Exxon Mobil Corporation (XOM) - NYSE
  • Mar. 28, 2014, 3:32 PM
    • Exxon Mobil (XOM +1.3%) is up again today, capping a 3% surge since BofA yesterday upgraded shares to Buy with a $110 price target, citing potential for improved cash flow in the coming years.
    • The firm says recent risks to production have played out, and that improving unit margins can lift operating cash flow by $15B over the next five years.
    • XOM sees capital spending declining again in the near future despite its opening of numerous new projects, which should help increase production.
    | Mar. 28, 2014, 3:32 PM
  • Mar. 28, 2014, 12:44 PM
    • Oil Search (OISHF) is contesting Total’s (TOT) agreement earlier this week to acquire a 40% stake in InterOil’s (IOC) natural gas discoveries in Papua New Guinea, a dispute which could require international arbitration to be resolved.
    • The dispute surrounds stakes in the Elk and Antelope fields, coveted because the gas could be used either for a possible expansion of a $19B liquefied natural gas project that ExxonMobil (XOM) is building with Oil Search, or for a rival project.
    • Analysts say the outcome of the dispute is unclear, but some speculate Oil Search's aim may be to keep the door open to XOM to enter the Elk-Antelope joint venture.
    • Meanwhile, IOC has spudded its third well in as many weeks in Papua New Guinea with up to five more planned over the next year or so.
    | Mar. 28, 2014, 12:44 PM
  • Mar. 27, 2014, 11:55 AM
    • Investors are pouring money into energy companies, putting 7x as much into energy sector ETFs as they did last quarter and betting that profits of energy producers rise along with crude oil and natural gas prices.
    • Energy collecting new money reflects optimism for a turnaround in companies like Exxon Mobil (XOM), XLE's biggest holding, but the bet may not pay off, as analysts generally foresee lower global oil prices in 2014 and gains in gas.
    • ETFs focusing on oil and gas companies have captured 20% of the $10B in net inflows into ETFs this year, after hauling in only 2.5% of fresh money last quarter and 7.7% in all of 2013.
    • ETFs: ERX, OIH, VDE, ERY, FCG, XOP, DIG, DUG, GASL, XES, IYE, IEO, IEZ, GASX, PXE, PXJ, PXI, PSCE, FENY, FXN, RYE, DDG
    | Mar. 27, 2014, 11:55 AM
  • Mar. 26, 2014, 4:59 PM
    • The Canadian government approves four long-term licenses to export liquefied natural gas from proposed projects on the country's west coast which potentially could allow for the export of up to 73.3M metric tons/year of LNG.
    • The licenses, which already had received approval from the National Energy Board, are for LNG exports from proposed Pacific coast terminals backed by Exxon Mobil (XOM), BG Group (BRGYY, BRGXF) and Malaysia's state-owned Petronas.
    • None of the proposed projects have been built or even formally approved by their sponsors.
    | Mar. 26, 2014, 4:59 PM | 11 Comments
  • Mar. 26, 2014, 12:29 PM
    • The Houston Ship Channel has reopened all lanes of traffic; five vessels reportedly are entering the channel and 15 are on their way outbound, with another 15-20 expected to enter the channel before dark.
    • Exxon Mobil (XOM +0.2%) says its Baytown, Tex., refinery is receiving crude shipments again and will adjust rates for refined fuels after reducing rates due to the closure of the Channel since a March 22 oil spill.
    • Valero Energy (VLO -0.6%), Marathon Petroleum (MPC -0.1%) and Royal Dutch Shell (RDS.A, RDS.B), which own all or part of refineries on the 52-mile shipping lane, have declined to discuss operations at those plants.
    | Mar. 26, 2014, 12:29 PM | 1 Comment
  • Mar. 26, 2014, 8:31 AM
    • Exxon Mobil (XOM) reportedly is negotiating to bring Rosneft (RNFTF) into oil and gas licenses in Iraq’s Kurdistan region, as the largest U.S. and Russian oil companies forge ahead with a global alliance even amid strained relations between the two governments.
    • An XOM-operated venture with Rosneft at Sakhalin Island plans to begin pumping oil off Russia’s Pacific coast this year, and the two companies are working on ventures to explore the Arctic Ocean, test the potential of shale oil in Russia and pump crude in Texas.
    | Mar. 26, 2014, 8:31 AM | 2 Comments
  • Mar. 24, 2014, 4:59 PM
    • Exxon Mobil (XOM) says the shutdown of the Houston Ship Channel is affecting production rates at its huge Baytown refining complex, but the company does not disclose how large a drop it expects, only that it expects to meet its contractual obligations.
    • Tudor Pickering analysts say they don't think the spill will create a major energy event but a multi-day channel shutdown would have some effects on imports and inventories.
    • Companies aren't ready to detail potential problems: Valero (VLO), which has a refinery in Texas City, says it doesn't discuss refinery production rates, and Shell (RDS.A, RDS.B), which owns a refining and petrochemical complex in Deer Park near the Houston Ship Channel, says it has contingency plans in place to deal with a prolonged shutdown.
    • Phillips 66's (PSX) nearest refinery complex is in Sweeny, ~60 miles away from Houston, and gets most of its oil through waterways in Freeport; it doesn't foresee the spill affecting that plant's production.
    • The Coast Guard says there is no timetable on when the ship channel may reopen.
    | Mar. 24, 2014, 4:59 PM | 3 Comments
  • Mar. 24, 2014, 9:41 AM
    • The Houston Ship Channel, which delivers crude oil for more than 10% of all U.S. refining capacity, is shut for a third day as the cleanup from a Saturday spill threatens to last through the week.
