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☆ Exxon CEO says dispute with Chevron over Hess Guyana oil assets could drag into 2025
▼ + stars: | 2024-05-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Darren Woods, chairman and chief executive officer of Exxon Mobil Corp, speaks during the 2024 CERAWeek by S&P Global conference in Houston, Texas, US, on Monday, March 18, 2024. Exxon CEO Darren Woods said Monday that the dispute with Chevron over Hess Corporation 's oil assets in Guyana likely will not be resolved until 2025. "This is an important arbitration obviously not only for Exxon Mobil but for Chevron and Hess," Woods said. Exxon is claiming a right of first refusal on Hess' assets in Guyana under a joint operating agreement that governs a consortium that is developing the South American nation's prolific oil resources. The CEO has repeatedly expressed confidence that Exxon will prevail in the dispute, saying the company wrote the agreement that governs the consortium.

Persons: Darren Woods, Woods, CNBC's David Faber, Hess Organizations: Exxon Mobil Corp, P Global, Exxon, Chevron, Hess Corporation, Milken Institute's Global Conference, Exxon Mobil, Hess, International Chamber of Commerce Locations: Houston , Texas, Guyana, Los Angeles, Paris

☆ 10 of our stocks report earnings next week. Here's what we want to see from each
▼ + stars: | 2024-01-27 | by ( Zev Fima | ) www.cnbc.com time to read: +16 min

All three major averages posted gains for the third consecutive week, lifted by solid quarterly earnings and positive economic data. Earnings season ramps up next week, with five of the Super Six mega-cap stocks delivering results. Employment numbers are the most important economic data, with Friday's January nonfarm payrolls report carrying the most weight. The January ISM Manufacturing report on Thursday and December's factory orders report Friday are expected to show the sector still in contraction mode. But earnings and commentary this week from peer Sartorious made us encouraged about a return to growth in 2024.

Persons: nonfarm, December's, Sartorious, We've, Stanley Black, Decker, We're, We'd, Royal Philips, Crane, Woodward, ServisFirst, Cadence Bancorporation, CADE, Johnson, Phillips, Avery Dennison, Columbus McKinnon, Robinson, SIRI, Cardinal Health, Parker, DOV, Pitney Bowes, Ferrari N.V, CSW, COLM, W.W, Grainger, Dwight Co, Jim Cramer's, Jim Cramer, Jim, Tim Cook, Justin Sullivan Organizations: Gross, Procter, Gamble, Gillette, Super, Consumer, JPM Healthcare, Amazon, Microsoft, Honeywell, Aerospace, Solutions, Apple Watch, Masimo, Vision Pro, Franklin Resources, Resource Partners, Bank of Marin Bancorp, Bank7 Corp, Pacific Premier Bancorp Inc, Provident Financial Holdings, Dynex, Cliffs Inc, Nucor Corp, Whirlpool Corp, F5 Networks, Capital Southwest Corp, Harbors Investment Corp, Crane Co, Payne, Equity, Heartland Financial, Cadence, FinWise Bancorp, Five Star Bancorp, PotlatchDeltic Corporation, Sanmina Corporation, Pfizer, General Motors Corp, United Parcel Service, JetBlue Airways Corporation, Smith Corp, Marathon Petroleum Corp, HCA Healthcare, Oshkosh Corporation, SYSCO Corp, Danaher Corp, Johnson Controls, M.D.C . Holdings, Commvault Systems Inc, Hope Bancorp, Hubbell Incorporated, Malibu Boats, Polaris Industries, Inc, Camden National Corp, Cambridge Bancorp, Microsoft Corp, Starbucks Corp, Devices, Electronic Arts Inc, Juniper Networks, Stryker Corp, Lending, Canadian, Canadian Pacific Kansas City Limited, Mondelez, Chubb Corporation, Modine Manufacturing, Partners, Management, Hawaiian Holdings, Manhattan Associates, Unum Group, UNM, Axos, Enova, Boston Properties, Boeing Co, Novo Nordisk, Mastercard Inc, Roper Technologies, Boston Scientific Corporation, MarketAxess Holdings, Fisher, Aptiv PLC, Hess Corp, Nasdaq, United Microelectronics Corp, Rockwell Automation, Teva Pharmaceutical Industries, Ltd, Avery, Avery Dennison Corp, Extreme Networks, Otis Worldwide Corporation, OTIS, Columbus, Columbus McKinnon Corp, Central Pacific Financial Corp, Brinker International, Fortive Corporation, Qualcomm, Technology, Metlife, Hanover Insurance, Barn Holdings, CONMED Corporation, DLH Holdings Corp, Meritage Homes Corporation, Honeywell International, Eaton Corp, Altria, Royal Caribbean Cruises Ltd, Merck, Co, Enterprise Products Partners, Dorian LPG, SiriusXM Holdings, Cardinal, Hannifin Corporation, Allegheny Technologies Incorporated, Tractor Supply Company, Trane Technologies, Dover Corp, Huntington Ingalls Industries, Brunswick Corporation, Dickinson, Canada Goose Holdings, Kirby Corp, WEC Energy Group, WestRock Company, Allegro MicroSystems, Ball Corporation, Broadridge Financial, BrightSphere Investment Group, CMS Energy Corp, Lancaster Colony Corp, Rogers Communications Inc, Sanofi, Apple, Atlassian Corporation, United States Steel Corp, Corp, Adtalem Global, Homes, DXC Technology Company, Eastman Chemical Company, Gen, Post Holdings, America, Columbia Sportswear Company, Exxon Mobil Corp, Chevron Corporation, Myers Squibb Co, CIGNA Corp, Regeneron Pharmaceuticals, Charter Communications, AON, Cboe, Dwight, Banco Santander, Jim Cramer's Charitable, CNBC, Apple Vision, Getty Locations: China, East, United States, Europe, Cleveland, Alexandria, California, Corning, Canadian Pacific, Teradyne, TER, Novo, Hanover, PBI, Skechers U.S.A, Bristol, Chile

