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Exxon Mobil Corporation (XOM)

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  • May. 28, 2014, 3:47 PM
    • Exxon Mobil (XOM +0.1%) CEO Rex Tillerson says U.S. sanctions against Russian officials, including Rosneft CEO Igor Sechin, are having no effect on his company's activities there, adding that he finds such steps typically ineffective.
    • Tillerson tells shareholders at the annual meeting the travel ban on Sechin has not affected collaboration with XOM, which is working with Rosneft to drill an exploratory well in the Arctic this year.
    • The CEO also says alternative fuels will grow but that oil will remain the world’s leading source of energy for another quarter century; he believes technology will provide an answer to climate change, and says proponents of ideas such as hard emissions reduction goals are simplistic.
    | 4 Comments
  • May. 27, 2014, 8:47 AM
    • Exxon Mobil (XOM) said this weekend it shipped the first cargo of liquefied natural gas from the $19B PNG LNG project in Papua New Guinea ahead of schedule.
    • Early completion of the project is helpful for XOM, which is under pressure from investors to find new sources of revenue to boost sagging profits; it's also good news for Papua New Guinea, but it isn't clear whether the country will be able to avoid the resource curse that befalls many developing nations that suddenly receive an influx of cash.
    • PNG LNG is expected to produce more than 9T cf of gas over its estimated 30 years of operations, starting with the first shipment to Tokyo Electric Power.
    | 3 Comments
  • May. 25, 2014, 6:38 AM
    • BP (BP) has signed an agreement with Rosneft to explore for hard-to-recover shale oil in the Volga-Urals region of central Russia despite Western sanctions against Rosneft (RNFTF) CEO Igor Sechin because of the tensions in Ukraine.
    • BP will hold 49% in a joint venture and the Russian company the rest.
    • The deal was announced at the St Petersburg International Economic forum, where Total (TOT) CEO Christophe de Margerie also finalized an agreement with Lukoil to explore for unconventional oil.
    • Other major energy bosses to attend the event included Shell's (RDS.A) Ben van Beurden and Eni's (E) Claudio Descalzi, as well as senior ExxonMobil (XOM) executive Neil Duffin.
    | 18 Comments
  • May. 23, 2014, 2:53 PM
    • Exxon Mobil (XOM -0.2%) is deepening its ties with Russia despite western unhappiness over the country's actions in Ukraine, today signing a pact with Rosneft (RNFTF) to team up for drilling in the Arctic and Siberia and liquefying natural gas for export in Russia’s Far East.
    • XOM is among U.S. oil producers that ignored State Department pressure to skip the International Economic Forum this week in St. Petersburg, betting the Ukraine crisis eventually blows over.
    • U.S. and European energy producers hold equity partnerships in Russian oil and gas worth at least $30B, led by BP’s near 20% stake in Rosneft, Total's stake in gas producer Novatek and a gas project operated by Royal Dutch Shell.
    | 8 Comments
  • May. 23, 2014, 12:46 PM
    • The first cargo of crude oil to be exported by pipeline from Iraqi Kurdistan has left a Turkish port by ship, bound for another European destination.
    • A tanker loaded with more than 1M barrels of crude oil departed last night from Ceyhan, "the first of many such sales," the Kurdistan Regional Government says.
    • The move by the semi-autonomous region defies Baghdad's objections and may encourage other regional authorities to bypass the central government.
    • Oil companies with a Kurdistan presence include global majors Exxon Mobil (XOM), Chevron (CVX), Marathon Oil (MRO), Hess (HES) and Total (TOT), as well as wildcatters such as Gulf Keystone (GUKYF) and Genel Energy (GEGYF).
    | 3 Comments
  • May. 22, 2014, 3:52 PM
    • Opinions are mixed on Linn Energy's (LINE +0.4%; LNCO +0.4%) acreage swap with a unit of Exxon Mobil (XOM -0.5%) that adds production of ~85M cfe/day for Linn.
    • Raymond James analysts call it "quantitatively, an ideal swap," since Linn is essentially trading production that is declining at ~35%/year for gas properties that are declining at 6%, resulting in much more stable cash flow; also, the deal allows Linn to lever its already large Hugoton position to help deliver more operating synergies.
    • Citigroup’s Faisel Khan is not so sure Linn got the better of the deal: Linn estimates net accretion to distributable cash flows of $0.09-$0.12 per unit on an annualized basis, but Linn is giving up upside from the Midland basin assets resulting from additional capital spending later this year.
    | 19 Comments
  • May. 22, 2014, 11:48 AM
    • Cnooc (CEO) and Gazprom (OGZPY) appear to be the front-runners among international companies that have submitted bids to develop Tanzania's lucrative gas and oil blocks.
    • Cnooc, which is already developing the kingfisher oil field in neighboring Uganda, will compete with Statoil (STO) and Exxon Mobil (XOM) for block 4/3A off Tanzania's southern coast; Gazprom is the sole bidder for block 4/3B.
