to top profit expectations

Associated Press  

Exxon Mobil’s fourth-quarter revenue and profits declined along with the price of oil, and the energy giant was weighed down by a hefty impairment charge tied to regulatory issues in California. The current quarter included a $2.3 billion impairment charge of which $2 billion related to regulatory obstacles in California that have prevented production and distribution assets from coming back …

Meet America’s Newest Oil Trader Extraordinaire: Joe Biden
11 months, 3 weeks ago

Meet America’s Newest Oil Trader Extraordinaire: Joe Biden

Live Mint  

President Biden’s unprecedented release of oil from America’s petroleum reserves in 2022 turned the White House into an unusually active player in the volatile crude market. The flood of emergency supplies helped arrest surging oil prices after Russia invaded Ukraine, and pulled billions of dollars into the Energy Department’s coffers in the process. The Energy Department says it has already …

Schumer and other Senate Democrats call for a federal probe of huge oil deals by Exxon and Chevron
1 year, 1 month ago

Schumer and other Senate Democrats call for a federal probe of huge oil deals by Exxon and Chevron

Associated Press  

WASHINGTON — Senate Majority Leader Chuck Schumer and 22 other Democratic senators are urging federal regulators to investigate multibillion-dollar acquisitions by oil giants ExxonMobil and Chevron, saying the deals could lead to higher prices at the gas pump. In a letter Wednesday to the Federal Trade Commission, the lawmakers said Exxon’s proposed $60 billion acquisition of Pioneer Natural Resources and …

Exxon profit falls compared with record-setting numbers last year, but consolidation in full swing
1 year, 1 month ago

Exxon profit falls compared with record-setting numbers last year, but consolidation in full swing

Associated Press  

Exxon Mobil’s third-quarter profit declined compared with last year when the oil giant put up record numbers as oil prices soared, but net income jumped 15% compared with the previous quarter. Analysts polled by Zacks Investment Research predicted higher earnings of $2.36 per share, but Exxon does not adjust its reported results based on one-time events such as asset sales …

Oil prices jump 2% on supply worries after large US stock drawdown
1 year, 2 months ago

Oil prices jump 2% on supply worries after large US stock drawdown

Live Mint  

Oil prices gained nearly $2 in early trade on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stocks amid worries about supply disruptions from the Middle East due to a deepening Israel-Hamas conflict. U.S. crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, according to market sources citing American Petroleum Institute figures …

Exxon Mobil doubles down on fossil fuels with $59.5 billion deal for Pioneer Natural as prices surge
1 year, 2 months ago

Exxon Mobil doubles down on fossil fuels with $59.5 billion deal for Pioneer Natural as prices surge

Associated Press  

Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas. Including debt, Exxon is committing about $64.5 billion to the acquisition, leaving no doubt of the Texas energy company’s commitment to fossil fuels as energy prices surge. “I …

ExxonMobil nears $60 billion deal to buy Pioneer, become top US oil producer
1 year, 2 months ago

ExxonMobil nears $60 billion deal to buy Pioneer, become top US oil producer

Live Mint  

US natural gas company ExxonMobil Corporation is nearing a $60 billion deal to buy shale-focused Pioneer Natural Resources Co, the Wall Street Journal reported. After the completion of the deal, the WSJ said that Exxon would become a top producer in the most prolific US oil basin. Exxon-Pioneer deal potential outcomes: Bloomberg report citing WSJ said that the deal with …

Big Oil Has $150 Billion in Cash and Investors Want a Share
1 year, 7 months ago

Big Oil Has $150 Billion in Cash and Investors Want a Share

Live Mint  

Oil-and-gas companies have built up a mountain of cash with few precedents in recent history. View Full Image FactSet/WSJ Six companies often described as Big Oil—Italy’s Eni, France’s TotalEnergies, the U.K.’s Shell and BP, and domestically headquartered Chevron and Exxon Mobil—reported nearly $160 billion in cash and cash equivalents across their balance sheets at the end of the first quarter. …

