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Exxon Mobil Corporation (XOM)

  • Fri, Aug. 14, 12:47 PM
    • The Obama administration will allow limited sales of crude oil to Mexico for the first time, Reuters reports, citing a senior administration official who says the U.S. Commerce Department is "acting favorably on a number of applications" to export U.S. crude in exchange for imported Mexican oil.
    • The shipments, likely to be lighter, high-quality shale oil, would help Mexico's aging refineries produce more premium fuels, while U.S. refiners would continue to get Mexican heavy oil, a better match for them than the light oil coming from Texas and North Dakota.
    • Although limited in scope, the move toward freeing up trade will please U.S. oil producers such as Pioneer Natural Resources (NYSE:PXD) and ConocoPhillips (NYSE:COP), which say the restrictions force them to sell oil at below global market rates, and may add momentum to efforts mostly to repeal what advocates see as a relic of the 1970s.
    • Among relevant oil stocks: XOM, CVX, BP, RDS.A, RDS.B, OAS, NOG, CLR, WLL, EOX, SM, SFY, PVA, GST, SN, CRK, BBG, CWEI
    • Relevant refining stocks: VLO, HFC, MPC, TSO, WNR, ALJ, PSX, PBF, DK, NTI, ALDW
    | Fri, Aug. 14, 12:47 PM | 207 Comments
  • Thu, Aug. 13, 6:32 PM
    • Exxon Mobil (NYSE:XOM) reportedly could ramp up gasoline production as soon as late September at its damaged Torrance, Calif. refinery if it can gain regulatory approval.
    • XOM filed an application yesterday to set a Sept. 2 hearing on permission to restart an old electrostatic precipitator while equipment damaged in the blast is still being repaired, says an official at the South Coast Air Quality Management District regulating body in California; if XOM gets permission to install the old ESP, the refinery would have permission to operate at 65% capacity because the older equipment emits more carbon and pollution.
    • The official says it may take several more months to repair the ESP that exploded in February from a pressure buildup.
    • Earlier: Exxon fined following probe into California refinery explosion
    | Thu, Aug. 13, 6:32 PM | 8 Comments
  • Thu, Aug. 13, 5:38 PM
    • Exxon Mobil (NYSE:XOM) is fined more than $560K for workplace safety and health violations following an investigation into February's explosion at its Torrance, Calif., refinery that injured four workers.
    • California’s Division of Occupational Safety and Health, the state’s workplace safety regulator, issued 19 citations to XOM, 18 of which were classified as serious, and said the company knew about and ignored hazardous conditions at the refinery.
    • The refinery is critical to producing California's specialized gasoline blend designed to meet the state's tough air pollution regulations, and its fluid catalytic cracker has been shut down since the incident, contributing to high pump prices in the state.
    | Thu, Aug. 13, 5:38 PM | 8 Comments
  • Wed, Aug. 12, 3:58 PM
    • A federal judge approves Exxon Mobil's (XOM +1.7%) $5M settlement of charges it violated the federal Clean Water Act and state environmental laws in connection with a 2013 oil spill in Arkansas.
    • The judge says the agreement complies with the Clean Water Act and is fair to the company and the governments, and rejects a request by the water utility that serves Little Rock to have XOM move another portion of the pipeline that runs beneath a major reservoir.
    • The rupture of XOM's Pegasus pipeline led to a March 2013 spill that caused ~3,190 barrels of oil to flow through Mayflower, Ark., and nearby waterways.
    | Wed, Aug. 12, 3:58 PM | 2 Comments
  • Tue, Aug. 11, 10:59 AM
    • Many oil companies have been hit hard by low crude prices, but Chevron (CVX -2.4%) also is battling its own expansion ambitions, and some analysts say CVX should abandon its goal of tapping 3.1M bbl/day of oil and gas by 2017, WSJ's Daniel Gilbert writes.