☆ Exxon Mobil CEO urges COP28 to focus on reducing emissions — not phasing out fossil fuels
▼ + stars: | 2023-12-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

There's also an ongoing debate about whether an agreement should center on "abated" fossil fuels, which are trapped and stocked with carbon capture and storage technologies, or "unabated" fossil fuels, which are largely understood to be produced and used without substantial reductions in the amount of emitted greenhouse gases. "We cannot save a burning planet with a firehose of fossil fuels," Guterres said. "The 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels. Not everyone is on board with calls to phase out fossil fuels, however. An Exxon Mobil gas station in Washington, DC, US, on Tuesday, Nov. 28, 203.

Persons: Darren Woods, There's, Steve Sedgwick, Woods, U.N, António Guterres, Guterres, Phaseout, David Paul Morris, Exxon Mobil's Woods, Tengku Muhammad Taufik, I'm Organizations: UNITED, EMIRATES, Exxon Mobil, United Arab Emirates, United Arab, Exxon Mobil Corp, Economic Cooperation, APEC, Bloomberg, Getty Images Bloomberg, Getty, Exxon, Big Oil, Petronas, Natural Resources, Mobil Locations: Dubai, COP28, Russia, United Arab Emirates, Asia, San Francisco , California, San Francisco, China, UAE, Washington , DC

☆ Tech giants lead surge in global mega-caps as inflation eases
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

Apple Inc's (AAPL.O) market value jumped 11.2% to $2.95 trillion over the past month, while Microsoft Corp (MSFT.O) saw a 12.1% increase in its market cap, reaching $2.8 trillion. Reuters Graphics Reuters GraphicsNvidia Corp's (NVDA.O) market cap soared 14.7% to $1.15 trillion, following its announcement of a 206% year-over-year revenue increase to $18.1 billion in the third quarter. JPMorgan Chase & Co (JPM.N) saw its market cap increase by 12.2% to $451 billion by the end of November. In other sectors, Tesla Inc's (TSLA.O) market value rose nearly 20% to $763.2 billion last month, following a price hike for its Model 3 and Y vehicles in China. Saudi Arabian Oil Co (2222.SE) and Exxon Mobil Corp (XOM.N) saw market caps fall by 0.3% and 2.9%, respectively.