Oil giant Saudi Aramco reports 46% jump in profits for 2022
1 year, 9 months ago

Oil giant Saudi Aramco reports 46% jump in profits for 2022

Firstpost  

Riyadh: Saudi Aramco reported on Sunday that profits jumped 46 per cent last year, highlighting how a surge in oil prices after Russia invaded Ukraine spurred growth in the world’s biggest crude exporter. Aramco’s results are consistent with record profits for 2022 reported by the five oil majors –- Shell, Chevron, ExxonMobil, BP and TotalEnergies – which surpassed $150 billion …

Oil major TotalEnergies doubles annual profit to $36 billion
1 year, 10 months ago

Oil major TotalEnergies doubles annual profit to $36 billion

Associated Press  

PARIS — France’s TotalEnergies SE doubled its profits in 2022, joining other international oil and gas companies in fattening their bottom lines as high energy prices surged after Russia’s invasion of Ukraine. Energy giants Shell, BP and Exxon also have recently reported record earnings, triggering demands that the fossil fuel industry do more to offset high energy bills as well …

Shell profit doubles to record as war drives up energy costs
1 year, 10 months ago

Shell profit doubles to record as war drives up energy costs

Associated Press  

LONDON — Global energy giant Shell said Thursday that its annual profits doubled to a record high last year as oil and natural gas prices soared after Russia’s invasion of Ukraine. U.S.-based Exxon Mobil also posted record annual profits days earlier, while U.K. rival BP and France’s TotalEnergies reported huge quarterly profits last year. The results were “truly stunning” and …

Unprecedented profit for Exxon as travel, and war, heated up
1 year, 10 months ago

Unprecedented profit for Exxon as travel, and war, heated up

Associated Press  

NEW YORK — Exxon Mobil posted record annual profits in 2022 as consumers globally struggled with high prices for gasoline, home heating and consumer goods. “We leaned in when others leaned out.” Exxon achieved its best-ever annual refining output in North America and the highest globally since 2012, the company said. “A windfall tax on oil and gas profits is …

Chevron CEO defends record profits as ‘modest return’ over time
1 year, 11 months ago

Chevron CEO defends record profits as ‘modest return’ over time

LA Times  

Chevron Chief Executive Mike Wirth pushed back on claims by President Biden that Big Oil’s record profits are being made on the back of the war in Ukraine and at the expense of the American people. The industry’s highest-ever cash haul should not be viewed in isolation because only three years ago it was “losing billions of dollars as prices …

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month
2 years ago

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month

CNN  

London CNN Business — US oil prices have fallen to their lowest level since December 2021 on concerns that protests in China against Covid-19 lockdowns will dent demand. Global oil prices have fallen about 35% since June as strict coronavirus restrictions in China have kept demand weak, and as some of the world’s major economies have signaled they are heading …

Biden says oil company profits are 'outrageous' and a 'windfall' from the Ukraine War
2 years, 1 month ago

Biden says oil company profits are 'outrageous' and a 'windfall' from the Ukraine War

Daily Mail  

President Joe Biden railed against Big Oil's exorbitant profits as he called on Congress to impose a 'windfall tax' on energy companies in a speech Monday. President Joe Biden railed against Big Oil's exorbitant profits as he called on Congress to impose a 'windfall tax' on energy companies in a speech Monday Last week Exxon Mobil broke records with its …

Oil giants rake in steep profits amid high energy prices
2 years, 1 month ago

Oil giants rake in steep profits amid high energy prices

Associated Press  

Oil companies brought in staggering profits once again as people worldwide struggled with high gasoline and energy prices. High energy prices also hit manufacturers and retailers, who pass on those costs to customers in the form of high prices for food, clothing and other goods. American oil companies aren’t the only ones benefiting from high energy prices. That fueled calls …

Fetterman slams Big Oil for surging profits and failure to invest in new supply
2 years, 1 month ago

Fetterman slams Big Oil for surging profits and failure to invest in new supply

CNN  

CNN — Democrat John Fetterman scolded the oil industry on Thursday for reaping massive profits and argued companies are rewarding shareholders instead of aggressively investing in new supply. “Big Oil just made another round of record profits by gouging Americans at the gas pump,” Fetterman, the lieutenant governor of Pennsylvania, said in a statement. “Instead of investing that money in …

Unprecedented profit for major oil drillers as prices soared
2 years, 4 months ago

