Exxon Mobil Corporation (XOM) - NYSE
  • Aug. 5, 2014, 4:58 PM
    • An industry-funded study concludes that crude oil from the Bakken region is similar to other North American light, sweet crudes and does not pose a greater risk to transport by rail than other crudes and transportation fuels.
    • But the study also outlines several best practices intended to boost safety, including classifying the crude higher on the hazardous material shipping scale.
    • The group hopes the report allays fears that Bakken oil may be more prone to ignition after a series of accidents involving rail shipments of the oil.
    • Bakken producers include CLR, EOG, KOG, WLL, HES, XOM, OAS, NOG, EOX, MRO.
    | Aug. 5, 2014, 4:58 PM | 6 Comments
  • Aug. 5, 2014, 10:16 AM
    • North Dakota’s crude oil production passed 1M bbl/day in April and remained above the 1M benchmark in May on the strength of production from the Bakken and Three Forks formations.
    • One reason for May's 3.6% M/M growth to 1.039M bbl/day was the addition of 227 producing wells through the state, with 10,892 producing wells in May compared to 10,665 in April.
    • Average production per well in the state also grew between the months, to 2,959 barrels per well from 2,822 in April.
    • North Dakota's oil fields now account for 12% of all U.S. oil production, and more than 1% of global production.
    • Top Bakken producers include CLR, EOG, KOG, WLL, HES, XOM, OAS, NOG, EOX, MRO.
    | Aug. 5, 2014, 10:16 AM | 7 Comments
  • Aug. 4, 2014, 2:49 PM
    • This is not a typo: Continental Resources (CLR +2.6%) says it wants to pay North Dakota state taxes and make royalty payments on natural gas it improperly burned off at dozens of wells in recent years, and is asking state regulators to approve its plans.
    • But lawyers for land and mineral rights owners who have sued CLR over what they say are unpaid royalties believe the company's main goal is to minimize its liability as the state finally moves to curb flaring; natural gas that is pumped out of the ground along with more valuable oil is burned at a much higher rate in North Dakota than in other crude-producing states.
    • How to value the gas that has been flared off is at issue: Those who are owed royalties are pushing for a higher valuation than CLR wants, and want royalties on flared gas the company says is legally exempt from royalty and tax payments under state statue.
    • Other companies that have been accused of failing to pay land owners or the state treasury for flared gas include Exxon Mobil (NYSE:XOM) subsidiary XTO Energy and ConocoPhillips (NYSE:COP) unit Burlington Resources Oil & Gas.
    | Aug. 4, 2014, 2:49 PM | 4 Comments
  • Aug. 4, 2014, 12:59 PM
    • The Tanzanian government says it will invest at least $1.2B to revamp its ailing state power utility, as the country tries to guarantee reliable power to domestic and industrial consumers.
    • It expects the reforms to help the country attract enough investments to diversify power sources and boost generation capacity to at least 10K MW over the next 10 years, from the current 1,600 MW.
    • Around half of the projected new power capacity will be generated from natural-gas fired plants, as a flurry of natural gas discoveries off the southern coast has made the country a hotspot for natural gas exploration, attracting Exxon (NYSE:XOM), Cnooc (NYSE:CEO), Rosneft (OTC:RNFTF) and BG Group (OTCPK:BRGXF, OTCQX:BRGYY).
    • Gold mining companies such as Africa Barrick Gold (OTC:ABGLF) and AngloGold Ashanti (NYSE:AU) remain some of Tanzania's largest power consumers.
    | Aug. 4, 2014, 12:59 PM
  • Aug. 1, 2014, 9:19 AM
    • Chevron (NYSE:CVX) is flat premarket after reporting better than expected Q2 earnings, as high crude oil and natural gas prices offset rising expenses and falling production.
    • Earnings from exploration and production rose to $5.26B from $4.95B a year ago, while refining, marketing and chemical operations fell to $721M from $766M.
    • Q2 production fell 1.5% Y/Y to 2.55M boe/day amid planned maintenance activity at Tengizchevroil in Kazakhstan
    • CVX's reliance on higher energy prices to boost results as production falls like a lot like yesterday's results from Exxon Mobil (NYSE:XOM), which prompted concerns that global energy majors are not replenishing reserves fast enough.