Persons: Mike Segar, Tesla, Patturaja Murugaboopathy, Gaurav Dogra, Kim Coghill Organizations: Apple Inc, Apple, REUTERS, Microsoft Corp, Reuters Graphics Reuters, Nvidia, JPMorgan Chase &, Rho, Saudi Arabian Oil Co, Exxon Mobil Corp, Thomson Locations: Manhattan , New York, U.S, China, Saudi, Bengaluru

Darren Woods, CEO of ExxonMobil, speaks at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S., November 15, 2023. REUTERS/Carlos Barria/File Photo Acquire Licensing RightsHOUSTON, Nov 29 (Reuters) - Exxon Mobil Corp (XOM.N) Chief Executive Darren Woods is making plans to attend the COP28 climate summit in Dubai next week, two people familiar with the matter said, in what would mark a first for an Exxon CEO, if confirmed. Woods is expected to advocate that reducing carbon emissions should be a priority in addressing climate change, rather than reducing oil production. "We commit to solving the world’s energy and emissions challenges simultaneously," Darren Woods said at the APEC CEO summit earlier this month. Exxon says technology advancements allowed it to join the initiative and that the decision guards no relation with Pioneer's acquisition.

Persons: Darren Woods, Carlos Barria, Woods, Sultan al, Jaber, Exxon's, Matt Kolesar, Sabrina Valle, Sarah McFarlane, Josie Kao, Aurora Ellis Organizations: ExxonMobil, Economic Cooperation, REUTERS, Rights, Exxon Mobil Corp, Exxon, APEC, Abu, Abu Dhabi National Oil Company, United, Natural Resources, Gas Methane Partnership, Reuters, United Nations Environment Programme, Shell, BP, Conoco, Chevron, Thomson Locations: Asia, San Francisco , California, U.S, Dubai, Abu Dhabi, United Nations, OGMP, Occidental

☆ Israeli private detective sentenced in US to 6-2/3 years for hacker-for-hire scheme
▼ + stars: | 2023-11-16 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

REUTERS/Michael Dalder/File Photo Acquire Licensing RightsNEW YORK, Nov 16 (Reuters) - A U.S. court on Thursday sentenced an Israeli private detective to 6-2/3 years in prison for organizing global hacking campaigns against thousands of people including climate change activists and critics of German company Wirecard. In sentencing Azari in federal court in Manhattan, U.S. District Judge John Koeltl said the hacking had a "devastating impact" on its victims. "Your Honor, I made a mistake," Azari said in court through a Hebrew interpreter before the sentence was handed down. Prosecutors did not allege any link between Azari and Exxon, which denied any connection to Azari or his hacking campaign. Three victims who spoke in court, including two climate activists, said they still wanted to learn his clients' identities.

Persons: Michael Dalder, Aviram, Azari, John Koeltl, Prosecutors, Barry, Luc Cohen, Cynthia Osterman Organizations: Wirecard AG, REUTERS, District, Prosecutors, U.S, Exxon Mobil Corp, Exxon, Reuters, Thomson Locations: Aschheim, Munich, Germany, United States, Manhattan, U.S, New York, Azari, India

☆ Indonesia says Exxon Mobil plans to invest up to $15 bln in the country
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Exxon Mobil Corp FollowJAKARTA, Nov 16 (Reuters) - U.S. oil major Exxon Mobil (XOM.N) is planning to invest up to $15 billion in a petrochemical project and carbon capture and storage (CCS) facilities in Indonesia, President Joko Widodo said in a presidential palace statement on Thursday. The planned CCS facilities would be the biggest in Southeast Asia. Earlier this week, Indonesia signed an initial deal with an Exxon unit to explore investment in a petrochemical project in Indonesia to produce polymers. Exxon and Indonesian state energy company Pertamina also agreed to evaluate $2 billion in investments in CCS facilities using two underground basins in the Java Sea. "These large-scale opportunities could substantially boost industrial growth and decarbonisation in Indonesia, as well as the Asia Pacific region," said Carole Gall, president of Exxon Mobil Indonesia.

Persons: Dado Ruvic, Joko Widodo, Darren Woods, Pertamina, Carole Gall, Joe Biden, Fransiska Nangoy, Bernadette Christina, Muralikumar Anantharaman, Tom Hogue Organizations: ExxonMobil, REUTERS, Companies Exxon Mobil Corp, Exxon Mobil, Exxon, Asia, Economic Cooperation, Exxon Mobil Indonesia, CCS, U.S, APEC, Thomson Locations: JAKARTA, Indonesia, Southeast Asia, San Francisco, Asia, Washington

☆ PetroChina to replace Exxon as lead contractor for Iraq's West Qurna 1 oilfield, oil executive says
▼ + stars: | 2023-11-11 | by ( Aref Mohammed | ) www.reuters.com time to read: +2 min

