Exxon Mobil Corporation (XOM) - NYSE
  • May 18, 2014, 3:44 AM
    • When Russia seized Crimea in March, the country obtained rights to underwater energy resources potentially worth trillions of dollars in a maritime zone in the Black Sea that's over three times the size of the province.
    • In turn, Ukraine received a major blow to its hopes for energy independence, a situation highlighted by its dispute with Russia over natural-gas prices.
    • Major oil companies to explore in the area around Crimea include Exxon Mobil (XOM) and Shell (RDS.A).
    • Russia ETFs: RSX, RUSL, RSXJ, ERUS, RUSS, RBL, RUDR
    | May 18, 2014, 3:44 AM | 18 Comments
  • May 16, 2014, 9:45 AM
    • ExxonMobil (XOM +0.2%) says it has no plans to pull out of the Sakhalin-1 project in Russia, as the company responds to a Russian media report that said it may have to pull out if U.S. sanctions against Russia are toughened because of the Ukraine crisis.
    • Russia's energy minister says he is ready to provide all the conditions for foreign companies to continue work in the country.
    | May 16, 2014, 9:45 AM | 4 Comments
  • May 15, 2014, 2:28 PM
    • The consortium developing Kazakhstan's giant Kashagan oilfield will have to replace the entire pipeline system at the deposit where output was halted in October just weeks after its launch, according to the country's energy minister.
    • Referring to the delayed output at Kashagan, the minister says Kazakhstan had cut its 2014 oil production forecast to 81.7M metric tons from 83M earlier.
    • The consortium - which includes Eni (E), Total (TOT), Shell (RDS.A, RDS.B) and Exxon (XOM) - expects the final report on the causes of Kashagan's pipeline problems in June, when it will decide how the pipes should be replaced.
    | May 15, 2014, 2:28 PM | 5 Comments
  • May 14, 2014, 11:59 AM
    • Oil Search (OISHF), Exxon Mobil's (XOM) partner in the $19B PNG liquefied natural gas export project in Papua New Guinea, expects shipments to Asia to start shortly with the initial cargoes sold on the spot market.
    • The process to load the first LNG tanker has begun, with a decision on when the ship will leave to be made over the next few days, according to an Oil Search exec.
    • The first series of LNG cargoes from the project will be sold at spot prices, with the development progressively moving into contract deliveries.
    | May 14, 2014, 11:59 AM
  • May 14, 2014, 9:34 AM
    • A potential strike by Exxon Mobil (XOM +0.2%) oil workers in Norway would hit the company's Ringhorne and Balder facilities in the Norwegian North Sea, labor union SAFE says.
    • The workers could go on strike from June 16 if government mediation on wages and pensions fail.
    • The two fields produced ~46K boe/day in 2013.
    | May 14, 2014, 9:34 AM
  • May 8, 2014, 5:58 PM
    • Large oil companies are betting more than $1T on large-scale, “high-risk” projects over the next decade, and investors should question the assumptions underpinning that spending, urges the Carbon Tracker Initiative.
    • The think tank advises oil investors to require annual stress tests of oil companies’ sensitivity to a low-price scenario, and to ask what demand and price assumptions underpinned companies’ spending strategy, as some major pension funds already have begun to do.
    • Among companies with the highest exposure to such high-risk projects, as measured in dollar terms, are Petrobras (PBR), Exxon (XOM), Rosneft (RNFTF), Shell (RDS.A, RDS.B) and Total (TOT), the CTI says in a new report.
    | May 8, 2014, 5:58 PM | 35 Comments
  • May 8, 2014, 2:57 PM
    • Chevron (CVX -0.7%) is downgraded to Hold from Buy at Argus following its 16% run-up in total return during the past three months, seeing few positive catalysts in the near term and not expecting CVX's promising new projects to contribute meaningfully to production until Q4
    • Argus prefers Exxon Mobil (XOM -0.6%) among this duo, maintaining its Buy rating and raising its price target to $114 from $104 as it contrasts XOM’s plan to curtail capital spending in the coming years with CVX, which continues to spend heavily on new projects; as a result, XOM should enjoy a boost in free cash flow going forward while CVX has struggled to generate free cash flow.
    | May 8, 2014, 2:57 PM | 6 Comments
  • May 8, 2014, 10:54 AM
    • Eni (E) CEO Paolo Scaroni says he expects the problems at the Kashagan field in Kazakhstan to be resolved next year and doesn't foresee huge further repair costs after already spending $8.2B on the project.
    • However, the Kashagan consortium - which also includes Exxon (XOM), Total (TOT) and Shell (RDS.A, RDS.B) - still hasn't decided how it will repair the damaged pipelines, Scaroni says.
    • Production at Kashagan, the world's biggest oil find in 35 years, started last September but was stopped the following month after gas leaks were found in the pipeline network.
    | May 8, 2014, 10:54 AM | 4 Comments
  • May 2, 2014, 2:39 PM
    • The Transportation Department says only three companies - Exxon Mobil (XOM), Continental Resources (CLR) and Savage Services - have voluntarily turned over data on the physical characteristics of Bakken crude oil from North Dakota, despite requests for the information dating back to January.
