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Exxon Mobil Corporation

5/19/2013, 6:39 PM ET

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Friday, May 17, 11:58 AM Major oil producers launch a joint program to beef up their Arctic oil spill response plan in a bid to convince the Arctic Council they are ready for large-scale development in the region. There are plenty of doubters, of course, and incidents such as BP 2010 Gulf of Mexico spill and Shell's recent problems north of Alaska with two drill ships don't help. 5 Comments [Energy]
Thursday, May 16, 6:30 PM Exxon (XOM) averts a strike at its Baytown refinery, second largest in the U.S., after the United Steelworkers last night ratified a new agreement. Among the changes, XOM will establish a limit on the number of consecutive days an employee can work at the refinery and create a full-time process safety representative to address safety concerns. 1 Comment [Energy]
Wednesday, May 15, 5:21 PM Better-than-expected results from Brazil's oil exploration rights auction show operators were undeterred by Brazil’s local-content rules or Chevron's treatment in the wake of the Frade oil spill. In fact, CVX was one of the winning bidders, joining the likes of XOM, BP and PBR. The auction put things in perspective: Brazil has huge potential, and is a much less risky place than Nigeria, Russia or Venezuela. 1 Comment [Energy, Global & FX]
Tuesday, May 14, 3:08 PM Exxon (XOM +0.8%) teams with OGX (OGXPY.PK) to win deepwater exploration blocks in Brazil's promising Potiguar region at the country's first energy auction in five years. OGX will pay 20M reais ($10M) for the rights to one block, and the OGX-XOM consortium agree to pay 81.9M reais for another. Total (TOT) gains access to operate five blocks in the Amazon basin together with partners BP and Petrobras (PBR). Comment! [Energy, Global & FX]
Tuesday, May 14, 2:05 PM Turkey's state-run oil firm strikes an agreement with Exxon Mobil (XOM +0.6%) to develop joint projects in Kurdish-administered northern Iraq, Turkey PM Erdogan says: "The regional government in northern Iraq has a constitutional right to 17% of [oil and gas] revenues... It is possible for us to have mutual agreements, there's nothing to prevent that," remarks that likely won't be kindly received in Baghdad. 2 Comments [Energy, Global & FX]
Monday, May 13, 7:58 AM Saudi Aramco reportedly has restarted its 400K bbl/day Yanbu refinery, which it owns with Exxon Mobil (XOM), after nearly two months of maintenance to bring a new clean-fuel project online, and the plant will reach its full capacity this week. Saudi Arabia is expanding its refining capacity to produce more gasoline and diesel to meet rising domestic demand. Comment! [Energy]
Friday, May 10, 9:46 AM The U.K. could have vast North Sea shale gas reserves, but the cost of development would be high and probably would compete with cheaper shale gas imports from the U.S. Some of the gas from Exxon (XOM) and Qatar Petroleum's Golden Pass export terminal in Texas that could export as much as 15.6M metric tons/year of gas could wind up heading to the U.K., FT reports. Comment! [Energy, Global & FX]
Friday, May 10, 8:56 AM Eni (E) says it now expects oil output from the massive Kashagan field in Kazakhstan to begin by October. The Kashagan project, which includes large oil companies such as Exxon (XOM), Shell (RDS.A, RDS.B) and Total (TOT), is years behind initial schedule and has had cost overruns worth billions of dollars. 1 Comment [Energy, Global & FX]
Thursday, May 9, 5:40 PM Legislation intended to reform Nigeria's oil sector instead would make the country one of the world's harshest investment climates for the oil industry, says the head of Exxon's (XOM) Nigerian unit. The unfavorable fiscal terms would result in Nigeria's oil production hitting a plateau of 3M bbl/day by 2016, and then start to decline as $109B in planned new investment would no longer be economically feasible. Comment! [Energy, Global & FX]
Thursday, May 9, 4:36 PM Exxon Mobil (XOM) and Qatar Petroleum sign a commercial framework agreement in connection with a proposed $10B natural gas export terminal in Texas, Bloomberg reports. The partners reportedly plan to ship as much as 15.6M metric tons of gas annually from the Golden Pass facility. (PR) 4 Comments [Energy]
Tuesday, May 7, 7:23 PM 50-50 partners ExxonMobil (XOM) and Statoil (STO) agree to begin development of the Julia oilfield in the Gulf of Mexico, estimated to hold nearly 6B barrels of resources. The field is expected to initially produce 34K bbl/day. Capital cost for the project, expected to begin oil production in 2016, is estimated at more than $4B. 1 Comment [Energy]
Monday, May 6, 3:28 PM Behind perennial leaders GM, Exxon (XOM) and Wal-Mart (WMT) at the top of the Fortune 500 list is a new no. 4, Phillips 66 (PSX). Spinoffs such as PSX have become a favorite of investors who prefer focused companies to diversified ones, The Economist writes; of the 80 U.S. spinoffs worth at least $500M each during 2002-12, the parent companies have returned 35% while spun entities have delivered 70%. Comment! [Energy]
Monday, May 6, 2:45 PM Exxon Mobil (XOM +0.7%) has kicked off a six-month drilling campaign off southwestern Ireland, and a rig previously stationed offshore Liberia reportedly was relocated to the area last month. The XOM-led consortium includes Eni (E), Repsol and Ireland-based Providence Resources, which says drilling at the Dunquin well began last month; cost estimates are ~$200M. Comment! [Energy, Global & FX]
Thursday, May 2, 6:23 PM Shell (RDS.A) may have taken the lead - at least in the rumor mill - as the bidder most likely to succeed in winning a share of InterOil’s (IOC) LNG project in Papua New Guinea, Platts reports. Shell’s perceived advantage over Exxon (XOM) and Total (TOT) centers on its existing relationship with the PNG government, strengthened by its ownership of emerging floating LNG technology. 11 Comments [Energy]
Wednesday, May 1, 6:25 PM Exxon's (XOM) Pegasus pipeline leaks crude onto the yard of a Missouri home, after the same line ruptured and spilled ~5K barrels in an Arkansas town last month. Just one barrel (42 gallons) was spilled in Missouri, but it's bound to keep focus on the 70-year-old, 858-mile pipeline, whose capacity was expanded in 2009 by 50% (~30K bbl/day). Comment! [Energy]
Wednesday, May 1, 4:30 PM Nymex crude settled -2.6% at $91.03 after today's inventory report revealed crude stockpiles climbed to 6.696M barrels, a record high dating back to 1982 when the EIA began tracking the data. E&P equities took a beating, from higher-beta names such as QEP Resources (QEP -6.1%) to giants such as Exxon (XOM -1.6%) and Chevron (CVX -1.4%). (ETFs: USO, UCO, OIL, BNO) 12 Comments [Energy, U.S. Economy]

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