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Exxon Mobil Corporation (XOM)

  • 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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  • Dec. 20, 2012, 8:16 AM
    CB&I (CBI) wins a $550M contract from Esso Australia Resources (XOM) to construct a gas conditioning plant at the latter's Longford site in the state of Victoria. (PR)
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  • Dec. 19, 2012, 6:11 PM
    Oceaneering (OII) secures a contract from ExxonMobil (XOM) to provide electro-hydraulic steel tube control umbilicals totaling 43 km in length for the Kizomba Satellites Phase 2 project off Angola. The equipment will transmit hydraulic control fluids, chemicals and power between subsea wells and floating production systems.
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  • Dec. 18, 2012, 11:55 AM
    NYT examines the next big opportunity in the U.S. energy market: turning natural gas into liquid fuel. South Africa-based Sasol (SSL), whose plant in Qatar makes 32K bbl/day of liquid fuels, plans to spend up to $14B to build the first gas-to-liquids plant in the U.S. But opinions vary widely: Exxon (XOM) doesn't see GTL as a relevant source of fuels for another 20 years.
  • Dec. 17, 2012, 11:23 AM
    ExxonMobil (XOM +0.5%) soon will begin exploring off South Africa after agreeing to acquire a 75% participating interest in the Tugela South Exploration Right from Impact Oil & Gas, with an option to grab a 75% stake in three more offshore areas which together cover 16M acres. XOM also signed a deal with the country's government to examine the hydrocarbons potential of the deepwater Durban basin.
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  • Dec. 17, 2012, 11:12 AM
    Exxon Mobil (XOM) is considering entering the U.K.’s nascent shale gas industry, the Sunday Times reports, just six months after withdrawing from Poland’s more mature sector. XOM's interest will be a boost to the government, which last week lifted an 18-month ban on fracking; FT says the U.K. economy already has benefited to the tune of $90B in investments thanks to the shale boom.
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  • Dec. 14, 2012, 8:18 AM
    Exxon Mobil (XOM) is cut to Neutral from Buy at Goldman, which cites a lower outlook for XOM's E&P production and profitability in 2013 vs. its earlier expectations, and it expects to see increasing investor appetite for higher beta energy equities. Shares -0.5% premarket. (also)
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  • Dec. 13, 2012, 8:11 AM
    Exxon Mobil (XOM) and BHP Billiton (BHP) plan to spend more than $1B on natural gas processing facilities in southeastern Australia to handle new supplies of the fuel from offshore fields in the Bass Strait. The investment builds on the billions big oil firms are pumping into gas projects targeting an expected jump in Asian demand, and comes despite BHP's focus on cost-cutting.
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  • Dec. 12, 2012, 10:52 AM
    Exxon Mobil (XOM) pulls back from apparent support of a carbon tax, as a senior exec clarifies: The company isn’t exactly pushing for the tax, but it's the best policy option if lawmakers impose a cost on emissions of greenhouse gases. Carbon taxes are receiving fresh attention in policy wonk and climate activist circles despite dim political prospects for enacting them.
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  • Dec. 12, 2012, 10:29 AM
    Among energy companies tracked by 24/7, the sharpest increases in short interest came in top pipeline MLPs Kinder Morgan (KMP) and Enterprise (EPD). With the pipeline partnerships’ business model a proven winner, the increase in short interest looks like a bet against the pipeline companies based on debt levels and shrinking cash flows as demand slackens.
  • Dec. 11, 2012, 10:25 AM
    Exxon Mobil’s (XOM) latest long-term energy outlook predicts U.S. and Canadian oil and gas production has staying power, as North America will become a net energy exporter by 2025. But a few bottlenecks need to be fixed first, as output in West Texas and New Mexico has exceeded pipeline capacity and reduced prices in the region, echoing similar surpluses in North Dakota and Oklahoma.
  • Dec. 10, 2012, 5:18 PM
    Imperial Oil (IMO) and its parent, Exxon Mobil (XOM), are in the early stages of planning a liquefied natural gas export business from Canada’s west coast, IMO CEO Bruce March says. The new business would build on their $3.1B acquisition of Celtic Exploration, as well as gas holdings they already own in western Alberta and in British Columbia's Horn River shale gas play.
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  • Dec. 10, 2012, 5:08 PM
    Dow Chemical (DOW) applies for a federal permit to build its biggest ethylene plant, as cheap natural gas gives manufacturers a cost advantage. The $1.7B Texas plant would have capacity to make 1.5M tons of ethylene a year, the same as Texas plants proposed by Chevron Phillips (CVX, PSX) and Exxon (XOM); construction would begin in Jan. 2014.
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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.