"We studied the settlement agreement and the oil ministry with the Basra Oil Company believe that the best option is for Petrochina to become the lead contractor of West Qurna 1," Hassan Mohammed, deputy Basra Oil Co. manager in charge of oilfields and licensing rounds affairs, told Reuters. Exxon and PetroChina were not immediately available for comment, but two oil managers at the West Qurna 1 field confirmed the details of the settlement and sale agreement signed with Exxon. Basra Oil Company director Khalid Hamza told Reuters in an interview in 2021 that Exxon was seeking to sell the share for $350 million. West Qurna 1, in southern Iraq, is one of the world’s largest oilfields with recoverable reserves estimated at more than 20 billion barrels. Following its exit from West Qurna 1, Exxon will have no presence in Iraq's energy sectory, said BOC officials.

Persons: Hassan Mohammed, PetroChina, Mohammed, Pertamina, Khalid Hamza, Aref Mohammed, Hadeel Al, Ahmed Rasheed, Kirsten Donovan, Giles Elgood Organizations: Exxon Mobil Corp, Basra Oil Company, Basra Oil Co, Reuters, Exxon, Exxon Mobil Corp's, BOC, Exxon Mobil’s, Thomson Locations: BASRA, Iraq, Iraqi, Basra, West, Indonesia’s, Iraq’s, Hadeel Al Sayegh, Dubai

[1/5] Stephan Feldgoise, co-head of global M&A for of Goldman Sachs, speaks at the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 8, 2023. This has fueled soul-searching among investment bankers about the prospects for their business. "I'm reasonably bullish that this will return, but obviously it will be in fits and starts." "Our (deal pipelines) are at one of the largest levels that you've seen in five-six years. Reporting by Anirban Sen in New York; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephan Feldgoise, Goldman Sachs, Brendan McDermid, Goldman, Steven Baronoff, Anu Aiyengar, Aiyengar, Anthony Kim, Kim, Michal Katz, Katz, Anirban Sen, Chizu Organizations: REUTERS, Goldman Sachs Group Inc, Reuters NEXT, Federal Reserve, Bank of America, Chevron Corp, Hess Corp, Exxon Mobil Corp, Natural Resources, JPMorgan Chase &, Microsoft Corp, Illumina Inc, Centerview Partners, Greenhill, Co Inc, Thomson Locations: New York City , New York, U.S, East, Ukraine, Americas, United States, New York

Exxon Mobil’s third-quarter profit declined compared with last year when the oil giant put up record numbers as oil prices soared, but net income jumped 15% compared with the previous quarter. Exxon Mobil Corp. earned $9.07 billion, or $2.25 per share in the period. Revenue slipped to $90.76 billion from $112.07 billion, but still topped Wall Street's estimate of $89.29 billion. Exxon also announced Friday that it raised its fourth-quarter dividend to 95 cents per share from 91 cents per share. Exxon shares are up slightly before the open bell, while shares of Chevron are down more than 2%.

Persons: Exxon isn't, Darren Woods, “, Exxon Organizations: Exxon Mobil’s, Exxon, Chevron, Hess, Exxon Mobil Corp, Zacks Investment Research, Natural Resources, Mobil, Hess Corp, drillers, U.S Energy Information Administration Locations: Texas, New Mexico, San Ramon , California, Ukraine, Saudi Arabia, Russia, Israel, Gaza, U.S, Syria

☆ Exxon Mobil third-quarter profit falls compared with last year's record numbers, but refineries are strong
▼ + stars: | 2023-10-27 | by ( ) www.cnbc.com time to read: +3 min

Fuel prices are displayed at an Exxon Mobil Corp. gas station in Arlington, Virginia, U.S., on Wednesday, April 29, 2020. Exxon Mobil 's third-quarter profit declined compared with last year when the oil giant was put up record numbers due to soaring crude prices, but net income was up 15% compared with the previous quarter. Exxon Mobil earned $9.07 billion, or $2.25 per share, in the period. The company posted unprecedented profits last year of $55.7 billion, breezing past its previous record of $45.22 billion in 2008 when oil prices hit record highs. While attacks on Israel do not disrupt global oil supply, according to an analysis by the U.S Energy Information Administration, "they raise the potential for oil supply disruptions and higher oil prices."

