Exxon Mobil Corporation
 (XOM)

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  • Wed, Feb. 3, 12:28 PM
    • Perhaps just as noteworthy as the 10 U.S. oil companies downgraded by Standard & Poor's is the company it did not downgrade but put on credit watch: Exxon Mobil (XOM +2.2%).
    • XOM is one of three U.S. companies with S&P’s highest AAA rating - which it has held since 1930 - but the ratings agency placed XOM on credit watch with negative implications because its credit measures probably will remain weak through 2018.
    • S&P says it will decide whether to downgrade XOM within 90 days; it if chooses to make a cut, it probably would be only by a single notch.
    • Earlier: S&P cuts ratings of 10 U.S. oil companies
    | Wed, Feb. 3, 12:28 PM | 22 Comments
  • Tue, Feb. 2, 9:26 AM
    • Exxon Mobil (NYSE:XOM) -1.9% premarket after posting a Q4 earnings beat on larger than expected revenue, but this morning's decline in WTI crude oil prices below $31/bbl poses headwinds for the broader energy sector.
    • XOM reports $2.78B in Q4 profit but that was 58% lower than the $6.57B in the year-ago quarter and the first time the company logged a quarterly profit below $3B since 2002.
    • XOM says it will cut spending this year by ~25% to $23.2B, after reducing capex by 20% in 2015 to $31B, a bigger cut than the 12% cut forecast by management in March.
    • Q4 U.S. upstream earnings fell by $2B from the year-ago quarter to a loss of $538M, non-U.S. upstream earnings fell $2.6B to $1.4B, and downstream earnings rose $854M to $1.4B.
    • Q4 oil equivalent production rose 4.8% Y/Y, with liquids up 14% and natural gas down 5.6%.
    • XOM also says it is halting share buybacks during the current quarter after spending $500M on them during Q4.
    | Tue, Feb. 2, 9:26 AM | 14 Comments
  • Tue, Jan. 26, 2:55 PM
    • Renewable Energy (REGI +1.7%) is higher after announcing an agreement with Exxon Mobil (NYSE:XOM) to study the production of biodiesel by fermenting renewable cellulosic sugars from sources such as agricultural waste.
    • Through the research, the two companies say they will address the challenge of how to ferment real-world renewable cellulosic sugars, which contain multiple types of sugars, including glucose and xylose, but also impurities that can inhibit fermentation.
    • REGI has developed a patented technology that uses microbes to convert sugars to biodiesel in a one-step fermentation process similar to ethanol manufacturing.
    | Tue, Jan. 26, 2:55 PM | 15 Comments
  • Tue, Jan. 26, 2:48 PM
    • Exxon Mobil (XOM +2.7%) is downgraded to Sell from Hold with a $55 price target at Tudor Pickering, which says XOM should not continue to trade at a significant premium to its integrated peers with better risk adjusted dividend yields available elsewhere.
    • XOM "no longer has the stand-out balance sheet," the firm says, as it "struggle(s) to see where its medium to long-term growth comes from given the majority of its pre-final investment decision projects are challenged in our view, [and] our forecast of its 2016 E&P spending is the lowest amongst integrated peers (~$16/boe), leaving less room to cut."
    | Tue, Jan. 26, 2:48 PM | 33 Comments
  • Thu, Jan. 21, 3:49 PM
    • Crude oil futures settled more than 4% higher on the back of perceived oversold conditions, despite a higher than expected inventory build; March WTI jumped 4.2% to settle at $29.53/bbl after trading as high as $30.25, while Brent surged 4.9% to $29.25.
    • Crude prices were supported by the inventory increase in this morning's EIA report, which was less than the API’s report released on Wednesday, says Phil Flynn, senior market analyst at Price Futures Group; also, reports of Libyan oil tanks on fire eased speculation that Libya would be exporting more oil soon.
    • Also supportive for prices, oil production in the lower 48 states edged lower for the first time in seven weeks, “which is at least ‘less bearish’ for the extremely oversupplied global oil market,” says Tyler Richey of The 7:00’s Report.
    • The energy sector is bouncing after hitting a multiyear low yesterday: XOM +1.4%, CVX +2.7%, RDS.A +3.8%, BP +3.7%, TOT +2.3%, STO +4.5%, COP +6.2%, MRO +12.2%, APC +10.3%, OXY +2.1%, EOG +6.4%, PXD +2.7%, APA +8.2%, HES +7%, KMI +15.5%, EPD +3.3%, ETP +6.8%.
