Exxon Mobil Corporation (XOM) - NYSE
  • Fri, Jul. 22, 5:57 PM
    • Exxon Mobil (NYSE:XOM) is seen remaining "very active" in international resource M&A by Deutsche Bank analyst Ryan Todd following its $2.5B purchase of InterOil (I, II) in the first significant transaction by the company since the start of the oil downturn.
    • While not the long hoped-for U.S. onshore transaction, the deal "represents a solid example of XOM leveraging its considerable footprint and technical capability into [an] attractively priced long-term resource," the firm says.
    • The deal size is relatively small for the likes of XOM with limited impact on valuation, but Deutsche Bank believes the asset is a high-quality addition and expects additional similar transactions by XOM.
    | Fri, Jul. 22, 5:57 PM | 7 Comments
  • Thu, Jul. 21, 12:23 PM
    • InterOil (IOC +0.2%) makes it official: Exxon Mobil (XOM -0.2%) agrees to acquire IOC in a deal that valued the company at $2.5B; shares are halted.
    • XOM will pay $45/share plus an additional contingent payment of $7.07/share for each Tcfe gross resource certification of the Elk-Antelope field above 6.2T cfe, up to a maximum of 10T cfe.
    • Oil Search (OTCPK:OISHF) opened the way for XOM last night when it said it was dropping out of the bidding for IOC.
    | Thu, Jul. 21, 12:23 PM | 9 Comments
  • Thu, Jul. 21, 11:58 AM
    • Exports of Nigerian Qua Iboe crude oil will remain under force majeure for at least another month while operator Exxon Mobil (XOM -0.2%) repairs a leak on the pipeline feeding the terminal, Reuters reports.
    • XOM declared force majeure last week, and repairs needed to fix the leak, which was on part of the pipeline several miles offshore, reportedly are more extensive than initially thought and will not begin this week.
    • Two of Nigeria's largest fields are now under force majeure, with Shell-operated (RDS.A, RDS.B) Forcados crude oil exports halted since a militant attack on its subsea pipeline in February.
    | Thu, Jul. 21, 11:58 AM | 7 Comments
  • Thu, Jul. 21, 11:23 AM
    • Forced to shut its $54B Gorgon liquefied natural gas export plant twice in its first five months, Chevron (CVX +0.1%) now faces calls from union officials for a probe into the site's safety, Reuters reports.
    • The Australian Manufacturing Workers' Union says a failed weld on a valve casing caused the gas leak that forced the plant to close on July 1, and has formally requested access to the site.
    • Two industry sources claim CVX ignored advice from project partners Royal Dutch Shell (RDS.A, RDS.B) and Exxon Mobil (NYSE:XOM) to go slow with the launch of Gorgon, according to the report.
    • The two shutdowns may have cost Gorgon more than $200M in lost output, excluding repairs and other expenditures, and the outages have contributed to a jump in global LNG spot prices, which are up by ~40% since April.
    • CVX said yesterday that it expected Gorgon production to resume shortly.
    | Thu, Jul. 21, 11:23 AM | 9 Comments
  • Wed, Jul. 20, 11:38 PM
    • The way is clear for Exxon Mobil (NYSE:XOM) to buy InterOil (NYSE:IOC) after Oil Search (OTCPK:OISHF) says it is dropping out of the bidding.
    • Oil Search and Total (NYSE:TOT) had jointly offered to buy IOC in May in a deal that valued the company at $2.2B; XOM topped the bid earlier this week with an all-stock offer Oil Search says totaled $2.5B.
    • IOC owns a 36.5% stake in Papua New Guinea's Elk-Antelope natural gas field (TOT is the operator) and had proposed building a second gas project in the country to compete with the existing XOM-led PNG LNG facility.
    • Oil Search and TOT say that allowing XOM to take over IOC could help speed up development of Elk-Antelope and that cooperation between the two projects could save ~$2B.
    • "This scenario would be the lowest cost viable supply in the Pacific Basin," Wood Mackenzie analyst Saul Kavonic tells Reuters. "Those are the negotiations that will have to take place in order for that joint development to occur."
    | Wed, Jul. 20, 11:38 PM | 6 Comments
  • Wed, Jul. 20, 10:27 AM
    • Total (TOT -0.7%) says it is analyzing Exxon Mobil's (XOM -0.3%) competing offer for InterOil (IOC -0.4%), its partner in developing natural gas in Papua New Guinea, by Oil Search (OTCPK:OISHF), but analysts say TOT is unlikely to challenge XOM in a bidding war.
