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Exxon Mobil Corporation (XOM)

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  • Jul. 10, 2014, 2:57 PM
    • Exxon Mobil's (XOM -1%) contends Pennsylvania's attorney general has improperly singled it out in a bid to stop fracking, amid charges that XOM subsidiary XTO Energy is criminally liable for a leak of 57K gallons of wastewater that had been used in a fracking operations in the state in 2010.
    • The AG office argues XTO failed to install a system to contain spills around the storage tanks and neglected to secure them; the company says others have committed worse environmental offenses but haven't been prosecuted.
    • XTO is asking a judge to order prosecutors to turn over all documents related to the decision to bring charges, and to hold a hearing on the destruction of evidence.
    | Comment!
  • Jul. 9, 2014, 6:30 PM
    • A new EIA report underscores the remarkable comeback of the Permian Basin, which boomed in an earlier era, faded and now leads the U.S. in oil production.
    • Daily crude oil production in the Permian, which lies under much of west Texas and part of eastern New Mexico, has increased from a low of 850K barrels in 2007 to 1.35M barrels last year.
    • The increased production is concentrated in six low-permeability formations: the Spraberry, Wolfcamp, Bone Spring, Glorieta, Yeso, and Delaware.
    • Among the top Permian producers: OXY, PXD, APA, KMP, XOM, COG, CVX, EOG, EGN, XEC, FANG.
    | 11 Comments
  • Jul. 7, 2014, 6:30 PM
    • Energy companies invested hundreds of millions of dollars when they started extracting oil from shale formations in south Texas a few years ago to make the volatile crude was safer to handle, but the failure to do so at the Bakken shale is coming back to haunt the oil industry as the U.S. government seeks to prevent fiery accidents of trains containing North Dakota oil.
    • Only one stabilizer, which can remove the most volatile gases before transport, has been built in North Dakota and it hasn't begun operation, according to a WSJ review; if the government mandates the use of stabilizers, companies would have to make big investments in equipment which could slow Bakken's development.
    • Oil producers are fighting the perception that the biggest risks come from Bakken crude, almost all of which is moved by rail, but safety officials and lawmakers say the dangers extend far beyond North Dakota.
    • Top Bakken producers include CLR, EOG, KOG, WLL, HES, XOM, OAS, NOG, EOX, MRO.
    | 13 Comments
  • Jul. 7, 2014, 4:58 PM
    • An Exxon Mobil (XOM) venture with Qatar Petroleum has asked the FERC for permission to build and operate a liquefied natural gas export plant at the site of its existing import terminal at Sabine Pass near the Texas-Louisiana border.
    • The $10B project is one of the main beneficiaries of the Energy's Department's plan to change the way it vets such export applications by prioritizing reviews on the most commercially mature projects; under a first-come-first-served review plan the DoE wants to replace, the project would have been ninth in line for review, putting decisive action perhaps two years away.
    • Even so, the expensive FERC application process now is still expected to take ~18 months.
    | 5 Comments
  • Jul. 3, 2014, 4:49 PM
    • The state of Alaska and four energy firms sign a joint venture agreement to begin preliminary work on an 800-mile natural gas pipeline from the North Slope to a liquefied natural gas export plant.
    • The agreement calls for partners to invest millions in front-end engineering and design work over the next 18 months for the project, which ultimately could cost $45B-$65B.
    • The deal comes two months after Alaska's legislature backed Gov. Parnell's plan to work with Exxon Mobil (XOM), ConocoPhillips (COP) and BP plus pipeline company TransCanada (TRP) on a project development contract.
    | 27 Comments
  • Jul. 2, 2014, 3:22 AM
    • Despite a weak domestic demand and competition from abroad, ExxonMobil (XOM) will invest $1B in its refinery in Belgium, building a new facility which will convert heavy oil into diesel and marine fuel.
    • Most other companies have been selling or shutting down their European refineries, however, Exxon says it has some of the lowest-cost refineries in Europe and is taking a long-term view of demand.
    | 1 Comment
  • Jul. 1, 2014, 6:45 PM
    • North Dakota regulators tell crude oil explorers to cut the flaring of natural gas or face limits on the amount of oil they can pump from the Bakken shale formation.