Persons: Exxon isn't, Darren Woods Organizations: Exxon Mobil Corp, Exxon Mobil, Exxon, Natural Resources, Chevron, Hess, Zacks Investment Research, Mobil, Hess Corp, drillers, U.S Energy Information Administration Locations: Arlington , Virginia, U.S, Texas, New Mexico, Ukraine, Saudi Arabia, Russia, Israel

☆ Exclusive: ConocoPhillips weighs CrownRock bid to challenge rivals
▼ + stars: | 2023-10-26 | by ( David French | ) www.reuters.com time to read: +2 min

CrownRock's investment bankers have asked interested parties to submit initial offers next week, two of the sources added. Diamondback Energy (FANG.O), Devon Energy (DVN.N), Marathon Oil (MRO.N) and Continental Resources are also studying potential bids for CrownRock, the sources said. The company is led by Texas billionaire businessman Timothy Dunn and backed by private equity firm Lime Rock Partners. Bloomberg News reported last week that Devon was considering a bid for CrownRock, and that Devon has also held preliminary talks about a tie-up with Marathon. Reporting by David French in New York; Editing by Greg Roumeliotis and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, CrownRock, Timothy Dunn, Conoco, Devon, David French, Greg Roumeliotis Organizations: ConocoPhillips, REUTERS, Houston, Exxon Mobil Corp, Chevron Corp, Diamondback Energy, Devon Energy, Continental Resources, CrownRock, Marathon Oil, Continental, Diamondback, Exxon, Natural Resources, Chevron, Hess Corp, Lime Rock Partners, EOG Resources, Devon, Bloomberg News, Marathon, Reuters, Thomson Locations: Vancouver , British Columbia, Canada, Texas, Conoco, Devon, Midland, Marathon, New York

☆ Exclusive: Natgas producer Chesapeake explores buying Southwestern Energy -sources
▼ + stars: | 2023-10-17 | by ( David French | ) www.reuters.com time to read: +3 min

A 3D printed oil barrels and oil pump jack are seen in front of displayed Chesapeake Energy logo in this illustration taken January 25, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsOct 17 (Reuters) - U.S. natural gas producer Chesapeake Energy Corp (CHK.O) has approached Southwestern Energy (SWN.N), a peer valued by the stock market at $12 billion including debt, about a potential acquisition, people familiar with the matter said. Since then, Chesapeake has been shedding oil-producing assets to focus on its competence in natural gas. U.S. natural gas prices have been sluggish in recent months, as oversupply and warmer weather erode producers' profitability. Some analysts expect prices to go up in the next few months, as a pick-up in U.S. natural gas exports creates more domestic scarcity.

Persons: Dado Ruvic, Chesapeake's, David French, Greg Roumeliotis, David Gregorio Our Organizations: Chesapeake Energy, REUTERS, Chesapeake Energy Corp, Southwestern Energy, EQT Corp, Southwestern, Chesapeake, Exxon Mobil Corp, Natural Resources, Thomson Locations: U.S, New York, Chesapeake, Southwestern, Louisiana, West Virginia, Pennsylvania

ExxonMobil and Pioneer Natural Resources logos are seen in this illustration taken, October 6, 2023. After brief informal conversations earlier this year, Exxon approached Pioneer about a deal last month, the sources said. Exxon's shares were hovering near record highs, and it had a cash pile of about $30 billion. Woods had already capitalized on elevated energy prices to streamline Exxon's operations and focus on highly profitable oil and gas production. This allowed Exxon to enter the deal negotiations with its stock coveted by investors as a valuable currency.

Persons: Dado Ruvic, Darren Woods, Scott Sheffield, Woods, Darren, Sheffield, Scott, Sabrina Valle, David French, Anirban Sen, Sonali Paul Organizations: ExxonMobil, Pioneer, REUTERS, HOUSTON, Exxon Mobil Corp's, Natural Resources, Exxon, Sheffield, Thomson Locations: Guyana, Sheffield, Houston, New York

WASHINGTON, Oct 12 (Reuters) - U.S. prosecutors say an Israeli private investigator used hackers to steal emails from climate activists who were campaigning against American energy giant Exxon Mobil Corp (XOM.N). Prosecutors stopped short of stating a connection between the Israeli private eye – former policeman Aviram Azari – and Exxon, and the memo did not identify any of his clients. Victims say that leaves a key question unanswered. Exxon pushed back, filing lawsuits that cited press articles, which suggested the activists were using underhanded tactics. “Azari facilitated the hacking scheme by directing groups of hackers, including a particular group of individuals based in India, to target specific victims,’” prosecutors wrote.

