Exxon Mobil Corporation (XOM) - NYSE
  • 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
  • Thu, Jun. 30, 12:47 PM
    • Exxon Mobil (XOM +0.8%), Chevron (CVX +1.2%) and Tesoro (TSO -0.5%) are among refiners being investigated by California's attorney general over allegations they withheld supply in an attempt to artificially raise gasoline prices in the state, WSJ reports.
    • The subpoenas were sent in late May and seek information about trading, maintenance and repair activities at the companies since 2014, according to the report.
    • Other companies receiving subpoenas reportedly also included Phillips 66 (PSX -0.9%), Valero (VLO -2.1%) and Royal Dutch Shell (RDS.A, RDS.B).
    • "Many factors that determine the price of gasoline," a TSO spokesperson says, including "the cost of crude oil, distribution and marketing costs, refining costs and federal and state taxes. Market conditions, such as supply and demand, determine the price that consumers pay at the pump.”
    | Thu, Jun. 30, 12:47 PM | 69 Comments
  • Wed, Jun. 29, 11:57 AM
    • Exxon Mobil (XOM +1.5%) is considering buying stakes in natural gas discoveries off Mozambique made by Anadarko Petroleum and Eni, Bloomberg reports.
    • Acquiring a share of APC’s Area 1 in the Rovuma Basin off Mozambique’s north coast could generate ~$1.3B in capital gains tax for the government, which would help ease the country's credit crunch, according to the report.
    • XOM also is said to be interested in Eni’s Area 4; three years ago, China National Petroleum purchased 20% of Area 4 for $4.2B.
    • XOM last October won three exploration licenses for offshore blocks to the south of the APC and Eni Mozambique discoveries, and has a working interest in Statoil’s Block 2 in Tanzania, north of the Rovuma Basin.
    | Wed, Jun. 29, 11:57 AM
  • Tue, Jun. 28, 2:29 PM
    • Statoil (STO +3.3%) must not attempt to scale back existing labor agreements if it wants to prevent a strike by Norwegian oil and gas workers beginning July 2, says the Industri Energi union, which represents two-thirds of the workers that would strike.
    • Three unions said yesterday that 755 Norwegian workers on seven oil and gas fields operated by STO, Exxon Mobil (XOM +1.2%) and Engie (OTCPK:ENGIY) will strike unless a deal on wages and other working conditions is agreed; Reuters says the fields account for ~18% of Norway's combined output of crude oil, natural gas and natural gas liquids.
    • XOM and Engie have said a conflict would cut output at the fields they operate, while STO has declined to comment on all aspects of the negotiations.
    • Crude oil prices today are ~3% higher, bouncing off their Brexit-fueled selloff, and the threat of the Norway strike is said to be one of the causes.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Jun. 28, 2:29 PM | 4 Comments
  • Tue, Jun. 28, 11:58 AM
    • A Canadian government study yields a surprising result about what happens to oil sands crude in a freshwater spill: it floats, at least for a while, sinking more slowly than conventional oil, unless exposed to high temperatures and weathering.
    • The results may help dispel some concern that a spill of diluted bitumen would be more difficult to clean up, and help companies make the case for pipeline projects such as Kinder Morgan’s (KMI +0.9%) Trans Mountain expansion and Enbridge’s (ENB -0.1%) Northern Gateway pipeline.
    • The study follows a 2015 report by the U.S. National Academy of Science that showed diluted bitumen tended to sink quickly after being spilled in fresh water.
    • Among other relevant tickers: SU, ECA, CVE, CNQ, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Tue, Jun. 28, 11:58 AM | 62 Comments
  • Mon, Jun. 27, 6:45 PM
    • Exxon Mobil (NYSE:XOM) hit large deposits of oil and gas in its recently drilled Liza-2 appraisal well offshore Guyana and already is planning the next well in its drilling campaign, according to the country’s natural resources minister.
    • Officials have said XOM previously drilled another well last year that they believe could contain at least 700M barrels of oil.
    • XOM operates Liza on the Stabroek block with a 45% stake, with Hess (NYSE:HES) holding 30% and Cnooc-owned (NYSE:CEO) Nexen owning 25%.
    | Mon, Jun. 27, 6:45 PM | 11 Comments
  • Mon, Jun. 27, 11:59 AM
    • The Dutch government said on Friday it would lower the cap on production at the Groningen gas field to 24B cm/year for the next five years, following a recommendation by the Dutch National Mines Inspectorate.
