Exxon Mobil Corporation (XOM) - NYSE
  • 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
  • Tue, Jul. 12, 9:45 AM
    • Alberta introduced two new oil and gas royalty programs yesterday that the provincial government says will encourage producers to explore new areas, boost production and keep people working.
    • The Emerging Resources Program will apply to wells being drilled in the early stages of development, and allows producers to pay a flat 5% royalty rate, while the Enhanced Hydrocarbon Recovery Program is aimed at boosting production from aging wells.
    • Alberta’s NDP government within only a year has gone from threatening to increase oil and gas royalties to having to provide royalty incentives to stimulate drilling activity, Financial Post's Claudia Cattaneo writes.
    • Among oil and gas companies currently active in Alberta: SU, ECA, CVE, CNQ, ENB, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Tue, Jul. 12, 9:45 AM | 30 Comments
  • Tue, Jul. 12, 7:50 AM
    • Chevron (NYSE:CVX) says production remains suspended at its Gorgon liquefied natural gas export facility in Australia following a gas leak nearly two weeks ago.
    • Gorgon had stored gas and was able to export its second ever cargo on July 3, but there have been no exports since; Gorgon was due to export another cargo on July 9-11 aboard the Asia Excellence tanker, but the vessel is anchored ~100 km off Gorgon, along with the Asia Endeavour, another of Gorgon's project vessels.
    • Gorgon is a joint venture of the Australian subsidiaries of operator CVX with a 47.3% stake, Exxon Mobil (NYSE:XOM) and Royal Dutch Shell (RDS.A, RDS.B) own 25% each, and various Japanese partners own smaller stakes.
    | Tue, Jul. 12, 7:50 AM | 4 Comments
  • Tue, Jul. 12, 3:08 AM
    • Exxon Mobil (NYSE:XOM) has rebutted claims that an attack had taken place on its structures after the Niger Delta Avengers said it had blown up the Qua Iboe 48" crude oil export pipeline operated by the company.
    • "There were no attacks on our facilities," said Exxon Mobil spokesman Todd Spitler. The militant group has claimed responsibility for a series of recent bombings in Nigeria's southern oil hub.
    | Tue, Jul. 12, 3:08 AM | 1 Comment
  • Wed, Jul. 6, 10:05 AM
    • Exxon Mobil (XOM -0.2%) and Qatar Petroleum are teaming up to evaluate gas fields in Mozambique owned by Anadarko Petroleum (APC +1.2%) and Eni (E -1.2%), Bloomberg reports.
    • Investment from XOM and Qatar Petroleum, which have partnered in joint ventures for at least 15 years, would bring much needed funds for development and a tax windfall to Mozambique, which is trying to cope with a deepening debt crisis.
    • XOM already has established a presence in Mozambique after winning three offshore exploration licenses in October for blocks to the south of the APC and Eni operations in the Rovuma Basin.
    | Wed, Jul. 6, 10:05 AM | 1 Comment
  • Tue, Jul. 5, 3:57 PM
    • Chevron (CVX -0.6%) and Royal Dutch Shell (RDS.A, RDS.B) are the top picks among supermajor oil companies, while BP (BP -0.3%), Total (TOT -3.2%) and Exxon Mobil (XOM -1%) are less desirable, according to a new report from Tudor Pickering Holt.
    • Tudor likes CVX for its high-margin growth, free cash flow turnaround from its Australian liquefied natural gas projects and its top quality Permian position, and appreciates Shell for its "safe dividend" and achievable asset sale program, which will help it reduce debt and ultimately re-initiate a stock buyback.
    • The firm is only lukewarm on BP because of its stretched balance sheet, is concerned about TOT's project execution risk and lack of longer-term projects, and says XOM remains challenged in terms of future growth which should weigh on its premium valuation.
    | Tue, Jul. 5, 3:57 PM | 7 Comments
  • Tue, Jul. 5, 11:47 AM
    • Exxon Mobil (XOM -1.3%) has not identified itself as the bidder announced by InterOil (IOC +0.5%) last week, but Australian newspapers are saying XOM is indeed the suitor, which also cite two sources involved in the bidding.
