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☆ Exxon says it spent more than $900 million locally in Guyana since 2015
▼ + stars: | 2023-05-16 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

HOUSTON, May 16 (Reuters) - Exxon Mobil Corp. (XOM.N) and its contractors spent more than $400 million locally in Guyana in 2022, and more than $900 million since the company's first oil discovery in the South American country in 2015, it said on a statement on Tuesday. The government has approved on Monday Exxon's 2023 local content plan, in which the company describes its strategies to promote local industry. Exxon and contractors had employed over 5,000 Guyanese workers by the end of 2022, the company said, representing more than 65% of the overall workforce in the local oil and gas industry. Among the 2,700 personnel supporting Exxon's operations in Guyana, over 1,300 were Guyanese, it said. Reporting by Sabrina ValleOur Standards: The Thomson Reuters Trust Principles.

☆ Canada opens formal investigation into Imperial's oil sands tailings leak
▼ + stars: | 2023-05-04 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

CALGARY, Alberta, May 4 (Reuters) - Canada's federal environment ministry on Thursday opened a formal investigation into a months-long tailings leak at Imperial Oil's (IMO.TO) Kearl oil sands mine in northern Alberta, signalling a potential prosecution. Tailings, a toxic mining by-product containing water, silt, residual bitumen and metals, have been seeping from Imperial's site since last May, angering local Indigenous communities who hunt and fish on the lands downstream from Canada's oil sands mines. The company first discovered discolored water on its Kearl site in May 2022 and informed the AER and some local Indigenous communities, but failed to update those communities when testing showed the water contained tailings. Canada's Tourism Minister Randy Boissonnault, one of only two Liberals lawmakers in Alberta, said the Kearl leak and poor communication was "simply unacceptable". "It's unjust for Indigenous communities that are living downstream to have questions about their drinking water table and the health of the natural environment."

☆ Exxon Mobil not quitting exploration in Brazil
▼ + stars: | 2023-05-01 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

Companies Exxon Mobil Corp FollowHOUSTON, May 1 (Reuters) - Exxon Mobil Corp (XOM.N) is not giving up on oil exploration in Brazil, the company's country chief Alberto Ferrin said on Monday during the Offshore Technology Conference (OTC) in Houston. "I would say very crystal clear that Exxon Mobil is not quitting exploration in Brazil at all," Ferrin said, disputing a U.S. newspaper report published last month. Brazil's government, regulators and the company's exploration partners are aware it has no intentions of leaving. Exxon is searching for exploration opportunities such as the one it encountered in Guyana, where it has had an 89% success rate, Ferrin said. "Brazil offers those exploration success enablers that we look for globally, no doubt about that.

☆ As oil output peaks, US Gulf of Mexico makes room for carbon capture
▼ + stars: | 2023-05-01 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

Some companies, including Exxon Mobil Corp (XOM.N), have been dumping assets in the Gulf, the nation's primary offshore source of oil, and are instead targeting capturing and storing carbon dioxide and other greenhouse gases underground. The region, soon could became contested ground for oil, carbon sequestration and renewable energy, say analysts. The gain reflects a flurry of new platforms from Shell (SHEL.L), BP (BP.L), Chevron (CVX.N) and others, budgeted before the pandemic hit global demand and made companies reduce investments. Reuters GraphicsAt this week's Offshore Technology Conference (OTC), which annually attracts more than 50,000 people, nearly a quarter of the presentations will involve offshore wind, renewables, carbon capture and energy transition, say organizers. Oil development will still dominate the basin, but should coexist with CCS and renewables such as offshore wind and solar.

☆ Exxon’s Canadian Affiliate Struggles With Oil Sands Wastewater Leak
▼ + stars: | 2023-04-29 | by ( Vipal Monga | ) www.wsj.com time to read: 1 min

Mining in 2017 at the Kearl oil sands project in Alberta, one of the largest in Canada. Photo: LARRY MACDOUGAL/ASSOCIATED PRESSTORONTO— Exxon Mobil Corp.’s Canadian affiliate, Imperial Oil Ltd., is struggling to contain the environmental and social effects of a continuing leak of toxic wastewater at one of its projects in the oil sands of western Canada. The full extent of the leak went unreported to nearby indigenous communities and Canada’s federal government for nine months, according to indigenous leaders, Imperial Oil and government officials.

