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Exxon Mobil Corporation (XOM)

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  • Jun. 20, 2013, 2:19 PM
    Exxon Mobil (XOM -1.2%) reportedly is shutting the crude distillation unit at the 150K bbl/day Torrance, Calif., refinery for a week or two of unplanned maintenance related to a metallurgical issue. The rest of the units at the plant will operate at about half of normal rates while the unit is out of commission. Torrance makes nearly 10% of California’s gasoline and provides jet fuel to L.A. International Airport by pipeline.
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  • Jun. 20, 2013, 2:04 PM
    Exxon Mobil (XOM -1.1%) has asked Canada for permission to export 30M metric tons of liquefied natural gas annually from British Columbia, as it assesses potential construction sites for an LNG plant that would include six processing units in the Kitimat and Prince Rupert areas. XOM and its Imperial Oil (IMO) subsidiary would supply the proposed plant with gas from fields in western Canada.
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  • Jun. 18, 2013, 5:41 PM
    Canada hikes the liability cap for oil spills in Atlantic and Arctic waters to C$1B, up from the respective $30M and $40M limits under existing rules. The changes deal only with offshore activity, which is poised to accelerate as companies begin assessing prospective new fields on the East and Arctic coasts.
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  • Jun. 17, 2013, 3:58 PM
    Exxon Mobil (XOM +1%) subsidiary XTO Energy announces the startup of a facility in Pennsylvania to recover marketable liquids from the region's natural gas. The 340-acre facility is the first of its kind for XTO in the Appalachia region and includes 40 miles of connecting pipeline; two gas compressor stations feed the facility, designed to treat ~125M cubic feet/day of natural gas.
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  • Jun. 15, 2013, 9:05 AM
    This week, Exxon Mobil (XOM) CEO Rex Tillerson made a public plea, arguing that government delays of natural gas export permits is hurting the U.S.: "It’s a competitive marketplace. It’s not like people are just going to stand at our door like panting dogs just waiting for us to give [LNG] to them." He says he left a meeting with the new energy secretary with no idea when XOM’s $10B Golden Pass LNG project might be approved.
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  • Jun. 14, 2013, 8:29 AM
    Owners of prospective U.K. shale acreage reportedly spurned interest from four of the world's oil majors - Exxon (XOM), Shell (RDS.A), Total (TOT) and Statoil (STO) - in favor of a deal with Centrica (CPYYF.PK) due to its perceived ability to more easily maneuver through political risks. The deal highlights the growing interest in U.K. shale gas reserves even though it's not known if gas can be commercially produced from the license area.
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  • Jun. 13, 2013, 4:32 PM
    The U.S. Department of Justice and the state of Arkansas file a joint enforcement action against Exxon Mobil (XOM) over the Pegasus pipeline oil spill in Arkansas alleging improper waste storage and water contamination. XOM garnered press for its fast response to the accident, but it's not enough to placate some residents or politicians.
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  • Jun. 13, 2013, 3:56 PM
    Imperial Oil (IMO +2.5%) says output from its recently opened Kearl oil sands project is set to grow to its full 110K bbl/day capacity over the summer as it completes work on the project. IMO also says a final decision on the future of its 82K bbl/day Dartmouth, Nova Scotia, refinery could come by month's end. IMO, ~70% owned by Exxon (XOM +1.8%), put the refinery up for sale more than a year ago.
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  • Jun. 12, 2013, 4:46 PM
    Exxon Mobil (XOM) is given time by regulators to run a second round of tests on the ruptured Pegasus oil pipeline in Arkansas after an initial investigation was considered inconclusive. The 70-year-old, 95K bbl/day line has been shut since a March spill which has sparked concerns about transporting Canada's tar sands on aging U.S. infrastructure.
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  • Jun. 12, 2013, 9:48 AM
    Myanmar’s success - or not - in becoming Asia's new economic miracle nation will be largely decided by natural gas, with Exxon (XOM), Total (TOT) and other energy majors lining up for a share of its "frozen in time" oilfields. At least 20 new blocks will be tendered before next year, with onshore and offshore exploration possibilities available. Myanmar sits between China and India, both of which would be ready, easy markets.
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  • Jun. 12, 2013, 8:29 AM
    Rosneft (RNFTF.PK) and Exxon Mobil (XOM) sign final agreements establishing a joint Arctic Research Center in Russia and an over-arching technology sharing agreement to support the companies' joint ventures worldwide. XOM will fund the initial $200M investment in the center, with each company equally funding the next $250M.
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  • Jun. 11, 2013, 3:15 PM
    Nigeria's President says his country will seek to recover $7.8B that audits carried out by a government watchdog found oil companies operating there owed the government in unpaid and underpaid taxes. Foreign oil companies operating in Nigeria include Royal Dutch Shell (RDS.A, RDS.B), Eni (E), Total (TOT), Exxon Mobil (XOM) and Chevron (CVX).
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  • Jun. 11, 2013, 11:20 AM
    Exxon Mobil (XOM -0.4%) is in talks with TPAO to buy a stake in a block in the Black Sea, the acting head of the Turkish state-owned energy company tells Reuters, as the country looks for ways to reduce its import dependence. XOM's reported interest in the block comes as no surprise, given its partnerships in the region with Russia’s Rosneft and also in Iraq and Kurdistan.
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  • Jun. 5, 2013, 5:25 PM
    ConocoPhillips (COP), Suncor (SU) and Husky Energy (HUSKF.PK) offer the best value among energy shares, with Exxon (XOM) and Murphy Oil (MUR) at the bottom of the value heap, Barclays says. COP will rely on its "unmatched" North American unconventional oil portfolio to get better returns for its investments, the firm says in upgrading shares to Overweight with an $80 target (from $67).
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  • Jun. 5, 2013, 4:54 PM
    Exxon's (XOM) move to invest in InterOil's (IOC) natural gas assets in Papua New Guinea has sparked concerns Oil Search (OISHF.PK) and Santos (STOSF.PK) will be left behind, but Macquarie’s Adrian Wood says the Australian partners shouldn't worry. He thinks they'll benefit from XOM’s PNG LNG gas export project regardless of whose gas is fed through it.
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  • Jun. 4, 2013, 11:26 AM
    A major increase in planned activity in the Middle East and other parts of Asia will drive a 10% rise in global energy exploration and production spending to a record high $678B this year, according to a Barclays survey which also foresees PetroChina (PTR) as the largest spender on E&P in the world in 2013, overtaking Exxon Mobil (XOM) for the first time.
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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.