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Exxon Mobil Corporation (XOM)

  • 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.
  • Dec. 10, 2012, 12:28 PM
    Imperial Oil (IMO -0.9%) says the start-up of its 110K bbl/day Kearl oil sands mine is being hampered by bitter winter weather in northern Alberta, and production likely will be delayed until January. Kearl will be one of Canada’s largest open-pit mining operations, with regulatory approval for up to 345K bbl/day of production.
  • Dec. 10, 2012, 12:12 PM
    Exxon Mobil (XOM) lifts its force majeure on its Nigerian Qua Iboe crude oil grade, slightly easing concerns about supply from Africa's biggest oil exporter. XOM's move follows that of Shell, which lifted the last of its three force majeures in late November; the loading halts were imposed due to flooding and theft in the region and have led to a decline in exports.
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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)
  • 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.
  • 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.
  • 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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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.