    • Analysts say it makes sense for TOT to let XOM have IOC, as using the Elk-Antelope gas field to feed an expansion of XOM's existing PNG LNG plant could generate double the return compared to building TOT's proposed $10B Papua LNG plant.
    • TOT says in its statement that it would remain the largest shareholder of the Elk-Antelope joint venture with 31.1% interest while IOC owns 28.3% and OISHF holds 17.7%.
    • The oil majors are targeting Papua New Guinea for growth as the quality of its gas, low costs and proximity to Asia's big liquefied natural gas consumers make it one of the world's most attractive places for gas projects.
    | Wed, Jul. 20, 10:27 AM | 2 Comments
  • Tue, Jul. 19, 12:48 PM
    • Exxon Mobil's (XOM -0.3%) offer to buy InterOil (IOC -0.5%) for at least $2.2B shows “that rare corporate ability of planning a deal at the bottom of the commodity cycle that holds the promise of long-term returns,” Reuters’ Clyde Russell writes.
    • Russell believes that XOM’s best option to expand its 6.9M metric tons/year capacity at its existing Papua New Guinea liquefied natural gas plant is to acquire sufficient reserves to justify building another liquefaction train in the country; IOC's Elk-Antelope gas field holds at least 6.2T cf of natural gas, and further drilling should expand this reserve.
    • Russell says this means that XOM's bid, if successful, could underwrite the expansion of its PNG LNG project on a time scale that may see it deliver its first cargoes just as the surplus of LNG is expected to disappear in the mid-2020s.
    • The big question, according to Russell is the next move from Total (TOT -1%) - operator and 40.1% owner of Elk-Antelope with IOC the next biggest holder at 36.5% - which has outlined plans to build its own LNG project in Papua New Guinea.
    | Tue, Jul. 19, 12:48 PM | 3 Comments
  • Mon, Jul. 18, 2:23 AM
    • Exxon Mobil (NYSE:XOM) has made a superior $2.2B offer for InterOil (NYSE:IOC), outbidding Oil Search (OTCPK:OISHF) for the company's large natural gas reserves in Papua New Guinea and the possibility to export the fuel from the Pacific nation.
    • The move pits Exxon Mobil, the world's biggest oil company, against Total (NYSE:TOT), which is backing Oil Search. The latter has at least until July 21 to submit a revised offer.
    | Mon, Jul. 18, 2:23 AM | 9 Comments
  • Fri, Jul. 15, 10:35 AM
    • Exxon Mobil's (XOM -0.1%) Nigerian subsidiary says it has declared force majeure on exports of Qua Iboe crude oil, the country's largest export stream.
    • XOM says only that a "system anomaly" was observed during a routine check of its loading facility on July 14, but traders say it will take least 2-4 weeks to repair.
    • XOM has struggled to bring Qua Iboe production back to normal after a May accident on a drilling rig that damaged a pipeline, after which the company also declared force majeure.
    • Earlier this week, XOM refuted claims from the Niger Delta Avengers to have blown up the Qua Iboe 48" crude oil export pipeline operated by the company.
    | Fri, Jul. 15, 10:35 AM | 1 Comment
  • Fri, Jul. 15, 10:10 AM
    | Fri, Jul. 15, 10:10 AM | 50 Comments
  • Fri, Jul. 15, 10:02 AM
    • Thomas Lee from Fundstrat Market & Equity Research ("our research process combines both top-down strategy and bottoms-up fundamental views, to develop a roadmap of practical and useful investment insights for our clients") identifies 15 stocks that meet his criteria for his current “highest conviction” strategies, which he calls “laggards become leaders” and “stocks are the new bonds.”
    • The following stocks are in 1 of 16 groups that have lagged in the bull market (laggards), and have dividend yield greater than the their long-term bond yield (stocks are the new bonds): APD, CAT, CSCO, CVX, HP, IBM, OXY, PCAR, PG, PX, RL, SLB, T, VZ, XOM.
    | Fri, Jul. 15, 10:02 AM | 36 Comments
  • Wed, Jul. 13, 4:49 PM
    • The House Science, Space and Technology Committee issues subpoenas to the state attorneys general for New York and Massachusetts, seeking records about the states' investigation into whether Exxon Mobil (NYSE:XOM) misled investors about global warming.
