Exxon Mobil Corp. made an indicative takeover proposal for InterOil Corp. that topped a competing $2.2 billion bid for the owner of trillions of cubic feet of natural gas discoveries in Papua New Guinea, a person with knowledge of the matter said.
Exxon has evacuated non-essential personnel from its Las Flores Canyon facility in Santa Barbara county in response to a wildfire.
Shell chief executive Ben Van Beurden spelled out his main goal last week - surpass Exxon Mobil to become the best-performing oil major.
North Atlantic Drilling (NADL) faces making up to 200 redundancies as a contract for its West Alpha rig with ExxonMobil comes to an end.
Oil majors Shell and Exxon are the international oil companies most exposed to the explosion of violence in the Niger River delta that has cut Nigeria’s output and fueled a rally in global crude prices, according to Rystad Energy.
Oil majors are in talks with Mexico's state-owned Pemex as the struggling state-run oil producer seeks partners to develop deepwater crude in the Gulf of Mexico.
The $64 billion tie-up of Shell with BG Group and the steady growth of Exxon Mobil re creating a new league of two: the ultramajors.
Statoil, Gassco and ExxonMobil have received consent to perform manned underwater operations for one year from Norway's Petroleum Safety Authority.
Exxon has successfully started the onshore central processing facility at the Banyu Urip field in Indonesia, helping increase production to more than 130,000 barrels of oil per day and increasing production in coming months.
Investors around the world have seen $240 billion wiped off the value of oil companies in the week since OPEC sent crude prices plunging to a seven-year low by abandoning its output limit.
US and Alaska state officials will no longer seek an additional $92 million from Exxon Mobil to pay for environmental cleanup and restoration stemming from the massive Exxon Valdez oil spill 26 years ago.
Exxon Mobil Corp. and Chevron Corp. were among several U.S. oil and natural gas producers that had their outlooks or ratings cut by Standard & Poor’s as the industry suffers from weak crude prices, hurting their cash flow and liquidity. S&P cut ratings for Chesapeake Energy Corp., Denbury Resources and Whiting Petroleum Corp., while giving Exxon and Chevron "negative" outlooks, the ratings agency said Friday in a statement. Exxon “has substantially more debt than during the last cyclical commodity price trough in 2009, while upstream production and costs are at similar levels,” S&P analysts Thomas Watters and Carin Dehne-Kiley said. Oil prices have fallen 58 percent from last year’s peak, threatening $1.5 trillion in North America energy investments, according to Wood Mackenzie Ltd. Oil has been stuck near $45 a barrel as U.S. crude stockpiles stay about 100 million barrels above the five-year seasonal average and OPEC pumps at near- record levels.
At a time when the collapse in crude prices pushes Russia’s economy into a recession, the nation’s oil producers are managing to beat their western counterparts. On measures including cash flow, profit margins and share prices, OAO Rosneft, Lukoil PJSC-- Russia’s two largest oil producers -- and OAO Gazprom Neft are performing better than Royal Dutch Shell Plc, BP Plc or Exxon Mobil Corp. “When oil goes down, the western companies are hurt more than the Russian companies,” said Maxim Edelson, a Senior Director at Fitch Ratings in Moscow. Because Russian tax rates adjust automatically to lower prices the nation’s companies enjoy a buffer to the slump in crude while “a lot of the hit is taken by the government.”
Exxon Mobil has agreed deals to obtain development rights for an additional 48,000 acres in the core of the Midland Basin in Texas.
An Exxon Mobil Corp. discovery in the Atlantic Ocean off Guyana may hold oil and natural gas riches 12 times more valuable than the nation’s entire economic output. The Liza-1 well, which probably holds the equivalent of more than 700 million barrels of oil, may begin producing crude by the end of the decade, Raphael Trotman, the South American country’s minister of governance, said in an interview. The prospect would be on par with a recent Exxon find at the Hadrian formation in the Gulf of Mexico, and would be worth about $40 billion at today’s international crude price.
Foster Wheeler has been awarded an engineering, procurement and construction (EPC) contract by ExxonMobil Petroleum for a refinery upgrade in Belgium. The scope of the company’s work is expected to be completed in December 2016 for the Antwerp Northwest Europe Resid Upgrade Project.
A World Bank tribunal has ordered Venezuela to pay oil giant ExxonMobil about $1.6billion to compensate for oil nationalisation. Venezuela said it would pay the award, but only after deducting a previous Exxon award from the International Chamber of Commerce (ICC) of $908million.