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Exxon Mobil Corporation (XOM)

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  • Dec. 10, 2012, 9:48 AM
    Cnooc (CEO +0.5%) raises its production outside China to one-third from one-sixth, as its takeover of Nexen (NXY +14.4%) brings assets from the North Sea, Gulf of Mexico and Nigeria. CEO and Sinopec (SNP) may be encouraged to pursue ambitious deals elsewhere, with Talisman, Tullow and BG Group among possible targets. But considering Exxon Mobil's (XOM) lost luster, bigger may not mean better.
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  • Dec. 7, 2012, 8:55 AM
    Exxon Mobil (XOM) agrees to sell two shale gas exploration concessions in Poland to the country's top refiner, PKN Orlen, for an undisclosed price. XOM dropped its exploration plans in June after test wells failed to produce commercial quantities of gas. With the sale, XOM will have given up five of its six concessions in the country.
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  • Dec. 7, 2012, 8:26 AM
    Exxon Mobil (XOM) plans to spend as much as $300M on a pilot project with OAO Rosneft (RNFTF.PK) to tap tight oil resources in Russia. State-run Rosneft will own 51% and XOM will hold 49% of the venture that will explore the Achimov and Bazhenov formations in western Siberia next year.
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  • Dec. 6, 2012, 4:48 PM
    A partnership of Imperial Oil (IMO), Exxon Mobil (XOM) and BP could file for regulatory approval to restart exploration drilling in the Canadian Arctic - estimated to hold 90B barrels of recoverable oil - as early as summer 2013, the Northwest Territories industry minister says. IMO takes a more cautious line, saying it's not yet at the point of confirming a timetable.
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  • Dec. 6, 2012, 6:13 AM
    The cost of the Chevron (CVX) led Gorgon LNG project off the northwest coast of Australia has soared by $15B to $52B, due to rising wages, weak productivity, logistical problems, bad weather and the strong Australian dollar. Production could also be delayed. Chevron owns 50% of Gorgon, while Exxon (XOM) and Shell (RDS.A) own 25% each. (Chevron production update)
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  • Dec. 4, 2012, 2:18 PM
    Exxon Mobil (XOM -0.2%) CEO Rex Tillerson will receive a bonus of $4.59M in cash and shares, up 5% Y/Y, with half paid in cash by year-end and the other half linked to the company's earnings, according to an SEC filing. Tillerson also will receive 225K restricted XOM shares, worth nearly $19.7M at today's price. XOM has gained ~3% YTD.
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  • Dec. 4, 2012, 12:26 PM
    Nigeria, Africa's top oil producer, is in talks with Shell (RDS.A, RDS.B), Exxon Mobil (XOM) and other energy producers to reach an agreement on taxes that would increase the country’s share of profits from oil pumped off its shores. The government claims extraction laws are based on $20 crude and unrealistic at today's prices; the companies warn against driving away investment.
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  • Dec. 3, 2012, 8:54 AM
    ExxonMobil (XOM) and Talisman Energy (TLM) reportedly are in talks with Poland's largest oil firm PKN Orlen to sell their Polish shale gas exploration licenses. Energy companies operating in Poland are said to be concerned about planned taxation and the involvement of the state once the industry starts producing commercial volumes of shale gas there.
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  • Nov. 30, 2012, 8:33 AM
    Eni (E) says it is not interested in exercising its right of first refusal on ConocoPhillips' (COP) stake in Kazakhstan's Kashagan oilfield. COP's Kashagan partners - including XOM, RDS.A and TOT, along with Eni - have nearly two months to decide whether they want the 8.4% stake in the project promised to India's ONGC.
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  • Nov. 29, 2012, 2:46 PM
    Exxon Mobil (XOM) loses another key executive, as principal financial officer and 36-year company man Donald Humphreys is retiring. Investors often rue the loss of a veteran financial exec because "the finance guys generally know the real ins and outs of the company’s books," Jon Ogg writes, but this retirement appears to pass the sniff test.
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  • Nov. 29, 2012, 4:34 AM
    While ExxonMobil (XOM) is counting on around 20 new oil and gas projects around the world to help reverse its declining output, some analysts are skeptical that the facilities will open on time by 2014 and that they'll bear as much fruit as much as the company expects. And nor will they make up for Exxon's exit from a massive project in Southern Iraq.
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  • Nov. 28, 2012, 4:44 PM
    Chevron (CVX) and ConocoPhillips (COP) are the top bidders in the U.S. auction for drilling rights in the western Gulf of Mexico. CVX submitts the top sum of high bids at $56M, and pays the top bid for a single tract ($17.2M). COP submits the most high bids, 62, worth $52M overall. Exxon's (XOM) four successful bids are in deepwater blocks that will take years to develop.
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  • Nov. 28, 2012, 9:19 AM
    Imperial Oil (IMO) is spending $1.5B to buy into ExxonMobil’s (XOM) acquisition of fellow Canadian player Celtic Exploration (CEXJF.PK), gaining a 50% stake to complete the earlier transaction where XOM agreed to buy Celtic outright for ~$2.6B. The pair will gain access to 545K net acres in the liquids-rich Montney shale and 104K net acres in the Duvernay shale via the Celtic takeover.
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  • Nov. 28, 2012, 5:45 AM
    Lukoil (LUKFY.OB) will decide by the end of the year whether to acquire ExxonMobil's (XOM) stake in the massive West Qurna-1 oilfield in Iraq as it seeks to make up for falling output at depleted Russian reserves. Lukoil already drills in the West Qurna-2 deposit and controls the biggest reserves in the country among the foreign firms that operate there. Exxon has reportedly set a bid deadline of December 5.
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  • Nov. 27, 2012, 12:29 PM
    Other parts of the world look upon the U.S. shale boom with envy, and Europe's answer may lie beneath the Sahara desert. Algeria, with 231T cubic ft. of recoverable shale gas, is using tax breaks to attract the likes of Exxon Mobil (XOM) to develop its potentially vast reserves. Pipelines under the Mediterranean to Spain and Italy already link Africa’s largest gas exporter into Europe’s grid.
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  • Nov. 27, 2012, 10:33 AM
    ConocoPhillips' (COP) partners in the Kashagan field have 60 days to decide whether they want the 8.4% stake promised to India's Oil and Natural Gas Corp., but they may take a pass given the project's ongoing problems. With the first phase alone costing $48B and production already delayed seven years, it’s no wonder COP prefers to concentrate on lower-risk, higher-return possibilities in the U.S.
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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.