Exxon Mobil Corporation (XOM) - NYSE
  • Thu, Jul. 21, 12:23 PM
    • InterOil (IOC +0.2%) makes it official: Exxon Mobil (XOM -0.2%) agrees to acquire IOC in a deal that valued the company at $2.5B; shares are halted.
    • XOM will pay $45/share plus an additional contingent payment of $7.07/share for each Tcfe gross resource certification of the Elk-Antelope field above 6.2T cfe, up to a maximum of 10T cfe.
    • Oil Search (OTCPK:OISHF) opened the way for XOM last night when it said it was dropping out of the bidding for IOC.
    | Thu, Jul. 21, 12:23 PM | 9 Comments
  • Wed, Jul. 20, 11:38 PM
    • The way is clear for Exxon Mobil (NYSE:XOM) to buy InterOil (NYSE:IOC) after Oil Search (OTCPK:OISHF) says it is dropping out of the bidding.
    • Oil Search and Total (NYSE:TOT) had jointly offered to buy IOC in May in a deal that valued the company at $2.2B; XOM topped the bid earlier this week with an all-stock offer Oil Search says totaled $2.5B.
    • IOC owns a 36.5% stake in Papua New Guinea's Elk-Antelope natural gas field (TOT is the operator) and had proposed building a second gas project in the country to compete with the existing XOM-led PNG LNG facility.
    • Oil Search and TOT say that allowing XOM to take over IOC could help speed up development of Elk-Antelope and that cooperation between the two projects could save ~$2B.
    • "This scenario would be the lowest cost viable supply in the Pacific Basin," Wood Mackenzie analyst Saul Kavonic tells Reuters. "Those are the negotiations that will have to take place in order for that joint development to occur."
    | Wed, Jul. 20, 11:38 PM | 6 Comments
  • Wed, Jul. 20, 10:27 AM
    • Total (TOT -0.7%) says it is analyzing Exxon Mobil's (XOM -0.3%) competing offer for InterOil (IOC -0.4%), its partner in developing natural gas in Papua New Guinea, by Oil Search (OTCPK:OISHF), but analysts say TOT is unlikely to challenge XOM in a bidding war.
    • Analysts say it makes sense for TOT to let XOM have IOC, as using the Elk-Antelope gas field to feed an expansion of XOM's existing PNG LNG plant could generate double the return compared to building TOT's proposed $10B Papua LNG plant.
    • TOT says in its statement that it would remain the largest shareholder of the Elk-Antelope joint venture with 31.1% interest while IOC owns 28.3% and OISHF holds 17.7%.
    • The oil majors are targeting Papua New Guinea for growth as the quality of its gas, low costs and proximity to Asia's big liquefied natural gas consumers make it one of the world's most attractive places for gas projects.
    | Wed, Jul. 20, 10:27 AM | 2 Comments
  • Tue, Jul. 19, 12:48 PM
    • Exxon Mobil's (XOM -0.3%) offer to buy InterOil (IOC -0.5%) for at least $2.2B shows “that rare corporate ability of planning a deal at the bottom of the commodity cycle that holds the promise of long-term returns,” Reuters’ Clyde Russell writes.
    • Russell believes that XOM’s best option to expand its 6.9M metric tons/year capacity at its existing Papua New Guinea liquefied natural gas plant is to acquire sufficient reserves to justify building another liquefaction train in the country; IOC's Elk-Antelope gas field holds at least 6.2T cf of natural gas, and further drilling should expand this reserve.
    • Russell says this means that XOM's bid, if successful, could underwrite the expansion of its PNG LNG project on a time scale that may see it deliver its first cargoes just as the surplus of LNG is expected to disappear in the mid-2020s.
    • The big question, according to Russell is the next move from Total (TOT -1%) - operator and 40.1% owner of Elk-Antelope with IOC the next biggest holder at 36.5% - which has outlined plans to build its own LNG project in Papua New Guinea.
    | Tue, Jul. 19, 12:48 PM | 3 Comments
  • Mon, Jul. 18, 2:23 AM
    • Exxon Mobil (NYSE:XOM) has made a superior $2.2B offer for InterOil (NYSE:IOC), outbidding Oil Search (OTCPK:OISHF) for the company's large natural gas reserves in Papua New Guinea and the possibility to export the fuel from the Pacific nation.
