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☆ Exclusive: Guyana aims to reclaim, offer 20% of Exxon oil block
▼ + stars: | 2023-02-17 | by ( Sabrina Valle | ) www.reuters.com time to read: +5 min

The group's contract allows Guyana to reclaim unexplored portions this year, Jagdeo said in an interview from the country's capital. Guyana is pursuing a multi-pronged strategy to lessen the consortium's grip on the country's oil resources, Jagdeo said, and spur new oil production. The decision to reclaim existing Exxon blocks signals urgency to speed development. Guyana also has development areas outside the soon-to-be-auctioned 14 blocks, and is prepared to offer them to "these countries on a bilateral level." The PSA draft will go through public consultation through March 8 and is expected to be finalized before an April 14 auction, Jagdeo said.

"From 2020 onwards, we've achieved extremely strong real economic growth overall," Singh said at Guyana's Energy Conference and Expo in Georgetown. Guyana's economy registered a real growth of 62% last year and it has been forecasted to expand by another 25% this year. "Real economic growth of 25% over a sustained period is an achievement that is rare in the historic economic context." By the end of 2026, the fund is expected to have increased its balance to $5.4 billion. Reporting by Neil Marks in Georgetown and Marianna Parraga in Houston Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

After a dearth of plant approvals last decade, developers have secured dozens of long-term contracts to finance new multibillion-dollar LNG plants. The United States was long an importer of LNG, but natural gas discoveries and production from the shale revolution flipped the country into an LNG exporter in 2016. U.S. LNG exports hit 10.6 billion cubic feet per day (bcfd) in 2022, making the country the second biggest LNG exporter behind Australia. But their production volumes will allow the United States to remain ahead of output from Australia and Qatar. The seven U.S. export plants already in service, including Freeport LNG, can turn about 13.8 billion cubic feet of gas into LNG each day.

Companies Exxon Mobil Corp FollowFeb 9 (Reuters) - Exxon Mobil Corp (XOM.N) said on Thursday it is merging some smaller business units as part of an effort to cut annual costs by $9 billion by 2023 from 2019 levels. The changes follow the restructuring of Exxon's top businesses disclosed last year, and address a second layer of management. Exxon now says it will combine smaller units to concentrate decisions related to supply chain, procurement and the acquisition of raw materials, among others. The change is aimed at giving more negotiating power to Exxon on deals with third parties, for instance by removing the possibility of more than one Exxon unit negotiating separate deals with the same supplier. Exxon has been on a major cost-cutting drive after suffering a historic loss in 2020.

☆ 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.

☆ Exxon plans to cut costs, reorganize units - WSJ
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: 1 min

Companies Exxon Mobil Corp FollowFeb 9 (Reuters) - Exxon Mobil Corp (XOM.N) is combining business units as part of a continuing corporate reorganization that will cut costs and trim some jobs, the Wall Street Journal reported on Thursday, citing a company memo. Exxon did not immediately respond to a Reuters request for comment. Reporting by Arunima Kumar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ APA strikes oil off Suriname coast
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - U.S. oil producer APA Corp (APA.O) said on Wednesday that it had found oil after drilling Sapakara South-2 (SPS-2) appraisal well in Block 58, offshore Suriname. Exploration off the South American country's coast has been watched closely as it is just over the border from massive oil discoveries made by an Exxon Mobil Corp (XOM.N)-led consortium in Guyana that are estimated to hold nearly 11 billion barrels of oil equivalent. The well is located about 4.6 kms south of the Sapakara South-1 (SPS-1) appraisal well, where APA found oil in 2021. The company had in November wound up drilling operations at the Awari well in Block 58 as it was "deemed noncommercial." French energy major TotalEnergies SE (TTEF.PA) operates Block 58, with a 50% working interest, while APA holds the other half.

☆ Canada's Imperial ordered to fix seepage from oil sands tailing ponds
▼ + stars: | 2023-02-08 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

Feb 8 (Reuters) - Canada's Imperial Oil (IMO.TO) on Wednesday said it is working with the Alberta Energy Regulator (AER) to fix industrial wastewater seepage from tailings ponds at its Kearl oil sands project that has been ongoing for months. The order steps up regulatory enforcement from the AER, which previously issued Imperial with two non-compliance notices and conducted site inspections. Kearl is a 240,000-barrel-per-day bitumen mine in northern Alberta, and the wastewater, or tailings, from its industrial processes include dissolved iron and arsenic. However, Imperial on Saturday also reported a separate leak of more than 5,000 cubic metres of tailings water from one of its holding ponds. Schmidt said the cause of that release is still being determined and Imperial has notified local communities.

