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Exxon Mobil Corporation (XOM)

  • Nov. 19, 2013, 2:26 AM
    • Exxon Mobil (XOM) has agreed to sell its majority stakes in Hong Kong electricity provider Castle Peak and Hong Kong Pumped Storage Development for a total of $3.4B.
    • Exxon is selling a 30% stake in Castle Peak to CLP Holdings (CLPHY), which already owns 40%, for HK$12B ($1.6B), and another 30% to state-owned China Southern Grid, also for a reported HK$12B.
    • In addition, CLP is buying a 51% holding in Pumped Storage Development for HK$2B.
    • The Castle Peak deal comes after a over a year and a half of on-and-off talks between the sides and a failed auction by Exxon to sell the holding.
  • Nov. 6, 2013, 10:44 AM
    • Vermilion Energy (VET +0.5%) is set to enter Germany’s gas market through a $170M acquisition of GDF Suez’s (GDFZY, GDSZF) 25% interest in four producing natural gas assets.
    • Exxon Mobil (XOM) is operator of the assets held by a four-partner consortium.
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  • Sep. 20, 2013, 2:11 PM
    • A rumor making the rounds today is a purported interest by Exxon Mobil (XOM -0.2%) in a takeover of BP (BP +0.5%).
    • Such gossip is not new, the Telegraph points out; following the 2010 Gulf of Mexico disaster, BP frequent was rumored to be vulnerable to a takeover, with XOM named as a potential predator.
    • As far-fetched as a deal sounds - why would XOM or anyone else want the aggravation? - BP shares are higher in a weak market.
  • Aug. 30, 2013, 3:48 PM
    • Apache (APA +9.2%) may have "knocked it out of the park" with its sale of a third of its Egypt oil and gas assets to Sinopec (SNP -1.2%) for $3.1B (I, II), but the reaction toward SNP is more ambiguous.
    • The deal, China's biggest investment in the Middle East to date, shows a continued global search for energy and resources to feed an economy growing at a 7%-plus annual rate and a higher tolerance for risk than its western counterparts; note that PetroChina (PTR) reportedly is in talks to acquire 25% of Exxon's (XOM) West Qurna-1 oilfield in Iraq.
    • The deal also could provide a boost for other energy producers with significant operations in the region; Occidental Petroleum (OXY -0.2%) produces ~37% of its total output in the Middle East and North Africa, and is thought to be looking to sell all or part of those assets.
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  • Aug. 15, 2013, 3:59 PM
    • Gulf Keystone (GUKYF.PK, GFKSY.PK), sitting on Iraqi's Kurdistan's giant Shaikan discovery that could produce 250K bbl/day by 2018, is seen as a takeover target as the world’s biggest oil companies look for untapped fields.
    • Gulf Keystone has spent $780M so far toward completion of a pipeline for direct exports to Turkey; analysts say offers could come soon because the new pipeline may boost the company's value by 40%, and a ruling is expected in a London lawsuit brought by a former associate claiming 30% of the pipeline.
    • Exxon Mobil (XOM), Chevron (CVX) or an Asian national oil company are considered candidates to snap up the company.
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  • Aug. 8, 2013, 8:12 AM
    • ConocoPhillips (COP) agrees to sell its 100% interest in the 226K-acre Clyden oil sands leasehold to Imperial Oil (IMO) and ExxonMobil (XOM) for ~$720M.
    • Clyden is located near the southern edge of the Athabasca oil sands and south of Fort McMurray, Alberta.
    • COP expects to record a ~$450M after-tax gain, which will be recognized upon closing anticipated later in Q3.
    • Including this deal, COP has announced expected proceeds of ~$13.5B from the sale of non-strategic assets as part of its 2012-13 asset disposition program.
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  • Aug. 6, 2013, 7:56 AM
    • China National Petroleum (PTR) already spent more money this year on energy assets than any other global producer, and oil and gas fields controlled by Exxon Mobil (XOM) and Rosneft (RNFTF.PK) may be next, Bloomberg speculates.
