Exxon Posts First Loss in 30 Years on $3 Bln Writedown, Oil Plunge
Exxon Mobil Corp on Friday posted its first quarterly loss in three decades on plunging oil demand and collapsing prices, reporting a $610 million quarterly deficit after a nearly $3 billion inventory writedown.Global fuel demand has tumbled by a third on coronavirus-related lockdowns and business shutdowns. Oil giants largely have reported losses on weaker margins and writedowns from an oil glut that has sent prices to historic lows.All of Exxon's businesses posted lower year-over-year profits or wider losses on declining prices and margins.Despite a deep spending cut and its first quarterly loss since 1988…
ExxonMobil Calls for Tighter Methane Regulations
ExxonMobil on Tuesday called for tighter regulation of the greenhouse gas methane and offered up its own in-house rules as a model for companies and lawmakers worldwide.The largest U.S. oil company laid out the guidelines it follows - some of which have been rolled back by the Trump administration - at a time when the industry faces growing pressure from investors to reduce its environmental footprint.The move is a "clear rebuke" of the Trump administration said Ben Ratner, senior director at the Environmental Defense Fund. "This is one more reminder that methane emission controls are cost effective…
Exxon, Chevron See Consolidation in Top U.S. Shale Field
The two largest U.S. oil and gas companies on Tuesday left the door open for more acquisitions in the country's top shale field.Exxon Mobil Corp expects to see industry consolidation to happen "over some period of time," in the Permian Basin in west Texas and New Mexico, Chief Executive Darren Woods told investors at a Barclays energy conference in New York.If Exxon sees an opportunity it has the balance sheet to "be in a position to transact on that," Woods said, but he added that "time's on our side."Chevron Corp also will take an "opportunistic" approach in the basin…
ExxonMobil Misses Q1 Profit Estimates
Exxon Mobil Corp on Friday reported a 49 percent fall in first-quarter profit that missed forecasts due to weakness across its major businesses that showed the turnaround at the company remains a work in progress.The largest U.S. oil producer posted its first loss in its refining business since 2009 on higher maintenance costs and reported lower profits in chemicals and oil and gas."It was a tough market environment for us this quarter," Exxon Senior Vice President Jack Williams said on a call with analysts.First-quarter profit fell to $2.35 billion…
Oil Majors Rush to Dominate US Shale
In New Mexico's Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry's notorious boom-and-bust cycles.Workers at its Remuda lease near Carlsbad - part of a staff of 5,000 spread across New Mexico and Texas - are drilling wells, operating fleets of hydraulic pumps and digging trenches for pipelines.The sprawling site reflects the massive commitment to the Permian Basin by oil majors, who have spent an estimated $10 billion buying acreage in the top U.S. shale field since the beginning of 2017…
ExxonMobil Plans Big 2020 Capex Boost
Exxon Mobil Corp plans to boost capital spending for several years, CEO Darren Woods said on Wednesday, and the largest U.S. oil company's shares fell after he laid out a strategy to "lean in" while the rest of the industry cuts back.Exxon shares fell more than 1.6 percent after the company told analysts attending its annual investor meeting that it plans to lift spending by 10 percent or more for the next several years as rivals are sidelining equipment and capping spending to boost shareholder returns.Woods defended the strategy of "leaning in as our competitors are leaning back," saying the best time to buy into projects is not when everyone else is active.
Exxon adds 4.5 billion bbls to 2018 Reserves
Exxon Mobil Corp said on Tuesday it added 4.5 billion oil-equivalent barrels of proved oil and gas reserves in 2018, driven mainly by increases in its holdings in the U.S. Permian Basin, Guyana and Brazil.The oil major said its proved reserves totaled 24.3 billion oil-equivalent barrels at the end of 2018, with liquids accounting for 64 percent, up from 57 percent in 2017."Multiple new discoveries offshore Guyana, continued growth in the Permian Basin and a strategic acquisition in Brazil greatly enhanced our already strong portfolio of high-quality…
QP, Exxon to Build $10B LNG Plant in Texas
Exxon Mobil and Qatar Petroleum announced a final decision to finance a $10 billion-plus project to export liquefied natural gas (LNG) from the Texas Gulf Coast.Construction of the Golden Pass LNG export project located in Sabine Pass will begin in the first quarter of 2019 and the facility is expected to start up in 2024, said a press release.“Golden Pass will provide an increased, reliable, long-term supply of liquefied natural gas to global gas markets, stimulate local growth and create thousands of jobs,” said Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation.“The extensive experience of ExxonMobil and Qatar Petroleum provides the expertise…
US Shale Lifts Exxon, Chevron Profits
Exxon Mobil Corp and Chevron Corp, two of the world's largest oil producers, on Friday posted improved quarterly earnings that benefited from double-digit percentage increases in production from the top U.S. shale field.Shares of both companies rose about 3 percent.The two U.S. oil majors missed the first stage of the shale boom in the Permian Basin of West Texas and New Mexico and have been investing billions of dollars to make up for lost time. They are betting their size and other businesses offer advantages smaller producers cannot duplicate.Combined…
ExxonMobil Profit Tops Estimates
Exxon Mobil Corp on Friday reported a quarterly profit that topped analysts' estimates, pushing it shares up nearly 3 percent in premarket trading as its oil and natural gas output rose slightly on a year-over-year basis.The company's fourth-quarter net income fell to $6 billion, or $1.41 a share, from $8.38 billion a year ago. But earnings excluding the impacts of tax reform and impairments rose to $6.4 billion from $3.73 billion a year ago.Analysts had forecast a $1.08 a share profit excluding one-time items, according to data from Refinitiv.
