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Exxon’s proposed takeover of Pioneer Natural Resources would make Exxon the largest oil producer in the Permian Basin of West Texas and New Mexico. Photo: Bloomberg NewsU.S. antitrust enforcers are investigating Exxon Mobil’s plan to acquire Pioneer Natural Resources , which would be the largest oil-and-gas deal in two decades, according to securities filings. The Federal Trade Commission has sought additional information from the companies about the deal, a step it takes when reviewing whether a merger could be anticompetitive under U.S. law, Pioneer disclosed in a filing Tuesday. Merger investigations on average take about 10 months to complete, according to data compiled by law firm Dechert.
Persons: Exxon’s Organizations: Pioneer Natural Resources, Exxon, Bloomberg News, Natural Resources, Federal Trade Commission Locations: West Texas, New Mexico
Exxon Makes Lithium Play in Long-Term Bet on EV Demand
  + stars: | 2023-11-13 | by ( Collin Eaton | ) www.wsj.com   time to read: 1 min
China is the world leader in processing lithium and it is making major, risky investments to secure raw lithium in Latin America and Africa. Now, the U.S. is trying to develop its own supply to reduce its reliance on China. Photo illustration: Jamie LeventhalExxon Mobil said Monday it is starting to drill for lithium in Arkansas and aims to become a major U.S. supplier for makers of electric-vehicle batteries by 2030. The Texas-based oil company’s entrance into the lithium business, first reported by The Wall Street Journal in May, is an effort to reposition itself long-term for the advent of EVs and electrification in the transportation sector, which it dominated for decades as one of the world’s largest fuel makers. Lithium is a key ingredient in making batteries for EVs, cellphones and laptops.
Persons: Jamie Leventhal Exxon Organizations: Jamie Leventhal Exxon Mobil, Wall Street Journal Locations: China, America, Africa, U.S, Arkansas, The Texas
Exxon, Chevron Profits Surged Ahead of Megadeals
  + stars: | 2023-10-27 | by ( Collin Eaton | ) www.wsj.com   time to read: 1 min
A Chevron refinery in Point Richmond, Calif. Executives at Chevron and Exxon must now turn to proving the value of their recent megadeals. Photo: Eric Risberg/Associated PressOn the heels of competing megadeals, Exxon Mobil and Chevron reported a combined $15.6 billion profits Friday, as oil and fuel prices climbed in the third quarter. Exxon’s quarterly earnings of $9.1 billion were less than half of last year’s quarterly record but rose 15% from the previous quarter. Margins for making fuel widened and the company’s oil refineries produced more than any third quarter since 1999.
Persons: Eric Risberg Organizations: Chevron, Exxon, Exxon Mobil Locations: Point Richmond, Calif
Chevron to Buy Hess for $53 Billion
  + stars: | 2023-10-23 | by ( Collin Eaton | Peter Stiff | ) www.wsj.com   time to read: 1 min
Chevron also said that it would boost returns to shareholders. Photo: Philip Gostelow/Bloomberg NewsChevron said it would buy Hess in an all-stock deal worth $53 billion, the second major oil tie-up this month following Exxon Mobil ’s deal to buy Pioneer Natural Resources . The U.S. energy company said buying Hess would upgrade and diversify its portfolio, marking Chevron’s entrance into an Exxon-led partnership overseeing a generational oil find in Guyana, while picking up additional U.S. shale assets largely in North Dakota. Chevron also highlighted the attraction of Hess’s assets in the Gulf of Mexico and its natural-gas business in Southeast Asia.
Persons: Philip Gostelow, Hess Organizations: Chevron, Bloomberg, Exxon Mobil ’, Natural Resources, Exxon Locations: U.S, Guyana, North Dakota, Chevron, Gulf of Mexico, Southeast Asia
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/energy-oil/exxon-buys-pioneer-in-60-billion-deal-to-create-shale-giant-207c168b
Persons: Dow Jones Organizations: exxon
The Oil Patch Is Primed for an Era of Megadeals
  + stars: | 2023-10-07 | by ( Collin Eaton | Benoît Morenne | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/energy-oil/the-oil-patch-is-primed-for-an-era-of-megadeals-3d775398
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/deals/exxon-mobil-closing-in-on-megadeal-with-shale-driller-pioneer-31b4092e
Persons: Dow Jones Organizations: exxon, mobil
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/politics/biden-oks-limited-offshore-drilling-relenting-on-campaign-promise-1d12b5c6
Persons: Dow Jones, biden
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/politics/biden-oks-limited-offshore-drilling-relenting-on-campaign-promise-1d12b5c6
Persons: Dow Jones, biden
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/energy-oil/oil-prices-are-rising-shale-isnt-coming-to-the-rescue-83a672d
Persons: Dow Jones
Jenny StrasburgJenny Strasburg is a reporter in London, where she writes for The Wall Street Journal about oil and gas, climate, the transition to lower-carbon energy and the people, money and politics setting the global energy agenda, in conflict with it, or left behind because of it. Jenny previously covered global investment banks in the U.S. and Europe, as well as hedge funds, trading and markets, with a focus on in-depth investigations, before pivoting to Covid-19 vaccines and geopolitical responses to the pandemic. Jenny has shared collaborative-reporting honors including the George Polk Award, Gerald Loeb Award, New York Press Club Award, National Headliner Award and Sabew Best in Business Award. She completed the Knight-Bagehot Fellowship in economics and business journalism at Columbia University before writing about private investment funds at Bloomberg News. She joined the Journal in 2008 in New York, before moving to the U.K. in 2013.