But the benchmark S&P 500 (.SPX) advanced for the week as well as the day and registered a second consecutive monthly gain. For the month the S&P rose 1.5% while the Dow added 2.5% and the Nasdaq was barely higher. For the week the S&P rose 0.9% in line with the Dow's weekly gain and the Nasdaq rose 1.3%. While the S&P 500 bank index closed up 1.1%, shares in First Republic tumbled in the regular session and after the close. The S&P 500 posted 25 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 66 new highs and 136 new lows.

On its last day as the front-month, Brent futures for June delivery rose $1.13, or 1.4%, to $79.50 a barrel by 1:54 p.m. EDT (1754 GMT). U.S. West Texas Intermediate (WTI) crude rose $1.92, or 2.6%, to $76.68. "But, today there were headlines showing there may be a solution to the First Republic problem, and there was data pointing to a rise in oil demand and a decline in output," Flynn said. Fuel demand rose to nearly 20 million bpd, its highest since November, according to the Energy Information Administration (EIA). Crude prices have been lower in recent weeks and months due to uncertainty over further interest rate hikes that could reduce demand for oil.

Chipmaker Intel Corp (INTC.O) gained 4.7% after it said gross margins will improve in the second half of the year. Analysts now expect first-quarter earnings for S&P 500 companies to fall 1.9% from a year ago compared with a 5.1% fall expected at the start of April, according to Refinitiv data. The KBW Regional Banking index (.KRX) and the S&P 500 bank index (.SPXBK) gained over 1% each. Advancing issues outnumbered declining ones on the NYSE by a 2.90-to-1 ratio; on Nasdaq, a 2.07-to-1 ratio favored advancers. The S&P 500 posted 24 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 53 new highs and 107 new lows.

Chipmaker Intel Corp (INTC.O) gained 4.6% after it said gross margins will improve in the second half of the year. The benchmark S&P 500 (.SPX) was set for a second consecutive monthly gain on better-than-expected earnings from megacap companies including Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O) and Meta Platforms Inc (META.O). Analysts expect first-quarter earnings for S&P 500 companies to now fall 1.9% year-over-year compared with a 5.1% fall expected at the start of April, according to latest Refinitiv data. The KBW Regional Banking index and the S&P 500 bank index (.SPXBK) gained over 1% each. The S&P index recorded 21 new 52-week highs and two new lows, while the Nasdaq recorded 42 new highs and 97 new lows.

TOKYO, April 28 (Reuters) - Oil prices gained about 2% on Friday after U.S. data showed crude output was declining while fuel demand was growing. Brent crude futures rose $1.16, or 1.5%, to $79.53 a barrel by 12:24 p.m. EDT (1624 GMT), while West Texas Intermediate (WTI) crude rose $1.99, or 2.7%, to $76.75. "But, today there were headlines showing there may be a solution to First Republic's problems and data pointing to a rise in oil demand and a decline in output," Flynn said. In the same report, the EIA said U.S. product supplied of crude and petroleum products - a proxy for oil demand - rose to nearly 20 million bpd and finished motor gasoline rose to 8.7 million bpd in February, the highest for both since November 2022. Oil companies like Exxon Mobil Corp(XOM.N), meanwhile, are riding a wave of strong demand and have held the line on cost-cutting implemented when fuel demand collapsed during COVID-19 lockdowns.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 10, 2023. Chipmaker Intel Corp (INTC.O) gained 6.1% after it said gross margins will improve in the second half of the year. Amazon.com Inc (AMZN.O) fell 3.5% as the company signaled its cloud growth would slow further, overshadowing its better-than-expected quarterly results. Analysts expect first-quarter earnings for S&P 500 companies to fall 2.4% year-over-year compared with a 5.1% fall expected at the start of April. Advancing issues outnumbered decliners by a 3.01-to-1 ratio on the NYSE and a 2.01-to-1 ratio on the Nasdaq.

☆ Futures dip as Amazon warns of slowdown in cloud segment
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +3 min

Amazon.com Inc (AMZN.O) shares slipped 1.1% in premarket trading as the company signaled its cloud growth would slow further, overshadowing its better-than-expected quarterly results. The weak updates followed stronger-than-expected earnings from big technology and growth companies this week including Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O) and Meta Platforms Inc (META.O) which led analysts to improve first-quarter profit estimates for S&P 500 companies. The main U.S. indexes ended up sharply on Thursday, with the benchmark S&P 500 (.SPX) logging its biggest one-day percentage gain since early January. Analysts expect first-quarter earnings for S&P 500 companies to fall 2.4% year-over-year compared with a forecast for a 5.1% fall at the start of April. ET, Dow e-minis were down 105 points, or 0.31%, S&P 500 e-minis were down 16 points, or 0.39%, and Nasdaq 100 e-minis were down 48.75 points, or 0.37%.