Exxon Reorganizing Exploration Units
Exxon Mobil Corp on Thursday outlined a major reorganization of its global exploration businesses aimed at reversing years of weak oil and gas output.Chief Executive Darren Woods, who took over the helm two years ago, has spent billions to buy production, build new pipelines and expand refineries after a series of costly misfires on deals under predecessor Rex Tillerson.Woods, who will address Wall Street analysts on an earnings call Friday for the first time as CEO, has been pleading with investors for patience as he restructures its sprawling businesses. The Exxon veteran replaced Tillerson, who became U.S.
DAVOS: Oil Majors Huddle in DAVOS to Mull Future
When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics - climate change and pressure from investors.The conclusion of the discussions was worrying for those present - pressure is rising and the industry is losing a battle not to be seen as one of the world's biggest evils.The answer? Lure investors with higher returns and raise the PR game."There is no doubt - and there is a consensus coming here in various meetings in Davos - that our industry is literally under siege and the future of oil is at stake…
In U-turn, Exxon, Chevron to Join Rivals in Climate Initiative
Exxon Mobil, Chevron and Occidental Petroleum are joining a group of international oil and gas giants in an initiative aimed at curbing carbon emissions in the sector, they said in a statement on Thursday.The move marks a U-turn for Exxon Mobil and Chevron, the top two U.S. oil and gas producers which had resisted joining the Oil and Gas Climate Initiative (OGCI) after its launch in 2016.The OGCI currently comprises 10 firms including BP, Royal Dutch Shell, France's Total as well as national oil companies of China, Mexico, Brazil and Saudi Arabia. Together with the new U.S.
China, ExxonMobil Discuss $10 bln Investment in Guangdong
Chinese officials and executives of ExxonMobil Corp discussed a $10 billion investment by the U.S.-based firm in the southern province of Guangdong, Chinese state television reported on Friday.The state TV report, during its summary of a meeting between Chinese Premier Li Keqiang and ExxonMobil Chief Executive Darren Woods, quoted Li as saying he welcomed Exxon's large investment in China.The report said China and Exxon discussed the $10 billion investment but did not attribute the information to any direct source.Exxon said on Thursday it signed a preliminary deal to build a petrochemical complex and invest in a liquefied natural gas terminal in China.
Chevron, Exxon CEOs Worry Global Trade Conflict Could Harm Economy
The leaders of two of the world's largest energy companies said on Tuesday they worry a global trade conflict between the United States and other nations could destabilize the world's economy."The risk of trade wars starts to weigh on people's perception of economic growth in the future," Chevron Corp Chief Executive Mike Wirth said at the World Gas Conference in Washington.Darren Woods, CEO of Exxon Mobil Corp, echoed those sentiments. "The world has been very well served with low tariffs and free trade," Woods said.Reporting by Ernest Scheyder
Pope Warns Energy Bosses of Global Destruction without Fuel Shift
Pope Francis warned that climate change risked destroying humanity on Saturday and called on energy leaders to help the world to convert to clean fuels to avert catastrophe."Civilisation requires energy but energy use must not destroy civilisation," the pope told top oil company executives at the end of a two-day conference in the Vatican.Climate change was a challenge of "epochal proportions", he said, adding that the world needed an energy mix that combated pollution, eliminated poverty and promoted social justice.The conference, held behind closed doors at the Pontifical Academy of Sciences…
Exxon Shareholders Reject Proposal to Split CEO, Chair Roles
Exxon Mobil Corp shareholders rejected a proposal on Wednesday that would have split the roles of chairman and chief executive, securing CEO Darren Woods's role as he looks to improve results at the world's largest publicly traded oil producer.Woods, who became chairman and CEO in January 2017, has struggled to recover from failed bets taken by his predecessor Rex Tillerson https://www.reuters.com/article/us-exxon-mobil-wall-street/exxon-ceo-struggles-to-reverse-tillersons-legacy-of-failed-bets-idUSKCN1GJ0IE, the former U.S. secretary of state…
Exxon CEO Compensation Up 4% for 2017
Exxon Mobil Corp said on Thursday that Chief Executive Darren Woods's compensation rose about 4 percent last year, his first year running the world's largest publicly traded oil producer.Woods's compensation package rose to $17.5 million for 2017, which included a 20 percent increase in his salary to $1.2 million and a 50 percent increase in his bonus to $1.8 million, among other items.Woods's compensation in 2017 was 108 times larger than the median compensation of $161,562 for Exxon's roughly 70,000 employees.(Reporting by Ernest Scheyder Editing by Chizu Nomiyama)
Energy Summit Climate Discussion Becomes Contentious
The U.S. energy secretary blasted renewable fuels champions on Wednesday while the head of Royal Dutch Shell urged the energy sector to focus on world efforts to cut carbon emissions, revealing a yawning trans-Atlantic gap on climate issues. Speaking at the CERAWeek conference by IHS Markit in Houston, Shell CEO Ben van Beurden outlined an ambitious plan to reduce the Anglo-Dutch company's carbon footprint and expand in renewables, and called on others to follow. "The energy landscape is changing fast. So we must change, where change is what the world needs," van Beurden said. He spoke after U.S.
Shares Slip as Exxon Unveils Bold CapEx Plan
Exxon Mobil Corp on Wednesday outlined an ambitious capital spending plan it said would more than double annual earnings by 2025, hoping to allay investor fears that the world's largest publicly traded oil producer has seen its best days. Despite the ambitious plan to woo Wall Street, Exxon shares slid 3.1 percent to their lowest level in more than two years. Once the industry's profit and cash-flow leader, Exxon now lags rivals. Sagging profits and a declining share price have pushed total return, share appreciation plus dividends, into negative territory over the last five years, according to Thomson Reuters data.