ExxonMobil quarterly profits drop by 46%
Oil giant ExxonMobil has reported a 46% decline in its quarterly earnings. The company said it had seen a steep drop in crude prices which had cut into profits.
ExxonMobil
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.
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
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.
Exxon puts out fire at US refinery
Oil giant ExxonMobil said today its fire brigade had quickly put out a fire at its 155,000-barrel-a-day Torrance, California, refinery. There were no injuries in the blaze, it added.
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.
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.
Exxon Mobil tanker creates more than 1,000 jobs
Exxon Mobil's newest tanker has created more than 1,000 jobs since its inception. The second of the Texas-based firm's vessels was christened Eagle Bay at a ceremony at Aker Philadelphia Shipyard yesterday.
Exxon Mobil shows why US oil output rises as prices plummet
Crude oil production from US wells is poised to approach a 42-year record next year as drillers ignore the recent decline in price pointing them in the opposite direction. US energy producers plan to pump more crude in 2015 as declining equipment costs and enhanced drilling techniques more than offset the collapse in oil markets, said Troy Eckard, whose Eckard Global LLC owns stakes in more than 260 North Dakota shale wells. Oil companies, while trimming 2015 budgets to cope with the lowest crude prices in five years, are also shifting their focus to their most-prolific, lowest-cost fields, which means extracting more oil with fewer drilling rigs, said Goldman Sachs Group Inc.
Energy demand to increase by 35%
The demand for global energy is set to increase by 35% by 2040, a report has suggested. The report released today ExxonMobil claims growth in the global middle class, expansion of emerging economies and a rising population will contribute to the rise.
BP weighs future of aging Norwegian fields amidst oil crash
As oil prices keep falling, BP is among Norwegian oil producers having to take a hard look at whether to kill off aging offshore fields earlier than planned because squeezing out the last barrels might not be worth it. BP is currently deciding on plans for the five fields it operates in Norway in a study to be completed in the first half, said Jan Erik Geirmo, a Stavanger-based spokesman. “Falling oil prices, lower production and more demanding operations, in addition to significant costs for shutting down and removing old installations and platforms, are continuous challenges that may have an impact on the lifetime of some of our fields,” Geirmo said in an e-mailed reply to questions. What goes for BP also goes for an industry hit by squeezed margins even as the government demands it meet commitments to keep investing to ensure resources are exploited in full.