Unprecedented profit for major oil drillers as prices soared

Associated Press  

NEW YORK — Oil companies swam in record profits over the last few months at a time when Americans struggled to pay for gasoline, food and other basic necessities. “It’s devastating,” said Mark Wolfe, executive director of the National Energy Assistance Directors Association, who added that high energy prices hit low-income families and frontline workers the hardest. Shares of Exxon …

$2,245.62 a second: ExxonMobil scores enormous profit on record gas prices
2 years, 4 months ago

$2,245.62 a second: ExxonMobil scores enormous profit on record gas prices

CNN  

New York CNN Business — ExxonMobil and Chevron both reported record massive profits thanks to record gasoline prices during the quarter. Exxon’s profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia’s invasion of …

Biden tells oil refiners: Produce more gas, fewer profits
2 years, 6 months ago

Biden tells oil refiners: Produce more gas, fewer profits

Associated Press  

President Joe Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump. “While we appreciate the opportunity to open increased dialogue with the White House, the administration’s misguided policy agenda shifting away …

Drain on wallets: Gas prices close in on $5 for in US, touch record high in UK
2 years, 6 months ago

Drain on wallets: Gas prices close in on $5 for in US, touch record high in UK

Firstpost  

Fears of short supplies are being compounded by demand, which usually picks up around Memorial Day at the end of May — the unofficial start of summer and vacation trips in the U.S Dallas: The average price that Americans pay for gasoline is closing in on $5 a gallon, another drain on the wallets of consumers who are paying more …

Oil rises 4% as US gasoline prices jump to record high
2 years, 7 months ago

Oil rises 4% as US gasoline prices jump to record high

Al Jazeera  

Global benchmark Brent fell for the first time in three weeks. Oil prices rose about 4 percent on Friday as United States gasoline prices jumped to a record high, China looked ready to ease pandemic restrictions and investors worried supplies will tighten if the European Union bans Russian oil. Automobile club AAA said US prices at the pump rose to …

Why US gas prices are at a record, and why they’ll stay high for a long time
2 years, 7 months ago

Why US gas prices are at a record, and why they’ll stay high for a long time

CNN  

New York CNN Business — Russia’s invasion of Ukraine is a major reason that US drivers are paying record prices for gasoline. The good news for drivers is that crude oil prices have been falling in recent days, amid concerns that China keeping Covid lockdowns in place to combat will continue to hurt oil demand. Gas prices could be near …

Drivers bemoan high gasoline prices with no relief in sight
2 years, 7 months ago

Drivers bemoan high gasoline prices with no relief in sight

Associated Press  

NEW YORK — Just as Americans gear up for summer road trips, the price of oil remains stubbornly high, pushing prices at the gas pump to painful heights. “The money, your salary, is practically the same, and everything is going up, so they should do something about it.” The high price of oil is the main cause of the biting …

Exxon profits surge despite $3.4B hit from Russian exit
2 years, 7 months ago

Exxon profits surge despite $3.4B hit from Russian exit

Associated Press  

NEW YORK — Exxon Mobil reported $5.48 billion in profits during the first quarter as oil and gas prices rose steadily, more than doubling its profits compared with the same quarter last year. Natural gas prices rose too, climbing from $3.50 per million British thermal units to about $5.60, inflating home heating bills and electricity prices. The company announced Friday …

U.S. consumer prices accelerate in March
2 years, 8 months ago

U.S. consumer prices accelerate in March

The Hindu  

U.S. monthly consumer prices increased by the most in 16-1/2 years in March as Russia's war against Ukraine boosted the cost of gasoline to record highs, cementing the case for a 50 basis points interest rate hike from the Federal Reserve next month. The consumer price index surged 1.2% last month, the biggest monthly gain since September 2005, the Labor …

Oil industry pockets €3bn in EU profits at the pump since invasion of Ukraine, Greenpeace says
2 years, 8 months ago

Oil industry pockets €3bn in EU profits at the pump since invasion of Ukraine, Greenpeace says

The Independent  

Oil companies have raked in a “record” €3bn in extra revenue through the sale of diesel and petrol in the European Union since Russia invaded Ukraine, new research suggests. “While millions of Europeans struggle with sky-high fuel and energy costs, the oil industry is driving up prices to reel in record profits on the back of the war and the …