    • CVX’s stock price has underperformed Exxon Mobil (XOM -1.7%) and Royal Dutch Shell (RDS.A -0.6%) over the past year after topping them during the previous five years and betting more than them on huge energy projects such as the $54B Gorgon natural gas export plant in Australia.
    • "The most important thing to preserve is value,” said IHS Energy's Lysle Brinker, and "if it means they have to sell some of their crown jewels, or small slivers of them, to raise billions of dollars and help maintain the balance sheet and the dividend, that’s what they should do."
    | Tue, Aug. 11, 10:59 AM | 52 Comments
  • Thu, Aug. 6, 1:09 PM
    • Exxon Mobil (XOM +0.9%) says it has struck a pair of deals to obtain horizontal development rights in 48K acres in the core of the Midland basin, as it continues to grow its position in a prolific area of the Permian basin through its shale-focused XTO subsidiary.
    • The agreements with undisclosed sellers include an acquisition and farm-in adjoining XOM’s existing acreage position in Martin and Midland counties, Tex., providing rights to all intervals within the basin; XTO will operate the acreage.
    • XTO is currently operating 11 horizontal and four vertical rigs across its Permian leasehold of 1.5M-plus net acres, with net production of ~115K boe/day.
    | Thu, Aug. 6, 1:09 PM | 9 Comments
  • Tue, Aug. 4, 6:58 PM
    • Exxon Mobil (NYSE:XOM) says it has reversed a 71-mile segment of its North Line oil pipeline from Longview, Tex., to northern Louisiana, in the first step of a bigger plan to link Permian Basin output to Louisiana refineries.
    • The segment is helping feed ~15K bbl/day of Texas crude to Delek US Holdings' (NYSE:DK) Arkansas refinery, displacing barrels that had been trucked or railed to the plant at higher transportation costs, DK executive VP Mark Smith told analysts during today's earnings conference call.
    • Smith said DK's 80K bbl/day El Dorado refinery is North Line's sole shipper until XOM finishes reversing another idle stretch to Baton Rouge, where XOM operates a 502.5K bbl/day refinery.
    | Tue, Aug. 4, 6:58 PM | 2 Comments
  • Tue, Aug. 4, 5:34 PM
    • Exxon Mobil (NYSE:XOM), which fell to another 52-week low today, says it is planning a 20K bbl/day capacity expansion at its 345K bbl/day refinery in Beaumont, Tex., to accommodate increased processing of U.S. light crudes.
    • The move shows XOM could become more interested in refining as a way to replace reduced profits from crude production as the gap between upstream and downstream profit narrows, 24/7 Wall Street's Paul Ausick writes.
    • XOM does not disclose a timeline or an estimated cost for the proposed project.
    | Tue, Aug. 4, 5:34 PM | 1 Comment
  • Fri, Jul. 31, 7:46 PM
    | Fri, Jul. 31, 7:46 PM | 69 Comments
  • Fri, Jul. 31, 3:26 PM
    • ConocoPhillips (NYSE:COP) is down 3.3%, a day after posting a Q2 earnings beat where it cut capex but continued to expand production.
    • Meanwhile, debate on this oil major rages around the safety of its sizable dividend (declared at $0.74 quarterly this month).
    • Credit Suisse finds the dividend safe: "ConocoPhillips outlined how they could cover their dividend with unchanged 2017 production at a $60/bbl Brent price. This is impressive." Considering capex of $11B this year, "the project cycle helps."
    • Meanwhile, JPMorgan thinks the dividend can't stick around in the long run: "While management did a good job of highlighting the incremental levers available to pull, our caution remains that the strategy of increasing the mix of short cycle production with high decline rates will make it more difficult to cover the sacrosanct dividend in the out years when productivity slows."
    • Conoco's yield is now a point higher than closest peer Chevron, at 5.7%, but "without the same downstream cushion and more than twice the leverage."
    • Today: XOM -4.6%, and CVX -5.3%, after earnings reports this morning.
