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☆ Exxon Executive Suite Goes Lean With End of ‘God Pod’ Era
▼ + stars: | 2023-05-14 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

Exxon Mobil is moving its global headquarters to this glass-dominated campus in Spring, Texas. Photo: Meridith Kohut for The Wall Street JournalAfter inhabiting a palatial executive suite known as the “God Pod” for more than 25 years, Exxon Mobil ’s top brass is downsizing to less-celestial chambers. In a part-symbolic, part-practical move for the oil company, Chief Executive Officer Darren Woods and his top lieutenants are packing up their Dallas-area offices for a move this summer to a C-suite now under construction at a campus outside Houston, according to people familiar with the matter. The new office is intended to be at least a bit more egalitarian and economical, in keeping with the company’s recent pledges to be leaner, the people said.

☆ Exxon, Chevron Profits Are Robust Even as Oil Prices Drop
▼ + stars: | 2023-04-28 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

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☆ Exxon Deal Hunt Signals Possible Shale M&A Wave
▼ + stars: | 2023-04-11 | 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-deal-hunt-signals-possible-shale-m-a-wave-c92c9fc

Exxon, which has oil storage tanks in Beaumont, Texas, is flush with cash after posting record profits in 2022. Exxon Mobil Corp. has held preliminary talks with Pioneer Natural Resources Co. about a possible acquisition of the U.S. fracking giant, as the oil major hunts for a blockbuster deal in the shale patch, according to people familiar with the matter. Discussions between the two companies about a potential deal have been informal, the people said. But after posting record profits in 2022, Exxon is flush with cash and, according to people familiar with the company’s plans, has been exploring options that could reshape a swath of the U.S. oil and gas industry while pushing Exxon deeper into West Texas shale.

Exxon, which has oil storage tanks in Beaumont, Texas, is flush with cash after posting record profits in 2022. Exxon Mobil Corp. has held preliminary talks with Pioneer Natural Resources Co. about a possible acquisition of the U.S. fracking giant, as the oil major hunts for a blockbuster deal in the shale patch, according to people familiar with the matter. Discussions between the two companies about a potential deal have been informal, the people said. But after posting record profits in 2022, Exxon is flush with cash and, according to people familiar with the company’s plans, has been exploring options that could reshape a swath of the U.S. oil-and-gas industry while pushing Exxon deeper into West Texas shale.

☆ Exxon Quits Drilling in Brazil After Failing to Find Oil
▼ + stars: | 2023-04-05 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

Darren Woods, chief executive of Exxon, in December called Brazil one of the company’s growth opportunities. Exxon Mobil Corp. has ended a major campaign to find oil in Brazil, after coming up empty-handed on a multibillion-dollar wager that produced a series of disappointing wells, according to people familiar with the matter. After failing for the third time to find commercially viable amounts of crude in Brazil’s deep waters last year, the Texas oil giant has stopped its current drilling efforts in the offshore acreage it started snapping up with partners for $4 billion in 2017, these people said.

☆ U.S. Shale Boom Shows Signs of Peaking as Big Oil Wells Disappear
▼ + stars: | 2023-03-08 | by ( Collin Eaton | Benoît Morenne | ) www.wsj.com time to read: 1 min

HOUSTON—The boom in oil production that over the last decade made the U.S. the world’s largest producer is waning, suggesting the era of shale growth is nearing its peak. Frackers are hitting fewer big gushers in the Permian Basin, America’s busiest oil patch, the latest sign they have drained their catalog of good wells. Shale companies’ biggest and best wells are producing less oil, according to data reviewed by The Wall Street Journal.

☆ Energy Industry Wrestles Over Going Green Too Fast
▼ + stars: | 2023-03-05 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

Some U.S. oil companies reported record profits as domestic gasoline prices hit historic highs in the past year. While the race to develop cleaner energy intensified over the past year, an uneasy consensus emerged on a parallel track: At least in the short term, the world needs more oil and gas, too. The dueling—and sometimes conflicting—imperatives are expected to be core topics in Houston starting Monday when oil executives, climate hawks and government officials gather at the industry’s premier annual energy summit.

☆ Chevron Weighs Extending CEO Mike Wirth Past Mandatory Retirement Age
▼ + stars: | 2023-02-13 | by ( Collin Eaton | Christopher M. Matthews | ) www.wsj.com time to read: 1 min

Chevron Corp.’s board of directors is considering waiving the company’s mandatory retirement age for Chief Executive Mike Wirth , a move that would allow him to remain CEO for a longer period, people familiar with the matter said. Some board members have said the San Ramon, Calif., oil company doesn’t have an internal candidate ready to succeed Mr. Wirth, who would reach the company’s fixed retirement age of 65 in late 2025, and that additional time would allow him to prepare a successor. The board members have also said they see no reason to push out an executive who has performed well, the people said.

