Exxon Mobil Corporation (XOM) - NYSE
  • Wed, Jun. 22, 10:36 AM
    • Alberta's tougher rules in determining if companies are financially strong enough to buy oil and gas assets could chill M&A activity in the province, energy industry players warn.
    • The Alberta Energy Regulator announced Monday that companies seeking to buy oil and gas properties will need to show their deemed assets exceed their deemed liabilities by 2x or more after the purchase, after deemed assets previously needed only to be equal to deemed liabilities.
    • More than 200 companies that met the prior standard were ruled out as buyers by the stricter financial solvency test, a move that Industry reps say will limit the number of companies allowed to buy oil and gas assets.
    • 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
    | Wed, Jun. 22, 10:36 AM | 32 Comments
  • Wed, Jun. 22, 8:35 AM
    • A Dutch advisory body has advised the government to make further production cuts at the Groningen gas field to reduce the risk of earthquakes in the area.
    • The agency says the government should cap production at 24B cm/year of gas, after several cuts in the past year have left the rate at 27B cm/year; Groningen gas has supplied nearly 10% of demand in the European Union
    • A final decision by the Dutch Cabinet will be based on recommendations from the agency, Groningen's operator NAM, a joint venture of Royal Dutch Shell (RDS.A, RDS.B) and Exxon Mobil (NYSE:XOM), and six other parties.
    | Wed, Jun. 22, 8:35 AM | 1 Comment
  • Mon, Jun. 20, 7:17 PM
    • One oil worker was killed and two others were severely burned at an explosion at a well owned by an Exxon Mobil (NYSE:XOM) subsidiary in North Dakota.
    • Over the weekend, a flash fire caused by an accidental release of gas occurred at a workover rig at the well site near Watford City.
    • The U.S. Department of Labor's Occupational Safety and Health Administration has launched an investigation, which could take up to six months.
    | Mon, Jun. 20, 7:17 PM | 8 Comments
  • Mon, Jun. 20, 7:11 PM
    • Eleven of the biggest U.S. oil and gas producers leak so much methane gas into the atmosphere every year that the emissions would be the equivalent of running seven coal-fired power plants for a year, according to a new report from the Center for American Progress.
    • Using 2014 data, the report says the top five U.S. methane emitters were ConocoPhillips (NYSE:COP), Exxon Mobil (NYSE:XOM), Chesapeake Energy (NYSE:CHK), EOG Resources (NYSE:EOG) and BP America.
    • The Obama administration has announced a goal to lower methane emissions from oil and gas by 40%-45% from 2012 levels by 2025, and the EPA also is preparing standards for methane emissions for current oil and gas wells.
    | Mon, Jun. 20, 7:11 PM | 56 Comments
  • Mon, Jun. 20, 12:40 PM
    • The House Science, Space and Technology Committee, saying it has broad jurisdiction that allows it to review investigations carried out by states, sought on Friday to assert oversight over inquiries that several states are making into Exxon Mobil (XOM +0.5%) and climate change.
    • ~20 state officials jointly said in March they would participate in inquiries into whether XOM execs misled the public by contradicting research from company scientists that spelled out the threats of climate change.
    • The committee says the inquiries from the state AGs risk stifling free speech and scientific inquiry, and that state officials were coordinating with special interest groups; it is asking state officials to turn over all records of communications between their offices and outside groups.
    | Mon, Jun. 20, 12:40 PM | 52 Comments
  • Fri, Jun. 17, 4:45 PM
    • Russia's Energy Minister says he has discussed with Exxon Mobil (NYSE:XOM) CEO Rex Tillerson the possibility of securing rights to export natural gas to China via the Sakhalin Island in the Pacific Ocean.
    • XOM is an operator of the offshore Sakhalin-1 project being jointly developed with Rosneft (OTC:RNFTF) under a production-sharing agreement formulated in the 1990s, but the project's gas deposits have long been locked in due to a price dispute between Sakhalin-1 and Gazprom (OTCPK:OGZPY), which has a monopoly right to export gas.
    • The minister says he discussed various options with Tillerson at this week's St. Petersburg International Economic Forum
    | Fri, Jun. 17, 4:45 PM | 15 Comments
  • Thu, Jun. 16, 8:22 AM
    • Exxon Mobil (NYSE:XOM) says it has evacuated non-essential personnel from its Las Flores Canyon processing plant in southern California as a precaution against a fast-moving wildfire.
    • The fire broke out yesterday in the Refugio Canyon area of Santa Barbara county and has spread, charring ~1,100 acres; XOM’s facility is located ~15 miles from the city of Santa Barbara.
    • XOM also is taking precautionary measures to ensure the safety of personnel at its 149.5K bbl/day refinery in nearby Torrance.
    | Thu, Jun. 16, 8:22 AM | 7 Comments
  • Wed, Jun. 15, 3:58 PM
    • Exxon Mobil (XOM -0.2%) is seeking an injunction against the Massachusetts attorney general in an effort to block a subpoena that sought documents relating to the company's climate change science research and investor communications on the subject dating back 40 years.
    • XOM tells a U.S. federal court in Fort Worth, Tex., that the AG overreached with the subpoena and that it violated constitutional amendments on free speech, unreasonable search and seizure, and equal protection.
    • AGs from Massachusetts, New York and the U.S. Virgin Islands are all investigating whether XOM misrepresented its understanding of climate change to investors and the public.
    | Wed, Jun. 15, 3:58 PM | 39 Comments
  • Wed, Jun. 15, 12:55 PM
    • Alaska and North Slope producers are discussing possible new ownership structures for the Alaska LNG project, the acting state Natural Resources Commissioner tells Platts.