    • The move pits Exxon Mobil, the world's biggest oil company, against Total (NYSE:TOT), which is backing Oil Search. The latter has at least until July 21 to submit a revised offer.
    | Mon, Jul. 18, 2:23 AM | 9 Comments
  • Tue, Jul. 12, 10:05 PM
    • Exxon Mobil (NYSE:XOM) has offered to buy InterOil (NYSE:IOC) for more than the $2.2B deal from Oil Search (OTCPK:OISHF), Reuters reports.
    • XOM's interest is comprised of shares as well as a contingent value right, which may give IOC shareholders cash on a sliding scale depending on the value of a pending gas deposit discovery - the same structure as the Oil Search bid, but higher - according to the report.
    • IOC agreed in May to be acquired by Oil Search but two weeks ago it said it received another non-binding offer; XOM has been rumored to be the mystery suitor.
    | Tue, Jul. 12, 10:05 PM | 5 Comments
  • Tue, Jul. 5, 11:47 AM
    • Exxon Mobil (XOM -1.3%) has not identified itself as the bidder announced by InterOil (IOC +0.5%) last week, but Australian newspapers are saying XOM is indeed the suitor, which also cite two sources involved in the bidding.
    • XOM has the most to gain from a bid: Buying IOC would secure it a 36.5% stake in Papua LNG, which contains the Elk-Antelope field located close to the XOM-operated PNG LNG, and gas from Elk-Antelope would be piped along the same offshore pipeline route as PNG LNG and ultimately shipped from the same port.
    • XOM has until July 28 to finalize its offer ahead of an IOC shareholder vote on a $2.2B takeover offer from Oil Search (OTCPK:OISHF).
    | Tue, Jul. 5, 11:47 AM | 5 Comments
  • Fri, May 20, 7:57 AM
    • Oil Search's (OTCPK:OISHF) deal to buy up and divide with Total (NYSE:TOT) the assets held by their Papua New Guinea partner InterOil (NYSE:IOC) may knock as much as $3B off the costs of the country’s two liquefied natural gas projects and speed up development if they cooperate, OISHF managing director Peter Botten says.
    • “This deal allows us to influence how Papua LNG and PNG LNG can cooperate,” Botten says. “There are substantial capital cost reductions and schedule optimization that can be done with cooperation."
    • Taking over IOC will make it easier for OISHF and TOT to integrate their LNG plant with Exxon Mobil's (NYSE:XOM) $19B PNG LNG project, says Bernstein analyst Neil Beveridge.
    • "Oil Search has always been keen on the two projects seeking ways to collaborate or combine to reduce costs, so the deal increases the possibility of the two developments integrating,” says Wood Mackenzie's director of Asia-Pacific upstream research.
    | Fri, May 20, 7:57 AM
  • Nov. 9, 2015, 3:34 PM
    • Apache (APA +14.3%) shares reach their highs of the day after a report that the company had rejected a takeover offer after a suitor was lured by APA's $1.6B in cash and low leverage to help strengthen its balance sheet and fund a dividend.
    • One analyst thinks Hess (HES -0.8%) and Murphy Oil (MUR +0.5%) - with strong balance sheets and which have materially underperformed in 2015 as investors have focused on E&Ps with longer life onshore portfolios - also could be buyout targets.
    • But shares of APA’s peers have enjoyed little benefit from the report, which Heard On The Street's Spencer Jakab says suggests that the bargains on offer among North American oil and gas producers are not compelling enough to kick off a round of consolidation and that the list of buyers is short.
    • Analysts at Simmons thinks Exxon Mobil (XOM -2.1%) and BP (BP -0.5%) are the most likely prospective buyers for APA.
    | Nov. 9, 2015, 3:34 PM | 13 Comments
  • Oct. 29, 2015, 8:57 AM
    • Statoil (NYSE:STO) agrees to acquire a 35% stake in the Tugela South exploration license offshore South Africa from Exxon Mobil (NYSE:XOM), in the Norwegian company's first venture in the country.
    • Tugela South spans nearly 3,500 sq. miles off South Africa's east coast, with water depths at up to 5,905 ft.; the license is in an early exploration phase, with seismic data gathering occurring through 2017, followed by geology and geophysics studies, before any drilling starts.
    • Tugela South is operated by XOM, which acquired a 75% stake in the license in 2012 and will retain 40% following the deal with STO.
    | Oct. 29, 2015, 8:57 AM | 1 Comment
  • Oct. 5, 2015, 7:45 PM
    • Suncor Energy's (NYSE:SU) C$4.3B hostile takeover bid for Canadian Oil Sands (OTCQX:COSWF) is "not a low-ball offer, it’s a no-ball offer,” according to billionaire Seymour Schulich, who owns 25M shares, or 5%, of the company and says he is not selling at the offer price.