    • STO and XOM already have teamed up in several discoveries in Tanzania, and STO and BG Group (BRGYY, BRGXF) are planning to build the first liquefied natural gas plant in the country.
    | 2 Comments
  • May. 21, 2014, 5:09 PM
    • Linn Energy (LINE) and LinnCo (LNCO) announce an agreement to trade some of their Permian Basin properties to Exxon Mobil (XOM) in exchange for operating interests in the Hugoton Basin.
    • Linn will receive Hugoton properties which currently produce ~85M cfe/day (80% natural gas, 20% NGL), with total reserves of ~700B cfe; the field includes 500K-plus net acres with ~2,300 operated wells, and Linn has identified more than 400 future drilling locations, doubling its inventory in the Hugoton Field.
    • XOM's XTO Energy subsidiary will receive ~25K net acres in the Midland Basin, including ~2M boe/day of current production; XOM says the acreage is located in the northern Midland core area that is most prospective for horizontal Wolfcamp and Spraberry development.
    • LINE/LNCO shares halted; XOM -0.7% AH.
    | 21 Comments
  • May. 21, 2014, 12:12 PM
    • Exxon Mobil (XOM +0.6%) reports its first discovery from Argentina's Vaca Muerta shale formation.
    • XOM says it is testing the Bajo del Choique X-2 well to evaluate the discovery, but initial results produced an average flow rate of 770 bbl/day of oil.
    • XOM's Argentine subsidiary holds stakes in ~900K acres of unconventional shale oil and gas plays in the energy-rich province of Neuquén.
    | 6 Comments
  • May. 20, 2014, 3:57 PM
    • Traders say ExxonMobil's (XOM) Papua New Guinea gas liquefaction plant should export ~20 cargoes during the project's start-up phase lasting until September.
    • The rapid export rate from the new plant, which was completed slightly ahead of schedule, has helped push global LNG prices lower as major Japanese buyers retreat from spot markets.
    • XOM will sell most of its output to buyers with which it has long-term supply deals, such as Tokyo Electric Power and Osaka Gas, allowing them to fill needs without resorting to price-sensitive spot purchases.
    | 1 Comment
  • May. 19, 2014, 8:28 AM
    • Exxon Mobil's (XOM) Imperial Oil (IMO) subsidiary is considering plans for what would be the deepest offshore well ever drilled in the Arctic; IMO's filing to regulators didn't specify a well depth, but an unpublished study prepared by a third-party consultant calculated it as roughly 34K ft.
    • The leases where the proposed well would be drilled are in the Canadian Arctic, ~110 miles off the coast of the Northwest Territories town of Tuktoyaktuk.
    • IMO's interest has raised environmentalists' concerns because the company has said it cannot meet a longstanding requirement to stop an accidental blowout within the short Arctic summer drilling season by drilling a relief well.
    | 7 Comments
  • May. 18, 2014, 3:44 AM
    • When Russia seized Crimea in March, the country obtained rights to underwater energy resources potentially worth trillions of dollars in a maritime zone in the Black Sea that's over three times the size of the province.
    • In turn, Ukraine received a major blow to its hopes for energy independence, a situation highlighted by its dispute with Russia over natural-gas prices.
    • Major oil companies to explore in the area around Crimea include Exxon Mobil (XOM) and Shell (RDS.A).
    • Russia ETFs: RSX, RUSL, RSXJ, ERUS, RUSS, RBL, RUDR
    | 18 Comments
  • May. 16, 2014, 9:45 AM
    • ExxonMobil (XOM +0.2%) says it has no plans to pull out of the Sakhalin-1 project in Russia, as the company responds to a Russian media report that said it may have to pull out if U.S. sanctions against Russia are toughened because of the Ukraine crisis.
    • Russia's energy minister says he is ready to provide all the conditions for foreign companies to continue work in the country.
    | 4 Comments
  • May. 15, 2014, 2:28 PM
    • The consortium developing Kazakhstan's giant Kashagan oilfield will have to replace the entire pipeline system at the deposit where output was halted in October just weeks after its launch, according to the country's energy minister.
    • Referring to the delayed output at Kashagan, the minister says Kazakhstan had cut its 2014 oil production forecast to 81.7M metric tons from 83M earlier.
    • The consortium - which includes Eni (E), Total (TOT), Shell (RDS.A, RDS.B) and Exxon (XOM) - expects the final report on the causes of Kashagan's pipeline problems in June, when it will decide how the pipes should be replaced.
    | 5 Comments
  • May. 14, 2014, 11:59 AM
    • Oil Search (OISHF), Exxon Mobil's (XOM) partner in the $19B PNG liquefied natural gas export project in Papua New Guinea, expects shipments to Asia to start shortly with the initial cargoes sold on the spot market.
    • The process to load the first LNG tanker has begun, with a decision on when the ship will leave to be made over the next few days, according to an Oil Search exec.
    • The first series of LNG cargoes from the project will be sold at spot prices, with the development progressively moving into contract deliveries.
    | Comment!
  • May. 14, 2014, 9:34 AM
    • A potential strike by Exxon Mobil (XOM +0.2%) oil workers in Norway would hit the company's Ringhorne and Balder facilities in the Norwegian North Sea, labor union SAFE says.
    • The workers could go on strike from June 16 if government mediation on wages and pensions fail.
    • The two fields produced ~46K boe/day in 2013.
    | 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.