    • BP (BP +0.8%), Conoco Phillips (COP -0.3%), Exxon Mobil (XOM -0.1%) and the state of Alaska have been working on a $45B-$65B project involving a jointly owned 800-mile gas pipeline from the North Slope and a large liquefied natural gas plant in a south Alaska port.
    • The official says "transition" talks are underway with the producers and could include a new partnership arrangement and a larger role for the state; Alaska and each of the three industry partners hold ~25% stakes.
    • If it proceeds, the project is planned to be in construction in 2019 and in operation in 2024 or 2025, a schedule that still could be met even under a realigned ownership, according to the official.
    | Wed, Jun. 15, 12:55 PM | 8 Comments
  • Wed, Jun. 15, 9:47 AM
    • Indonesia's government has rejected a proposal to increase crude output from the Cepu block operated by Exxon Mobil (XOM -0.3%) to 200K bbl/day, the country's upstream oil and gas regulator told parliament yesterday.
    • XOM proposed the increase last month, noting potential in the project's reservoirs; the Cepu block currently produces more than 165K bbl/day.
    • Output from the Banyu Urip project in the Cepu block in East Java province is crucial to Indonesia's long-term efforts to meet rising domestic oil demand as production declines at other fields.
    | Wed, Jun. 15, 9:47 AM | 2 Comments
  • Wed, Jun. 15, 8:42 AM
    • Exxon Mobil (NYSE:XOM) and BHP Billiton (NYSE:BHP) say they are studying plans to sell depleting energy assets in Australia, including Kingfish, the largest oil field ever discovered in the country.
    • The companies are considering marketing 13 fields, licenses and associated infrastructure held in the Gippsland Basin 50-50 joint venture in Australia's Victoria state, which began operations in 1969.
    • BHP’s Bass Strait unit, which includes the miner's stake in Gippsland Basin and a second JV, may be worth ~$1B, but that the unit's liquids production is in decline, Citigroup analysts said recently.
    | Wed, Jun. 15, 8:42 AM | 2 Comments
  • Tue, Jun. 14, 9:58 AM
    • Exxon Mobil (XOM -0.5%) CEO Rex Tillerson will attend a major investment forum in Russia this week, Reuters reports, which would end a two-year absence from the event that began when sanctions were imposed on Russia over the Ukraine crisis.
    • The annual St. Petersburg International Economic Forum, where Rosneft chief Igor Sechin is listed as keynote speaker, is the marquee event in Russia's business calendar where investors seek the Kremlin's blessing for their projects.
    • Tillerson is among other oil major chief executives on the forum agenda, including BP's Robert Dudley, Eni's (NYSE:E) Claudio Descalzi, Schlumberger's (NYSE:SLB) Paal Kibsgaard and Total's (NYSE:TOT) Patrick Pouyanne.
    | Tue, Jun. 14, 9:58 AM | 9 Comments
  • Fri, Jun. 10, 7:05 PM
    • Western Colorado has 40x more natural gas than previously thought, potentially making it the second-largest formation in the U.S., according to a new estimate from the U.S. Geological Survey.
    • The Mancos Shale formation in Colorado’s Piceance Basin holds ~66.3T cf of gas, up from just 1.6T estimated in 2003, the USGS says, and the revision puts the basin second only to the Marcellus Shale in terms of the largest total gas reserves in the U.S.
    • Current prices of ~$2/MMBtu are considered too low for companies to begin drilling to any large extent; companies likely would begin drilling if prices reached $3.50/MMBtu, says David Ludlam of the West Slope Colorado Oil and Gas Association.
    • Among Colorado's top current oil and gas producers: APC, NBL, ECA, XOM, CVX, OXY, WLL, BBG, SYRG, PDCE, BCEI, CRZO
    | Fri, Jun. 10, 7:05 PM | 76 Comments
  • Tue, Jun. 7, 9:55 AM
    • Equatorial Guinea, which opened bidding for oil and gas exploration blocks yesterday, says it wants Exxon Mobil (XOM +0.9%) to remain as an operator even after the government decided not to renew its license for the country’s highest-producing field.
    • The country will accept bids for 37 blocks, of which 32 are offshore, until Nov. 30 and plans to award licenses in January, the energy minister says, adding that the government is still in negotiations with XOM after deciding in October not to extend the company’s license to operate the Zafiro oil field.
    • The minister also says he is waiting to see who Hess (HES +0.1%), which operates the Ceiba and Okume fields, is negotiating with over a sale of offshore assets.
    | Tue, Jun. 7, 9:55 AM
  • Mon, Jun. 6, 11:18 AM
    • Crude oil prices push more than 2% higher, with Brent at $50.68/bbl and WTI at $49.75, thanks to a falling dollar, continued attacks on oil infrastructure in Nigeria, and reports of a pipeline failure and spill at Exxon Mobil's (XOM +1.2%) Torrance refinery near Los Angeles.
    • However, XOM has since told CNBC that the refinery had experienced a refining byproduct leak in an internal pipe that was contained in the Torrance property, and there is no impact to operations.
    • An incident at Torrance normally would not cause a significant jump in oil prices, but analysts say the current market is sensitive to any perception of a supply disruption.
    • Crude futures also are supported after Genscape reported a draw of more than 1M barrels at the Cushing, Okla., delivery point for the WTI contract.
    | Mon, Jun. 6, 11:18 AM | 17 Comments
  • Fri, Jun. 3, 6:30 AM
    • Exxon Mobil (NYSE:XOM) may invest billions in Argentina's Vaca Muerta shale formation in the next decades.
    • The oil giant has so far invested $200M in the world's second largest shale gas deposit, and received approval to put in $250M more for a pilot project in the coming months.
    • If the endeavor is successful, Exxon will start full development during a period of 20-30 years that could involve investment "well in excess of $10B."
    | Fri, Jun. 3, 6:30 AM | 4 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