    • CNPC is ramping up deals to make up for lost ground after Sinopec (SNP) and Cnooc (CEO) outspent it by $50B on overseas transactions in the five years through 2012.
    • CNPC’s success with mature fields makes an XOM asset in Iraq a target, while a supply agreement with Rosneft may lead to deals with the Russian producer.
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  • 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.
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  • Mar. 7, 2013, 4:22 AM
    Exxon Mobil (XOM) has renewed it attempt to reduce its 60% stake in Hong Kong utility Castle Peak Power by launching an auction for a 30% holding in a deal that could bring in up to $2B. Last year, the company tried and failed to sell the whole stake to CLP Holdings - which owns the other 40% of Castle Peak - and China Southern Power Grid.
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  • Mar. 4, 2013, 9:39 AM
    Exxon Mobil (XOM) actually could use lower oil prices, WSJ's Liam Denning writes, since it would cut the price of acquisition targets. And XOM, due to host its annual analyst meeting Wednesday, may need a big deal. Its output in 2012 was barely higher than in 2003, and half of it was gas as oil prices have soared and gas has tanked. So to buy its way to growth, XOM could consider a target such as Anadarko (APC).
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  • Jan. 23, 2013, 5:45 AM
    Iraq has reportedly made an offer to Exxon (XOM) to stay in the country, although it's not clear what the proposal involves. Exxon has put its 60% stake in the huge southern West Qurna-1 oilfield up for sale after upsetting Baghdad by signing deals with the Kurdish region, which is in dispute with Iraq over oil resources. Following the offer from Baghdad, Exxon CEO Rex Tillerson met the president of Iraqi Kurdistan at the Davos conference yesterday.
  • Jan. 22, 2013, 9:57 AM
    BG Group's (BRGYY.PK) valuation falling by half in less than two years is making it vulnerable to a takeover, Bloomberg speculates. BG has stakes in oilfields off Brazil and expanding gas projects from Canada to Australia; some analysts say XOM could be lured to BG to help fuel growth as its production drops, or BP could seek a combination with BG to challenge Shell as Europe's largest oil company.
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  • Jan. 16, 2013, 11:33 AM
    Energy bankers hoping for another big year of M&A shouldn't fret too much about forecasts for oil and natural gas prices, since fear could make 2013 another bumper year for deals. Right now, it looks cheaper to buy barrels on the stock market via deals than drill for them: Bernstein says oil majors such as XOM and CVX trade at an average enterprise value of less than $15/boe of proved reserves.
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  • Nov. 28, 2012, 9:19 AM
    Imperial Oil (IMO) is spending $1.5B to buy into ExxonMobil’s (XOM) acquisition of fellow Canadian player Celtic Exploration (CEXJF.PK), gaining a 50% stake to complete the earlier transaction where XOM agreed to buy Celtic outright for ~$2.6B. The pair will gain access to 545K net acres in the liquids-rich Montney shale and 104K net acres in the Duvernay shale via the Celtic takeover.
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  • Nov. 9, 2012, 8:21 AM
    Lukoil says it will consider an offer from Exxon Mobil (XOM) to take over the West Qurna-1 oilfield in Iraq. Lukoil already is developing West Qurna-2 and is looking to offset declining production at its Russian fields. The government expects XOM to complete the sale of its shares in West Qurna-1 by year-end, and the company has told Iraq it is already in talks with other oil majors.
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  • Nov. 9, 2012, 6:16 AM
    Exxon Mobil (XOM) is in talks with BP (BP), Shell (RDS.A), Lukoil, CNPC and Eni (E) about selling its stake in the West Qurna-1 oilfield in southern Iraq, a senior government spokesman says. Exxon expects to complete a sale of the "super-giant oilfield" by the end of December. It's getting out so it can concentrate on exploration projects in Kurdistan, which is in a dispute with Baghdad over the region's energy resources.
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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.