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Exxon Mobil Corporation (XOM)

  • Jan. 25, 2013, 12:50 PM
    Exxon (XOM +0.2%) again surpasses Apple (AAPL -2.6%) as the world's most valuable company - $417.5B in market cap vs. $412.5B - after the latter's shares slide 14.5% since its earnings report earlier this week. It's a tortoise vs. hare tale: "You have one company that had pretty high expectations for it for the future, and you have Exxon that continues to chip away slow and steady," one analyst sums up.
  • Jan. 25, 2013, 10:59 AM
    If the Keystone pipeline is approved, analysts are more interested in Canadian oil producers and refiners along the Gulf of Mexico that can process the heavy stuff flowing south than in TransCanada (TRP) and rival pipeline operator Enbridge (ENB), whose gains are priced in. RBC likes SU, CNQ, BTE and MEGEF.PK, while Edward Jones prefers CVE, IMO, XOM, PSX and VLO along with SU.
  • Jan. 23, 2013, 11:29 AM
    Exxon (XOM) likely would need to see improved conditions on its West Qurna deal to stay in Iraq, but that may be happening, as CEO Rex Tillerson met with Iraqi PM al-Maliki. "You don't engage at CEO level unless there is something substantial on the table," a rival says. West Qurna is a great potential prize, but oil majors have been lured to Kurdistan by better contract terms and less bureaucracy.
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  • Jan. 23, 2013, 5:45 AM
    Iraq has reportedly made an offer to Exxon (XOM) to stay in the country, although it's not clear what the proposal involves. Exxon has put its 60% stake in the huge southern West Qurna-1 oilfield up for sale after upsetting Baghdad by signing deals with the Kurdish region, which is in dispute with Iraq over oil resources. Following the offer from Baghdad, Exxon CEO Rex Tillerson met the president of Iraqi Kurdistan at the Davos conference yesterday.
  • Jan. 22, 2013, 9:57 AM
    BG Group's (BRGYY.PK) valuation falling by half in less than two years is making it vulnerable to a takeover, Bloomberg speculates. BG has stakes in oilfields off Brazil and expanding gas projects from Canada to Australia; some analysts say XOM could be lured to BG to help fuel growth as its production drops, or BP could seek a combination with BG to challenge Shell as Europe's largest oil company.
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  • Jan. 16, 2013, 11:33 AM
    Energy bankers hoping for another big year of M&A shouldn't fret too much about forecasts for oil and natural gas prices, since fear could make 2013 another bumper year for deals. Right now, it looks cheaper to buy barrels on the stock market via deals than drill for them: Bernstein says oil majors such as XOM and CVX trade at an average enterprise value of less than $15/boe of proved reserves.
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  • Jan. 15, 2013, 6:21 PM
    Statoil (STO) was the biggest winner in Norway's energy auction today, receiving 14 licenses including seven operatorships spread across the North, Norwegian and Barents seas. Shell (RDS.A) and Total (TOT) received the most operatorships among non-Norwegian firms, with four each; they received five and eight licenses, respectively. XOM, CVX and COP also picked off a few licenses.
  • Jan. 14, 2013, 5:40 PM
    ExxonMobil (XOM) knew in 1984 that adding the chemical MTBE to gasoline to make it burn more thoroughly would triple incidents of groundwater contamination, lawyers for New Hampshire say at the opening of an $800M trial. XOM says the federal Clean Air Act overrides the state claims, and it was complying with a U.S. mandate to supply fuel that would burn more cleanly.
  • Jan. 11, 2013, 12:47 PM
    Chevron (CVX +1.2%) bucks today's downtrend in energy stocks after its healthy interim update, which bodes well for upcoming earnings from ExxonMobil (XOM +0.2%) and other big oil peers. “All these companies are subject to the same general price realizations and market pressures, so they tend to move in the same general direction over time," an analyst says.
  • Jan. 7, 2013, 5:17 PM
    Global spending on oil and gas exploration and production should rise 5.5% to $645B in 2013, Dahlman Rose's James Crandell calculates, based on an average 2013 oil price of $89.94/bbl. and natural gas at $3.43/Mbtu. Supermajors are projected to spend 9% more Y/Y; Chevron (CVX) should spend $23.4B, up 24%, vs. a 1% decline to $21.8B by Exxon (XOM) and an 8% jump at Total (TOT) to $19B.
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  • Jan. 7, 2013, 2:43 PM
    Exxon's (XOM -1.4%) plans to spend $14B to develop the Hebron oil field offshore Newfoundland hope to yield 700M barrels of oil, but the economics look challenging, Chris Helman writes. Canadian heavy crude trades at a $35/bbl. discount to WTI, or ~$58/bbl.; at that price, XOM and partners will have to sell 240M barrels of Hebron crude just to pay back construction costs.
  • Jan. 4, 2013, 12:41 PM
    Exxon Mobil (XOM) announces plans to move forward with the next major offshore oil project in the North Atlantic, the $14B Hebron development off the Newfoundland coast. XOM says Hebron will be produced with an iceberg-resistant gravity-based platform designed to pump 150K bbl/day. Partners include CVX, SU and STO. First oil is expected by 2017.
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  • Jan. 2, 2013, 3:47 PM
    A report by federal investigators says Exxon Mobil (XOM) could have reduced the amount of oil spilled after a July 2011 Montana pipeline rupture if it had taken faster action. The report says the volume of the 1,500-barrel spill into the Yellowstone River would have been far less if upstream valves were immediately closed, according to the AP.
  • Dec. 24, 2012, 11:36 AM
    Russia's Lukoil (LUKOF.PK, LUKOY.PK) decides against joining the development of Iraq's West Qurna-1 oilfield, citing high risks, paving the way for Chinese companies to enter the project. PetroChina (PTR) is believed to be the frontrunner to take over ExxonMobil's (XOM) 60% stake in the field. Lukoil still owns a 75% stake in the West Qurna-2 field.
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  • Dec. 21, 2012, 8:28 AM
    Statoil (STO) and partner ExxonMobil (XOM) find more gas offshore Tanzania, its third discovery in the country this year. STO did not release an estimate for the find but said it was "promising" and new figures would be revealed in 2013; it had already found ~9T cubic ft. of gas in the area and said it would need another 3T to make commercial development viable.
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  • Dec. 20, 2012, 12:19 PM
    PetroChina (PTR) reportedly has emerged as the frontrunner to take over ExxonMobil's (XOM) 60% stake in Iraq's West Qurna-1 oilfield. An XOM departure would all but wipe out the U.S. presence in Iraq's southern oilfields; Chinese companies would come to dominate Iraq with ~32% of the reserves found in service contracts awarded to foreign companies, up from 21% now.
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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.