    • ETFs: UNG, USO, OIL, XLE, UGAZ, UCO, DGAZ, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, BOIL, GAZ, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, KOLD, BGR, USL, XES, IYE, IEO, UNL, IEZ, DNO, FENY, PXE, PXI, FIF, PXJ, OLO, SZO, NDP, RYE, DCNG, FXN, OLEM, DDG
    | Thu, Jan. 21, 3:49 PM | 116 Comments
  • Wed, Jan. 20, 11:42 AM
    • The California Attorney General's office reportedly has launched an investigation into whether Exxon Mobil (XOM -3.2%) repeatedly lied to the public and its shareholders about the risk to its business from climate change, and whether such actions could amount to securities fraud and violations of environmental laws.
    • The LA Times reports that the AG office is reviewing what XOM knew about global warming and what the company told investors, following reports suggesting that during the 1980s and 1990s the company used climate research as part of its planning and other business practices while it argued publicly that climate change science was not clear cut.
    • New York's AG also is investigating XOM as a result of the published reports.
    | Wed, Jan. 20, 11:42 AM | 71 Comments
  • Tue, Jan. 19, 2:43 PM
    • Anadarko Petroleum (APC -4.3%) says it achieved first oil at its Heidelberg field, the company's second of a pair of truss spar developments in the deepwater Gulf of Mexico.
    • Lucius, the spar’s sister development, began production last January; the spars have design capacities of 80K bbl/day and 80M cf/day.
    • APC operates Heidelberg and holds a 31.5% interest; partners include Freeport McMoRan (FCX -8.2%) and Eni (E -0.5%), each with a 12.5% stake; Statoil (STO -1.1%), with 12%, and Exxon Mobil (XOM -2.5%) and Cobalt Energy (CIE -10.4%), with 9.375% each.
    | Tue, Jan. 19, 2:43 PM | 15 Comments
  • Fri, Jan. 15, 12:59 PM
    • New York’s state pension fund and the Church of England, both investors in Exxon Mobil (XOM -2.3%), say they will file a shareholder resolution demanding the company assess the impact of climate change policy on its business.
    • Government attempts to tax or put a price on carbon, for example, could affect the viability of some of XOM’s long-term investment plans, says the head of responsible investing for the Church of England, which has a ~£10B ($14.44B) portfolio.
    • The resolution is evidence of a growing trend among large European investment companies that have become increasingly vocal about climate change business risks, and is beginning to sweep across the Atlantic.
    • Together, the Church, New York State and several other co-filers of the resolution own shares worth more than $1B.
    | Fri, Jan. 15, 12:59 PM | 82 Comments
  • Fri, Jan. 15, 7:58 AM
    • Chevron (NYSE:CVX) says it is on track to export the first cargo of liquefied natural gas from its $54B Gorgon project in Western Australia early this year.
    • CVX says that in preparation for the project's start-up, it has begun to cool down the LNG storage and loading facilities at the Gorgon plant.
    • CVX does not specify when the first cargo will be exported, but CEO John Watson said last year it would be shipped in Q1 2016.
    • Commercial deliveries of LNG from the 15.6M metric ton/year project will go mainly to customers in Asia, although prices for the fuel in Asia have plummeted as slowing economic growth has hurt demand growth.
    • CVX operates the project and holds a 47.3% stake, while Exxon Mobil (NYSE:XOM) and Royal Dutch Shell (RDS.A, RDS.B) each hold 25%.
    • Oil companies are shellacked in premarket trading as crude futures turn sharply lower: RDS.A -4.9%, CVX -3.3%, XOM -2.9%.
    | Fri, Jan. 15, 7:58 AM | 4 Comments
  • Thu, Jan. 14, 3:26 PM
    • Energy stocks are broadly higher as U.S. crude oil bounces off $30/bbl to end pit trading at $31.22, +2.6%; the SPDR Energy ETF (XLE +5.1%) soars 5%, with 36 of its 40 equity components trading higher, after closing yesterday at its lowest level since September 2010.
    • Exxon Mobil (XOM +5.5%) and Chevron (CVX +5.9%) are the Dow's top two gainers; and pipeline companies sport strong showings with Kinder Morgan (KMI +8.2%), Plains All American Pipeline (PAA +11.7%) and Williams Cos. (WMB +27.4%) among the biggest winners.
    • Among other major energy movers: ETE +22.6%, BP +7.6%, MRO +7.5%, OXY +7.1%, PBR +7%, COP +7%, RDS.A +6.7%, SE +6.1%, PSX +6.1%, ETP +6.1%, EPD +5.3%, APA +5%, E +4.6%, HES +4.1%, MPC +4.1%.