Persons: Damian Williams, parry, Prosecutors, Aviram Azari, Kert Davies, Paul Weiss, Bradley Campbell, Williams, Azari, Barry, “ Azari, ’, Raphael Satter, Christopher Bing, Leslie Adler, Richard Chang Organizations: U.S, Exxon Mobil Corp, Southern, of, Exxon, Climate Integrity, Natural Resources, Conservation Law Foundation, Exxon Mobil, Reuters, Thomson Locations: of New York, New York, Massachusetts, India, United States

Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas. In the late 1990s, the merger between Exxon and Mobil was valued around $80 billion. Exxon Mobil Corp. has been using some of that cash on acquisitions. In July the company announced that it was buying pipeline operator Denbury in an all-stock deal valued at $4.9 billion. In 2020 the company said it was buying Parsley Energy in an all-stock deal valued at approximately $4.5 billion.

Persons: Darren Woods, Scott Sheffield, Citi's Alastair Syme, Syme Organizations: Exxon Mobil, Natural Resources, Mobil, Exxon, XTO Energy, U.S . Energy Information Administration, Midland Basin, ExxonMobil, Pioneer, “, Exxon Mobil Corp, Parsley Energy, DoublePoint Energy Locations: West Texas, Texas, New Mexico, Delaware, Midland, U.S

☆ Top Wall Street analysts expect these dividend stocks to boost portfolio returns
▼ + stars: | 2023-10-08 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

The company's dividend hike of 3.4% last year marked the 40th consecutive year of annual dividend growth. Mizuho analyst Nitin Kumar reiterated a buy rating on Exxon with a price target of $139 after attending the company's Product Solutions Spotlight event. Calling CTRA his top pick, Kumar reiterated a buy rating on the stock with a price target of $42. (See BIP Stock Chart on TipRanks)American Electric PowerAnother RBC Capital analyst, Shelby Tucker, is bullish on utility stock American Electric Power (AEP). Recently, Tucker lowered the price target for AEP to $90 from $103 to reflect a high interest environment but reiterated a buy rating.

Persons: Sergio Moraes, Wall, Mizuho, Nitin Kumar, Kumar, TipRanks, Marcellus Shale, Robert Kwan, Kwan, Shelby Tucker, Charles E, Tucker Organizations: AEP BIP, Exxon Mobil Corp, Oil, Gas Expo, Exxon Mobil First, Exxon Mobil, Exxon, Coterra Energy, CTRA, Brookfield Infrastructure Partners, Brookfield Infrastructure, RBC Capital, Power, American Electric Power, AEP, 453rd, Darden Locations: Rio de Janeiro, Brazil, Baytown, Singapore, Anadarko, TipRanks, Brookfield

☆ Exxon investors ready to embrace buying existing oil over new drilling
▼ + stars: | 2023-10-06 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +4 min

In the last four years energy investors have dumped stocks in oil companies that boost capital spending, favoring higher returns over spending on costly, long-term new projects. But Exxon shares last month hit a record high of $120, lifted by returns on its oil, gas and refining businesses. 2 Permian shale oil producer, for $60 billion, signals it is ready to pay up for production after missing its own output targets in the Permian. A deal would bring Exxon to about 1.33 million barrels of oil and gas per day, the largest in the oilfield. It has good reserves, growing production, spending in check and debt at healthy levels, he said.

Persons: Lucas Jackson, Exxon Mobil's, Bill Smead, Vince Lorusso, Lorusso, Shale Research Alexandre Ramos, Kathryn Mikells, Bass, Scott Hanold, Matthew Bernstein, Sabrina Valle, Anna Driver, Diane Craft Organizations: Exxon Mobil Corporation, New York Stock Exchange, REUTERS, Rights, Exxon, Natural Resources, Smead Capital Management, Clough Capital Partners, Management, Shale Research, XTO Energy, RBC Capital Markets, ExxonMobil, Rystad Energy, Thomson Locations: New York, Ukraine, U.S, Americas, Guyana

☆ What Wall St, policymakers have to say on potential Exxon-Pioneer deal
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +3 min

The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. A deal would be Exxon's biggest acquisition since its $81 billion deal for Mobil in 1998 and could deepen the oil major's position in the country's most lucrative oil patch. Following are the comments on the likely deal. BILL SMEAD, CHIEF INVESTMENT OFFICER OF SMEAD CAPITAL MANAGEMENT"I can't imagine any deal is going to go for less than $65 billion, considering Pioneer is currently trading around $50 billion . I mean there's no question the position of that magnitude or size would give them considerable leverage in negotiating or contracts with the service providers."