    • The committee has been asking the two AGs to turn over documents related to the investigation since May; it is portraying the issue as a matter of free speech, charging that the AGs were trying to intimidate scientists and others who question man-made climate change.
    • The AGs accuse XOM of hiding early findings showing a link between global warming and the burning of fossil fuels such as oil and gas.
    | Wed, Jul. 13, 4:49 PM | 49 Comments
  • Wed, Jul. 13, 2:47 PM
    • Murphy Oil (MUR -0.5%) is upgraded to Overweight from Equal Weight with a $42 price target, raised from $33, at Barclays, which says the global oil market is in the midst of a "continued upward trajectory" in which Brent could average $85/bbl by Q4 2017 and $80-$90 during 2018-21.
    • Barclays believes the risks associated with MUR already are well known and have been priced in by the market, and says shares continue to trade at a significant discount to net asset value and relative to other large cap E&P names even after rising 42% YTD.
    • On a risk-adjusted basis, the firm says ConocoPhillips (COP -2.8%) and Husky Energy (OTCPK:HUSKF -2.1%) offer the best value over the next 12 months, while Petrobras (PBR -2.3%) and Exxon Mobil (XOM -0.4%) offer the least.
    | Wed, Jul. 13, 2:47 PM | 11 Comments
  • Wed, Jul. 13, 2:28 PM
    • Lower costs and improved productivity have enabled U.S. shale oil drillers to made major strides in adapting to lower crude prices, energy consultant Wood Mackenzie says.
    • Shale drillers have cut the costs of producing new supplies of oil by as much as 40% in the past two years by pushing for lower rates from the companies that provide rigs, pipes and other services.
    • Wood Mackenzie estimates that oil companies could make money in west Texas' Bone Spring and Wolfcamp tight oil plays with $37/bbl oil, the Eagle Ford Shale in south Texas could turn a profit at $48/bbl, the average breakeven price in North Dakota’s Bakken Shale is $58/bbl, while breakeven at Oklahoma’s SCOOP region is $35/bbl.
    • The report says the big winners will be incumbent operators in the key shale oil patches in the lower 48 U.S. states, such as in the Mid-Continent and Permian Basin, including U.S. independents such as EOG Resources (EOG -1.7%), Pioneer Natural Resources (PXD -2.1%), Continental Resources (CLR -2.1%) and Apache (APA -1.9%), as well as oil giants Exxon Mobil (XOM -0.5%) and Chevron (CVX -0.2%).
    | Wed, Jul. 13, 2:28 PM | 17 Comments
  • Tue, Jul. 12, 10:05 PM
    • Exxon Mobil (NYSE:XOM) has offered to buy InterOil (NYSE:IOC) for more than the $2.2B deal from Oil Search (OTCPK:OISHF), Reuters reports.
    • XOM's interest is comprised of shares as well as a contingent value right, which may give IOC shareholders cash on a sliding scale depending on the value of a pending gas deposit discovery - the same structure as the Oil Search bid, but higher - according to the report.
    • IOC agreed in May to be acquired by Oil Search but two weeks ago it said it received another non-binding offer; XOM has been rumored to be the mystery suitor.
    | Tue, Jul. 12, 10:05 PM | 5 Comments
  • Tue, Jul. 12, 10:24 AM
    • A group of 19 Democrats took the senate floor yesterday to call for an end to the fossil fuel industry’s “web of denial” on climate change, particularly singling out Exxon Mobil (XOM +0.2%) for criticism.
    • A resolution introduced by Sen. Whitehouse claimed that fossil fuel companies had used a “misinformation campaign to mislead the public and cast doubt in order to protect their financial interest,” and attracted support from the likes of Senate Minority Leader Reid and Sen. Schumer.
    • XOM says, “To suggest that we had reached definitive conclusions, decades before the world’s experts and while climate science was in an early stage of development, is not credible.”
    • The attacks come as XOM seeks to distance itself from past statements questioning climate change research and proposes support for a carbon tax.
    | Tue, Jul. 12, 10:24 AM | 78 Comments
Company Description
Exxon Mobil Corp. explores, develops and distributes crude oil and natural gas. The company through its divisions and affiliated companies, engages in its principal business, is energy, involving exploration for, and production of, crude oil and natural gas, manufacture of petroleum products and... More
Industry: Major Integrated Oil & Gas
Country: United States