Persons: Jenny Strasburg Jenny Strasburg, Jenny, George Polk, Gerald Loeb Organizations: Wall Street, New York Press, Columbia University, Bloomberg News Locations: London, U.S, Europe, New Mexico, West Texas, Corpus Christi, San Francisco and New York, New York
Exxon Predicts World Will Miss Climate-Change Targets
  + stars: | 2023-08-28 | by ( Collin Eaton | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/energy-oil/exxon-predicts-world-will-miss-climate-change-targets-d4a5ffd
Persons: Dow Jones Organizations: exxon
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/big-oils-talent-crisis-high-salaries-are-no-longer-enough-194545be
Persons: Dow Jones
Exxon and Chevron Signal They Are Still Shopping for Deals
  + stars: | 2023-07-28 | by ( Collin Eaton | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/exxon-xom-chevron-cvx-q2-earnings-report-2023-8ae5809
Persons: Dow Jones Organizations: exxon
Chevron Waives Retirement Age for CEO Mike Wirth
  + stars: | 2023-07-24 | by ( Collin Eaton | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones, d6f88e3e
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/elon-musk-says-twitter-will-change-its-logo-to-x-5f73c349
Persons: Dow Jones Locations: elon
Elon Musk Says Twitter Will Change Its Logo to X
  + stars: | 2023-07-23 | by ( Collin Eaton | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/elon-musk-says-twitter-will-change-its-logo-to-x-5f73c349
Persons: Dow Jones Locations: elon
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/this-arkansas-town-could-become-the-epicenter-of-a-u-s-lithium-boom-54ad7306
Persons: Dow Jones Locations: arkansas
Collin EatonCollin Eaton writes about the largest American oil companies and global energy issues in The Wall Street Journal's Houston bureau. Collin joined the Journal in early 2020, a few weeks before the onset of the pandemic and a historic oil-market collapse that crippled U.S. shale companies. In the aftermath, Collin covered the major strategic shifts that have changed the industry's role in the world's energy market, as well as the return of $100-a-barrel oil and record fuel prices as companies and consumers grappled with inflation. Collin previously wrote about oil and gas for Reuters and the Houston Chronicle. He began his career writing about banking and finance in Houston.
Persons: Collin Eaton Collin Eaton, Collin Organizations: Reuters, Houston Chronicle Locations: Houston
Exxon Buys Pipeline Operator, Making Big Bet on Carbon
  + stars: | 2023-07-13 | by ( Collin Eaton | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/exxon-buys-pipeline-operator-making-big-bet-on-carbon-a1d0e347
Persons: Dow Jones Organizations: exxon
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/opec-woos-guyana-the-tiny-nation-that-sits-atop-massive-oil-field-19031324
Persons: Dow Jones Organizations: woos Locations: guyana
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Persons: Dow Jones Organizations: exxon
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/chevron-to-buy-pdc-energy-in-6-3-billion-stock-swap-d8835eee
Exxon Joins Hunt for Lithium in Bet on EV Boom
  + stars: | 2023-05-21 | by ( Benoît Morenne | Collin Eaton | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/exxon-joins-hunt-for-lithium-in-bet-on-ev-boom-1d72cdd6
$14 Billion Deal to Create Mega-Pipeline Company
  + stars: | 2023-05-15 | by ( Collin Eaton | ) www.wsj.com   time to read: 1 min
The deal’s price tag amounted to a 22% premium over Magellan’s common units. Photo: Kris Tripplaar/Sipa USA/Associated PressPipeline operator Oneok agreed Sunday to buy smaller rival Magellan Midstream Partners for about $14 billion, a deal that would form one of the biggest U.S. companies involved in transporting and storing energy. The deal’s price tag, including $8.8 billion in equity and $5.1 billion in cash, amounted to a 22% premium over Magellan’s common units as of Friday. Oneok said it would assume Magellan’s $5 billion in net debt. The deal was expected to close in the third quarter, pending the approval of regulators and investors.
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