    • XOM has the most to gain from a bid: Buying IOC would secure it a 36.5% stake in Papua LNG, which contains the Elk-Antelope field located close to the XOM-operated PNG LNG, and gas from Elk-Antelope would be piped along the same offshore pipeline route as PNG LNG and ultimately shipped from the same port.
    • XOM has until July 28 to finalize its offer ahead of an IOC shareholder vote on a $2.2B takeover offer from Oil Search (OTCPK:OISHF).
    | Tue, Jul. 5, 11:47 AM | 5 Comments
  • Tue, Jul. 5, 7:47 AM
  • Tue, Jul. 5, 7:45 AM
    • Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM) and their partners say they will proceed with a $36.8B expansion of the Tengiz oil field in Kazakhstan - the biggest investment in new production since oil prices collapsed two years ago.
    • The commitment is in addition to ~$37B already spent by operator CVX, XOM, Russia's Lukoil (OTCPK:LUKOY, OTC:LUKOF) and state-owned energy firm KazMunaiGas.
    • The expansion will take Tengiz production up to 1M boe/day from ~800K boe/day currently, with first production from the expansion expected in 2022.
    • Tengiz is considered one of the most profitable fields in the modern oil era, and some analysts estimate that it has brought CVX more than $70B in revenue and $40B in profits since 1993.
    | Tue, Jul. 5, 7:45 AM | 5 Comments
  • Fri, Jul. 1, 5:57 PM
    • Chevron (NYSE:CVX) said this week in a presentation that the decision on expanding its Tengiz development in Kazakhstan will be made in mid-2016, which would essentially confirm a prediction made in May by the Kazakh energy minister.
    • The project, which was put on hold last year after cost estimates ballooned amid plunging oil prices, may cost as much as $40B and add crude supply equivalent to that of the country of Libya.
    • "This is very big and very important for Chevron and for Kazakhstan, [and] shows that the situation is now turning in the oil market that people are putting down this kind of money," says an analyst at the IHS consulting firm.
    • Tengiz produced ~595K bbl/day last year, and the expansion will involve pumping sulfur-laden gas back into the rocks to force out an additional 250K-300K bbl/day.
    • CVX has a 50% interest in the field that already accounts for nearly 20% of the company's total worldwide production; minority partners are Exxon Mobil (NYSE:XOM), Kazmunaigaz and Lukoil (OTCPK:LUKOY, OTC:LUKOF).
    | Fri, Jul. 1, 5:57 PM | 2 Comments
  • Fri, Jul. 1, 11:03 AM
    • Exxon Mobil (XOM -0.5%) and BP (BP +1.2%) are at odds over a giant oil production deal with Azerbaijan, blocking renewal of what was once called "the contract of the century," Reuters reports, citing three high-level industry sources.
    • BP, which operates the Azeri-Chigar-Guneshli fields in the Caspian Sea and relies on them for 10% of its global output, is said to have tentatively agreed to terms with the Azeri government on extending the 30-year contract, but XOM, which also has a stake in the ACG consortium, is holding out for a better deal.
    • The result is a deadlock in talks over a project that could produce another $100B worth of oil at current prices and has exacerbated old tensions between XOM CEO Rex Tillerson and BP's Bob Dudley, according to the report.
    • BP holds a 35.8% interest stake in the project, and XOM owns only 8%; other members include Azeri state oil firm Socar and Chevron (CVX -0.7%) each with more than 11%, Japan's Inpex with 11%, and Norway's Statoil (STO +0.4%) with 8.6%.
    | Fri, Jul. 1, 11:03 AM | 9 Comments
  • Fri, Jul. 1, 8:15 AM
    • Chevron (NYSE:CVX) says it has suspended production at the Gorgon liquefied natural gas export facility in Australia after a leak but remains on track to make a second shipment in coming days.
    • Traders cite news of the leak as a reason for a boost in Asian LNG prices to the highest level since February.