    • CVX is currently funding five major expansion projects it hopes will boost production by 20% by 2017; CVX expects Gulf of Mexico production to benefit in the near-term from start-up of the Jack/St. Malo Project later this year and the Big Foot Project in 2015, and the Gorgon LNG project in Australia remains on track for expected start-up in mid-2015.
    | Aug. 1, 2014, 9:19 AM
  • Jul. 31, 2014, 7:25 PM
    • Exxon Mobil (NYSE:XOM) has been unflinching in its plan to drill for oil in the Russian Arctic, in spite of the rising tensions between the West and Russia, but comments after it reported Q2 earnings today seemed rather wobbly.
    • With XOM and Rosneft (OTC:RNFTF) set to drill the first well in the Kara Sea next month, XOM head of investor relations David Rosenthal said during the earnings call that it "wouldn't be appropriate" to comment until sanctions are assessed further; when asked directly if the company is still planning to begin drilling the first Kara well next month, he wouldn’t say.
    • With Q2 oil and natural gas output slipping 5.7% to 3.84M boe/day, the company's lowest since Q3 2009, XOM needs new production avenues.
    • Meanwhile, Shell (RDS.A, RDS.B) CEO Ben van Beurden said today it is monitoring the situation in Russia but that the company is keeping Arctic drilling on the table - in the U.S., marking a shift from his previous suggestions that Shell’s Arctic ambitions might not mesh with the company’s bid to prove its fiscal restraint.
    | Jul. 31, 2014, 7:25 PM | 10 Comments
  • Jul. 31, 2014, 9:15 AM
    • Exxon Mobil (NYSE:XOM) -1.4% premarket after Q2 earnings rose 28% on strength in its exploration and refining segments and easily beat expectations, but total production fell.
    • Earnings in XOM's exploration and production business rose 25% Y/Y to $7.88B, helped by higher prices and a $1.2B boost tied to divestitures in Hong Kong and other items.
    • Refining and marketing earnings surged 80% to $711M, as weaker refining margins were offset by lower operating expenses, increased petroleum sales and other impacts.
    • Q2 production fell 5.7% Y/Y to 3.8M boe/day; excluding the expiry of its Abu Dhabi onshore concession, the decline was 2.3%.
    • The average price XOM receives for its crude oil rose 3% in the U.S. and 5% internationally.
    | Jul. 31, 2014, 9:15 AM | 11 Comments
  • Jul. 31, 2014, 8:07 AM
    • Exxon Mobil (NYSE:XOM): Q2 EPS of $2.05 beats by $0.19.
    • Revenue of $111.64B (+4.7% Y/Y) beats by $3.26B.
    | Jul. 31, 2014, 8:07 AM
  • Jul. 30, 2014, 2:30 PM
    • Exxon Mobil (NYSE:XOM) declares $0.69/share quarterly dividend, in line with previous.
    • Forward yield 2.68%
    • Payable Sept. 10; for shareholders of record Aug. 13; ex-div Aug. 11.
    | Jul. 30, 2014, 2:30 PM | 6 Comments
  • Jul. 29, 2014, 6:50 PM
    • Exxon Mobil (NYSE:XOM) and Imperial Oil (NYSEMKT:IMO) are assessing a site at a narrow inlet north of Prince Rupert, B.C. that could accommodate both floating and barge-based infrastructure for a liquefied natural gas export project, Financial Post reports.
    • The plan spotlights efforts by LNG proponents to save costs and competition for labor that analysts say threatens to hurt development of more than a dozen projects under study on the coast.
    • IMO says the companies are targeting a final investment decision on the export project in 2018; no capital cost has been disclosed.
    | Jul. 29, 2014, 6:50 PM | 2 Comments
  • Jul. 29, 2014, 2:49 PM
    • While BP (BP -3%) earlier today became the first big western company to openly admit that sanctions against Russia could hurt its business, BP execs later were eager to justify their long-term commitment to Russia as well as the rationale for maintaining a position in the country.
    • "Russia is the largest oil and gas producing country on the planet, and the world is going to to need 40% more energy between now and 2035. That’s why you can see many, many, many international companies working in Russia," CEO Bob Dudley says.
