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Exxon Mobil Corporation (XOM)

  • Apr. 29, 2013, 7:55 PM
    Imperial Oil’s (IMO) Kearl oil sands project is up and running, five months after the original target date. Kearl is expected to produce ~110K bbl/day of heavy crude by year's end, en route to doubling IMO's production to 600K-plus bbl/day by 2020. It could be weeks before oil from Kearl hits the market, as IMO still has to fill storage tanks and a pipeline to the facility before any crude can be released.
    | Apr. 29, 2013, 7:55 PM | Comment!
  • Apr. 29, 2013, 11:49 AM
    Union workers at Exxon's (XOM +0.4%) Baytown, Tex., refinery threaten to strike in June over safety concerns.The United Steelworkers says ~850 employees could halt work at the 500K bbl/day refinery - the second-largest in the U.S. - unless XOM agrees to new contract language on safety at the plant. XOM has experienced recent safety problems with its operations, including a spill from a  pipeline in Arkansas and a fire at its Beaumont complex that critically injured three workers.
    | Apr. 29, 2013, 11:49 AM | 3 Comments
  • Apr. 29, 2013, 8:59 AM
    KazMunaiGas, Kazakhstan's no. 2 oil producer, says it plans to invest ~$10B in exploration during the next 10 years as it aims to nearly double its oil and gas reserves, but it will not buy out ConocoPhillips' (COP) 8.4% stake in the Kashagan field, the world's largest oil discovery in more than four decades. KazMunai holds a 16.8% stake in Kashagan, along with XOM, TOT, RDS.A and E.
    | Apr. 29, 2013, 8:59 AM | Comment!
  • Apr. 28, 2013, 5:01 AM
    Following months of delays and amid rising costs, Exxon Mobil (XOM) has finally started output at its C$12.9B ($12.7B) Kearl oil sands project in Alberta in Canada. The facility will produce 110,000 bpd of "resource" in its initial phase this year and 4.6B barrels over the next four decades. Kearl is operated by Exxon unit Imperial Oil (IMO). (PR)
    | Apr. 28, 2013, 5:01 AM | 7 Comments
  • Apr. 26, 2013, 4:54 PM
    Recent underperformance in Exxon's (XOM) shares is unwarranted and is about to turn a corner, Cowen says, but not everyone on Wall Street agrees. Goldman Sachs is Neutral on XOM following Q1 earnings and sees production declines and reductions in overall cash returns. Deutsche Bank paints the entire integrated oil sector (XLE) with a broad brush: "no growth and declining returns."
    | Apr. 26, 2013, 4:54 PM | 2 Comments
  • Apr. 25, 2013, 2:34 PM
    "It’s going to be a very rough ride” for the oil majors, Oppenheimer's Fadel Gheit says in response to Exxon's (XOM -1%) nearly flat profit growth, falling production and rising costs. “If oil prices go down from here, no major integrated oil company will beat the S&P." Top oil producers may need to try something radical to reward their shareholders, such as the spinoffs of refining businesses by Marathon Oil and Conoco.
    | Apr. 25, 2013, 2:34 PM | 7 Comments
  • Apr. 25, 2013, 11:41 AM
    Exxon's (XOM -1.1%) headline earnings beat isn't holding up to investor scrutiny, as shares slide on concerns about declining production, lower profits and a reduction in money set aside for share buybacks. Earnings for XOM’s bread and butter upstream E&P business were lower. The earnings beat was mostly focused in the corporate segment with modest outperformance from operational segments.
    | Apr. 25, 2013, 11:41 AM | 1 Comment
  • Apr. 25, 2013, 10:43 AM
    Cobalt Energy (CIE +1.8%), which has doubled in value since going public in 2009 but still trades at a substantial discount to the value of its underlying assets, is turning into a takeover target for energy companies attracted to its oil finds from Africa to the Gulf of Mexico, Bloomberg writes. CIE’s assets are "a needle mover" for a large international player, Guggenheim says.
    | Apr. 25, 2013, 10:43 AM | 1 Comment
  • Apr. 25, 2013, 9:47 AM
    Anadarko Petroleum (APC +0.2%) says it discovered a new deepwater Gulf of Mexico oil play, as its Phobos-1 well entered ~250 net feet of high-quality oil; the find marks APC's third deepwater success this year. Co-owners include Plains Exploration (PXP -0.6%), with a 50% working interest, and Exxon (XOM -1.4%), with a 20% working interest.
    | Apr. 25, 2013, 9:47 AM | Comment!
  • Apr. 25, 2013, 8:49 AM
    More on Exxon Mobil's (XOMQ1 results: E&P earnings declined 9.8% to $7.04B as total oil and natural gas production fell 3.5% Y/Y to 4.395M boe/day. Refining and marketing earnings fell 2.6% to $1.55B while refining-driven margins increased earnings by $780M. Chemical profits rose 62%; corporate and financing expenses fell sharply due to "favorable tax impacts." Shares -0.5% premarket.
    | Apr. 25, 2013, 8:49 AM | 1 Comment
  • Apr. 25, 2013, 8:16 AM
    Exxon Mobil (XOM): Q1 EPS of $2.12 beats by $0.07. Revenue of $108.8B misses by $11.03B.
    | Apr. 25, 2013, 8:16 AM | 1 Comment
  • Apr. 24, 2013, 3:16 PM
    Exxon Mobil Corporation (XOM) declares $0.63/share quarterly dividend, 10.5% increase from prior dividend of $0.57. Forward yield 2.81%. For shareholders of record May 13. Payable June 10. Ex-div date May 09. (PR)
    | Apr. 24, 2013, 3:16 PM | Comment!
  • Apr. 24, 2013, 2:21 PM
    Exxon Mobil (XOM +0.4%) announces a $0.06 hike in its quarterly dividend to $0.63, marking the company's 31st consecutive year of raising its dividend. Rival Chevron (CVX) likely will boost its dividend near its earnings report Friday, but with a higher dividend than XOM ($0.90), it may be under less pressure to match XOM's 10.5% raise.
    | Apr. 24, 2013, 2:21 PM | Comment!
  • Apr. 24, 2013, 10:57 AM
    InterOil’s (IOC +5.4%) promise to come up with a credible partner for its LNG project in Papua New Guinea may mean it needs to make an announcement "in a matter of weeks" and Exxon (XOM) may be the most likely partner, according to PNG Industry News. IOC also says it has adopted a new shareholder rights plan and bylaws, though there's no report of takeover interest.
    | Apr. 24, 2013, 10:57 AM | Comment!
  • Apr. 24, 2013, 8:45 AM
    The sudden retirement of InterOil (IOC) CEO Phil Mulacek should speed the securing of a major JV partner for its Gulf LNG project in Papua New Guinea, Raymond James analyst Pavel Molchanov says. Mulacek was a "sharply polarizing figure" perceived as "an obstacle" to a deal with interested partners such as XOM, RDS.A or TOT, and his departure provides a catalyst for an announcement.
    | Apr. 24, 2013, 8:45 AM | 5 Comments
  • Apr. 23, 2013, 12:42 PM
    Rosneft CEO Igor Sechin says it is considering teaming up with long-standing partner Exxon Mobil (XOM) in tapping oil and gas in Iraq. XOM has long been rumored to be looking to significantly farm down its stake in the giant West Qurna-1 oilfield, last year informing Baghdad it wanted to sell the entire 60% stake to focus on its controversial oil plays in Kurdistan.
    | Apr. 23, 2013, 12:42 PM | Comment!
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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.