ExxonMobil to reduce spending, looks at acquisitions
ExxonMobil said it will continue to reduce spending and said it may look at potential acquisitions in a bid to offset a dip in production.
ExxonMobil
ExxonMobil predicts 20% growth in oil demand by 2040
ExxonMobil said oil demand will grow by 20% to 112million barrels a day in 2040. The company made the analysis as it released its annual outlook earlier today.
Explosion at US refinery was “serious near-miss” incident
An explosion at a refinery in California could have been prevented, according to a new government report. The incident at an ExxonMobil oil refinery last year saw an 80,000lb piece of equipment blown clear of the facility.
Statoil agrees on Trestakk development after cutting costs by 30%
Norwegian operator Statoil and its partners have agreed on a development for the Trestakk oil and gas discovery off the coast of Norway after reducing initial costs estimated by 30%.
Iraq in approach to PetroChina and Exxonmobil to boost production
Iraq is said to have approached PetroChina and ExxonMobil about investing in a multi-billion dollar project to help boost output from a number of smaller southern fields, according to reports. A senior Iraqi oil official said South Oil Co is seeking investment from either company to build infrastructure needed to raise output at fields it operates. SOC deputy chairman Basim Abdul Kareem said the decline in oil price has hit the country’s ability to fund oilfield development and foreign investments are needed.
Exxon confirms successful startup of Indonesian processing plant
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.
ExxonMobil’s PR chief to step down
ExxonMobil's comms chief is set to step down after 38 years with the firm.
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.
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 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.
Rosneft and Exxon win Mozambique licences
Russia's Rosneft and US partner ExxonMobil has won three blocks in the fifth license round in Mozambique.
Santos rejects $5.5billion takeover bid by Scepter
Australian energy giant Santos, has rejected a $5.5billion takeover bid by fund managers Scepter, which represents Middle Eastern and Asian royals.
DNV gets oil majors on board for offshore wind project
The concept of using wind power for offshore oil and gas applications has taken a step forward after several oil majors signed up for a joint industry project to explore the technology.
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.
Exxon says climate research stories “inaccurate and deliberately misleading”
ExxonMobil hit back at today at what it called "inaccurate and deliberately misleading" media and environmental activists’ allegations about the company’s climate research.
ExxonMobil fined $2.63million for crude oil spill in Arkansas
ExxonMobil has been fined $2.63million for spilling crude oil in an Arkansas residential area two years ago. The company was hit with the cash penalty by the US pipeline safety office, the regulator said yesterday.
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.
Exxon starts production in Nigeria ahead of schedule
Exxon Mobil has started oil production ahead of schedule at the Erha North Phase 2 project offshore Nigeria, the company said.
US law firm investigates alleged price fixing by oil majors on West Coast
Oil refiners including Chevron, ExxonMobil and BP are being investigated for alleged price fixing based on claims that they colluded to control the supply of gasoline in the western United States.
Jacobs Engineering awarded ExxonMobil contract
Sector heavyweight Jacobs Engineering has won the engineering, procurement and construction management (EPCM) for ExxonMobil's Beaumont refinery in Texas.
Exxon profit lowest since 2009 as prices fall faster than costs
Exxon Mobil posted its worst quarterly performance in six years as a worldwide glut of oil collapsed prices faster than explorers trimmed costs.
Rosneft and Exxon pair up even as US-Russia relations remain tense
Russia’s largest oil producer and Exxon have submitted joint bids in Mozambique’s fifth licensing round to explore the Angoche Basin and Zambezi Delta.
EV Insights: How Guyana oil discovery could transform country’s economy
A discovery in waters off the coast of Guyana is estimated to hold natural gas riches which could be up to 12 times more valuable than the country’s economy. The Liza-1 well is estimated to have more than 700 million barrels of oil and could begin producing crude by the end of the decade.
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.
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.