Wednesday, May 29, 2024

Exxon Mobil News

Exxon Mobil Continues to Ramp Up LNG Portfolio

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Exxon Mobil is ahead of schedule with its plan to double the size of its liquefied natural gas (LNG) portfolio to 40 million tons per annum (mtpa) by 2030 and will focus on selling its own gas rather than trading that of third parties, said Peter Clarke, Exxon Mobil SVP for global…

Occidental Petroleum Jumps into Acquisition Mode

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Occidental Petroleum said on Monday it would buy energy producer CrownRock in a cash-and-stock deal valued at $12 billion including debt, expanding in the lucrative Permian basin.Investors are pressing oil and gas producers to expand their inventories following Exxon Mobil's $60 billion…

Exxon Secures Lead in top US Oilfield with $60B Buy of Shale Rival Pioneer

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Exxon Mobil agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield and secure a decade of low-cost production.The deal, valued at $253 a share, combines the largest U.S. oil…

Exxon in Advanced Talks for $60B Acquisition of Pioneer - Sources

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Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin producer at about $60 billion, people familiar with the matter said on Thursday. The acquisition would be Exxon's biggest since its $81 billion deal for Mobil in…

Exxon Banks Record $56B Profit in '22

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Exxon Mobil Corp posted a $56 billion net profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own annual records on high prices and soaring demand…

Guyana's Oil Exports Double, with Europe Taking Half of Cargoes

(File photo: Hess Corp)

Guyana's oil exports jumped 164% last year, boosted by growing output and demand for the newest Latin American oil producer's light sweet crudes, particularly in Europe, where thirsty refiners ramped up imports to replace Russian supplies.Since a consortium led by Exxon Mobil began pumping in late 2019…

Ship Emissions: MIT Takes the Lead Toward Net Zero

“Even if you’re not going to put hydrogen on ships, hydrogen may be involved in producing that synthetic fuel. We have a number of projects underway that are tackling the question of hydrogen, including a project we’re starting now looking at pathways towards gigaton scale, low carbon hydrogen production.”
Randall Field, Executive Director, MITEI Future Energy Systems Center Photo courtesy MIT/Randall Field

The MIT Energy Initiative (MITEI) launched a new research consortium—the Future Energy Systems Center—to address the climate crisis and the role energy systems can play in solving it. Randall Field, Executive Director, discusses current research and the challenges ahead for the maritime…

Exxon Q4 Earnings Poised to Exceed Pre-pandemic Level

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Exxon Mobil Corp's fourth quarter profit should top Wall Street's consensus and surpass its pre-pandemic levels, lifted by better-than-expected earnings from oil and gas, analysts said.Credit Suisse, Scotiabank and JPMorgan have raised their fourth quarter earnings estimates following…

Investors on Board as U.S. Oil Majors Dismiss Wind and Solar Projects

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Top U.S. oil firms are doubling down on drilling, deepening a divide with European rivals on the outlook for renewables, and winning support from big investors who do not expect the stateside companies to invest in wind and solar. Among a dozen U.S. fund managers contacted by Reuters from companies overseeing about $7 trillion in assets…

Shell Exits Permian with $9.5B Sale to ConocoPhillips. Its U.S. Output Now Mostly Offshore

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Royal Dutch Shell said on Monday it would sell its Permian Basin assets to ConocoPhillips for $9.5 billion in cash, an exit from the largest U.S. oilfield for the energy major shifting its focus to the clean energy transition.For ConocoPhillips, it is the second sizable acquisition in a year in the heart of the U.S.

Exxon Suspended from Climate Advocacy Group It Helped Form

ExxonMobil Chief Executive Officer Darren Woods (Photo: ExxonMobil)

Exxon Mobil Corp was suspended from advocacy group Climate Leadership Council (CLC) that looks to make policies to address climate change, the CLC said on Friday.The move comes a little over a month after an Exxon lobbyist said the company supports a carbon tax publicly because the…

Saudi Aramco Q2 Profit Soars Nearly 300% to $25.5B

The Manifa field is designed to produce Arabian Heavy crude oil, sour gas, and hydrocarbon condensate. Photo courtesy Aramco

Saudi Arabian state oil producer Aramco reported a near four-fold rise in second-quarter net profit, beating expectations and boosted by higher oil prices and a recovery in oil demand.Aramco said its results were supported by the global easing of COVID-19 restrictions, vaccination campaigns…

Exxon Considers Pledging Net-zero Carbon Emissions by 2050

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Exxon Mobil Corp is considering a pledge to reduce its net carbon emissions to zero by 2050, the Wall Street Journal reported on Thursday, citing people familiar with the matter.The report comes more than two months after the oil major's shareholders cast out three Exxon directors…

15 Bids in To Market Guyana Governent Crude

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Guyana received bids from 15 different companies aiming to market the government's share of the crude produced off the South American country's coast, according to Guyana's National Procurement and Tender Board Administration website on Wednesday.The government re-launched the search last month after a previous tender was discarded.

Oil May Hit $100 but Volatility Will Grow, Say Energy CEOs

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Benchmark oil prices could hit $100 a barrel and price volatility could also grow due to lower investments and the energy transition, the heads of top energy companies said on Tuesday."There is quite a chance to reach $100 but we could see again in the coming years some lows as we have been accustomed to volatility," TotalEnergies Chief Executive P

Exxon Committed to Singapore Refinery Expansion

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Exxon Mobil Corp said on Thursday it remained committed to expanding its refining-petrochemical complex in Singapore amid an ongoing review of its projects globally.Along with other oil producers, Exxon has been slashing costs due to a collapse in oil demand and ill-timed bets on new projects. The top U.S.

Video: The Floating Production Market Faces Headwinds, But Opportunities Exist

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There are around 200 offshore oil and gas projects currently being planned for development using a floating production system, however, at around $2B apiece – some up to $5B – final investment decisions will depend on the market situation and the outlook for oil and gas doesn’t seem too bright.

Shareholders Create Coalition to Pressure Exxon for Change

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More than 135 investors managing more than $2 trillion are forming a coalition to push Exxon Mobil Corp into making sweeping changes including refreshing its board and focusing more on energy transition, people familiar with the matter said on Friday.The group, which includes pension funds…

New York City Sues Exxon, BP, Shell Over Climate Change

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New York City on Thursday sued three major oil companies and the top industry trade group in state court, arguing that the companies are misrepresenting themselves by selling fuels as "cleaner" and advertising themselves as leaders in fighting climate change.The lawsuit comes after…

Exxon to Lay Off 300 Workers in Singapore

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Exxon Mobil Corp plans to cut its workforce in Singapore, home to its largest oil refining and petrochemical complex, by about 7% amid the "unprecedented market conditions" resulting from the COVID-19 pandemic, it said on Wednesday.About 300 positions out of 4,000 current jobs will be impacted by the end of 2021…