The company already has a presence in both continents through stakes in projects in Mozambique, Brazil and Venezuela among others. "It's better to invest in bigger hot spots where you can get larger discoveries... Africa and Latin America still hold a lot of potential. Some of the hydrocarbon assets in Africa and Latin America hold large volumes, he said, adding his company is also looking for assets in southeast Asia and Middle East. OVL currently has a stake in 32 oil & gas projects in 15 countries, spanning projects in various phases, including exploration, development, producing and pipelines. Gupta said current production at Sakhalin 1 is about 150,000 barrels per day and the production would rise to 200,000 bpd by June.

☆ Mexico Pacific to sell LNG from Sonora export plant to Exxon Mobil
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Mexico Pacific said on Tuesday that a unit of Exxon Mobil Corp (XOM.N) had agreed to buy liquefied natural gas from the Mexican company's proposed Saguaro Energia LNG export plant in Sonora state. Mexico Pacific also said ExxonMobil has an option for 1 MTPA from Train 3 at the plant. One MTPA of LNG is about the same as 0.13 billion cubic feet per day of natural gas. The proposed three-train Saguaro Energia LNG facility is designed to produce about 14.1 MTPA of LNG from natural gas sourced from the Permian Basin in Texas and New Mexico. "We look forward to working with Mexico Pacific to continue growing ExxonMobil's LNG portfolio and deliver Permian natural gas to global markets," said Peter Clarke, senior vice president of LNG for ExxonMobil Upstream Co.

☆ 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.

☆ Factbox: Bumper profits fuel surge in dividends, buybacks at oil firms
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +4 min

