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Exxon Mobil Corporation (XOM)

  • Tue, Jun. 23, 12:22 PM
    • The Dutch government has ordered a further tightening of production at Groningen, Europe's largest gas field, in response to earthquakes that have caused extensive property damage in the Netherlands' northernmost province.
    • Production at the field will be capped at 13.5B cm in H2 of this year and at 30B cm for all of 2015, after output was cut to 16.B cm for H1 which made for an annualized rate of 33B cm, down from 39.4B cm previously.
    • The Groningen field is operated by a joint venture including Royal Dutch Shell (RDS.A, RDS.B), Exxon Mobil (NYSE:XOM) and the Dutch government.
  • Fri, Jun. 19, 3:15 PM
    • A World Bank arbitration tribunal should rule by Q2 2016 on Venezuela's bid to annul a $1.6B compensation award to Exxon Mobil (XOM -0.3%) for nationalizations, the country's attorney general's office says.
    • The cases date from former president Chavez's 14-year rule when he nationalized various oil ventures, including the XOM-operated Cerro Negro and La Ceiba projects.
    • Earlier this week, the World Bank's International Centre for Settlement of Investment Disputes rejected a separate Venezuelan request for a review of the award.
  • Thu, Jun. 18, 3:45 PM
    • A strategic deal between Target and CVS Health to place CVS MinuteClinics inside of Target stores could have an impact in the convenience store sector, observes CSP Daily News.
    • If the large-scale deal is replicated with other retailer-drugstore combinations, consumers may shift some spending habits.
    • C-stores have seen strong traffic trends this year.
    • Convenience store operators: Circle K (OTCPK:ANCUF), 7-11, CST Brands (NYSE:CST), Murphy USA (NYSE:MUSA), Pantry (OTCPK:ANCUF), BP Connect (NYSE:BP), On the Run (NYSE:XOM), Speedway America (NYSE:MPC), Kwik Shop (NYSE:KR), Casey's General Stores (NASDAQ:CASY), and Qwiktrip.
    • Previously: Target and CVS Health sign major partnership (Jun. 15 2015)
  • Thu, Jun. 18, 11:57 AM
    • PBF Energy (PBF +16.5%) agrees to acquire Chalmette Refining, a joint venture between Exxon Mobil (XOM +1.2%) and Venezuela's PDVSA consisting of the 189K bbl/day Chalmette Refinery in Louisiana and related logistics assets, for $322M.
    • PBF says the acquisition will increase its total throughput capacity by 35% to more than 725K bbl/day and should be ~20% accretive to 2016 consensus earnings in the first year of operation.
  • Tue, Jun. 16, 9:45 AM
    • Exxon Mobil (XOM +0.1%) and Canadian affiliate Imperial Oil (IMO -0.1%) say production has started at the Kearl oil sands expansion project in Alberta, with all three froth trains operational.
    • Production is beginning ahead of schedule, as IMO had said in February that it expected the project to start up in Q3, which was three months ahead of its previous forecast.
    • XOM says production from the expansion project is expected to ultimately reach 110K bbl/day, bringing total production from Kearl to 220K bbl/day.
  • Fri, Jun. 12, 7:07 PM
    • Exxon Mobil's (NYSE:XOM) request to reconsider a $1M penalty imposed against it for a 63K-gallon crude oil spill into Montana's Yellowstone River is denied by the U.S. Department of Transportation, which orders XOM to pay the penalty within 20 days.
    • The agency says XOM failed to adequately heed warnings that its 20-year-old Silvertip Pipeline was at risk from flooding, and that the company lacked procedures to minimize the spill when the line broke.
    • The 2011 spill left oil along an 85-mile stretch of the Yellowstone.
  • Fri, Jun. 12, 6:44 PM
    • North Dakota oil production fell 1.8%, or nearly 22K bbl/day, in April to ~1.17M bbl/day after recording a surprising jump in March, as weak crude prices led producers to ease production.
    • The number of drilling rigs operating in North Dakota stands at 76, the lowest since December 2009, according to the latest monthly report from the state's Department of Mineral Resources.
    • The agency director has said he expects the state’s oil production to remain at 1.1M-1.2M bbl/day until oil prices recover.
    • April natural gas production was up slightly at 1.54B cf/day from 1.51B cf/day in March.
    • Unimpressed commentator Gregor McDonald tweets: "Sorry America, but 9,525 wells in the North Dakota Bakken producing on average 116 bbl/day is more cartoon than triumph."
    • Top Bakken producers include: CLR, EOG, XOM, HES, COP. MRO, WLL, OAS, NOG, EOX
  • Thu, Jun. 11, 8:53 PM
    • Petronas and its Asian partners give a conditional final investment decision to move forward with the Pacific Northwest LNG project to be built near Prince Rupert on Canada's British Columbia coast.
    • The consortium says the project still needs British Columbia lawmakers to endorse a deal on royalties and taxes that the government signed, and to pass a federal environmental review.
    • But Canada’s environment regulator issues another delay, saying it is pausing its review as it requests further information from the group on plans to mitigate damage to a salmon spawning habitat.
    • Malaysia's Petronas holds a 62% interest in Pacific Northwest LNG, and its partners include China's Sinopec (NYSE:SNP) with 10%.
    • The export terminal is among 19 under consideration in the province - which include stakes by the likes of Shell (RDS.A, RDS.B), Chevron (NYSE:CVX) and Exxon (NYSE:XOM) - to ship western Canadian gas to growing energy markets in Asia.
  • Wed, Jun. 10, 7:45 PM
    • Exxon Mobil (NYSE:XOM) tells Texas regulators it had no role in a string of recent earthquakes hitting the Dallas-Fort Worth area.
    • XOM subsidiary XTO Energy presented engineering and geological data to the Texas Railroad Commission at a hearing today that it said show quakes hitting one suburb in 2013 originated far deeper than a nearby well it had used to dispose of wastewater from oil and gas operations.
    • "Those are deep-seated basement fault movements... naturally occurring movements, not man-made,” according to a company lawyer.
    • Earthquakes big enough to be felt were virtually unknown to Dallas-Fort Worth until this decade when drilling and fracking activity soared in the area, which is home to the gas-rich Barnett Shale.
    • Earlier: Exxon to face regulators' questions over Texas quakes
  • Wed, Jun. 10, 12:58 PM
    • The rapid contraction in the Bakken oil price discount may indicate a faster than expected production decline in the area, dealers say.
    • The buying frenzy pushed Bakken delivered at Clearbrook, Minn., to trade just $0.35/bbl below the West Texas benchmark last week, dealers say, the narrowest discount since July 2013; four months ago, it traded at a $7.50 discount.
    • Also, midwest refiners ran the most crude ever for the month of May thanks to a light maintenance slate and robust margins, triggering a bidding war for light barrels.
    • Regardless, the disappearing discount offers a partial reprieve for large producers such as Continental Resources (NYSE:CLR) and Hess (NYSE:HES) after the past year slashed global oil prices by as much as 60%.
    • Other top Bakken producers include: EOG, WLL, XOM, OAS, NOG, EOX, MRO
  • Wed, Jun. 10, 9:15 AM
    • Russia's deputy prime minister reportedly plans to hold a meeting to discuss preliminary results of checks at offshore energy projects, including Exxon-led (NYSE:XOM) Sakhalin-1.
    • Russia has "serious questions" regarding the obligations set in the production license held by XOM's Russian unit ExxonNeftegaz, according to the Kommersant daily.
    • The checks, possibly unplanned, may have been held "to find grounds for potential claims," after XOM lodged a claim against Russia at the Stockholm arbitrage court as part of a tax dispute over Sakhalin-1 in April.
    • Rosneft (OTC:RNFTF) CEO Igor Sechin, a shareholder in Sakhalin-1, says he sees no problems arising from the government's check on operations there, and calls Sakhalin-1 "one of [our] best projects."
  • Tue, Jun. 9, 9:49 PM
    • A local official in Santa Barbara, Calif., has rejected an emergency request by Exxon Mobil (NYSE:XOM) to use large trucks to haul its crude oil until the pipeline that recently ruptured and caused a spill is fixed, saying there is not enough evidence that a defined emergency exists.
    • XOM was using the pipeline owned by Plains All American Pipeline (NYSE:PAA) to haul 30K bbl/day of crude oil, and is now being forced to cut production at offshore California fields as its storage facilities fill up.
    • In XOM's request for an emergency permit, it said it needed to maintain crude oil supply for California refineries so it could also maintain natural gas supplies to local utilities.
    • Environmentalist groups had urged Santa Barbara to reject the request, saying it might lead to another oil spill.
  • Tue, Jun. 9, 10:54 AM
    • New Jersey’s proposed $225M pollution settlement with Exxon Mobil (XOM +0.2%) has a prominent new opponent: NYC Mayor Bill de Blasio, whose administration says the deal is "wholly inadequate" and is urging its rejection.
    • In a letter filed on the last day of a two-month public comment period before the deal is to be submitted to a judge for approval, NYC argues that the $225M amount equals just 3% of the damages that the state documented at a trial last year, and says the deal “inexplicably” includes hundreds of other XOM sites and gas stations that could have contaminated groundwater and were not part of the original litigation.
    • NYC also says provisions of the deal make it unlikely that XOM ever would be required to pay for separate claims concerning damage to tributaries and waterways of the New York-New Jersey Harbor estuary, which border NYC as well as New Jersey.
  • Tue, Jun. 9, 9:49 AM
    • Production is expected to resume at the Kashagan oil field in Kazakhstan - one of the world's biggest oil finds and most expensive oil project - in H2 2016 and aims to achieve first-phase output of up to 370K bbl/day of oil by the end of 2017, the project's managing director says.
    • Kashagan began production in September 2013 but output was halted a few weeks later after leaks were detected in its pipes.
    • The consortium behind Kashagan includes Exxon Mobil (NYSE:XOM), Royal Dutch Shell (RDS.A, RDS.B), Eni (NYSE:E), Total (NYSE:TOT), China's CNPC, Japan's Inpex and Kazakh state-run company KazMunaiGas.
  • Mon, Jun. 8, 10:49 AM
    • Exxon Mobil (NYSE:XOM) will get help from the U.S. government in paying for clean-up costs at two refineries that produced billions of gallons of aviation fuel for allied forces during World War II and the Korean War.
    • A federal judge says she will decide later the U.S. share of the cost, but XOM says it will cost more than the $71M it already spent; the facilities in Baytown, Tex., and Baton Rouge, La., are among the biggest U.S. refineries.
    • The decision conflicts with an earlier ruling of the Court of Federal Claims, which said this year that the government did not have to help pay for wartime environmental cleanup at a Shell Oil refinery.
  • Mon, Jun. 8, 8:40 AM
    • Tanzania’s known natural gas reserves have increased by up to 18% in the last 12 months to 55T cf, up from 46.5T cf last June, following a number of discoveries in blocks off the country’s southeastern coast, the energy and minerals ministry says.
    • Also, the 532-km gas pipeline connecting the offshore oilfields to the port city of Dar Es Salaam is complete and will be commissioned in September, the minister says.
    • Companies including Exxon Mobil (NYSE:XOM), Statoil (NYSE:STO), Eni (NYSE:E) and BG Group (OTCPK:BRGXF, OTCQX:BRGYY) have made a series of finds off the coast of Tanzania and Mozambique in recent years, making the region a hotspot for energy investors; more than 100T cf of natural gas already have been discovered in Mozambique alone.
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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.