    • The state's crude output has surpassed 1M bbl/day, behind only Texas, but while Texas captures all but 1% of the natural gas produced, North Dakota burns 30% of its output as waste as the rate of production has outstripped companies' ability to capture gas through pipeline connections at the source.
    • The North Dakota Industrial Commission is aiming for a 26% reduction in gas flaring statewide by Q4 of this year and another 23% by Q1 2015.
    • Top Bakken producers include CLR, EOG, KOG, WLL, HES, XOM, OAS, NOG, EOX, MRO.
    | 44 Comments
  • Jun. 30, 2014, 12:42 PM
    • New York’s cities and towns can block fracking within their borders, the state’s highest court rules, upholding the dismissal of lawsuits challenging bans in two small upstate towns.
    • The ruling could lead the oil and gas industry to abandon fracking in New York, or it could mean that a patchwork of rules eventually may govern whether exploration can take place across the state; the case also may invigorate local challenges to the practice in states across the U.S.
    • Parts of New York sit above the Marcellus Shale, some of whose top producers are: CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN.
    | 60 Comments
  • Jun. 30, 2014, 8:58 AM
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  • Jun. 27, 2014, 4:53 PM
    | 103 Comments
  • Jun. 23, 2014, 9:42 AM
    • Norway's Safe oil workers union says it is ready to go on strike over pensions after an Oslo court rules that a strike notice is legal; such a strike would cut oil production from Exxon Mobil’s (XOM +0.4%) platforms in the North Sea by more than 60K bbl/day.
    • The union says it will decide on a public mediator’s proposal endorsed by employers by a June 27 deadline, but that it “is not good enough.”
    | 3 Comments
  • Jun. 23, 2014, 6:37 AM
    • As the shale gas boom continues, Exxon Mobil (XOM) is now looking for new investment in Turkey. The company is discussing possible exploration with Turkish Petroleum Corp. for shale gas in the country's southeast and northwest regions.
    | 2 Comments
  • Jun. 19, 2014, 11:26 AM
    • Exxon Mobil (XOM -0.6%) says it has started construction on a new ethane cracker in Baytown, Tex., and begun expanding a plant at nearby Mont Belvieu, part of a plan to produce more high performance premium plastics for export to global markets.
    • XOM expects the Baytown plant will be able to produce 1.5M metric tons/year of ethylene and to begin production in 2017; it does not provide a specific cost estimate for the project, only that it is a "multi-billion dollar' effort.
    | 3 Comments
  • Jun. 18, 2014, 9:11 AM
    • The head of Iraq's state-run South Oil Co. says Exxon Mobil (XOM) has carried out a "major evacuation" of its staff and BP had evacuated 20% of its staff following the rapid advance of Sunni militants through the country; he says Eni (E), Schlumberger (SLB), Weatherford (WFT), and Baker Hughes (BHI) have no plans to evacuate staff.
    • "Current developments in the country have not affected and will not affect in any way the operations in the south" of the country, says the official, displeased with XOM's actions, adding that Iraq's crude export level for June will be 2.7M bbl/day.
    | 10 Comments
  • Jun. 17, 2014, 6:04 PM
    • Exxon Mobil (XOM) may have to change its employment policies after Pres. Obama signs an executive order - expected soon - barring federal contractors from discriminating based on sexual orientation or gender identity.
    • XOM is one of the largest companies that doesn’t already ban discrimination against gay workers on its own, according to gay rights groups, but the company's policy would have to change if it wants to keep doing business with the federal government.
    | 23 Comments
  • Jun. 16, 2014, 2:39 PM
    • Glencore (GLCNF, GLNCY) helped finance Chad's $1.3B acquisition of Chevron's (CVX) oil assets in the African country, according to a statement by Chad's government.
    • A $1.25B four-year loan for Glencore, secured against future oil exports, deepens the company's position in Chad, where it last year agreed a deal to export the landlocked nation's crude.
    • CVX said Friday it had sold its share of seven oil fields in Chad's southern Doba region and an export pipeline to the government; the project is operated by Exxon Mobil (XOM).
    | Comment!
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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.