Exxon Mobil Corporation

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  • Jun. 11, 2013, 3:15 PM

    Nigeria's President says his country will seek to recover $7.8B that audits carried out by a government watchdog found oil companies operating there owed the government in unpaid and underpaid taxes. Foreign oil companies operating in Nigeria include Royal Dutch Shell (RDS.A, RDS.B), Eni (E), Total (TOT), Exxon Mobil (XOM) and Chevron (CVX).

    | Jun. 11, 2013, 3:15 PM | 6 Comments
  • Jun. 11, 2013, 11:20 AM

    Exxon Mobil (XOM -0.4%) is in talks with TPAO to buy a stake in a block in the Black Sea, the acting head of the Turkish state-owned energy company tells Reuters, as the country looks for ways to reduce its import dependence. XOM's reported interest in the block comes as no surprise, given its partnerships in the region with Russia’s Rosneft and also in Iraq and Kurdistan.

    | Jun. 11, 2013, 11:20 AM
  • Jun. 5, 2013, 5:25 PM
    ConocoPhillips (COP), Suncor (SU) and Husky Energy (HUSKF.PK) offer the best value among energy shares, with Exxon (XOM) and Murphy Oil (MUR) at the bottom of the value heap, Barclays says. COP will rely on its "unmatched" North American unconventional oil portfolio to get better returns for its investments, the firm says in upgrading shares to Overweight with an $80 target (from $67).
    | Jun. 5, 2013, 5:25 PM | 8 Comments
  • Jun. 5, 2013, 4:54 PM

    Exxon's (XOM) move to invest in InterOil's (IOC) natural gas assets in Papua New Guinea has sparked concerns Oil Search (OISHF.PK) and Santos (STOSF.PK) will be left behind, but Macquarie’s Adrian Wood says the Australian partners shouldn't worry. He thinks they'll benefit from XOM’s PNG LNG gas export project regardless of whose gas is fed through it.

    | Jun. 5, 2013, 4:54 PM | 2 Comments
  • Jun. 4, 2013, 11:26 AM

    A major increase in planned activity in the Middle East and other parts of Asia will drive a 10% rise in global energy exploration and production spending to a record high $678B this year, according to a Barclays survey which also foresees PetroChina (PTR) as the largest spender on E&P in the world in 2013, overtaking Exxon Mobil (XOM) for the first time.

    | Jun. 4, 2013, 11:26 AM
  • Jun. 4, 2013, 7:47 AM

    Statoil (STO) says new drilling reveals the North Sea Volve field to hold additional oil reserves of 8.8M-9.4M barrels, nearly doubling estimates of remaining reserves and meaning that production there could be prolonged at least until the end of 2016. STO owns ~60% of the license; Exxon Mobil (XOM) holds ~30%.

    | Jun. 4, 2013, 7:47 AM | 2 Comments
  • Jun. 3, 2013, 8:43 AM
    Total (TOT) reportedly is set to team up with Exxon Mobil (XOM) and Kuwait's state-owned oil exploration company Kufpec to explore part of its concession in South Sudan after lying dormant since 1985 due to Sudan's civil war. Enduring mistrust between the two Sudans means the South seeks to build alternative pipelines, but this would not be viable without new commercial oil discoveries.
    | Jun. 3, 2013, 8:43 AM | 2 Comments
  • Jun. 3, 2013, 5:06 AM

    Recent oil-tax reform in Alaska has put the state "back in the game," says BP (BP), which, along with partners ExxonMobil (XOM) and ConocoPhillips (COP), intends to invest an extra $1B over the next five years in the massive Prudhoe Bay field on the North Slope. The companies are also looking at a plan to spend a further $3B on projects in order to raise production.

    | Jun. 3, 2013, 5:06 AM | 5 Comments
  • May 31, 2013, 12:48 PM
    Peru's government launches a public auction for nine offshore oil concessions expected to attract investments worth at least $450M. State-owned Perupetro says at least 20 companies, including Exxon Mobil (XOM) and Chevron (CVX), likely will participate. Petroperu will have the option to participate with up to a 25% stake in each concession, but it won't invest in exploration.
    | May 31, 2013, 12:48 PM | 2 Comments
  • May 30, 2013, 8:35 AM

    Exxon Mobil (XOM) begins production at a new ethylene cracker in Singapore that will serve a growing Asian market for petrochemical products. The expansion adds production of ~1.4M metric tons/year of polymers and elastomers; the complex is now XOM's largest and will produce ~2.6M metric tons/year of finished product.

    | May 30, 2013, 8:35 AM
  • May 29, 2013, 3:12 PM

    More from Exxon Mobil's (XOM -0.3%) annual meeting: Shareholders reject proposals to set emissions goals and another to ban discrimination against gays, elect former JNJ CEO William Weldon to its board, and voice some discontent over CEO Rex Tillerson's ~$40M compensation - a say-on-pay resolution received 71% approval vs. 78% a year ago. (earlier)

    | May 29, 2013, 3:12 PM | 3 Comments
  • May 29, 2013, 12:27 PM

    Exxon Mobil's (XOM -0.6%) expansion of its Kearl oil sands project in Canada is 30% complete and remains on target for startup in 2015, and the Papua New Guinea liquefied natural gas project is on schedule for 2014, CEO Rex Tillerson says at the company's annual meeting. Both projects are part of 31 major project startups XOM has scheduled for 2012-17.

    | May 29, 2013, 12:27 PM
  • May 28, 2013, 9:53 AM

    The market's misinterpretation of InterOil's (IOC -1.2%) Friday announcement of exclusive talks with Exxon Mobil (XOM) on development of its Elk/Antelope resource resulted in a 7.5% stock price drop but now presents an "extraordinary buying opportunity," Resourcearb writes. But the latest news only "raises more questions than answers," Keubiko counters, reflecting the prevailing view.

    | May 28, 2013, 9:53 AM
  • May 28, 2013, 7:53 AM

    Statoil (STO) makes a discovery in the vicinity of the Grane field in the North Sea containing 18M-33M barrels of recoverable oil. Although the volumes are moderate, STO says "these are fast, high value barrels that are important for extending the production life of existing installations." STO is Grane's operator with a 36.6% stake; partners include Exxon (XOM) and ConocoPhillips (COP).

    | May 28, 2013, 7:53 AM
  • May 27, 2013, 4:28 AM

    Exxon (XOM) could expand its $19B Papua New Guinea LNG project as part of talks with Interoil to develop the Elk and Antelope fields, Exxon VP Mark Nolan says. While there's no timeline for finalizing a deal, Nolan indicates that it could be soon.

    | May 27, 2013, 4:28 AM | 1 Comment
  • May 24, 2013, 9:47 AM

    Exxon's (XOM -0.4%) arrival as a tentative partner gives InterOil's (IOC +6.9%) Elk/Antelope resource a blue chip "stamp of approval," Raymond James writes, but "the market's enthusiasm will be tempered by the fact that a deal has yet to be finalized." Still unknown: how much of the resource will be monetized; the timing of a final deal; and "most importantly," the purchase price.

    | May 24, 2013, 9:47 AM | 1 Comment
Company Description
Exxon Mobil Corporation is engaged in energy, involving exploration for, and production of, crude oil and natural gas, manufacture of petroleum products and transportation and sale of crude oil, natural gas and petroleum products.