Seeking Alpha

Exxon said to have carried out "major evacuation" from Iraq

  • The head of Iraq's state-run South Oil Co. says Exxon Mobil (XOM) has carried out a "major evacuation" of its staff and BP had evacuated 20% of its staff following the rapid advance of Sunni militants through the country; he says Eni (E), Schlumberger (SLB), Weatherford (WFT), and Baker Hughes (BHI) have no plans to evacuate staff.
  • "Current developments in the country have not affected and will not affect in any way the operations in the south" of the country, says the official, displeased with XOM's actions, adding that Iraq's crude export level for June will be 2.7M bbl/day.
From other sites
Comments (10)
  • june1234
    , contributor
    Comments (3208) | Send Message
    Beats getting your head chopped off
    18 Jun 2014, 10:41 AM Reply Like
  • xomstock
    , contributor
    Comments (278) | Send Message
    Better to leave now than die there. The oil will be there when they get back.


    I understand with Exxons size they have to go to these nasty spots to utilize their size and experience in a profitable way.


    Once again it is obvious that the only real reason we were there in the first place was the oil.


    We no longer have a president who understands this and he has no problem letting and helping the whole middle east fall into radical terrorist hands. These idiots will not be able to run these oil fields as they can barely operate an AK.


    All I can say is drill baby drill
    18 Jun 2014, 11:46 AM Reply Like
  • Sittingcrow
    , contributor
    Comments (107) | Send Message
    comstock, perhaps it would be wise to put down the pen and reflect. "No longer have a president ......". Please. Take a middle eastern history class at your local junior college and you will discover hundreds of years of discord in that area of the world.
    18 Jun 2014, 05:52 PM Reply Like
  • chopchop0
    , contributor
    Comments (3949) | Send Message
    Drill baby drill lol.


    Nothing would make me happier than consistent $120 barrel WTI.


    Long TSLA, EPD, XOM, CVX
    18 Jun 2014, 07:23 PM Reply Like
  • Yorick
    , contributor
    Comments (585) | Send Message
    Advised by the best military risk managers in the world, the XOM action tells you all you need to know about the stability and liklihood of Iraq's current army to quell the violence.
    18 Jun 2014, 12:05 PM Reply Like
  • Tom Shaughnessy
    , contributor
    Comments (1145) | Send Message
    Whats the normal export level? Is this an major decrease?
    18 Jun 2014, 07:07 PM Reply Like
  • Anne Bonney
    , contributor
    Comments (105) | Send Message
    Refinery on fire in the north does domestic production. Export assets are in the south. Not yet involved.
    18 Jun 2014, 10:02 PM Reply Like
  • ippotr
    , contributor
    Comments (51) | Send Message
    long oil / short refiners? what do u think
    18 Jun 2014, 07:17 PM Reply Like
  • Anne Bonney
    , contributor
    Comments (105) | Send Message
    The WTI Brent spread looks to me like it is widening. Why would you short refiners, now? Things in the ME are increasingly unstable, and that would support an increasing spread. Just my thought.


    Long XOM, CVX, HK (like Floyd Wilson), more HK, MCF (not impressed), HFC and LNCO. I cry all the way to the bank on a regular basis.


    XOM's prudent removal of staff is so noted. Would rather have my stock company err on the side of safety, than take any other position. One would wonder if the other companies understand who and what they are facing. Why would those companies choose to leave their people in the middle of a civil war? This is not going away. Likely to spread in the region. Removing them now demonstrates that XOM has a very good grasp on the geopolitical realities.


    May initiate an option or two depending on the international circumstances and perception of which way the wind blows. Or just use a dart board.


    I am just an old lady who is motivated to not spend my final years eating cat food under a bridge in the cold rain.
    18 Jun 2014, 09:33 PM Reply Like
  • JB204zz
    , contributor
    Comments (80) | Send Message
    These large companies use security consulting firms using ex CIA and even locals in determining the risk factor for the enterprise. Though they will take a precautionary stance to protect their people, I would take this as a heads up from people in the know of what to expect in Iraq.
    18 Jun 2014, 10:02 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs