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Exxon Mobil Corporation (XOM)

  • Jul. 16, 2013, 2:10 AM
    The surge in natural gas output in North America has reduced the appeal of Australia as a source of energy, where major international companies such as Chevron (CVX), Exxon Mobil (XOM) and Shell (RDS.A) are investing over $160B in various projects. With U.S. prices low and the country beginning to increase exports, another $100B of spending in Australia is at risk, especially as the high Aussie dollar and labor shortages have helped costs balloon at current projects.
  • Jul. 12, 2013, 8:55 AM
    Exxon Mobil (XOM) is so confident of prospects in the Black Sea it will spend $735M to drill just two deepwater wells off Ukraine’s coast, and the government plans to sign a completed exploration agreement with XOM later this year, according to an energy ministry official. The Black Sea is almost untouched by the oil industry, with fewer than 100 wells drilled vs. more than 7,000 in the North Sea.
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  • Jul. 11, 2013, 5:31 PM
    InterOil's (IOC) new CEO Michael Hession is hitting the ground running, Raymond James says in maintaining its Outperform rating and $100 price target. Hession's introductory remarks show his immediate priority is to finalize the resource sell-down with Exxon (XOM), the firm believes, adding that it thinks essentially all key terms already have been agreed by the two sides.
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  • Jul. 11, 2013, 2:32 PM
    An independent report blames manufacturing defects for the failure of Exxon Mobil's (XOM) Pegasus pipeline that spilled 150K gallons of crude oil into an Arkansas town in March. The report found cracks near a seam that failed; XOM is quick to point out that corrosion in the 70-year-old pipeline wasn’t a contributing factor in the spill.
  • Jul. 11, 2013, 12:57 PM
    Chevron (CVX -0.2%) hovers around breakeven and most energy stocks are positive despite CVX's warning that lower oil and gas production would hurt Q2 earnings. Wall Street analysts barely notice; UBS even raises its Q2 EPS estimates. CVX won’t report full results until next month, but its interim update is watched as a bellwether for other big oil names like Exxon (XOM +0.4%) and ConocoPhillips (COP +0.7%).
  • Jul. 11, 2013, 8:42 AM
    New InterOil (IOC) CEO Michael Hession says he wants to keep open the option of building a new gas-export plant in Papua New Guinea, potentially putting it at odds with Exxon's (XOM) plan to expand an existing project there. "I'm coming onboard to build InterOil into a true LNG player. So it's not my intention that we do a sale without carrying forward any interest in this project," says Hession, who takes the reins today.
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  • Jul. 10, 2013, 2:28 PM
    Angola will produce 2M bbl/day of oil next year or in 2015, meeting a target it had planned to reach in 2013, the country’s oil minister says. Production this year has averaged 1.75M bbl/day while reserves are now ~12.78B barrels, which could rise as the country starts to explore pre-salt reserves in an area stretching 1,100 km. Among companies operating in Angola: BP, XOM, CVX, TOT.
  • Jul. 9, 2013, 6:16 PM
    Barclays is warning investors to brace for another middling quarter of earnings from the biggest energy names. The firm tabs Exxon (XOM), where a heavy schedule of planned and unplanned outages have resulted in a ~$400M opportunity cost loss, and Alon USA Energy (ALJ), hit by unplanned repairs at its Krotz Springs, La., refinery, as the biggest downside surprises.
  • Jul. 5, 2013, 4:43 PM
    An energy project backed by Malaysia's Petronas applies for a permit to export liquefied natural gas from British Columbia, becoming the sixth such planned facility on Canada's Pacific coast. Pacific NorthWest LNG wants to export up to 19.68M metric tons/year of LNG from the ~$20B project for 25 years starting in 2019. Among oil majors involved in competing B.C. projects: XOM, IMO, APA, CVX, RDS.A.
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  • Jul. 5, 2013, 3:38 PM
    Poland has plenty of gas, but hopes it can lead a shale gas boom in Europe are fading fast as energy companies say government red tape is delaying commercial output and draft proposals to cut bureaucracy don't go far enough. If shale gas fails to live up to the potential, the chief beneficiary would be Russia's Gazprom, which would continue to be Poland's biggest gas supplier.
  • Jul. 2, 2013, 9:05 AM
    Kazakhstan's government says it will exercise its right of first refusal and acquire the 8.4% stake held by ConocoPhillips (COP) to develop the giant Kashagan oil field. After state-owned KazMunaiGaz completes the deal, it would hold a 16.88% stake in the $48B project; Exxon Mobil (XOM), Royal Dutch Shell (RDS.A, RDS.B), Total (TOT) and Eni (E) each would own 16.81%, China's CNPC 8.33% and Japan's Inpex 7.56%.
  • Jul. 1, 2013, 11:57 AM
    McDermott (MDR +1%) is awarded an engineering, procurement and construction contract by Exxon Mobil (XOM) to provide subsea infrastructure for the $4B Julia development in the Gulf of Mexico. MDR's win comes after FMC Tech (FTI), Oceaneering (OII) and Technip picked up other subsea contracts on the development, where Statoil (STO) is a 50% partner.
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  • Jun. 28, 2013, 1:41 PM
    Exxon (XOM +0.3%) reportedly pays a near-record $100K per day to charter the American Phoenix oil tanker from Koch Shipping. The vessel was supposedly the only available Jones Act tanker available for lease and the price paid "suggests the market remains tight," Reuters says.
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  • Jun. 27, 2013, 7:58 AM
    U.K. shale gas resources may be far greater than previously thought, with as much as 1,300T cubic feet of gas in the Bowland shale area alone, the British Geological Survey reports. The findings are issued as ministers reportedly are set to announce financial incentives for communities where fracking takes place of 1% of revenues generated by a well over its lifetime.
  • Jun. 26, 2013, 4:41 AM
    More cyber-attacks hit the oil and gas sector from April to September 2012 than any other industry, a report from the U.S. Council on Foreign Relations (CFR) says. Assaults take two main forms: one is cyber espionage, with Chinese hackers, for example, stealing gigabytes of material such as bidding information on lease auctions in a campaign that ran from 2008-2011. The other form is disruption to critical businesses and physical operations.
  • Jun. 25, 2013, 3:23 PM
    It's time to readjust portfolios towards energy to remain safe in more turbulent bond and stock markets, TheStreet's Dan Dicker writes; investing in a staple commodity requires buying staple-like oil companies, especially E&P names that can monetize a sticky and high price for oil. Yield generators such as XOM and CVX will lag, while higher beta names such as APC, NBL and EOG will outperform.
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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.