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ExxonMobil

Oil & Gas

ExxonMobil receives subpoena from NY attorney general over climate change claims

ExxonMobil is being investigated by the New York state attorney general as to whether it misled investors and the public about the risk of climate change and how it might have affected the company. According to reports, a subpoena was set to the oil company earlier this week, requesting emails, financial records and other documents. The investigation could look at ExxonMobil’s activities from as far back as the 1970s till this year.

Markets

Exxon beats estimates as refining profit doubles on oil drop

Exxon Mobil Corp. posted higher-than- expected profit as soaring margins on processing oil into fuels blunted the impact of collapsing crude markets. Third-quarter net income fell to $4.24 billion, or $1.01 a share, from $8.07 billion, or $1.89, a year earlier, Irving, Texas-based Exxon said in a statement on Friday.

Oil & Gas

Oil producers curb mega-project ambitions to focus on US shale

A stubborn 16-month crude rout with no end in sight is driving the largest US oil producers away from costly, high-risk mega-projects long touted as the industry’s future and toward safer shale operations that generate the cash needed to satisfy anxious investors.

Other News

US Senator calls for climate change probe against ExxonMobil

A US Senator has called on the Department of Justice to investigate an alleged fraud by ExxonMobil over what it knew and told the public and shareholders about the cause of climate change. Senator Bernie Sanders has written to Attorney General Loretta Lynch to ask for a probe into what he alleges as a “potential instance of corporate fraud” by the oil giant. In his letter the politician refers to reports from an investigation by Inside Climate News, which says that scientists from the company conducted extensive research on climate change as early as the 1970s.

Oil & Gas

ExxonMobil sells Torrance refinery to PBF Energy

ExxonMobil has struck a deal with PBF Energy for the sale of its refinery in California. The company said in addition to the facility at Torrance the agreement also includes a lubricant distribution centre at Vernon, a products terminal at Vernon and Atwood and associated Californian pipelines and other logistics assets. The move is expected to affect 700 staff members and 700 contractors who work at the refinery and associated facilities.

Oil & Gas

ExxonMobil ends oil exploration in Madagascar after poor finds

Exxon Mobil has ended its oil exploration in Madagascar after disappointing findings in its off-shore blocks, the Malagasy Mining and Petroleum Minister said on Friday. The U.S. company had no immediate comment. Exxon's affiliates resumed exploration in Madagascar in 2013 after a four-year pause due to a force majeure declared after the 2009 coup on the Indian Ocean island.

Oil & Gas

ExxonMobil in ‘significant’ Guyana discovery

ExxonMobil has announced a significant oil discovery at its Stabroek Block offshore Guyana. The well, located 120 miles offshore, was drilled by the company's affiliate Esso Exploration and Production Guyana. More than 295 feet of high-quality oil-bearing sandstone reservoirs were encountered.

Oil & Gas

Exxon’s Tillerson says OPEC not waging war on US shale rivals

OPEC’s refusal to curb output in response to the collapse in crude prices is an attempt to find the most economic price for oil, not an attack on US shale drillers, said Exxon Mobil Corp. Chief Executive Officer Rex Tillerson. The Organization of Petroleum Exporting Countries is engaged in “a classic price-discovery exercise” after the revolution in shale-oil production turned global crude markets topsy turvy, Tillerson said during the IHS CERAWeek conference in Houston on Tuesday. The 10-month, 48-percent cascade in US oil prices has crushed stock prices, eroded drilling budgets and cost tens of thousands of workers their jobs.

Other News

ExxonMobil chief exec sees pay rise

The chief executive of ExxonMobil received about $33million last year - an increase of about 18% from $28million in 2013. Rex Tillerson saw his base salary incease to $2.8million from $2.7million the year before

Oil & Gas

ExxonMobil and Equatorial Guinea sign PSC

Equatorial Guinea has ratified a production sharing contract (PSC) with ExxonMobil to explore an oil and gas block off Bioko Island. The Ministry of Mines, Industry and Energy said the contract was signed early this year. Block EG-06 is located offshore Bioko Island. Gabriel Mbaga Obiang Lima, Minister of Mines for Industry and Energy, said: 'The Ratification of the new PSC signifies the start of a new adventure between old acquaintances and is expected to be as successful as the first one.

Markets

ExxonMobil to cut capex by 12%

ExxonMobil is set to lower its capex by 12% but said production will rise. The company said oil and gas output would increase by 2% this year and 3% in each of the following years as it spends about $34million in 2015. Last year, the oil major produced 4 million barrels oil equivalent per day (boepd) and it plans to increase this to 4.3million boepd in 2017.

Markets

Crude at $49: The new reality for big oil companies

Financial results from a fourth quarter that saw the collapse of the crude market will provide a window into how the world’s biggest oil companies are adjusting to a new reality of slowing growth and low prices. Oil that topped $115 a barrel as recently as June has been trading below $50 a barrel since the first week of the year, portending a bleak 2015 for the world’s five so-called supermajors -- Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., Total SA and BP Plc. The companies, whose businesses combine oil and natural gas exploration with refining and chemical manufacturing, have historically been among the most resilient players during down cycles. This could be the oil bust that breaks that pattern.