☆ Exxon Plans to Cut Costs, Reorganize Units After Record Profit
▼ + stars: | 2023-02-09 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

Exxon is trying to save $9 billion in annual costs by the end of this year, compared with 2019. Exxon Mobil Corp. is combining business units as part of a continuing corporate reorganization that will cut costs and trim some jobs. The U.S. oil company, which posted a record profit in 2022, plans to form three new organizations under which it will wed several smaller units later this year such as its financial-services, procurement and customer-service groups, according to a memo that was sent to employees and viewed by The Wall Street Journal.

☆ Oil Industry’s Windfall Fails to Excite Wall Street
▼ + stars: | 2023-02-05 | by ( Collin Eaton | Jenny Strasburg | ) www.wsj.com time to read: 1 min

Oil companies delivered the market’s best shareholder returns last year, but Wall Street is still wary. The biggest Western oil companies, Exxon Mobil Corp., Chevron Corp. and Shell PLC, together cleared a record of more than $132 billion in annual profit in 2022 and handed investors $78 billion via share buybacks and dividends, about 50% more than the last time oil topped $100 a barrel in 2014.

☆ Exxon Vaults to Record Annual Profit of $55.7 Billion
▼ + stars: | 2023-01-31 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

Exxon Mobil Corp. rocketed to its highest-ever annual profit last year, riding surging oil prices to resurrect its status as one of America’s most profitable companies and erase billions of dollars of losses incurred during the pandemic. The largest U.S. oil company turned in record annual earnings of $55.7 billion for 2022 in its quarterly earnings Tuesday, outpacing big banks, tech giants and vaccine makers. Among companies that have reported fourth-quarter earnings, only Apple Inc. and Microsoft Corp. have surpassed Exxon’s profit in fiscal 2022 so far, and only Google parent Alphabet Inc. is projected to post a higher return, according to a Wall Street Journal analysis.

☆ Chevron Rides High Oil Prices to Record $35.5 Billion Annual Profit
▼ + stars: | 2023-01-27 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

Chevron Corp. banked historic profit last year as the pandemic receded and the war in Ukraine pushed oil prices to multiyear highs, with its shares climbing 53% while other sectors tumbled. The U.S. oil company in its quarterly earnings reported Friday that it collected $35.5 billion in its highest-ever annual profit in 2022, more than double the prior year and about one-third higher than its previous record in 2011. Almost $50 billion in cash streamed in from its oil-leveraged operations, another record underpinning plans to pay investors through a new $75 billion share-repurchase program over the next several years.

☆ What Does the Future Hold for Natural Gas?
▼ + stars: | 2023-01-20 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

Natural-gas prices surged last year as Russia cut off much of its supply to Europe. The disruption, which came amid Russia’s invasion of Ukraine, both dented the fossil fuel’s reputation as a cheap and reliable fuel, and set off a scramble by European governments to secure gas from other suppliers, including the U.S., often in the form of liquefied natural gas (LNG) transported by ship.

☆ Oil Prices Are Likely to Stay Steady This Year—With a Couple of Big Ifs
▼ + stars: | 2023-01-13 | by ( Collin Eaton | Benoît Morenne | ) www.wsj.com time to read: 1 min

Oil prices generally aren’t expected to change dramatically this year, but two big questions loom over that outlook: Will China have the workers needed to rev up its economy as the country loosens its Covid restrictions? And will American energy companies focused on fracking stick to their recent reluctance to bankroll another expensive oil boom? Brent, the international oil standard, peaked above $127 a barrel last year but has since tumbled, trading around $84 a barrel Thursday. Around two-thirds of energy executives surveyed by the Federal Reserve Bank of Dallas late last year expected West Texas Intermediate oil prices—which tend to fluctuate a few dollars a barrel below Brent—to end 2023 between $70 and $90 per barrel. The forecast is based largely on the fact that analysts expect global oil supply to outpace demand this year as economic growth slows.

☆ Exxon, Chevron Focus on Oil Projects in the Americas
▼ + stars: | 2023-01-03 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

The globe is shrinking for Exxon Mobil Corp. and Chevron Corp. as the two largest U.S. oil companies pull back on big international oil projects and concentrate on a handful of more lucrative assets closer to home. The two fossil-fuel giants plan to spend most of their annual budgets in the Americas this year, with Chevron saying it will pour 70% of the capital allocated for production into oil fields in the U.S., Argentina and Canada, and Exxon saying it will spend a similar portion of its budget in the Permian Basin of New Mexico and West Texas, Guyana, Brazil and liquefied natural-gas projects.