☆ Exxon delivers record first-quarter profit on higher output
▼ + stars: | 2023-04-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

Exxon doubled profits from the same quarter last year as higher output more than compensated for lower energy prices. Shares rose 2.3% to a record high of $119.52 per share after Exxon reported its results on Friday. "We delivered a first-quarter record despite the fact that energy prices and refining margins are softening a bit," Chief Financial Officer Kathryn Mikells said in an interview. Exxon's oil and gas output rose to the highest level in almost four years. Exxon's oil and gas production rose to the most since 2019 to 3.83 million barrels of oil equivalent per day (boed), up by 160,000 boed from the previous quarter.

[1/2] Gas prices are advertised at a Chevron station as rising inflation and oil costs affect the consumers in Los Angeles, California, U.S., June 13, 2022. Exxon's net hit $11.4 billion while Chevron earned $6.6 billion and with analysts expecting the strong results to continue this year. Exxon CEO Darren Woods says he is happy to see cash balances rise so the company is well-positioned for a cycle downturn. "The question is obviously when, but that will come," Woods said, after saying he would "expect to see cash balances higher" in times when the markets are on the top end of the cycle. "We don't intend to hold $15-plus billion of cash on our balance sheet," he said, describing too much cash on the books as "economically inefficient for us to hold it, and it is not our cash, it is our shareholders' cash."

Exxon has held eight exploration and production contracts in Colombia, including the fracking pilot. All either have been or are being ended, suspended or liquidated, Colombia's National Hydrocarbon Agency (ANH) told Reuters. The proposed bill would ban development of non-conventional energy projects including fracking. "We will continue to have constructive dialogue with the Colombian government on a comprehensive assessment of our unconventional investments," Exxon spokesperson Michelle Gray told Reuters. Exxon said it continuously evaluates and prioritize investments, including those in Colombia.

April 26 (Reuters) - Oil and gas producer Hess Corp (HES.N) on Wednesday topped Wall Street's first-quarter profit estimates and disclosed its consortium with Exxon Mobil Corp (XOM.N) made a new discovery off the coast of Guyana. Hess holds a 30% stake in the consortium, and said the discovery may help justify a new oil project. Production from Hess' share of output in Guyana was 12% above estimates at 112,000 boepd. The company expects current quarter production of between 105,000 boepd and 110,000 boepd due to planned maintenance at the Liza phase 2 platform. On a per share basis, the company reported a profit of $1.13 for the first quarter and an adjusted profit of $1.30.

The justices turned away five appeals by the oil companies of lower court decisions that determined that the lawsuits belonged in state court, a venue often seen as more favorable to plaintiffs than federal court. A separate appeal filed by the oil companies challenging lower court decisions in cases out of New Jersey and Delaware is still pending before the Supreme Court. Theodore Boutrous, an attorney for Chevron, expressed confidence that the cases will be dismissed in state court. That decision prompted other federal appeals courts to reconsider whether they should send similar lawsuits by state and local governments back to state courts. Four other appeals courts reached similar conclusions in the lawsuits by Rhode Island and jurisdictions in California, Colorado, Hawaii and Maryland.

A Reuters review of testimony, previously unreported public documents and interviews with elected leaders, lobbyists and attorneys detail mounting challenges to many pending anti-ESG bills. The tussles have financial implications for some of the largest investment firms that manage billions of dollars for state pension plans. Lauren Doroghazi, senior vice president at government relations consultant MultiState Associates, said the debates show lawmakers coming to terms with the anti-ESG bills' practical impact. Several public pension systems raised concerns about it, including the largest, the $182 billion Texas Teacher Retirement System (TRS). For instance, if federally-regulated local banks faced new national rules on an issue like climate change disclosures, banks would need special permissions from local officials to keep public business in Utah he said.

☆ Russia's war on Ukraine latest: Moscow expels German diplomats
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +2 min

April 22 (Reuters) - Russia said it was expelling a number of German diplomats in a tit-for-tat move. Germany did not immediately confirm any expulsions of its own, but said the arrival of a Russian government plane in Berlin was connected to the issue. Russia's RIA Novosti news agency said Germany had decided to expel more than 20 Russians. TANKS, BATTLE* Russia's Defence Ministry said Russian forces had captured three more blocks in the western part of the Ukrainian city of Bakhmut. * The U.S. said on Friday it would soon start training Ukrainian troops to use its Abrams tanks as Germany announced a deal to establish a hub in Poland to repair German Leopard tanks deployed in Ukraine.

