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Exxon Mobil Corporation (XOM)

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  • Jun. 3, 2013, 5:06 AM
    Recent oil-tax reform in Alaska has put the state "back in the game," says BP (BP), which, along with partners ExxonMobil (XOM) and ConocoPhillips (COP), intends to invest an extra $1B over the next five years in the massive Prudhoe Bay field on the North Slope. The companies are also looking at a plan to spend a further $3B on projects in order to raise production.
  • May 31, 2013, 12:48 PM
    Peru's government launches a public auction for nine offshore oil concessions expected to attract investments worth at least $450M. State-owned Perupetro says at least 20 companies, including Exxon Mobil (XOM) and Chevron (CVX), likely will participate. Petroperu will have the option to participate with up to a 25% stake in each concession, but it won't invest in exploration.
  • May 30, 2013, 8:35 AM
    Exxon Mobil (XOM) begins production at a new ethylene cracker in Singapore that will serve a growing Asian market for petrochemical products. The expansion adds production of ~1.4M metric tons/year of polymers and elastomers; the complex is now XOM's largest and will produce ~2.6M metric tons/year of finished product.
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  • May 29, 2013, 3:12 PM
    More from Exxon Mobil's (XOM -0.3%) annual meeting: Shareholders reject proposals to set emissions goals and another to ban discrimination against gays, elect former JNJ CEO William Weldon to its board, and voice some discontent over CEO Rex Tillerson's ~$40M compensation - a say-on-pay resolution received 71% approval vs. 78% a year ago. (earlier)
  • May 29, 2013, 12:27 PM
    Exxon Mobil's (XOM -0.6%) expansion of its Kearl oil sands project in Canada is 30% complete and remains on target for startup in 2015, and the Papua New Guinea liquefied natural gas project is on schedule for 2014, CEO Rex Tillerson says at the company's annual meeting. Both projects are part of 31 major project startups XOM has scheduled for 2012-17.
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  • May 28, 2013, 9:53 AM
    The market's misinterpretation of InterOil's (IOC -1.2%) Friday announcement of exclusive talks with Exxon Mobil (XOM) on development of its Elk/Antelope resource resulted in a 7.5% stock price drop but now presents an "extraordinary buying opportunity," Resourcearb writes. But the latest news only "raises more questions than answers," Keubiko counters, reflecting the prevailing view.
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  • May 28, 2013, 7:53 AM
    Statoil (STO) makes a discovery in the vicinity of the Grane field in the North Sea containing 18M-33M barrels of recoverable oil. Although the volumes are moderate, STO says "these are fast, high value barrels that are important for extending the production life of existing installations." STO is Grane's operator with a 36.6% stake; partners include Exxon (XOM) and ConocoPhillips (COP).
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  • May 27, 2013, 4:28 AM
    Exxon (XOM) could expand its $19B Papua New Guinea LNG project as part of talks with Interoil to develop the Elk and Antelope fields, Exxon VP Mark Nolan says. While there's no timeline for finalizing a deal, Nolan indicates that it could be soon.
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  • May 24, 2013, 9:47 AM
    Exxon's (XOM -0.4%) arrival as a tentative partner gives InterOil's (IOC +6.9%) Elk/Antelope resource a blue chip "stamp of approval," Raymond James writes, but "the market's enthusiasm will be tempered by the fact that a deal has yet to be finalized." Still unknown: how much of the resource will be monetized; the timing of a final deal; and "most importantly," the purchase price.
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  • May 24, 2013, 7:53 AM
    InterOil (IOC) +10.1% premarket on news it has entered into exclusive negotiations with ExxonMobil (XOM) to develop the Elk and Antelope gas fields IOC owns in Papua New Guinea. The discussions include the possibility of XOM purchasing a stake in Petroleum Retention License 15 and providing funding to drill additional wells in the Elk and Antelope fields.
  • May 23, 2013, 10:43 AM
    The fastest revenue growth in the oil industry is putting Papua New Guinea’s Oil Search (OISHF.PK) in line for Asia's largest-ever energy takeover, Bloomberg speculates. Its $19B PNG LNG venture with Exxon, sure to spin off lots of cash, starts shipments to Asia next year, and the 80%-complete project is supported by the government and local communities. XOM, TOT and Australia's Woodside could be interested.
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  • May 23, 2013, 8:39 AM
    PetroChina (PTR) says it will seek to increase cooperation with companies including Exxon (XOM), BP, Shell (RDS.A), Chevron (CVX) and Eni (E), potentially teaming up to make acquisitions or joint exploration activities, as it makes expansion abroad a priority. PTR plans to invest ~$60B this decade in global oil and natural gas assets to increase the share of overseas output to half of its total.
  • May 20, 2013, 10:47 AM
    Abu Dhabi’s state oil company is under pressure to take a quick decision on which foreign companies will get concessions in one of the few major oil producing areas in the Persian Gulf where international companies are still allowed to hold an equity interest. Prequalified companies are BP, XOM, RDS.A, TOT, STO,OXY, E, PTR, OJSCY.OB, Inpex, Korea National Oil.
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  • May 17, 2013, 11:58 AM
    Major oil producers launch a joint program to beef up their Arctic oil spill response plan in a bid to convince the Arctic Council they are ready for large-scale development in the region. There are plenty of doubters, of course, and incidents such as BP 2010 Gulf of Mexico spill and Shell's recent problems north of Alaska with two drill ships don't help.
  • May 16, 2013, 6:30 PM
    Exxon (XOM) averts a strike at its Baytown refinery, second largest in the U.S., after the United Steelworkers last night ratified a new agreement. Among the changes, XOM will establish a limit on the number of consecutive days an employee can work at the refinery and create a full-time process safety representative to address safety concerns.
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  • May 15, 2013, 5:21 PM
    Better-than-expected results from Brazil's oil exploration rights auction show operators were undeterred by Brazil’s local-content rules or Chevron's treatment in the wake of the Frade oil spill. In fact, CVX was one of the winning bidders, joining the likes of XOM, BP and PBR. The auction put things in perspective: Brazil has huge potential, and is a much less risky place than Nigeria, Russia or Venezuela.
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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.