Persons: Lucas Jackson, BILL SMEAD, PETER MCNALLY, Scott Sheffield, SHELDON WHITEHOUSE, BEN COOK, HENNESSY, NEAL DINGMANN, Arunima Kumar, Sourasis Bose, Sabrina Valle, Raphael Satter, Arun Koyyur Organizations: Exxon Mobil Corporation, New York Stock Exchange, REUTERS, Exxon Mobil, Natural Resources, Mobil, RBC, RHODE, Exxon, Thomson Locations: New York, United States, Bengaluru, Houston

☆ Exxon-Pioneer deal talks: What Wall St, policymakers have to say
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +4 min

The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. It would be Exxon's biggest acquisition since its $81 billion deal for Mobil in 1998 and could deepen the oil major's position in the country's most lucrative oil patch. MATTHEW BERNSTEIN, SENIOR SHALE ANALYST, RYSTAD ENERGY"If Exxon Mobil is crowned the undisputed king of the Permian in the coming days, the shale sector will fundamentally become a more mature consolidated business." "A deal the size of Exxon Mobil's potential acquisition of Pioneer, however, could usher in a new 'Shale 4.0' era ... BILL SMEAD, CHIEF INVESTMENT OFFICER OF SMEAD CAPITAL MANAGEMENT"I can't imagine any deal is going to go for less than $65 billion, considering Pioneer is currently trading around $50 billion .

Persons: Lucas Jackson, MATTHEW BERNSTEIN, MARK VIVIANO, Scott Sheffield, BILL SMEAD, PETER MCNALLY, SHELDON WHITEHOUSE, BEN COOK, HENNESSY, NEAL DINGMANN, Arunima Kumar, Sourasis Bose, Sabrina Valle, Raphael Satter, David French, Sriraj Kalluvila, Arun Koyyur Organizations: Exxon Mobil Corporation, New York Stock Exchange, REUTERS, Exxon Mobil, Natural Resources, Mobil, Exxon, RBC, RHODE, Thomson Locations: New York, United States, Bengaluru, Houston

☆ Guyana contractor in US probe leaves $300 million Exxon shore base project
▼ + stars: | 2023-10-04 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +4 min

Mohamed's decision to leave the consortium could reduce complications for the Texas-based company should U.S. authorities decide to levy sanctions on the pair or file an indictment. The construction of the shore base is part of Exxon’s efforts to expand oil production off Guyana’s coast, an important part of the company's growth plans. Following the Reuters report in July, Exxon had made an internal decision to remain neutral on the Mohameds, according to four sources with knowledge of the matter. Nazar was quoted in local media on Tuesday saying his decision to leave the consortium was based on religious beliefs. Reporting by Sabrina Valle; Editing by Richard Valdmanis, Richard Chang and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Persons: Nazar Mohamed, Azruddin, Mohamed's, Alistair Routledge, Mohamed, Exxon, Andron Alphonso, Nicholas Deygoo, Boyer, Jan De Nul, Nazar, Washington, “, ”, George McEachern, Sabrina Valle, Richard Valdmanis, Richard Chang, Aurora Ellis Organizations: Exxon, Exxon Mobil Corp, Reuters, Mohamed’s, NRG Holdings, Company, U.S, FBI, International Corruption, Thomson Locations: Guyana HOUSTON, American, Texas, U.S, United States, Venezuela, Guyana, Vreed, European

☆ US judge refuses to overturn Exxon permit denial to truck crude oil in California
▼ + stars: | 2023-09-27 | by ( Clark Mindock | ) www.reuters.com time to read: +3 min

REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsCompanies Exxon Mobil Corp FollowSept 27 (Reuters) - A U.S. judge on Wednesday refused to overturn a California county's decision to block Exxon Mobil Corp (XOM.N) from using tanker trucks to ship crude oil from coastal facilities to inland refineries while a ruptured pipeline is fixed. The company has said trucks are "essential" to restarting three offshore oil platforms and an onshore oil processing facility that have been shuttered since the spill. Gee's decision did not address Exxon's claims that the board's decision amounted to an unconstitutional taking of the company's property and other constitutional claims. Attorney Linda Kropp, who represented several of those groups, said Exxon's trucking plan is "reckless, dangerous and totally unwelcome" and said it puts the community at risk of oil tanker crashes. Exxon had sued in May 2022, alleging the board's denial was a "prejudicial abuse of discretion."

