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  • Fri, Oct. 21, 10:22 PM
    • Raymond James analyst Pavel Molchanov has long been bearish on ExxonMobil (NYSE:XOM), and now he recommends the same advice for current InterOil (NYSE:IOC) shareholders following XOM's buyout: Sell.
    • Molchanov says XOM is poorly positioned to take full advantage of a sustained oil price recovery, as the company's structural overweight to refining, chemicals, and (within upstream) non-LNG gas does not directly benefit from rising oil prices; he also says XOM shares already are pricing in long-term oil prices at an above-consensus WTI at $70/bbl.
    • For current IOC shareholders, Molchanov says sell the post-buyout shares and use the proceeds to reinvest into any of a wide range of oil-levered stocks such as Halliburton (NYSE:HAL), Hess (NYSE:HES), Marathon Oil (NYSE:MRO) and Whiting Petroleum (NYSE:WLL).
    • Molchanov believes the IOC founder's last-ditch attempt to delay XOM’s purchase will not succeed; the next hearing is scheduled for Oct. 31.
    | Fri, Oct. 21, 10:22 PM | 9 Comments
  • Thu, Oct. 20, 12:47 PM
    • Eni (E +1.2%) pops higher after the company confirms in its in talks with a buyer for a stake in its Area 4 gas field in Mozambique.
    • Reuters reports that Italian broker Equita wrote that the chairman of Mozambique energy company ENH said Eni had sold a majority stake and the operatorship in Area 4 to Exxon Mobil (XOM +0.2%).
    • Eni, which owns 50% of Area 4, has previously said it was ready to sell up to 25% as part of an asset disposal program to help fund growth.
    | Thu, Oct. 20, 12:47 PM | 5 Comments
  • Wed, Oct. 19, 10:48 AM
    • ExxonMobil (XOM +0.7%) CEO Rex Tillerson, speaking directly after Saudi Arabian oil minister Khalid Al-Falih at the Oil & Money conference in London, offered a rebuke to the Saudis, saying fears of a future supply shortage are overblown.
    • Tillerson said U.S. shale oil producers' resilience in cutting costs to make some wells profitable at as low as $40/bbl means that North American production has effectively become a swing producer that will be able to respond rapidly to any global supply shortage.
    • Tillerson: "I don't quite share the same view that others have that we are somehow on the edge of a precipice. I think because we have confirmed viability of very large resource base in North America... that serves as enormous spare capacity in the system. It doesn't take mega-project dollars and it can be brought on line much more quickly than a 3-4 year project."
    • His stance contrasted with al-Falih, who minutes earlier warned that the sector faces challenges due to the drop in long-term investment in the market, a reason the Saudis have cited in their recent move to push for a production cut.
    • Earlier: Oil higher as Saudi oil minister boasts about output deal
    | Wed, Oct. 19, 10:48 AM | 42 Comments
  • Wed, Oct. 19, 8:58 AM
    • Exxon Mobil (NYSE:XOM) says it will start drilling its first exploratory well off the coast of Liberia in November but does not yet know how much drilling will cost or how long it will take.
    • XOM had signed to drill in Block 13 offshore Liberia in 2003 but put the project on hold due to the Ebola epidemic.
    • Liberia does not produce oil, unlike neighbors Ivory Coast, which produces 53K bbl/day, and Ghana, which pumps 100K bbl/day.
    | Wed, Oct. 19, 8:58 AM
  • Tue, Oct. 18, 12:45 PM
    • Oil producers such as ExxonMobil (NYSE:XOM), Chevron (NYSE:CVX) and Royal Dutch Shell (RDS.A, RDS.B) must prepare for radical change as adoption of new technologies like electric cars could happen faster than originally anticipated, according to a new report from Fitch Ratings.
    • "Widespread adoption of battery-powered vehicles is a serious threat to the oil industry," and an acceleration of the electrification of transport infrastructure could create an "investor death spiral" as investors flee the oil patch, Fitch warns.
    • Tesla's (NASDAQ:TSLA) upcoming Model 3 will start at $35K before rebates and begin production in late 2017 and is aimed at a broader market, GM's Chevrolet Bolt starts at $37.5K before government incentives and will be available later this year, and other automakers are offering affordable all-electric vehicles, as Fitch estimates battery costs have plunged by 73% since 2008.
