Exxon Mobil Corporation (XOM) - NYSE
  • Dec. 7, 2015, 10:35 AM
    • The energy sector (-4.5%) paces the opening decline, as WTI crude oil prices -4% at $38.35/bbl following a 2.7% slide on Friday after OPEC's failure to agree on a production target to reduce the oil glut.
    • Investors are betting on oil prices staying lower for even longer after OPEC's non-decision, pushing U.S. crude futures for delivery nearly 10 years away below $60/bbl, Reuters reports.
    • But the oil glut is set to continue as much because of the U.S. as of OPEC, as U.S. shale drillers have only trimmed their pumping a little, and rising oil flows from the Gulf of Mexico are propping up U.S. production; the overall output of U.S. crude fell just 0.2% in September, the most recent monthly federal data available, and is down less than 3%, to 9.3M bbl/day, from the peak in April.
    • Goldman Sachs says it expects oil prices to remain "lower for longer," with a risk that prices could fall as low as $20/bbl.
    • In early trading: XOM -2.9%, CVX -4.1%, BP -3.2%, RDS.A -4.2%, COP -4.6%, MPC -3.2%, MRO -7.4%, PSX -2.8%, HES -4.9%, APC -6.1%, OXY -3.1%, EOG -5.8%, DVN -9.3%, PXD -7.2%, APA -3.9%, CHK -8%, CLR -9.1%.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Dec. 7, 2015, 10:35 AM | 118 Comments
  • Dec. 4, 2015, 3:25 PM
    • U.S. crude oil settled 2.7% lower at $39.97 and Brent fell 1.9% to $43 after OPEC decided to roll over its policy of maintaining crude production in order to retain market share - a not unexpected outcome but one that offers no relief in sight for the oil industry's pain.
    • "OPEC not cutting is going to put more pressure on oil prices," and the pressure on companies’ spending will feed through into their investment in increasing their production, says Jefferies equity analyst Jason Gammel. “It’s not as though they’ll shut down existing production, but over time their output will decrease."
    • Don’t expect prices to stabilize until low prices force curtailments of pumping in the U.S., which will not happen until the end of next year, Goldman Sachs analyst Damien Courvalin.
    • Energy stocks (-0.7%) are the only S&P industry sector to decline, as the rest of the market has rebounded from yesterday's drop; some of the big oils - XOM +0.3%, CVX +0.6% - have inched higher, and refiners are mostly higher, but it's another down day for most: DVN -1.2%, CLR -5.9%, MRO -2.3%, HES -1%, COP -0.8%, EOG -0.7%, APC -2.4%, ETE -9.3%, ETP -3.5%, EPD -2.4%, WMB -6.9%.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Dec. 4, 2015, 3:25 PM | 150 Comments
  • Dec. 2, 2015, 6:58 PM
    • Exxon Mobil (NYSE:XOM), lately a favorite target of global warming activists, says it supports “meaningful action to address the risks of climate change" from the climate change talks in Paris as long as any deal preserves access to reliable and affordable energy.
    • XOM says it takes climate change seriously and has taken steps to reduce its own emissions, adding that the most effective solution would be a revenue neutral tax on greenhouse gas emissions, reiterating a position the company has held for years.
    • XOM has been under attack by critics who say it misled the public by promoting uncertainties about climate science; in a new Rolling Stone interview, Sec. of State Kerry says the company’s actions would be a "betrayal” of humanity if it is found to have suppressed knowledge about climate risks.
    | Dec. 2, 2015, 6:58 PM | 27 Comments
  • Dec. 2, 2015, 3:21 PM
    | Dec. 2, 2015, 3:21 PM | 84 Comments
  • Dec. 2, 2015, 9:55 AM
    • Exxon Mobil (XOM -0.7%) is trading blows with Columbia University over reports the company knowingly withheld information on climate change for decades.
    • XOM accuses journalists affiliated with Columbia of multiple ethics breaches in writing "inaccurate and deliberately misleading reports" about the company's climate change research.
    • The dean of Columbia's journalism school replies that XOM's accusations are "unsupported by evidence," and that email records shows the allegations to be false.
    • XOM is currently being investigated by the state of New York, and reportedly has hired star attorney Ted Wells to head up its defense.
    | Dec. 2, 2015, 9:55 AM | 45 Comments
  • Dec. 1, 2015, 6:55 PM
    • The world's oil companies have canceled or delayed final investment decisions on ~150 projects that could wipe out 19M bbl/day from the world’s hydrocarbons and stay underground for several years longer than expected amid lower crude oil prices, according to a new report from Tudor Pickering Holt.
