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☆ Exxon Mobil accurately predicted warming since 1970s, study finds
▼ + stars: | 2023-01-12 | by ( Associated Press | ) www.nbcnews.com time to read: +7 min

This was during the same time that the oil giant publicly doubted that warming was real and dismissed climate models’ accuracy. Exxon said its understanding of climate change evolved over the years and that critics are misunderstanding its earlier research. The Exxon-funded science was “actually astonishing” in its precision and accuracy, said study co-author Naomi Oreskes, a Harvard science history professor. And I’d say in that sense, our analysis really seals the deal on ‘Exxon knew’,” Supran said. “It was clear that Exxon Mobil knew what was going on,” Wuebbles said.

☆ Exxon accurately predicted global warming from 1970s but still cast doubt on climate science, new report finds
▼ + stars: | 2023-01-12 | by ( Laura Paddison | ) edition.cnn.com time to read: +7 min

CNN —ExxonMobil’s own scientists accurately predicted future global warming in reports dating back to the late 1970s and early 1980s, despite the company publicly continuing for years to cast doubt on climate science and lobby against climate action, according to a new analysis. They found the company’s science was not only good enough to predict long term temperature rise, but also accurately predicted when human-caused climate change would become discernible, according to the report published Thursday in the journal Science. Between 63% to 83% of the projections were accurate in predicting subsequent global warming and their projections were also consistent with independent academic models, the report found. Exxon won the case, which alleged the company had misled over climate change. Angela Weiss/AFP/Getty Images“We now have tight, unimpeachable evidence that ExxonMobil accurately predicted global warming years before it turned around and publicly attacked climate science,” Supran said.

☆ Exxon Considers Leasing, Selling Unused Office Space at Houston Campus
▼ + stars: | 2022-11-04 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

Exxon’s campus in the Houston area has never reached the full capacity it was designed for. Exxon Mobil Corp. is considering leasing or selling unused office space at the sprawling Houston-area campus set to become its global headquarters next year, part of its ongoing effort to cut billions in structural costs. In recent months, the U.S. oil giant has found that on a typical day it uses less than 50% of the available space at its 385-acre campus, which is large enough to house more than 10,000 workers, according to an internal memo viewed by The Wall Street Journal. Exxon spokesman Casey Norton confirmed the company is considering options for unused space.

☆ Biden’s oil windfall tax would backfire, warns Larry Summers
▼ + stars: | 2022-11-01 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN Business —Economist Larry Summers is pushing back after President Joe Biden floated the possibility of punishing the oil industry for high prices by imposing a windfall profit tax. “I’m not sure [I] understand the argument for a windfall profits tax on energy companies,” Summers said on Twitter Tuesday morning. Oil companies lost billions of dollars — and many went bankrupt — in 2020 when oil prices briefly crashed below zero for the first time ever during the Covid recession. Not surprisingly, the oil industry itself fired back at talk of a windfall profit tax. Raising taxes on the oil industry would discourage investment in new production, the API warned — “the exact opposite of what is needed.”

☆ Exxon, Chevron Investors Risk Altitude Sickness
▼ + stars: | 2022-10-28 | by ( Jinjoo Lee | ) www.wsj.com time to read: +1 min

Exxon and Chevron’s stock prices are at or near record highs even as Wall Street is forecasting that peak profit and free cash flow are already behind them. After a fast and furious ascent, Exxon Mobil and Chevron ’s shares are reaching the part of the climb where investors might start feeling a bit queasy. Wall Street was expecting a decline in both from the second quarter, not another increase. Its peer Chevron also posted profits that were a fifth higher than Wall Street expectations. Combined, Exxon and Chevron reported nearly $31 billion in profits.

☆ Exxon Hits Record Profits Again as Oil Industry Sees Banner Quarter
▼ + stars: | 2022-10-28 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

Chevron has increased its quarterly dividend by 6% per share compared with the same period last year. The world’s largest oil companies continue to reap rewards from sustained high commodity prices as Exxon Mobil Corp. reported almost $20 billion in profit, its most lucrative quarter ever, while rival Chevron Corp. reported just a slight dip from the record haul it set in the prior quarter. Exxon’s third-quarter earnings climbed about 10% from the previous quarter, which also set a profit record at the time. It said investments over the past five years were yielding rewards, including spending following the onset of the pandemic when many peers pulled back.

☆ Exxon and Apple are in a similar boat
▼ + stars: | 2022-10-28 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

NEW YORK, Oct 28 (Reuters Breakingviews) - Exxon Mobil (XOM.N) might be able to give Apple (AAPL.O) a lesson in disruption. Exxon’s profit was nearly triple last quarter what it was in the same quarter last year, and it wasn’t alone. Oil investors have been clear that they want discipline, as demand will likely peak soon if it hasn’t already. That means Exxon will presumably never reclaim its crown as the world’s most valuable firm, and Apple still earned far more than the company in the past year. Exxon earned $19.7 billion in the quarter, nearly tripling what it earned in the same period last year.

☆ Russia Wipes Out Exxon’s Stake in Sakhalin Oil-and-Gas Project
▼ + stars: | 2022-10-18 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

The Kremlin has pushed Exxon Mobil Corp. out of a major Russian oil-and-gas project and transferred the Texas oil giant’s stake to a Russian entity, according to the U.S. company. Moscow blocked Exxon’s efforts to transfer operatorship and sell its 30% stake in the Sakhalin-1 venture in Russia’s Far East for months, and has now wiped out Exxon’s stake entirely. As a result, Exxon has pulled out of Russia, the company said Monday.

☆ France tries to break oil refinery strike as drivers line up for gas
▼ + stars: | 2022-10-12 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

Under French law, workers who ignore such an order could face a €10,000 ($9,700) fine or six months imprisonment. The rarely used measure can be imposed by the government when the country’s national security is at risk because of strike action. Striking workers have blockaded ExxonMobil and TotalEnergies (TOT) refineries for several weeks, disrupting supply to thousands of gas stations. Nearly one in three gas stations reported difficulties with supplies on Monday, according to France’s energy minister Agnes Pannier-Runacher. CNN affiliate BFMTV reported miles-long tailbacks at gas stations, with drivers at one site on the edge of Paris queuing for nearly two miles earlier this week.

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