Democrats accuse oil companies of ‘rip off’ on gas prices
2 years, 8 months ago

Democrats accuse oil companies of ‘rip off’ on gas prices

Associated Press  

WASHINGTON — House Democrats on Wednesday accused oil companies of “ripping off the American people” and putting profits before production as Americans suffer from ever-increasing gasoline prices during the war in Ukraine. At a time of war and high prices, “oil companies should not be sending profits back to shareholders,’' she said, urging oil executives to restore production to pre-pandemic …

OPEC sticks to modest boost in oil despite war jitters
2 years, 8 months ago

OPEC sticks to modest boost in oil despite war jitters

Associated Press  

LONDON — OPEC and allied oil producers including Russia decided Thursday to stick to a modest increase in the amount of crude they pump to the world, a step that supports higher prices even as the Biden administration plans to try to lower them by releasing oil from strategic reserves. To combat high gasoline prices — averaging $4.24, up $1.38 …

U.S. Inflation Sets A Fresh 40-Year High Over Past Year
2 years, 9 months ago

U.S. Inflation Sets A Fresh 40-Year High Over Past Year

Huff Post  

LOADING ERROR LOADING WASHINGTON — Propelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come. The increase reported Thursday by the Labor Department reflected the 12 months ending in February and didn’t include most of the oil …

US gas prices today: Huge support for Biden Russia ban despite ‘Putin spike’ in energy costs
2 years, 9 months ago

US gas prices today: Huge support for Biden Russia ban despite ‘Putin spike’ in energy costs

The Independent  

✕ Close Joe Biden announces ban on Russian oil imports The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from …

US bans Russian oil: What is next for oil and gas prices?
2 years, 9 months ago

US bans Russian oil: What is next for oil and gas prices?

Al Jazeera  

US President Joe Biden’s ban on Russian energy imports is latest move to punish Russia over its invasion of Ukraine. United States President Joe Biden has imposed an immediate ban on Russian oil and other energy imports in retaliation for Russia’s invasion of Ukraine, while the United Kingdom said it would phase out imports by the end of 2022. “Russian …

Q&A: Forecasters say gasoline prices likely to remain high
2 years, 9 months ago

Q&A: Forecasters say gasoline prices likely to remain high

Associated Press  

DALLAS — Gasoline prices have smashed a 2008 record and are likely to head even higher, further fueling inflation and hitting consumers and businesses that are still coming to grips with the pandemic. After averaging $2.69 a gallon in 2019, U.S. gasoline prices collapsed as COVID-19 forced offices and businesses to close in early 2020. “Oil companies don’t set the …

As war in Ukraine intensifies, US gasoline hits record $4.17
2 years, 9 months ago

As war in Ukraine intensifies, US gasoline hits record $4.17

Associated Press  

The average price of gasoline in the U.S. hit a record $4.17 per gallon Tuesday as the country banned Russian oil imports after its invasion of Ukraine. Rising gas prices come as President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine. Curbs on Russian oil exports …

US gas prices hit all-time high at $4.173 a gallon
2 years, 9 months ago

US gas prices hit all-time high at $4.173 a gallon

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Gas prices have increased as the Russian invasion …

US gasoline prices rise again on talk of banning Russian oil
2 years, 9 months ago

US gasoline prices rise again on talk of banning Russian oil

Associated Press  

Gasoline prices are pushing even farther above $4 a gallon, the highest price that American motorists have faced since July 2008, as calls grow to ban imports of Russian oil. “Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50,” said GasBuddy analyst Patrick …

How high could gas prices go? More pain at the pump likely coming
2 years, 9 months ago

How high could gas prices go? More pain at the pump likely coming

LA Times  

Based on wholesale gasoline futures just before Biden’s announcement, average gas prices will probably hit $4.50 a gallon nationally in the next couple of days. And if crude oil prices keep rising, analysts say it’s not hard to see fuel costs reaching $5 a gallon on average — which means $6 to $7 in California and some parts of the …

Where does the US get its oil from – and what will happen to gas prices amid Russian invasion of Ukraine?
2 years, 9 months ago

Where does the US get its oil from – and what will happen to gas prices amid Russian invasion of Ukraine?

