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Exxon Mobil Corporation (XOM)

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  • Mar. 28, 2013, 9:43 AM
    The Netherlands isn't known for its earthquakes, but thousands of Dutch residents have filed property damage claims against the country's biggest natural gas producer - a Shell-Exxon JV - after studies linked a string of tremors in the Groningen region to gas production. The only way to stop the quakes would be to shut production - not likely in an era of economic struggles.
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  • Mar. 25, 2013, 10:19 PM
    The Department of Transportation says Exxon (XOM) should pay $1.7M in connection with a 2011 incident during which heavy flooding caused a pipe to rupture spilling 1,500 barrels of oil into Montana's Yellowstone River. The DOT claims the company dismissed warnings prior to the flood and did not take steps to minimize the spill once the pipeline ruptured. Exxon says it will "learn from the incident" but also notes it is "disappointed" with the DOT's assessment. 
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  • Mar. 25, 2013, 6:45 PM
    An increasingly vocal campaign is arguing for a go-slow approach in allowing U.S. exports of liquefied natural gas. Industrial firms such as DOW, HUN and AA fear that exporting LNG could hurt the U.S. by driving up gas prices. But an XOM exec asks, "Why should the U.S. government discriminate between a... project to liquefy natural gas and a chemical plant to solidify it into plastic pellets? Both create investment, both create thousands of jobs."
    | 16 Comments
  • Mar. 25, 2013, 5:06 PM
    Statoil (STO), Shell (RDS.A, RDS.B) and Exxon (XOM) stand to benefit "on both realizations and volumes" thanks to record spot prices for natural gas in Europe, an event Wall Street hasn't dialed in on, Tudor Pickering analysts say. Cold weather and low inventories have pushed prices 23% higher Y/Y, and heating demand is up 17% Y/Y.
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  • Mar. 25, 2013, 3:32 PM
    Exxon Mobil (XOM), Apache (APA) and other U.S. companies look to acquire offshore blocks in Peru this year in the country’s first bidding round since 2010. Peru, which produced 173K bbl/day of oil and gas liquids YTD, says it has lined up $20B in energy projects through 2018 in a bid to double output, which has dropped 20% in the past decade as oilfields are depleted.
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  • Mar. 25, 2013, 10:56 AM
    Exxon Mobil’s (XOM) potential exit from Iraq's huge West Qurna-1 oilfield looks less certain after it agrees to raise its investment there this year to $1.65B from $1.6B in 2012. An Iraqi official says a new budget shows XOM's commitment to developing the southern field in 2013, which it had offered to sell out after angering the government by signing deals with the autonomous Kurdistan region.
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  • Mar. 21, 2013, 5:13 PM
    Dow Chemical's (DOW) effort to limit U.S. natural gas exports would effectively create a price cap for the commodity, an Exxon (XOM) executive says. Dow begs to differ, of course, but it has concerns about "a tipping point at which LNG exports turn from a net positive for this nation to a net negative... Once you hit that point, it’s too late to go back."
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  • Mar. 20, 2013, 12:24 PM
    FT's Nick Butler finds too cautious Exxon’s energy outlook which says the U.S. will not be a net exporter of energy and North America can get there only with Canada's oil sands. The absence of specifics suggests an era of falling prices amid plentiful supply, Butler says. Smartplanet’s Chris Nelder isn't so impressed, seeing the report and others like it as “simply projections of what companies would like to happen.”
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  • Mar. 20, 2013, 8:52 AM
    Statoil (STO) will move forward with the NOK3.5B ($600M) development of the Smorbukk South Extension project as a subsea satellite to the Aasgard field in the Norwegian Sea. STO plans to exploit recoverable resources of 16.5M boe at the discovery; production is expected to start in Q3 2015.
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  • Mar. 18, 2013, 3:42 PM
    Imperial Oil (IMO) expects its C$12.9B Kearl oil sands project to begin operating within the next two weeks, more than three months past its original target, but it cannot yet say how much oil the plant will initially produce. Kearl, co-owned with Exxon Mobil (XOM), eventually will produce 110K bbl/day from its initial stage, with subsequent expansions slated to push output to 345K.
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  • Mar. 18, 2013, 8:27 AM
    Statoil (STO) and partner Exxon Mobil (XOM) announce their third discovery above 250M boe/year in Block 2 offshore Tanzania. The mounting volume of gas discoveries off the coast of East Africa has stimulated a wave of interest in the region, culminating in China National Petroleum's $4.2B deal last week for 20% of Eni's (E) giant Mozambique offshore field.
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  • Mar. 15, 2013, 3:52 PM
    Top operators of Norwegian gas fields criticize a government proposal to cut tariffs on gas transport for new contracts, even though the policy was suggested to help their exploration activities. The firms want assurances of future investment in pipeline infrastructure, and fear lower tariffs could slow the opening of some fields off Norway.
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  • Mar. 14, 2013, 3:29 PM
    Anadarko (APC +1.3%) has held early-stage talks with Exxon (XOM) and Shell (RDS.A) about selling a share of its natural gas discoveries offshore Mozambique, a top government official says. Although APC and Eni (E) plan to jointly develop an LNG plant there, neither has much experience with building and operating such costly plants; XOM and Shell are two of the world's top LNG investors and shippers.
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  • Mar. 13, 2013, 5:18 PM
    Exxon Mobil (XOM) envisions North America as an energy exporter by ~2025, as oil and natural gas output rises 45% by 2040 while U.S. energy consumption drops ~5% thanks to transportation efficiency gains. Increased reliance on natural gas and renewables such as wind will lead to a 25% reduction in carbon emissions by 2040 to the lowest levels since the 1970s.
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  • Mar. 12, 2013, 10:17 AM
    Strategas analyst Daniel Clifton sees a better than 50% chance the Keystone pipeline (TRP) will be approved by late summer, and he thinks seven stocks will benefit directly or indirectly: CNQ, COP, DE, XOM, LYB, PWR and VLO - companies which already are doing well, and adding incremental revenue from Keystone should only help to improve their top and bottom lines.
    | 6 Comments
  • Mar. 11, 2013, 9:52 AM
    Exxon Mobil (XOM -0.3%) says it has started production from the Telok natural gas field, located offshore Malaysia in the South China Sea. The Telok A platform is the first phase of the Telok natural gas project, which will consist of two four-legged unmanned gas satellite platforms; a total of 14 development wells are planned.
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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.