    • Fitch notes that some oil majors have taken steps to diversify their offerings, including Total (NYSE:TOT), which has invested in batteries via its $1.1B purchase in May of Saft Groupe and bought a 60% stake in solar panel maker SunPower in 2011.
    | Tue, Oct. 18, 12:45 PM | 230 Comments
  • Mon, Oct. 17, 3:22 PM
    • ExxonMobil (XOM -0.1%) asked the U.S. District Court in Fort Worth, Tex., today to throw out the subpoena from New York's attorney general that would force the company to hand over decades of documents as part of a broad inquiry into whether it misled investors about climate change risks.
    • XOM already had asked for an injunction against a similar subpoena issued by the Massachusetts AG, as it claims the inquiries are politically motivated.
    • The judge has yet to rule on XOM's requests, but last week he said he would be concerned if there was "bias or prejudgement about what the investigation of Exxon would discover" when Massachusetts AG issued her subpoena.
    • XOM says the SEC is the proper agency to vet how it books reserves. and that it complies with accounting and securities laws.
    | Mon, Oct. 17, 3:22 PM | 66 Comments
  • Mon, Oct. 17, 11:41 AM
    • Qatar has delayed the start-up of its $10B Barzan Gas project, a joint venture between Qatar Petroleum and ExxonMobil (XOM -0.2%), because of a leak discovered in a gas pipeline, Reuters reports.
    • After repeated delays, the project's first phase was due to start in November, boosting Qatari gas production capacity by up to 2B cf/day when it reaches capacity in H1 2017, but a leak was discovered in recent weeks, according to the report.
    • The delay is a setback for Qatar, which has said the project will sustain economic growth at a time of weak state revenues due to low oil and gas prices.
    | Mon, Oct. 17, 11:41 AM | 10 Comments
  • Fri, Oct. 14, 10:17 AM
    • The first batches of oil have been shipped for export from Kazakhstan's giant Kashagan field in the Caspian Sea, after $50B in investments and more than 15 years in development.
    • Kazakhstan's Energy Ministry says 26.5K metric tons of crude were loaded for export into the pipelines, but reaching stable production will take “some time” as commissioning work continues both offshore and onshore.
    • “Restarting production even in this low oil price environment is good because it means beginning to see some returns on that massive investment,” says IHS Energy's Andrew Neff.  “The real payoff will be phase 2,” which has the potential to increase output to 1M bbl/day.
    • The consortium developing Kashagan comprises China National Petroleum (NYSE:PTR), ExxonMobil (NYSE:XOM), Eni (NYSE:E), Royal Dutch Shell (RDS.A, RDS.B), Total (NYSE:TOT), Inpex and KazMunaiGas.
    | Fri, Oct. 14, 10:17 AM | 1 Comment
  • Wed, Oct. 12, 8:57 AM
    • Work to bring the giant Kashagan oilfield in Kazakhstan onstream is progressing as planned and some crude has already been processed and put in storage, according to the country's energy minister, who adds that Kazakhstan will not reduce oil output in line with OPEC plans.
    • Kashagan, which cost ~$50B to develop and has suffered many delays, is initially expected to produce 75K bbl/day, rising to 150K-180K bbl/day in November and December this year.
    • The consortium developing Kashagan comprises China National Petroleum (NYSE:PTR), ExxonMobil (NYSE:XOM), Eni (NYSE:E), Royal Dutch Shell (RDS.A, RDS.B), Total (NYSE:TOT), Inpex and KazMunaiGas.
    | Wed, Oct. 12, 8:57 AM | 5 Comments
  • Thu, Oct. 6, 10:17 AM
    • ExxonMobil (XOM -0.1%) says it is considering its next steps after the High Court in Chad ordered the company to pay $819M in royalties.
    • XOM says it disagrees with the court’s ruling yesterday in favor of the government after the finance ministry complained the company had not met its tax obligations.
    • The ruling was against a consortium of three oil companies led by XOM - which operates a pipeline carrying crude from Chad to a marine terminal in Cameroon for export - Malaysia's Petronas and Chevron (CVX -0.4%), which sold its stake in the country in 2014.
    • UPDATE: A later report from Bloomberg said XOM was ordered to pay a $74B fine in addition to the $819M in overdue royalties.
    | Thu, Oct. 6, 10:17 AM | 40 Comments
  • Thu, Oct. 6, 8:42 AM
    • Statoil's (NYSE:STO) Melkoeya liquefied natural gas plant and Royal Dutch Shell's (RDS.A, RDS.B) Nyhamna gas processing plant would be shut if today's wage talks fail and workers go on strike, the country's oil and gas industry association says.