    • Canada and Norway top the investment bank’s list of deferred projects by country, while surprisingly few deepwater projects have been deferred in the Gulf of Mexico and Brazil.
    • The biggest oil companies account for a third of the 150 projects Tudor Pickering says have been delayed or canceled, a scale that “suggests that companies will have real growth issues toward the end of the decade,” and some will have to buy smaller rivals to make up for it.
    • BP and Chevron (NYSE:CVX) have deferred the largest number of projects, while Exxon (NYSE:XOM) could delay the most oil barrels (~2.5M bbl/day of production capacity from 25 projects); Royal Dutch Shell (RDS.A, RDS.B) is deferring 1.7M bbl/day, but its deal to buy BG Group and its deepwater fields off Brazil has alleviated many of the growth issues it might otherwise face.
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, IXC, FENY, PXE, IPW, PXJ, FIF, NDP, RYE, FXN, GNAT, SZC, DDG, FILL
    | Dec. 1, 2015, 6:55 PM | 51 Comments
  • Dec. 1, 2015, 5:21 PM
    • Exxon Mobil (NYSE:XOM) reportedly has hired Ted Wells, co-chair of the litigation department at the Paul, Weiss, Rikfind, Wharton & Garrison law firm, in an aggressive response to increased scrutiny over its climate change disclosures.
    • New York AG Schneiderman has launched an investigation into whether XOM lied to investors about how climate change risks could hurt its bottom line, and hit the company with subpoenas last month demanding relevant financial records, emails and other documentation.
    • XOM has not been charged and it is unclear where the probe will lead, but the company's move to hire such a star lawyer signals it takes the matter seriously.
    | Dec. 1, 2015, 5:21 PM | 44 Comments
  • Dec. 1, 2015, 9:27 AM
    • November monthly performance was: +0.59%
    • AUM of $607M
    • 52-week performance vs. the S&P 500 is: -1%
    • $0.06 in dividends were paid in November
    • Top 10 Holdings as of 10/30/2015: Exxon Mobil Corporation (XOM): 5.02%, Microsoft Corp (MSFT): 4.33%, Apple Inc (AAPL): 4.2%, Altria Group Inc (MO): 3.52%, PepsiCo Inc (PEP): 2.97%, McDonald's Corp (MCD): 2.88%, Intel Corp (INTC): 2.24%, Home Depot Inc (HD): 2.2%, International Business Machines Corp (IBM): 2.03%, AbbVie Inc (ABBV): 2.0%
    | Dec. 1, 2015, 9:27 AM
  • Dec. 1, 2015, 7:09 AM
    • November monthly performance was: +0.26%
    • AUM of $1.75B
    • 52-week performance vs. the S&P 500 is: -4%
    • $0.16 in dividends were paid in November
    • Top 10 Holdings as of 10/30/2015: Apple Inc (AAPL): 3.52%, Microsoft Corp (MSFT): 3.36%, Exxon Mobil Corporation (XOM): 3.27%, General Electric Co (GE): 3.01%, AT&T Inc (T): 2.91%, Verizon Communications Inc (VZ): 2.75%, Johnson & Johnson (JNJ): 2.22%, Wells Fargo & Co (WFC): 2.15%, Chevron Corp (CVX): 2.1%, Pfizer Inc (PFE): 2.1%
    | Dec. 1, 2015, 7:09 AM
  • Nov. 30, 2015, 4:38 PM
    • Wildlife recovery in Prince William Sound has been extensive enough to warrant closing federal and state legal actions against Exxon Mobil (NYSE:XOM) from the 1989 crude oil spill from the Exxon Valdez tanker, the Justice Department and Alaska Department of Law say.
    • A 1991 civil settlement required XOM to pay the U.S. and Alaska governments $900M over 10 years to reimburse past costs and fund restoration of injured natural resources.
    • The two governments say continued wildlife monitoring shows that the harlequin ducks and sea otters which had looked vulnerable to lingering oil in 2006 have recovered to pre-spill population levels and are no longer exposed to oil more than populations outside the spill area.
    | Nov. 30, 2015, 4:38 PM | 5 Comments
  • Nov. 30, 2015, 12:18 PM
    • Exxon Mobil (XOM +1%) needs another large acquisition - "another Mobil" - to create long-term shareholder value, according to Oppenheimer analyst Fadel Gheit and his team.
    • Given XOM's large scale, Gheit believes XOM's production growth will be both "anemic and unsustainable," and return on invested capital will fall short of historical levels even at much higher oil prices, meaning XOM needs a big deal to create long-term shareholder value through synergy benefits from cost savings and efficiency gains.