    • Previously: Exxon Mobil off 1.8% premarket after lowest profit since 2009 (Jul. 31 2015)
    • Previously: Chevron -1.8% as earnings tumble, paced by $2.2B upstream loss (Jul. 31 2015)
    | Fri, Jul. 31, 3:26 PM | 41 Comments
  • Fri, Jul. 31, 8:24 AM
    • Exxon Mobil (NYSE:XOM) is 1.8% lower premarket as it posts its lowest profit in six years, with price pressures holding down Q2 EPS that missed by 10%.
    • Net income was halved, to $4.19B from a year-ago $8.78B. Once again, downstream earnings were up significantly, dampened by weak upstream results.
    • Production of 4M boe/day was up 3.6%; liquids volumes of 2.3M barrels/day was up 11.9%.
    • Downstream earnings of $1.5B were up $795M Y/Y. Stronger margins had a $1.1B positive effect. Upstream earnings of $2B were down $5.9B, hit by lower liquid/gas realizations to the tune of $4.5B.
    • With the start of the second oil bear market, the company's still been aggressive on cost cutting: Capex was down 16% to $8.3B. Total costs were down 31%, to $67.2B.
    • Cash flow from operations and asset sales of $9.4B.
    • Webcast to come at 9:30 a.m. ET.
    • Press Release
    | Fri, Jul. 31, 8:24 AM | 56 Comments
  • Fri, Jul. 31, 8:02 AM
    • Exxon Mobil (NYSE:XOM): Q2 EPS of $1.00 misses by $0.11.
    • Revenue of $74.1B (-33.4% Y/Y) beats by $1.62B.
    • Press Release
    | Fri, Jul. 31, 8:02 AM | 35 Comments
  • Thu, Jul. 30, 5:30 PM
  • Thu, Jul. 30, 9:16 AM
    • Exxon Mobil (NYSE:XOM) and Rosneft (OTC:RNFTF) have jointly applied to take part in a tender for hydrocarbon fields in Mozambique, the Russian energy producer says.
    • XOM would be the operator if the two companies win the tender, Rosneft says.
    • XOM has suspended cooperation with Rosneft in the Kara Sea and in shale oil in Russia because of Western sanctions against Rosneft linked to the Ukraine crisis.
    | Thu, Jul. 30, 9:16 AM | 4 Comments
  • Wed, Jul. 29, 1:51 PM
    • Exxon Mobil (NYSE:XOM) declares $0.73/share quarterly dividend, in line with previous.
    • Forward yield 3.52%
    • Payable Sept. 10; for shareholders of record Aug. 13; ex-div Aug. 11.
    | Wed, Jul. 29, 1:51 PM | 27 Comments
  • Mon, Jul. 27, 6:34 PM
    • Prudhoe Bay field owners BP and ExxonMobil (NYSE:XOM) have asked Alaska regulators to approve plans to increase the volume of natural gas allowed to be produced and sold from the North Slope field.
    • The Alaska Oil and Gas Conservation Commission has limited gas offtake at 2.7B cf/day of gas since 1977, but the two companies are asking to increase the rate to 4.1B cf/day to supply a planned Alaska gas pipeline and liquefied natural gas export project; a separate application for gas offtake from the Point Thomson gas field, which also would supply the LNG Project, is expected later.
    • ~8B cf/day of gas is now produced - along with oil - at Prudhoe, but most is injected back underground to maintain pressure in the reservoir to aid oil production; the concern is that if ~50% of the produced gas is shipped to markets via pipeline, there would be less gas injected and less support for pressure in the reservoir, resulting in lower oil output.
    • BP is the Prudhoe Bay field operator and a major stakeholder along with XOM; ConocoPhillips (NYSE:COP), also a major stakeholder, was not included in the application and says it was not aware that the other two companies would do so.
    | Mon, Jul. 27, 6:34 PM | 16 Comments
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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.