    • The $54B project faced delays, cost overruns and labor unrest during construction, and in April temporarily halted production just two weeks after making its first shipment, citing a malfunction with the propane refrigerant circuit, used to cool gas supplied to the plant.
    • Gorgon is a joint venture including operator CVX with a 47.3% stake, and Exxon Mobil (NYSE:XOM) and Royal Dutch Shell (RDS.A, RDS.B) with 25% each.
    | Fri, Jul. 1, 8:15 AM | 7 Comments
  • Thu, Jun. 30, 6:58 PM
    • Exxon Mobil (NYSE:XOM) is ramping up its lobbying of other energy companies to support a carbon tax, marking a shift in its approach to climate change, WSJ reports.
    • Top XOM officials have been more vocal about their support for a carbon tax and have met with D.C. officials and trade associations about related legislation, according to the report, citing the company’s recent lobby disclosure forms.
    • "Exxon’s positioning on a carbon tax had been passive - ‘Hey, we’re not loving it, but we’re not going to get in the way of it,’” says Michael McKenna, president of energy lobbying firm MWR Strategies. “In just the last six months, there’s been an uptick in how they are asserting themselves in meetings about how to address this issue.”
    • In actively pushing for a carbon tax behind the scenes, XOM would be the first major U.S. energy company to move closer to the positions of European energy firms such as BP and Shell (RDS.A, RDS.B) which have publicly advocated for a price on carbon.
    | Thu, Jun. 30, 6:58 PM | 76 Comments
  • Thu, Jun. 30, 3:25 PM
    • Exxon Mobil (XOM +1.2%) and Hess (HES +3.5%) confirm a “world-class discovery” off the coast of Guyana that probably will yield 800M-1.4B boe of crude.
    • The news confirms earlier comments by Guyana's natural resources minister, and the upper end of the new estimate is 2x larger than an earlier estimate that the field could contain 700M barrels of oil.
    • The discovery is considered particularly significant for Hess; at the high end of the estimate, Hess' stake equates to 420M barrels, a 39% addition to its proved reserves; the company says more exploratory drilling is planned for the Stabroek block that hosts the Liza field.
    • The companies could break even on developing the field at less than $40/bbl, Wells Fargo analysts estimate.
    • XOM is operator of the Liza discovery and owns a 45% interest, while Hess holds a 30% stake and China's Cnooc (CEO +0.8%) owns the remaining 25%.
    | Thu, Jun. 30, 3:25 PM | 4 Comments
  • Thu, Jun. 30, 2:48 PM
    • Exxon Mobil (XOM +1.2%) scores a small victory against its detractors as the U.S. Virgin Islands' attorney general agrees to withdraw his subpoena against the company that was part of a push by a group of state prosecutors to investigate whether XOM misled the public about climate change risks.
    • The subpoena from the U.S. Virgin Islands was noticeable because it tried to invoke the territory's anti-racketeering laws, which are similar to U.S. RICO laws.
    • The Virgin Islands AG was one of at least four who had issued subpoenas.
    | Thu, Jun. 30, 2:48 PM | 10 Comments
  • Thu, Jun. 30, 1:13 PM
    • Canadian oil and gas companies say they are not worried about the new North America-wide energy and climate change strategy announced yesterday by Canadian PM Trudeau, U.S. Pres. Obama and Mexican Pres. Nieto, which includes reducing methane gas emissions from the oil and gas industry by 40%-45%.
    • The Canadian Association of Petroleum Producers says “having our competitors held to a similar standard is going to be good for all of us," since Canadian producers already are under pressure to cut methane emissions and pay carbon levies.
    • TransCanada (NYSE:TRP) says it welcomed the agreement and cited its growing natural gas pipeline business in Mexico and its acquisition of Columbia Pipelines in the U.S. as evidence of the need for an interconnected energy system.
    • The pact would force the three countries to add renewables, nuclear projects or carbon capture and storage projects on coal-fired power plants that would raise the total to 50% from the current 37%.
    • Among other relevant tickers: SU, ECA, ENB, CVE, CNQ, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Thu, Jun. 30, 1:13 PM | 33 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