    • The government is seeking data on Bakken crude after a series of railroad accidents in which oil exploded; historically, crude hasn't erupted into fireballs, raising questions about the composition of the oil from the Bakken.
    | May 2, 2014, 2:39 PM | 5 Comments
  • May 1, 2014, 4:59 PM
    • Exxon Mobil (XOM), the U.S. oil major most deeply involved in Russia, said during today's earnings call that expansion projects planned in Russia for this year are proceeding normally so far.
    • XOM is the operator of Sakhalin-1, a massive oil field off Russia's eastern coast; XOM and Rosneft also have a joint venture to evaluate the development of tight-oil reserves in western Siberia, and are building a liquefied natural gas plant on Russia's eastern coast.
    • Most analysts don't think Russia's Putin would confiscate the assets of foreign energy companies, noting the harm caused to the Venezuelan, Argentine and Iranian economies when those countries expropriated oil or natural gas fields in the past.
    | May 1, 2014, 4:59 PM | 7 Comments
  • May 1, 2014, 9:16 AM
    • Exxon Mobil (XOM+0.3% premarket after Q1 earnings fell 4.2% Y/Y but beat Wall Street estimates, as higher natural gas prices offset a dip in oil production.
    • Q1 earnings from XOM's E&P business rose 11% to $7.8B, reflecting higher natural gas price realizations.
    • Production fell 5.6% Y/Y on an oil-equivalent basis; excluding the impact of the Abu Dhabi onshore concession expiration, production fell 2.9%..
    • Refining and marketing earnings tumbled 47% to $813M on weaker margins, mostly in its refining business; chemical segment earnings fell 7.9% to $1.05B.
    • Q1 capex totaled $8.4B, down 28% Y/Y, reflecting the absence of the $3.1B Celtic Exploration acquisition.
    | May 1, 2014, 9:16 AM | 1 Comment
  • May 1, 2014, 8:04 AM
    • Exxon Mobil (XOM): Q1 EPS of $2.10 beats by $0.22.
    • Revenue of $106.77B (-1.4% Y/Y) misses by $2.99B.
    | May 1, 2014, 8:04 AM | 15 Comments
  • Apr. 30, 2014, 2:10 PM
    • Exxon Mobil Corporation (XOM) declares $0.69/share quarterly dividend, 9.5% increase from prior dividend of $0.63.
    • Forward yield 2.73%
    • Payable June 10; for shareholders of record May 13; ex-div May 9.
    | Apr. 30, 2014, 2:10 PM | 31 Comments
  • Apr. 29, 2014, 6:34 PM
    • Chris Finlayson's sudden resignation from the helm of BG Group (BRGYY, BRGXF) has sparked speculation that the U.K.’s third-largest oil company may become a takeover target.
    • Changing the CEO after 15 months and a review of operating, investment and portfolio management plans raises questions of a possible takeover of BG, RBC analyst Peter Hutton speculates, adding that Exxon Mobil (XOM), Royal Dutch Shell (RDS.A, RDS.B) and Chevron (CVX) have the capacity to pursue a cash bid.
    • BG yesterday also ditched its 2015 production forecast that was only three months old, yet the directors reiterated their commitment to the company’s strategy presented by Finlayson in May.
    | Apr. 29, 2014, 6:34 PM
  • Apr. 28, 2014, 5:41 PM
    • Exxon Mobil (XOM) says its PNG LNG project in Papua New Guinea has started production of liquefied natural gas ahead of schedule.
    • XOM says production from the first LNG train will increase during the coming weeks, and expects the first cargo to be shipped to Asia markets before the middle of this year.
    • XOM expects to produce more than 9T cf of gas over 30 years of operations.
    | Apr. 28, 2014, 5:41 PM | 1 Comment
  • Apr. 28, 2014, 5:25 PM
    • The newest sanctions on Rosneft's (RNFTF) Igor Sechin will muddy the waters for more companies than just BP, as other major oil companies have increased their exposure in Russia in recent years.
    • Exxon (XOM) struck a deal with Rosneft in 2011 to explore Russia's Arctic seas and shale in western Siberia, which could hold billions of barrels of crude; the agreement has since been expanded to include the Black Sea and an area of the Arctic bigger than Texas.
    • Royal Dutch Shell (RDS.A, RDS.B) has a small stake in a Caspian oil pipeline in a joint venture with Rosneft; Statoil (STO) has joint projects with Rosneft in the Russian part of the Barents Sea and the Sea of Okhotsk, which it says it is delaying due to operational factors only and not related to the tension over Ukraine.
    • Also, commodities trading giants Glencore (GLCNF, GLNCY), Vitol and Trafigura all have close ties with Rosneft; Glencore even lent $500M to Rosneft.
    | Apr. 28, 2014, 5:25 PM | 8 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