    • The Dutch economic affairs minister says the state expects to lose €345M/year ($380M) in revenues because of the new cap, but analysts say the reduction from 27B cm/year is close to what was expected and "may even provide some relief to markets that may have anticipated a prolonged decline to 2020."
    • The Inspectorate says earthquakes have been decreasing in frequency and intensity in Groningen since the government began reducing production from 42.5B cm in the peak production year of 2014; the field is operated by NAM, a joint venture between Royal Dutch Shell (RDS.A, RDS.B) and Exxon Mobil (NYSE:XOM).
    | Mon, Jun. 27, 11:59 AM | 8 Comments
  • Sat, Jun. 25, 8:25 AM
    • The U.S. currently pumps ~8.7M bbl/day of crude oil, 480K less than at the end of 2015, but more than 500K bbl/day of new crude from the Gulf of Mexico is set to come online this year and next, WSJ reports, threatening to prolong the oil glut and hold down prices.
    • One reason is a handful of massive oil fields sanctioned for development years ago by companies such as BP and Freeport McMoRan (NYSE:FCX) that will start pumping later this year, but another is that companies have found that smaller satellite fields can be tapped inexpensively by tieback wells linked to existing offshore oil platforms via underwater pipelines.
    • Exxon (NYSE:XOM) this year began pumping from the tieback Julia offshore well, with production piped back to a Chevron (NYSE:CVX) platform; CVX also recently executed a tieback that will produce 50% more oil and gas than it originally expected.
    • Noble Energy (NYSE:NBL) nearly doubled its Gulf output in Q1 and has another well starting to pump later this summer; Anadarko (NYSE:APC) has more than 30 tieback well prospects in satellite fields, and will drill up to seven this year.
    • Companies also are getting better at accessing deepwater finds; Shell (RDS.A, RDS.B) saved $1B drilling its Stones project, which will start up later this year, by using a slim-well design offshore engineers borrowed from onshore shale operations.
    | Sat, Jun. 25, 8:25 AM | 36 Comments
  • Fri, Jun. 24, 6:47 PM
    • The Massachusetts attorney general and investment funds of the Rockefeller family today told a Congressional committee that it lacked powers to oversee state investigations into Exxon Mobil's (NYSE:XOM) record on climate change.
    • The House Committee on Science, Space and Technology has demanded that state attorneys general hand over any records of talks the prosecutors had with outside environmental groups, but the Massachusetts AG told the committee today that it lacked the authority to intervene.
    • The Rockefeller Brothers Fund and the Rockefeller Family Fund, which have been critical of fossil fuels linked to climate change, said the committee's request "imperiled the funds' First Amendment rights."
    • Both sides in the fight have sought to use the First Amendment to buttress their arguments, with the House committee saying the state AG inquiries risk stifling free speech and scientific inquiry.
    | Fri, Jun. 24, 6:47 PM | 15 Comments
  • Fri, Jun. 24, 11:58 AM
    • Exxon Mobil’s (XOM -2.5%) lease agreement for Nigeria's “Crown Jewels” oil reserves is under investigation by the country’s economic and financial crimes commission, according to a report from The Guardian.
    • A letter to an XOM subsidiary from Nigeria’s federal ministry of petroleum resources reportedly shows acceptance of a 2009 bid of $1.5B for a 20-year lease on four oil fields that produce a combined ~580K bbl/day - nearly a third of the country’s total production of ~1.8B bbl/day - even after a group that included China's Cnooc (CEO -5.5%) bid $3.75B for the same rights.
    • Gross revenue from XOM’s 40% stake in the wells would come to $4.2B annually with oil at $50/bbl, the report says.
    | Fri, Jun. 24, 11:58 AM | 4 Comments
  • Wed, Jun. 22, 1:56 PM
    • PBF Energy (PBF -1.7%) once expected to take control of the Torrance, Calif., refinery from Exxon Mobil (XOM -0.2%) by around May 1, but the handoff has been plagued with problems, and PBF now expects to take over the refinery on July 1, Bloomberg reports.
    • A crane that fell over this week is the latest incident to highlight the challenges in finalizing the $537M sale, after damage from a February 2015 explosion forced the closure of a catalytic cracker, which finally was restarted just a month ago.
    • The delays are keeping PBF from fully benefiting from typically higher margins seen during peak driving season, but PBF is not likely to walk away from the deal, as it still wants control of the Torrance plant to gain exposure to the West Coast gasoline market.
    | Wed, Jun. 22, 1:56 PM | 1 Comment
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