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. According to the US Energy Information Administration, America …

Delays in Iran talks take oil prices to their highest since 2008
2 years, 9 months ago

Delays in Iran talks take oil prices to their highest since 2008

India Today  

Oil prices soared to their highest since 2008 due to delays in the potential return of Iranian crude to global markets and as the United States and European allies consider banning imports of Russian oil. In response to Russia's demands, U.S. Secretary of State Antony Blinken said on Sunday that the sanctions imposed on Russia over its Ukraine invasion have …

US gas prices are just pennies away from an all-time high
2 years, 9 months ago

US gas prices are just pennies away from an all-time high

CNN  

New York CNN Business — Gas prices continued to climb Monday, rising to just short of a record high. The average price of a gallon of regular gas hit $4.07, according to AAA’s survey taken Sunday at 140,000 stations nationwide. “It is conceivable that we’ll see price moves of 15 cents to 35 cents a gallon this week, and it’s …

Oil prices surge as fears about Russian crude supplies intensify
2 years, 9 months ago

Oil prices surge as fears about Russian crude supplies intensify

NPR  

Oil prices surge as fears about Russian crude supplies intensify Enlarge this image toggle caption Frederic J. Brown/AFP via Getty Images Frederic J. Brown/AFP via Getty Images Oil prices continue to surge on Wednesday, with markets bracing for serious disruptions to crude supplies from Russia as Moscow's invasion of Ukraine grinds on. Enlarge this image toggle caption Nikolay Doychinov/AFP via …

How The War In Ukraine Could Hurt The U.S. Economy
2 years, 9 months ago

How The War In Ukraine Could Hurt The U.S. Economy

Huff Post  

LOADING ERROR LOADING WASHINGTON ― Russia’s war on Ukraine could spike gasoline prices in the U.S., increasing overall inflation as well as the odds of a layoff-inducing slowdown. “Landing the economic plane on the tarmac was already going to be difficult for the Fed because of the pandemic and high inflation, but Russia’s invasion makes it more likely the economic …

Petrol prices are at record highs and pushing up other costs of living
2 years, 10 months ago

Petrol prices are at record highs and pushing up other costs of living

ABC  

If you've been to a service station recently, you may have thought to yourself that you don't remember paying this much to fill up your car before. "The graph shows a strong positive relationship between oil prices and PPI inflation: That is, higher oil prices are associated with higher producer prices and vice versa," the report noted. "The graph shows …

US oil companies are in no rush to solve Biden’s gas price problem
3 years, 1 month ago

US oil companies are in no rush to solve Biden’s gas price problem

CNN  

New York CNN Business — US oil companies used to ramp up production at even the slightest hint of higher prices. Oil companies are ‘very confused’ Not only are oil companies plowing money into low-carbon businesses, the climate crisis has created vast uncertainty about the future demand for fossil fuels. Yet analysts said it’s not fair to pin the blame …

Gasoline prices are soaring. OPEC and Russia aren’t coming to the rescue
3 years, 1 month ago

Gasoline prices are soaring. OPEC and Russia aren’t coming to the rescue

CNN  

London CNN Business — OPEC and its allies have disregarded calls from US President Joe Biden to do more to tame soaring energy prices that are fueling inflation and hurting vulnerable households. “Now is the time for major country producers to stabilize energy prices and ensure high prices do not hamstring the current global economic recovery.” The price of Brent …

More oil now: Why the US is calling on OPEC+ to boost production
3 years, 4 months ago

More oil now: Why the US is calling on OPEC+ to boost production

Al Jazeera  

US government data show petrol prices climbed 2.4 percent in July from the previous month, leading the White House to urge OPEC+ to boost production more quickly. “President Biden has made clear that he wants Americans to have access to affordable and reliable energy, including at the pump,” US National Security Advisor Jake Sullivan said in a statement Wednesday urging …

Exxon posts $2.7B quarterly profit after unprecedented year
3 years, 7 months ago

Exxon posts $2.7B quarterly profit after unprecedented year

Associated Press  

NEW YORK — Exxon Mobil on Friday reported first-quarter profits of $2.73 billion after a tumultuous year led to major spending reductions. “We knew economies would recover, populations and living standards would continue to grow, ultimately driving demand for our products and an industry recovery.” The Irving, Texas, company produced 3.8 million barrels of oil per day in the first …

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