    • A collision between a Kirby (KEX) Inland Marine oil barge and a cargo ship spilled ~4K barrels of residual fuel oil; now, 43 ships are waiting to go out from the port of Houston and 38 ships are waiting to come in.
    • Exxon Mobil (XOM) says the closure has not yet affected operations at its 560K bbl/day refinery in Baytown, Tex., second largest in the U.S.; Marathon Petroleum (MPC) has not discussed operations at its 451K bbl/day Galveston Bay refinery and 80K bbl/day Texas City refinery.
    | Mar. 24, 2014, 9:41 AM | 1 Comment
  • Mar. 19, 2014, 2:23 PM
    • Royal Dutch Shell (RDS.A -0.5%) says it pulled out of negotiations over an offshore exploration agreement in the Black Sea west of Crimea in January.
    • The Ukrainian government announced the deal in 2012, but a Shell spokesman says the company still hadn't signed the agreement at the time it pulled out in January, while adding that Shell is still pursuing other Ukraine projects.
    • Shell was part of a group of companies including Exxon Mobil (XOM) that struck a deal with the Ukrainian government to develop the Skifska oil and gas field.
    | Mar. 19, 2014, 2:23 PM | 2 Comments
  • Mar. 19, 2014, 10:45 AM
    • BP (BP +0.4%) is bidding on new drilling rights in the Gulf of Mexico for the first time in nearly two years, submitting 13 bids in the Interior Department’s sale of tracts in the central Gulf of Mexico set to begin today in New Orleans.
    • Eight of BP’s bids are for blocks in the Mississippi Canyon leasing area, near the site of the company’s infamous Macondo well.
    • Last week's deal between BP and the EPA to lift the company's 16-month suspension from bidding in the previous three U.S. government auctions of the area cleared the way for BP's participation.
    • Beyond BP, other major oil companies including Exxon Mobil (XOM), ConocoPhillips (COP), Chevron (CVX), BHP Billiton (BHP), Royal Dutch Shell (RDS.A, RDS.B) and Statoil (STO), as well as smaller independents, are vying for central Gulf acreage in the sale.
    | Mar. 19, 2014, 10:45 AM | 8 Comments
  • Mar. 18, 2014, 8:59 AM
    • Exxon Mobil (XOM) is preparing to invest ~$20B in a gas-fired power complex with Vietnam's state oil and gas group Petrovietnam, according to local media.
    • The project would involve construction of two power plants with a combined capacity of 6K-6.5K MW, in a deal which could make the U.S. one of the top four foreign investors in Vietnam along with Japan, South Korea and Taiwan, according to the report.
    | Mar. 18, 2014, 8:59 AM
  • Mar. 17, 2014, 5:35 PM
    • Exxon Mobil (XOM) sold $5.5B in its biggest-ever bond offering as the energy giant ended a more than two-decade absence from the U.S. bond market.
    • AAA-rated XOM issued fixed- and floating-rate notes in a five-part sale, and plans to use the proceeds to finance capital spending, for acquisitions and to refinance commercial borrowings.
    • The new securities will add to XOM’s $22.7B of total debt, which accounts for a relatively low ~39% of its trailing 12-month cash flow at year-end, according to Bloomberg.
    | Mar. 17, 2014, 5:35 PM | 8 Comments
  • Mar. 17, 2014, 11:59 AM
    • Exxon Mobil (XOM) has submitted a report to the Arkansas Department of Environmental Quality saying it has completed the cleanup of soil stemming from last year's oil spill in Arkansas.
    • XOM is offering to perform weekly sheen monitoring and sheen removal at a cove and to do the same within 48 hours after rainfall; XOM also will replace booms that absorb oil from the water at least every three months.
    • XOM's Pegasus pipeline ruptured last March, spilling thousands of barrels of oil in the community ~30 miles northwest of Little Rock and forcing the company to shut down the entire pipeline which runs from Illinois to the Texas Gulf coast.
    | Mar. 17, 2014, 11:59 AM
  • Mar. 17, 2014, 10:59 AM
    • Exxon Mobil (XOM +0.7%) gains tentative approvals from the U.S. Bureau of Land Management to undertake oil shale R&D projects in western Colorado, in a renewed attempt to commercially extract petroleum from oil shale after shutting down its Colony project in 1982.
    • XOM proposes a development project involving heating the oil shale underground and then pumping out the oil - a process different from the Colony project, which involved surface mining and heating of oil shale.
    • Royal Dutch Shell (RDS.A, RDS.B) and Chevron (CVX) are among others holding R&D leases in the area from the earlier round of leasing, but both have ended their oil shale projects.
    | Mar. 17, 2014, 10:59 AM | 1 Comment
  • Mar. 17, 2014, 10:17 AM
    • Imperial Oil (IMO +0.9%) agrees to sell certain oil and gas assets in western Canada to Whitecap Resources (SPGYF) for ~C$855M ($771M).
    • IMO, majority owned by Exxon Mobil (XOM), says the assets produced ~15K boe/day in 2013, with production split evenly between oil and gas; the amount is ~5% of IMO's total average daily output.
    • The sale comes as IMO focuses on its C$13B Kearl oil sands project in Alberta, which began operations last year and a C$7B expansion is underway; Kearl is expected to produce up to 345K bbl/day at full capacity by 2020.
    | Mar. 17, 2014, 10:17 AM
  • Mar. 14, 2014, 7:57 AM
    • ExxonMobil (XOM) says the giant PNG LNG liquefied natural gas project in Papua New Guinea is months ahead of schedule and is expected to deliver first gas by June, as construction is completed on the project's onshore pipeline.
    • XOM says the $19B plant will supply 6.9M metric tons/year of liquefied natural gas to customers in Japan, China and Taiwan.
    | Mar. 14, 2014, 7:57 AM
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