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☆ 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

☆ Want to play higher oil prices? Analysts back these stocks, giving one over 160% upside
▼ + stars: | 2023-04-03 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

OPEC+ oil producers announced output cuts of around 1.16 million barrels a day Sunday, sending oil prices higher . The surprise cut in production could boost oil prices to $100 a barrel and beyond , analysts said. It comes after oil prices dipped last month, falling to $70 per barrel — the lowest in 15 months. Kathleen Flynn | ReutersOPEC+ oil producers announced output cuts of around 1.16 million barrels a day Sunday, sending oil prices higher. The surprise cut in production could boost oil prices to $100 a barrel and beyond, analysts said.

“You really need leadership in these local areas to execute on the Inflation Reduction Act to the fullest extent,” Spears said. “This completely opens the pathway for Michigan to lead on clean cars of the future, and that’s really exciting,” Spears said. Climate victories at the local level are also poised to make a big impact. If fully implemented, climate experts have said the Inflation Reduction Act could reduce U.S. emissions by about 40% below 2005 levels by 2030. “So it’s really important to have climate leadership in state and local governments to actually execute on that and make sure it happens well.”

☆ Exxon faces $2 billion loss on sale of troubled California oil properties
▼ + stars: | 2022-11-06 | by ( Gary Mcwilliams | ) www.reuters.com time to read: +3 min

REUTERS/Lucas Jackson/File PhotoSummarySummary Companies Exxon will finance sale of offshore California oil fieldBlank-check firm to restart operation idled by 2015 spillHOUSTON, Nov 6 (Reuters) - Exxon Mobil Corp (XOM.N) will take up to a $2 billion loss on the highly leveraged sale of a troubled California offshore oil and gas field that have been idled since a 2015 pipeline spill. A subsea pipeline leak seven years ago sent 2,400 barrels of the Santa Ynez oil into the Pacific Ocean, leading to a shutdown. The Santa Ynez sale includes three oil and gas platforms that sit up to 9 miles (14 km) off the California coast, a pipeline and oil and gas processing facilities. He has run five U.S. oil companies beginning with Flores & Rucks Inc in 1992, and often sold his companies at sizeable gains. Last year, he raised $287.5 million through an initial public offering for the company that became Sable Offshore.

☆ Energy shares shine again on Wall Street, lifted by earnings
▼ + stars: | 2022-10-31 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +4 min

A standout all year, the S&P 500 energy sector (.SPNY) is up 26% in October alone, against an 8% rise for the overall S&P 500 (.SPX). Overall S&P 500 earnings are expected to have climbed just 4%. Indeed, excluding energy's contribution, S&P 500 earnings are set to have declined 3.5% in the quarter, according to IBES. Energy companies are benefiting from rising oil and gas prices, with U.S. crude prices up 16% so far this year. Indeed, energy sector earnings are expected to decline 11.5% in 2023, according to IBES data.

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