    • Schulich says SU's proposal is worth less than half the replacement value of the Syncrude Canada joint venture, of which COSWF owns 37%, and that Imperial Oil (NYSEMKT:IMO) recently built the Kearl oil sands project at a cost of $13B, which produces lower-grade oil than the Syncrude project.
    • Analysts are split on whether the deal was a good one for COSWF shareholders; National Bank Financial's Kyle Preston calls the bid “a positive deal" and raises the possibility that IMO, along with parent company Exxon Mobil (NYSE:XOM), could launch a competing bid, but Barclays’ Paul Cheng, among others, does not believe IMO will make a bid.
    • Earlier: Reuters: Canadian Oil Sands to reject Suncor bid, unlikely to engage
    | Oct. 5, 2015, 7:45 PM | 49 Comments
  • Sep. 30, 2015, 4:45 PM
    • PBF Energy (NYSE:PBF+8% AH after agreeing to acquire the 155K bbl/day Torrance, Calif., refinery and related logistics assets from Exxon Mobil (NYSE:XOM) for $537M.
    • The refinery has been shut down since an explosion in February injured four contractors and caused heavy damage, leading to a shortage of gasoline and higher prices at the pump for drivers in California.
    • The Torrance refinery provides 10% of the state’s capacity and 20% of the capacity in Southern California, and the explosion forced XOM to cut production to less than 20%, causing the spike in gas prices.
    • PBF says the refinery will be restored to full working order prior to close, and expects the deal to be immediately accretive to earnings.
    • Coupled with its previously announced Chalmette acquisition, PBF says it will have increased its refining capacity by more than 60% to ~900K bbl/day and added meaningful Gulf coast and west coast assets to its refining system.
    | Sep. 30, 2015, 4:45 PM | 13 Comments
  • Sep. 14, 2015, 7:50 AM
    • As anticipated, Oil Search (OTCPK:OISHF) has rejected Woodside Petroleum’s (OTCPK:WOPEF, OTCPK:WOPEY) $8.1B takeover bid, as anticipated, saying the proposal undervalues its liquefied natural gas expansion plans in Papua New Guinea.
    • Woodside may make a higher bid and needs to offer ~A$8.50/share to succeed, according to Sanford C. Bernstein analysts, after offering the equivalent of A$7.65/share.
    • Exxon Mobil (NYSE:XOM) have been speculated as potential counter-bidders.
    | Sep. 14, 2015, 7:50 AM | 3 Comments
  • Sep. 9, 2015, 9:53 AM
    • Oil Search (OTCPK:OISHF) will reject a demand by suitor Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) to hold exclusive talks as part of its A$11.6B takeover offer, potentially paving the way for Exxon Mobil (XOM +1.5%) to emerge as a rival bidder, Sydney Morning Herald reports.
    • XOM is the operator and largest shareholder in Oil Search's Papua New Guinea liquefied natural gas project, and is said to have held an informal meeting with Oil Search CEO Peter Botten​ in the country yesterday.
    • Macquarie analysts believe that XOM, as operator of PNG LNG, is unlikely to make any due diligence process easy for Woodside given sensitivities around early work it is performing on the P'nyang and Elk-Antelope gas fields; Bernstein's Neil Beveridge expects upward revisions to Woodside's offer for Oil Search and counter bids possibly from XOM, "who would be the most likely competitor."
    | Sep. 9, 2015, 9:53 AM | 6 Comments
  • Jul. 31, 2015, 7:46 PM
    | Jul. 31, 2015, 7:46 PM | 69 Comments
  • Jun. 25, 2015, 12:17 PM
    • Penn Virginia (PVA +7.8%) spikes higher after a report that BP (BP +0.3%) has offered $8/share in a takeover bid for the company, and that PVA has hired BofA to help it search for potential buyers.
    • PVA is said to have rejected the offer because it believes the terms offered undervalue the company, and is holding out for at least $10/share, according to U.K. publication Proactive Investors.
    • BP rivals such as Exxon Mobil (XOM -0.1%) and Chevron (CVX -0.1%) also may be interested in buying PVA, the report says.
    | Jun. 25, 2015, 12:17 PM | 15 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