    • Gheit expects XOM to generate operating cash flow of $34.8B this year and $34.3B next year, which will partially fund respective capex of $29.7B and $29.4B and dividends of $12.1B and $12.7B, for a cash flow deficit of $7.0B and $7.9B.
    | Nov. 30, 2015, 12:18 PM | 24 Comments
  • Nov. 24, 2015, 6:56 PM
    • Alaska finalizes its deal to buy out TransCanada's (NYSE:TRP) share in the proposed Alaska LNG export project for $64.6M, giving the state direct ownership in the project along with partners BP, ConocoPhillips (NYSE:COP) and Exxon Mobil (NYSE:XOM).
    • The $45B-$65B project would transport natural gas from the North Slope fields, then liquefy the fuel at a facility on Cook Inlet for shipment to markets in Asia; it has not yet been approved for construction and would not start commercial shipments before 2023.
    • The state legislature earlier this month approved funding to buy out TRP’s interest in the project.
    | Nov. 24, 2015, 6:56 PM | 22 Comments
  • Nov. 24, 2015, 12:49 PM
    • Canadian oil producers may say they are on board with Alberta’s new climate change policy goals, but the requirement that companies reduce their methane emissions by 45% will add costs "in the tens or hundreds of millions of dollars over the next five years," the Canadian Association of Petroleum Producers says.
    • Alberta’s oil and gas sector produced 30.4 megatons of methane emissions in 2013, accounting for 70% of the province’s overall methane emissions.
    • National Bank Financial analyst Kyle Preston calls Alberta’s climate change policy “fair and accommodating” for oil and gas companies, and says newer energy projects such as Canadian Natural Resources' (NYSE:CNQ) Horizon oil sands project and MEG Energy’s (OTCPK:MEGEF) Christina Lake facility emit less greenhouse gas than older facilities, which will be hit harder by the new policies.
    • Other related tickers: TRP, ENB, IMO, XOM, RDS.A, RDS.B, OTCQX:COSWF, OTCPK:HUSKF, CVE
    | Nov. 24, 2015, 12:49 PM | 18 Comments
  • Nov. 23, 2015, 8:19 AM
    • Alberta's government announces plans to cap oil sands emissions for producers, phase out coal power plants and implement a carbon tax in an effort to curb pollution.
    • The provincial government in impose a limit of 100 megatons/year of carbon emissions, above current annual emissions of ~70 megatons, phase out coal power plants by 2030, and set a carbon price of C$20/metric ton (US$15) by 2017 which rises to C$30 in 2018.
    • The Canadian Association of Petroleum Producers supports the initiative, saying it could help improve Alberta’s image in markets to which oil sands producers hope to expand access.
    • "This will create a wealth of opportunities and jobs for generations to come. We in Alberta want to take a leadership role on climate," says Suncor (NYSE:SU) CEO Steve Williams.
    • Coal producers criticized the new policy, however, saying it will raise electricity costs in Alberta and cost Canadian jobs.
    • Other relevant tickers: TRP, ENB, IMO, XOM, RDS.A, RDS.B, OTCQX:COSWF, OTCPK:HUSKF, CVE, CNQ
    | Nov. 23, 2015, 8:19 AM | 24 Comments
  • Nov. 20, 2015, 10:53 AM
    • Production from Argentina's Vaca Muerta shale play is expected to double by 2018, according to a new development study by Wood Mackenzie.
    • The study says oil and gas output from the play will be moderate in 2016, with a Y/Y production increase of 10%, but the increase will see a sharp upturn by 2020.
    • The consultant sees ~200 wells brought online in the region in 2015, with fewer in 2016 as vertical wells are phased down.
    • In order to fully develop Vaca Muerta, the study suggests that more joint venture deals will be necessary, as YPF will need outside assistance to develop the 6.3M acres it holds.
    • Related tickers: XOM, CVX, RDS.A, RDS.B
    | Nov. 20, 2015, 10:53 AM | 5 Comments
  • Nov. 18, 2015, 9:11 AM
    • A Dutch court orders more cuts in gas production at the Groningen field in The Netherlands, saying the government had given too little consideration to earthquakes caused by gas extraction.
    • The court says output at Europe's largest gas field will now be capped at 27B cm/year from 33B cm through October 2016, adding that the government had failed to sufficiently weigh public safety risks.
    • Production already had been cut twice this year from an original target of 39.4B cm, sending regional prices higher.
    • The Groningen field is operated by a joint venture including Royal Dutch Shell (RDS.A, RDS.B), Exxon Mobil (NYSE:XOM) and the Dutch government.
    | Nov. 18, 2015, 9:11 AM | 21 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