    • Amid overwhelmingly negative sentiment, a few analysts are venturing out to say the worst may be over or nearly so: Deutsche Bank’s Torsten Slok thinks "we now have the worst behind us in terms of the negative impact of falling oil prices on the economy," and Gluskin Sheff’s David Rosenberg argues that the oil selloff is getting “long in the tooth.”
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Thu, Jan. 14, 3:26 PM | 89 Comments
  • Dec. 23, 2015, 11:29 AM
    • Nuverra Environmental Solutions (NES +1.7%) says it will cancel its Bakken Shale water gathering contract in McKenzie County, N.D., with Exxon Mobil (XOM +2.1%) subsidiary XTO Energy due to the dramatic change in market conditions since the contract was executed in November 2014.
    • "With current low oil prices and substantially reduced drilling activities, there is significant uncertainty regarding customer activities in 2016. Because of these and other factors, we were compelled to end the contract," NES says.
    • NES says it remains committed to its long-term water midstream growth strategy.
    | Dec. 23, 2015, 11:29 AM | 4 Comments
  • Dec. 15, 2015, 2:11 PM
    • Exxon Mobil's (XOM +4.3%) plan to spend ~$229M to develop the Vaca Muerta shale play in Argentina is approved by the Neuquen provincial government, which could lead to full scale development on XOM’s holdings in the Neuquen basin.
    • XOM plans to drill five horizontal wells with laterals of up to 2,500 meters (8,202 ft.), and to build an oil separation and storage facility and a natural gas pipeline, among other infrastructure on the adjacent blocks.
    • After the pilot stage, XOM and partners plan to invest an additional $13.8B in the mass development of the blocks by drilling 556 horizontal wells, the government says.
    • XOM is today's best performing stock among the 30 Dow components thanks to a snap-back in crude oil prices.
    | Dec. 15, 2015, 2:11 PM | 5 Comments
  • Dec. 7, 2015, 10:35 AM
    • The energy sector (-4.5%) paces the opening decline, as WTI crude oil prices -4% at $38.35/bbl following a 2.7% slide on Friday after OPEC's failure to agree on a production target to reduce the oil glut.
    • Investors are betting on oil prices staying lower for even longer after OPEC's non-decision, pushing U.S. crude futures for delivery nearly 10 years away below $60/bbl, Reuters reports.
    • But the oil glut is set to continue as much because of the U.S. as of OPEC, as U.S. shale drillers have only trimmed their pumping a little, and rising oil flows from the Gulf of Mexico are propping up U.S. production; the overall output of U.S. crude fell just 0.2% in September, the most recent monthly federal data available, and is down less than 3%, to 9.3M bbl/day, from the peak in April.
    • Goldman Sachs says it expects oil prices to remain "lower for longer," with a risk that prices could fall as low as $20/bbl.
    • In early trading: XOM -2.9%, CVX -4.1%, BP -3.2%, RDS.A -4.2%, COP -4.6%, MPC -3.2%, MRO -7.4%, PSX -2.8%, HES -4.9%, APC -6.1%, OXY -3.1%, EOG -5.8%, DVN -9.3%, PXD -7.2%, APA -3.9%, CHK -8%, CLR -9.1%.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Dec. 7, 2015, 10:35 AM | 118 Comments
  • Dec. 4, 2015, 3:25 PM
    • U.S. crude oil settled 2.7% lower at $39.97 and Brent fell 1.9% to $43 after OPEC decided to roll over its policy of maintaining crude production in order to retain market share - a not unexpected outcome but one that offers no relief in sight for the oil industry's pain.
    • "OPEC not cutting is going to put more pressure on oil prices," and the pressure on companies’ spending will feed through into their investment in increasing their production, says Jefferies equity analyst Jason Gammel. “It’s not as though they’ll shut down existing production, but over time their output will decrease."
    • Don’t expect prices to stabilize until low prices force curtailments of pumping in the U.S., which will not happen until the end of next year, Goldman Sachs analyst Damien Courvalin.
    • Energy stocks (-0.7%) are the only S&P industry sector to decline, as the rest of the market has rebounded from yesterday's drop; some of the big oils - XOM +0.3%, CVX +0.6% - have inched higher, and refiners are mostly higher, but it's another down day for most: DVN -1.2%, CLR -5.9%, MRO -2.3%, HES -1%, COP -0.8%, EOG -0.7%, APC -2.4%, ETE -9.3%, ETP -3.5%, EPD -2.4%, WMB -6.9%.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Dec. 4, 2015, 3:25 PM | 150 Comments
  • Dec. 2, 2015, 3:21 PM
    | Dec. 2, 2015, 3:21 PM | 84 Comments
  • 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
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.