☆ Exxon Sues EU Over Windfall Profit Levy
▼ + stars: | 2022-12-28 | by ( Kim Mackrael | Collin Eaton | ) www.wsj.com time to read: 1 min

An Exxon refinery at the port of Rotterdam in the Netherlands. About 26% of the company’s revenue came from Europe last year. BRUSSELS— Exxon Mobil Corp. said Wednesday it has filed a lawsuit against European Union authorities over the bloc’s decision to impose a windfall levy on energy companies’ high profits triggered by Russia’s invasion of Ukraine. The EU approved a plan this past fall to redistribute some energy company profits and revenue in a bid to shield consumers from high energy prices. The plan sought to cap producers’ revenue from electricity generated by fuels other than natural gas and demanded that oil-and-gas companies hand over one third or more of money the EU considers to be excess profit.

Chevron Corp. scored a reversal of fortunes in Venezuela last weekend after the U.S. government allowed it to pump oil there again, but its new license to operate carries considerable risk. The oil giant will have to partner with an authoritarian regime accused of crimes ranging from human-rights violations to sprawling corruption to state-sponsored narcotics trafficking.

☆ Despite Shift, Markets Face Long Wait for Venezuelan Oil
▼ + stars: | 2022-11-28 | by ( Collin Eaton | José De Córdoba | ) www.wsj.com time to read: 1 min

Chevron will have to work on myriad technical issues at Venezuela’s aging oil fields before pumping crude there again. The Biden administration made a significant shift in its Venezuela policy when it allowed Chevron Corp. to pump oil in the South American country again, but the decision will yield little increase to the world’s oil production in the short-term. The U.S. company will have to contend with myriad technical issues at Venezuela’s aging oil fields and a complicated network of remaining U.S. sanctions that must be altered to ensure more of the country’s oil reaches the global market.

☆ Exxon Mobil Has a Potash Problem in the Permian Basin
▼ + stars: | 2022-11-27 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

The Permian Basin, the largest U.S. oil field, stretches from West Texas to southeast New Mexico. A vital crop nutrient that lies underground near oil and natural-gas reserves is holding back Exxon Mobil Corp.’s development of a key asset in the booming Permian Basin. Unlike many of its rivals in the largest U.S. oil patch, the Texas oil company shares a sizable chunk of its land with mining companies that extract potash and other minerals used to produce fertilizer from underground mines, blocking drillers’ direct access to bounties of oil-soaked rocks.

☆ More Venezuelan Oil Unlikely to Reach Markets Soon Despite New Chevron License
▼ + stars: | 2022-11-27 | by ( Collin Eaton | José De Córdoba | ) www.wsj.com time to read: 1 min

☆ U.S. Natural-Gas Pioneer Struggles in His Second Act
▼ + stars: | 2022-11-26 | by ( Benoît Morenne | Collin Eaton | ) www.wsj.com time to read: 1 min

Charif Souki has played a starring role in transforming America into an energy powerhouse, but his second attempt at exporting natural gas is foundering. Mr. Souki’s new firm, Tellurian Inc., is struggling to line up financing to build a large export plant for liquefied natural gas on the Gulf of Mexico despite soaring demand for cargoes of the fuel this year.

The U.S. will require that Chevron report details of its financial operations to ensure transparency. WASHINGTON—The U.S. said it would allow Chevron Corp. to resume pumping oil from its Venezuelan oil fields after President Nicolás Maduro’s government and an opposition coalition agreed to implement an estimated $3 billion humanitarian relief program and continue dialogue in Mexico City on efforts to hold free and fair elections. Following the Norwegian-brokered agreement signed in Mexico City, the Biden administration granted a license to Chevron that allows the California-based oil company to return to its oil fields in joint ventures with the Venezuela national oil company, Petroleos de Venezuela SA. The new license, granted by the Treasury Department, permits Chevron to pump Venezuelan oil for the first time in years.

☆ Chevron Gets New U.S. License to Pump Oil in Venezuela Again
▼ + stars: | 2022-11-26 | by ( Andrew Restuccia | Collin Eaton | ) www.wsj.com time to read: 1 min

WASHINGTON—The U.S. said it would allow Chevron Corp. to resume pumping oil from its Venezuelan oil fields after President Nicolás Maduro ’s government and an opposition coalition agreed to implement a humanitarian program and continue dialogue in Mexico City on efforts to hold free and fair elections. Following the agreement, the Biden administration granted Chevron a license that would allow the California-based oil company to return to its Venezuelan oil fields in joint ventures with Venezuela’s national oil company Petróleos de Venezuela SA. The new license, granted by the Treasury Department, would permit Chevron to pump Venezuelan oil for the first time in years.

The U.S. is poised to grant a license to Chevron Corp. to pump oil in Venezuela, a policy shift that would ease yearslong sanctions and could open the door for other oil companies to do business there. The U.S. oil company would regain partial control of its oil-production and maintenance activities in dilapidated Venezuelan oil fields it has retained stakes in through joint ventures with the state-run oil company Petróleos de Venezuela SA It wouldn’t make new investments there until certain debts are repaid, which could take years, according to people familiar with the matter.

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