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Exxon Mobil Corporation (XOM)

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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.
  • 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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  • Nov. 26, 2012, 3:09 PM
    Enbridge (ENB) and its pipeline customers are battling over a plan to cut overbooking of capacity cited as causing deep discounts of Canadian oil prices. The proposal, which is taking flak from the likes of IMO, XOM, SU, MPC and PSX, would shift how ENB calculates the amount of crude its shippers can nominate on the pipelines each month to a new system based on refinery capacities.
  • Nov. 26, 2012, 12:38 PM
    Exxon Mobil (XOM -1%) and Saudi Arabia’s state-controlled oil company Aramco announce a major maintenance shutdown at the Yanbu refinery in March and April in order to bring a new clean-fuel project online. Yanbu, the world's largest single-train crude oil refinery, processes ~400K bbl/day of Saudi crude oil, half of which is consumed domestically.
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  • Nov. 21, 2012, 9:41 AM
    Royal Dutch Shell (RDS.A) lifts its force majeure on Nigeria's benchmark Bonny Light crude oil exports, but its force majeure on Forcados exports remains in place, and Exxon Mobil (XOM) declares a force majeure on Qua Iboe exports due to outages caused by a pipeline spill. Qua Iboe, Forcados and recently halted Brass River oil grades together account for ~700K bbl/day, or one-third of Nigerian exports.
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  • Nov. 19, 2012, 2:27 PM
    Exxon Mobil's (XOM) Nigeria unit says a spill from one of its pipelines is mixing with a second spill for which it isn't responsible. A pipeline in Nigeria's Akwa Ibom state began leaking 200 barrels of oil 10 days ago, but the company believes its oil may have mixed with an oil spill from a separate still-unknown source.
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  • Nov. 19, 2012, 9:13 AM
    Last week’s fire and small oil spill at a rig in the Gulf of Mexico sparked fears - apparently unfounded - of a repeat of the Deepwater Horizon environmental disaster, but a catastrophe could be unfolding at the Niger Delta, where a leaky Exxon Mobil (XOM) pipeline has sent an oil slick 20 miles along the coast. Shell also has seen many problems in Nigeria, from spills to theft.
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  • Nov. 16, 2012, 4:38 PM
    Iraq would favor bids by Russia's Lukoil (LUKFY.PK) and China's CNPC if they decide to buy Exxon Mobil's (XOM) stake in the West Qurna-1 oilfield, a senior oil ministry official tells Reuters. A sale of the stake to either company would greatly strengthen the position of Russia or China in exploiting Iraq's oil reserves, the world's fourth biggest.
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  • Nov. 16, 2012, 3:28 PM
    Exxon Mobil (XOM) is part of a growing coalition warming to the notion of a carbon tax as an alternative to costly regulation. A carbon tax may be gaining interest as lawmakers seek to simplify corporate taxes and raise revenue to narrow the deficit, though Sen. Ron Wyden says today that rounding up support for a carbon tax “is going to be a big lift politically.”
  • Nov. 16, 2012, 12:52 PM
    BP commits more than $1B of work expenditure after netting four offshore deepwater blocks in Nova Scotia's latest bid round, including $638M on Block 7 alone. BP says the award gives it access to "one of the most promising new deepwater areas to be licensed in recent years." MRO, XOM and ECA lost out despite offering up huge sums.
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  • Nov. 13, 2012, 3:59 PM
    Ukraine plans to sign production sharing agreements next month with Chevron (CVX), Exxon Mobil (XOM) and Royal Dutch Shell (RDS.A, RDS.B) to develop shale gas and offshore fields, according to a top official. Ukraine already has picked CVX to develop the Olessky shale field, with projected capacity of up to 1.5MMcf of gas, and Shell for the Yuzovsky shale field, storing up to 2MMcf of gas.
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  • Nov. 13, 2012, 12:39 PM
    Exxon Mobil (XOM) is in advanced discussions with potential buyers to take on the West Qurna-1 oilfield, Iraq's deputy prime minister for energy says. XOM soon will hand over the field to a company with the capabilities to exploit it, he says while declining to identify potential acquirers or their country of origin; Russia's Lukoil has said it will consider an offer to take over the field.
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  • Nov. 13, 2012, 11:41 AM
    Citi’s analysts identify a handful of the world's energy providers they deem as "world champions" for investing in strong long-term growth prospects for emerging economies. Gazprom (OGZPY.PK) is irreplaceable on the European market, the firm says, but growth may be limited; South Africa's Sasol (SSL) is an alternative play to cheap shale gas. Also on the list: XOM, SLB.
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  • Nov. 12, 2012, 3:28 PM
    Shell's (RDS.A) Majnoon oilfield in Iraq is expected to hit output above 200K bbl/day in Q3, above the level needed to start recovering costs, good news for Iraq's government whose oil policy has been damaged by news that Exxon (XOM) will pull out of a major project and shift its attention to Kurdistan. Majnoon has been shut since June for maintenance and to bring new production facilities online.
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  • Nov. 12, 2012, 12:18 PM
    Chevron (CVX -0.2%) is “in midst of reviewing” the costs of its own large Australian natural gas project, Gorgon, Tudor Pickering analysts say after Exxon Mobil (XOM -0.2%) revealed the cost of its natural gas project in Papua New Guinea had increased 21% to $19B. CVX's originally projected $37B costs for Gorgon could reach $45B, the firm says.
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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.