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Exxon Mobil Corporation

5/24/2013, 6:00 PM ET

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Friday, May 24, 9:47 AM Exxon's (XOM -0.4%) arrival as a tentative partner gives InterOil's (IOC +6.9%) Elk/Antelope resource a blue chip "stamp of approval," Raymond James writes, but "the market's enthusiasm will be tempered by the fact that a deal has yet to be finalized." Still unknown: how much of the resource will be monetized; the timing of a final deal; and "most importantly," the purchase price. 1 Comment [Energy, On the Move]
Friday, May 24, 7:53 AM InterOil (IOC) +10.1% premarket on news it has entered into exclusive negotiations with ExxonMobil (XOM) to develop the Elk and Antelope gas fields IOC owns in Papua New Guinea. The discussions include the possibility of XOM purchasing a stake in Petroleum Retention License 15 and providing funding to drill additional wells in the Elk and Antelope fields. 6 Comments [Energy, On the Move]
Thursday, May 23, 10:43 AM The fastest revenue growth in the oil industry is putting Papua New Guinea’s Oil Search (OISHF.PK) in line for Asia's largest-ever energy takeover, Bloomberg speculates. Its $19B PNG LNG venture with Exxon, sure to spin off lots of cash, starts shipments to Asia next year, and the 80%-complete project is supported by the government and local communities. XOM, TOT and Australia's Woodside could be interested. Comment! [Energy]
Thursday, May 23, 8:39 AM PetroChina (PTR) says it will seek to increase cooperation with companies including Exxon (XOM), BP, Shell (RDS.A), Chevron (CVX) and Eni (E), potentially teaming up to make acquisitions or joint exploration activities, as it makes expansion abroad a priority. PTR plans to invest ~$60B this decade in global oil and natural gas assets to increase the share of overseas output to half of its total. 2 Comments [Energy]
Monday, May 20, 10:47 AM Abu Dhabi’s state oil company is under pressure to take a quick decision on which foreign companies will get concessions in one of the few major oil producing areas in the Persian Gulf where international companies are still allowed to hold an equity interest. Prequalified companies are BP, XOM, RDS.A, TOT, STO,OXY, E, PTR, OJSCY.OB, Inpex, Korea National Oil. Comment! [Energy, Global & FX]
Friday, May 17, 11:58 AM Major oil producers launch a joint program to beef up their Arctic oil spill response plan in a bid to convince the Arctic Council they are ready for large-scale development in the region. There are plenty of doubters, of course, and incidents such as BP 2010 Gulf of Mexico spill and Shell's recent problems north of Alaska with two drill ships don't help. 6 Comments [Energy]
Thursday, May 16, 6:30 PM Exxon (XOM) averts a strike at its Baytown refinery, second largest in the U.S., after the United Steelworkers last night ratified a new agreement. Among the changes, XOM will establish a limit on the number of consecutive days an employee can work at the refinery and create a full-time process safety representative to address safety concerns. 1 Comment [Energy]
Wednesday, May 15, 5:21 PM Better-than-expected results from Brazil's oil exploration rights auction show operators were undeterred by Brazil’s local-content rules or Chevron's treatment in the wake of the Frade oil spill. In fact, CVX was one of the winning bidders, joining the likes of XOM, BP and PBR. The auction put things in perspective: Brazil has huge potential, and is a much less risky place than Nigeria, Russia or Venezuela. 1 Comment [Energy, Global & FX]
Tuesday, May 14, 3:08 PM Exxon (XOM +0.8%) teams with OGX (OGXPY.PK) to win deepwater exploration blocks in Brazil's promising Potiguar region at the country's first energy auction in five years. OGX will pay 20M reais ($10M) for the rights to one block, and the OGX-XOM consortium agree to pay 81.9M reais for another. Total (TOT) gains access to operate five blocks in the Amazon basin together with partners BP and Petrobras (PBR). Comment! [Energy, Global & FX]
Tuesday, May 14, 2:05 PM Turkey's state-run oil firm strikes an agreement with Exxon Mobil (XOM +0.6%) to develop joint projects in Kurdish-administered northern Iraq, Turkey PM Erdogan says: "The regional government in northern Iraq has a constitutional right to 17% of [oil and gas] revenues... It is possible for us to have mutual agreements, there's nothing to prevent that," remarks that likely won't be kindly received in Baghdad. 2 Comments [Energy, Global & FX]
Monday, May 13, 7:58 AM Saudi Aramco reportedly has restarted its 400K bbl/day Yanbu refinery, which it owns with Exxon Mobil (XOM), after nearly two months of maintenance to bring a new clean-fuel project online, and the plant will reach its full capacity this week. Saudi Arabia is expanding its refining capacity to produce more gasoline and diesel to meet rising domestic demand. Comment! [Energy]
Friday, May 10, 9:46 AM The U.K. could have vast North Sea shale gas reserves, but the cost of development would be high and probably would compete with cheaper shale gas imports from the U.S. Some of the gas from Exxon (XOM) and Qatar Petroleum's Golden Pass export terminal in Texas that could export as much as 15.6M metric tons/year of gas could wind up heading to the U.K., FT reports. Comment! [Energy, Global & FX]
Friday, May 10, 8:56 AM Eni (E) says it now expects oil output from the massive Kashagan field in Kazakhstan to begin by October. The Kashagan project, which includes large oil companies such as Exxon (XOM), Shell (RDS.A, RDS.B) and Total (TOT), is years behind initial schedule and has had cost overruns worth billions of dollars. 1 Comment [Energy, Global & FX]
Thursday, May 9, 5:40 PM Legislation intended to reform Nigeria's oil sector instead would make the country one of the world's harshest investment climates for the oil industry, says the head of Exxon's (XOM) Nigerian unit. The unfavorable fiscal terms would result in Nigeria's oil production hitting a plateau of 3M bbl/day by 2016, and then start to decline as $109B in planned new investment would no longer be economically feasible. Comment! [Energy, Global & FX]
Thursday, May 9, 4:36 PM Exxon Mobil (XOM) and Qatar Petroleum sign a commercial framework agreement in connection with a proposed $10B natural gas export terminal in Texas, Bloomberg reports. The partners reportedly plan to ship as much as 15.6M metric tons of gas annually from the Golden Pass facility. (PR) 4 Comments [Energy]
Tuesday, May 7, 7:23 PM 50-50 partners ExxonMobil (XOM) and Statoil (STO) agree to begin development of the Julia oilfield in the Gulf of Mexico, estimated to hold nearly 6B barrels of resources. The field is expected to initially produce 34K bbl/day. Capital cost for the project, expected to begin oil production in 2016, is estimated at more than $4B. 1 Comment [Energy]

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