☆ Naftogaz held talks with US oil companies about energy projects in Ukraine -FT
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

Oleksiy Chernyshov, chief executive of Naftogaz, told the FT that he held meetings in Washington with Halliburton and ExxonMobil in recent days. The talks with Exxon and Chevron are at an early stage and would take longer to yield results, FT said. The talks are a part of Ukraine's push to increase natural gas production. Ukraine has substantial reserves of natural gas, but consumption far outstrips production and the country is forced to import gas. Last month, Chernyshov said he plans to increase its natural gas production by more than 5% in 2023 to 19 billion cubic metres despite the Russian invasion.

☆ Exxon declares force majeure on crude liftings in Nigeria
▼ + stars: | 2023-04-17 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

[1/2] A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes/File PhotoHOUSTON, April 17 (Reuters) - Exxon Mobil Corp. (XOM.N) in Nigeria declared force majeure on oil liftings from different terminals in the country following industrial action by the company's in-house workers union, the company said on Monday in a statement. In the third quarter last year, production in Nigeria fell behind Angola to about 1 million bpd as companies like Shell PLC (SHEL.L) and TotalEnergies (TTEF.PA) exited the country amid widespread corruption and security issues. Nigeria produced 1.38 million bpd in February, according to OPEC's latest report. "We will continue to take all reasonable actions necessary to resolve the impasse as soon as possible," Exxon spokesperson Michelle Gray said in a statement on Monday.

☆ Exxon CEO’s Pay Jumps 52% Amid Rising Oil Prices, Record Profit
▼ + stars: | 2023-04-14 | by ( Joseph Pisani | ) www.wsj.com time to read: 1 min

Exxon Mobil Corp. Chief Executive Darren Woods ’s compensation rose 52% to $35.9 million last year, as the oil-and-gas company brought in record profit. Most of Mr. Woods’s compensation came from stock awards of $24.9 million, according to a company filing Thursday made to the U.S. Securities and Exchange Commission. That is up more than $11 million from the year prior.

☆ Exxon CEO's pay rose 52% in 2022, highest among oil peers
▼ + stars: | 2023-04-13 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Oil company workers did not see the same level of increases with median annual compensation for workers declining at several big energy companies. The median pay for an Exxon worker fell 9% last year to $171,582 while Chevron's median worker pay dropped 12%, to $161,488, filings showed. The two largest U.S. oil majors posted record profits in 2022 on high energy prices and costs cuts measures including payroll reductions. Occidental Petroleum's CEO Vicki Hollub's pay rose 35% while ConocoPhillips CEO Ryan Lance's pay fell 16%, all compared to their prior year. Under a new calculation disclosure required by the SEC on potential gains by executives on unvested stock awards, Woods' pay was $89.7 million in 2022, a securities filing showed.

☆ Wall Street ends mixed with inflation data, earnings on tap
▼ + stars: | 2023-04-10 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

The bellwether S&P 500 ended the session nominally higher. Of the 11 major sectors of the S&P 500, six ended the session higher, led by industrials (.SPLRCI). "When the Fed repeats time after time what their priorities are and what they’re going to do, they’re going to do it." As of Friday, analysts expected aggregate S&P 500 earnings down 5.2% year-on-year, a stark reversal from the 1.4% annual growth expected at the beginning of the quarter, according to Refinitiv. The S&P 500 posted 2 new 52-week highs and no new lows; the Nasdaq Composite recorded 50 new highs and 155 new lows.

☆ Wall St fluctuates as investors weigh jobs report, earnings on tap
▼ + stars: | 2023-04-10 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"There’s clearly a disconnect between what the Fed is telling us they’re going to do and what the market believes the Fed is going to do," Pursche added. "When the Fed repeats time after time what their priorities are and what they’re going to do, they’re going to do it." As of Friday, analysts now expect aggregate S&P 500 earnings down 5.2% year-on-year, a stark reversal from the 1.4% annual growth expected at the beginning of the quarter, according to Refinitiv. Among the 11 major sectors of the S&P 500, communication services (.SPLRCL) and technology (.SPLRCT) suffered the largest percentage losses. The S&P 500 posted one new 52-week high and no new lows; the Nasdaq Composite recorded 41 new highs and 131 new lows.

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