Persons: Yuri Gripas, Dolly Gee, Exxon's, Gee, Linda Kropp, Clark Mindock, Alexia Garamfalvi, Chris Reese Organizations: Exxon, Colonial Pipeline, REUTERS, Companies Exxon Mobil Corp, Exxon Mobil Corp, Santa Barbara County, Supervisors, Sierra Club, Thomson Locations: Washington , U.S, U.S, California, Los Angeles, Santa, Santa Barbara

☆ Exxon sees $16 billion in earnings for fuels, chemicals by 2027
▼ + stars: | 2023-09-20 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

REUTERS/Ernest Scheyder/File Photo Acquire Licensing RightsCompanies Exxon Mobil Corp FollowHOUSTON, Sept 20 (Reuters) - Exxon Mobil Corp (XOM.N) expects its motor fuels and chemicals earnings to reach $16 billion by 2027, up about $4 billion from current levels as demand continues to rise, executives said on Wednesday. Exxon combined its once separate chemicals and oil refining businesses and redesigned operations to quickly shift between fuels and chemicals based on which delivers the highest profit. Its fuels outlook differs from oil-consuming nations group International Energy Agency, which expects the use of oil for transportation fuels to decline after 2026. "We have the hypothesis this could be a game changer for Exxon Mobil," McKee said. The company's 564,440 barrel-per-day (bpd) Baytown, Texas refinery, which is co-located with a chemical unit, will allow it to evolve from primarily making fuels to chemicals, Williams said.

Persons: Ernest Scheyder, Jack Williams, Karen McKee, McKee, Exxon's, Beaumont, Williams, Refining's, Erwin Seba, Deepa Babington Organizations: Exxon, REUTERS, Companies Exxon Mobil Corp, Exxon Mobil Corp, International Energy Agency, Product Solutions, Exxon Mobil, Thomson Locations: Spring , Texas, U.S, , Texas, Beaumont , Texas, West Texas, Baytown , Texas

☆ Oil falls $1 ahead of Fed rate decision
▼ + stars: | 2023-09-20 | by ( Emily Chow | ) www.reuters.com time to read: +4 min

Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023. Global benchmark Brent crude futures were last down 88 cents, or 0.9%, at $93.46 a barrel by 0650 GMT. Moya added that the oil market is still "very tight" and will remain so over the short-term. "Unless Wall Street grows nervous that the Fed will kill the economy, the crude demand outlook should (only) gradually soften, but the oil market will easily have a supply deficit throughout winter." U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Pedro Nunes, Brent, Edward Moya, Moya, Goldman Sachs, Yuka Obayashi, Emily Chow, Sonali Paul, Muralikumar Anantharaman, Kim Coghill Organizations: REUTERS, Rights, U.S, Brent, . West Texas, American Petroleum Institute, Reuters, Exxon Mobil Corp, Thomson Locations: Lisbon, Portugal, Rights SINGAPORE, U.S . Federal, U.S, Saudi Arabia, Russia, Nigeria, Tokyo, Singapore

Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023. Moya added that the oil market is still "very tight" and will remain so over the short-term. "Unless Wall Street grows nervous the Fed will kill the economy, the crude demand outlook should (only) gradually soften, but the oil market will easily have a supply deficit throughout winter." The Fed is widely expected to keep interest rates on hold, but the focus will be on its policy path, which is unclear. U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Pedro Nunes, Brent, Edward Moya, Moya, Hiroyuki Kikukawa, WTI, Yuka Obayashi, Emily Chow, Sonali Paul, Muralikumar Organizations: REUTERS, Rights, U.S, Brent, . West Texas, U.S . Federal Reserve, American Petroleum Institute, NS, Nissan Securities, Reuters, Exxon Mobil Corp, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, Saudi Arabia, Russia, Nigeria, Tokyo, Singapore

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