    • Melkoeya turns natural gas from the offshore Snoehvit field in the Barents Sea into gas to be transported by tanker, while Nyhamna feeds the Langeled pipeline, Britain's main subsea gas import route.
    • The strike also could affect ExxonMobil's (NYSE:XOM) oil refinery at Slagen, but it has been shut for maintenance; the association says a strike could delay its return to operation.
    | Thu, Oct. 6, 8:42 AM | 1 Comment
  • Thu, Oct. 6, 3:41 AM
    • Expanding its reach beyond motor racing, Exxon Mobil (NYSE:XOM) has entered a multi-year agreement with the NBA to be its official marketing partner in the U.S. and China.
    • "We're reaching a younger demographic, a more diverse demographic, we're reaching a demographic that perhaps is more into social media," said Matt Bergeron, Exxon's vice president of marketing.
    | Thu, Oct. 6, 3:41 AM | 3 Comments
  • Tue, Oct. 4, 3:17 PM
    • BP (BP +0.3%) signs a 20-year deal with the Eni-operated (E -0.5%) Area 4 concession partners to purchase liquefied natural gas from the planned Coral South floating liquefied natural gas project offshore Mozambique.
    • By guaranteeing a customer for the entire output of the big new field in the Indian Ocean, the BP contract clears the way for Eni to make its final investment decision on the multibillion-dollar project.
    • The deal also could add impetus to Eni's efforts to sell a stake in its Mozambique assets, with ExxonMobil (XOM -1%) considered the most likely buyer.
    • Eni holds a 50% stake in the Area 4 block involved in the contract, with the other half owned by China's CNPC (NYSE:PTR), Portugal's Galp Energia (OTC:GLPEF), South Korea's Kogas and Mozambique’s national oil company.
    | Tue, Oct. 4, 3:17 PM | 1 Comment
  • Mon, Oct. 3, 10:47 AM
    • September monthly performance was: +0.2%
    • AUM of $1.3B
    • 52-week performance vs. the S&P 500 is: +7%
    • $0.21 in dividends were paid in September
    • Top 10 Holdings as of 8/31/2016: AT&T Inc (T): 5.38068%, Exxon Mobil Corp (XOM): 5.11766%, Verizon Communications Inc (VZ): 4.15514%, Chevron Corp (CVX): 3.62745%, General Electric Co (GE): 3.46929%, Procter & Gamble Co (PG): 3.13406%, Wal-Mart Stores Inc (WMT): 2.92688%, Pfizer Inc (PFE): 2.90452%, Philip Morris International Inc (PM): 2.83223%, Merck & Co Inc (MRK): 2.39541%
    | Mon, Oct. 3, 10:47 AM
  • Mon, Oct. 3, 9:47 AM
    • September monthly performance was: -0.52%
    • AUM of $5.04M
    • 52-week performance vs. the S&P 500 is: -11%
    • $0.16 in dividends were paid in September
    • Top 10 Holdings as of 8/31/2016: Apple Inc (AAPL): 5.01757%, Microsoft Corp (MSFT): 4.59213%, Exxon Mobil Corp (XOM): 3.65506%, Johnson & Johnson (JNJ): 3.32616%, General Electric Co (GE): 2.90192%, Procter & Gamble Co (PG): 2.3854%, Wells Fargo & Co (WFC): 2.34646%, Pfizer Inc (PFE): 2.17377%, JPMorgan Chase & Co (JPM): 2.08563%, Amazon.com Inc (AMZN): 2.02582%
    | Mon, Oct. 3, 9:47 AM | 1 Comment
  • Mon, Oct. 3, 9:10 AM
    • September monthly performance was: +0.58%
    • AUM of $7.66M
    • 52-week performance vs. the S&P 500 is: -9%
    • $0.23 in dividends were paid in September
    • Top 10 Holdings as of 8/31/2016: Apple Inc (AAPL): 3.96271%, Microsoft Corp (MSFT): 3.09853%, Johnson & Johnson (JNJ): 2.24259%, General Electric Co (GE): 1.95493%, Exxon Mobil Corp (XOM): 1.64204%, Procter & Gamble Co (PG): 1.33805%, Wells Fargo & Co (WFC): 1.31607%, Pfizer Inc (PFE): 1.21901%, Nestle SA (OTCPK:NSRGF): 1.15897%, Intel Corp (INTC): 1.14963%
    | Mon, Oct. 3, 9:10 AM