    • It's true that Exxon (XOM -0.4%) and Chevron (CVX -0.2%) are notable among other oil majors which hold minority interests and strategic partnerships with Russia oil companies, but BP’s exposure makes it much more susceptible to political headwinds via its associations with Rosneft (OTC:RNFTF), says Jasper Lawler of CMC Markets.
    • One top 20 shareholder in BP also worries for the future: “The situation is very uncertain... the worsening relations are a net negative for BP.”
    | Jul. 29, 2014, 2:49 PM | 19 Comments
  • Jul. 28, 2014, 12:58 PM
    • Companies including Shell (RDS.A, RDS.B) , Chevron (NYSE:CVX) and Exxon (NYSE:XOM) are diverting more and more funds to the world’s richest economies, as they grow tired of the risks of working in violent and corrupt places for the reward of finding oil and gas reserves that can be profitably exploited, according to a WSJ analysis.
    • The companies are pulling out of more conflict-torn and difficult regions: CVX sold its assets in Chad this year, XOM has sold project stakes in Iraq and Indonesia, and Shell since 2010 has sold $1.8B of its Nigerian assets and last year began talks to sell four oil production blocks and a pipeline there.
    • Places like the U.S., Canada and the U.K. - which has opened bidding for its next set of onshore oil and gas exploration licenses - are more expensive to operate in, and regulations are tighter, but their political stability makes them more predictable.
    | Jul. 28, 2014, 12:58 PM | 10 Comments
  • Jul. 28, 2014, 8:27 AM
    • Exxon Mobil (NYSE:XOM) says its $19B PNG LNG project in Papua New Guinea is producing at full capacity after shipments started ahead of schedule in May.
    • The first stage has a capacity of 6.9M metric tons/year of liquefied natural gas: XOM and partners including Oil Search (OTCPK:OISHF) and Santos (OTCPK:STOSF) are considering an expansion of the development.
    • The project is set to start loading its 15th LNG cargo, XOM says.
    | Jul. 28, 2014, 8:27 AM
  • Jul. 25, 2014, 3:42 PM
    • Exxon Mobil (XOM -1.2%) is downgraded to Underweight from Equal Weight at Barclays, primarily due to its relative valuation in the belief that potential upside is limited compared to peers.
    • XOM will continue to face relative headwinds concerning the lack of meaningful near-term production growth and the likelihood of a relatively steady high oil price environment, Barclays believes.
    • The firm recommends switching out of XOM to ConocoPhillips (COP -0.3%), Imperial Oil (IMO -1.3%) or Suncor (SU -0.3%).
    • Barclays also cuts Cenovus Energy (CVE -1.7%) to Equal Weight from Overweight, seeing operating issues at Foster Creek and Pelican Lake remaining a drag on shares over the next several quarters (Briefing.com).
    | Jul. 25, 2014, 3:42 PM | 18 Comments
  • Jul. 25, 2014, 2:58 PM
    • Tanzania has a strong chance of becoming a major producer and exporter of natural gas over the next decade, according to the IMF, noting significant offshore discoveries made in the last 2-3 years and further exploration now underway.
    • Although gas resources haven’t yet been declared commercially viable, estimates of discoveries indicate recoverable offshore gas resources of at least 24T-26T cf, potentially sufficient for a four-train liquid natural gas plant, the IMF says.
    • Exxon Mobil (NYSE:XOM), Statoil (NYSE:STO) and BG Group (OTCPK:BRGXF, OTCQX:BRGYY) are planning to build the country's first LNG export plant.
    | Jul. 25, 2014, 2:58 PM
  • Jul. 25, 2014, 8:42 AM
    • Exxon Mobil (NYSE:XOM) is weighing a possible multibillion-dollar expansion of its 344K bbl/day Beaumont, Tex., refinery that could make it the largest in the U.S. by 2020, Reuters reports.
    • XOM is said to be considering an expansion to 700K-800K bbl/day in total refinery capacity at Beaumont, which would surpass Motiva's 600K-plus bbl/day Port Arthur refinery.
    • XOM reportedly is focusing on the possible addition of a third crude distillation unit at the refinery, and its size would determine how much capacity would increase; the plans also would include replacing four coking unit drums and adding two new coker drums.
    | Jul. 25, 2014, 8:42 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