Feb 3 (Reuters) - Energy firms are using a chunk of their bumper quarterly profits from surging natural gas and fuel prices to reward shareholders with higher dividends and share buybacks. The top 25 North American oil and gas companies by market capital posted a combined profit of $70.04 billion for the quarter ended Sept. 30, 186.3% higher than a year earlier, according to Refinitiv data. However, the record profits have renewed calls for a windfall tax, especially as sky-rocketing prices have fueled inflation around the globe. Below are some of the companies that have announced higher dividends and repurchases in recent weeks:Valero Energy Corp (VLO.N)Dividend: Increased quarterly dividend by 4.1% to $1.02 per shareNet Income in latest quarter: More than tripled to $3.11 billionExxon Mobil Corp (XOM.N)Dividend: Q4 per-share dividend of 91 cents, up 3 centsNet Income in latest quarter: Jumped 43.7% to $12.75 billionChevron Corp (CVX.N)Dividend: Raised quarterly dividend by 9 cents to $1.51 per shareShare buyback: Approves a $75 billion buyback programNet Income in latest quarter: Jumped 25.6% to $6.35 billionConocoPhillips (COP.N)Dividend: Declares variable dividend of 60 cents per shareShare buyback: Raised existing share repurchase authorization by $20 billionNet Income in latest quarter: Rose 23% to $3.2 billionCHESAPEAKE ENERGY CORP (CHK.O)Dividend: Increased total quarterly dividend to $3.16/shr from $2.32/shrNet Income in latest quarter: Stood at $883 mln, compared with $345 mln year-ago lossBAKER HUGHES CO (BKR.O)Dividend: Increased quarterly dividend by 5.5% to 19 cents per shareShare buyback: Authorized an additional $2 blnNet Income in latest quarter: Fell 38.1% to $182 millionSLB (formerly Schlumberger) (SLB.N)Dividend: Increased quarterly cash dividend 43% to $0.25 per shareShare buyback: Resumed share repurchase programNet Income in latest quarter: Rose 77.2% to $1.07 billionMarathon Petroleum Corp (MPC.N)Share buyback: Approved an additional $5 billion in stock repurchasesNet Income in latest quarter: Rose 329.1% to $3.32 billionPhillips 66 (PSX.N)Share buyback: Plans to return up to $12 bln more to shareholders by end-2024 through dividends and buybacksNet Income in latest quarter: Jumped 1241% to $5.4 billionMarathon Oil Corp (MRO.N)Dividend: Expects to raise base dividend by an additional 11% after closing the purchase of EnsignNet Income in latest quarter: Climbed 344% to $817 millionEOG Resources Inc (EOG.N)Dividend: Raised regular dividend by 10%, $1.50/shr special dividendNet Income in latest quarter: Rose 160.6% to $2.85 billionAPA Corp (APA.O)Dividend: Doubled quarterly dividend to an annualized rate of $1.00/shrNet Income in latest quarter: Stood at $422 million, compared with a loss of $113 millionCOTERRA ENERGY INC (CTRA.N)Dividend: Increased dividend by 3 cents to 68 cents/shrNet Income in latest quarter: Surged 1768.75% to $1.2 billionPATTERSON-UTI (PTEN.O)Dividend: Doubled quarterly cash dividend to 8 cents/shrShare buyback: Increased share repurchase authorization to $300 millionNet Income in latest quarter: Rose 181% to $61.5 millionTEXAS PACIFIC LAND CORP (TPL.N)Share buyback: Approved purchase of up to $250 mln worth of sharesNet Income in latest quarter: Rose 55% to $129.8 mlnCANADIAN NATURAL RESOURCES LTD (CNQ.TO)Dividend: Raised quarterly dividend by 13% to 85 Canadian cents/shrNet Income in latest quarter: Rose 27.7% to C$2.81 blnCenovus Energy Inc (CVE.TO)Dividend: Announced a variable dividend of C$0.114Share buyback: Plans to renew repurchase programNet Income in latest quarter: Climbed 192% to C$1.61 blnIMPERIAL OIL (IMO.TO)Dividend: Raised quarterly dividend by 29% to 44 Canadian cents/shrShare buyback: Announced a C$1.5 bln substantial issuer bid to buy back sharesNet Income in latest quarter: Rose 123.6% to C$2.03 blnTOURMALINE OIL CORP (TOU.TO)Dividend: Announced a special dividend of C$2.25/shr; raised quarterly dividend by 11% to 25 Canadian cents/shrNet Income in latest quarter: Rose 481% to C$2.09 blnReporting by Sourasis Bose, Ankit Kumar and Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Still, its shares fell more than 5% to $111.79 on weaker oil prices on the day and a fourth-quarter profit miss. It also anticipates it will invest about $2 billion in Sempra's Port Arthur LNG facility, of which ConocoPhillips has a 30% stake. "ConocoPhillips finished 2022 on a solid note with production volumes exceeding consensus forecasts by 1.5%," said Third Bridge analyst Peter McNally. First quarter production is expected between 1.72 million and 1.76 million boepd, with full-year output of between 1.76 million to 1.8 million boepd, representing growth of 1% to 4%. On an adjusted basis, the company posted quarterly profit of $2.71 per share, missing expectations of $2.81, according to Refinitiv data.

☆ 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.

☆ Exxon smashes Western oil majors' profits with $56 billion in 2022
▼ + stars: | 2023-01-31 | by ( Sabrina Valle | ) www.reuters.com time to read: +5 min

"Overall earnings and cash flow were up pretty significantly year on year," Exxon Chief Financial Officer Kathryn Mikells told Reuters. "So that came really from a combination of strong markets, strong throughput, strong production, and really good cost control." Exxon boasted that its cash flow from operations soared to $76.8 billion last year, up from $48.1 billion in 2021. Part of it is explained by rising costs in the Permian, with inflation in the double digits, amid "really, really hot" demand for equipments and services, he said. Exxon's results come ahead of what are expected to be strong earnings from Shell plc on Thursday and from BP plc and TotalEnergies next week.

☆ Morning Bid: Fed games
▼ + stars: | 2023-01-31 | by ( Stephen Culp | ) www.reuters.com time to read: +2 min

Feb 1 (Reuters) - A look at the day ahead in markets from Stephen Culp, New York stock market reporter. Asian stocks are primed for a green Wednesday on the heels of a broad rally on Wall Street, as a slew of economic data suggested the Federal Reserve's restrictive monetary policy is working as directed. Risk appetite was largely fueled by economic data, specifically the Employment Cost Index (ECI) which decelerated in the fourth quarter to its slowest growth in a year - yet another sign that decades-high inflation is beginning to cool. This is welcome news for the Fed, which is expected to punctuate its two-day monetary policy meeting on Wednesday with a 25 basis point hike to the Fed funds target rate, its latest salvo in its battle against inflation. On Wednesday, market participants will digest factory and labor market data and parse the Fed's statement and Chairman Jerome Powell's remarks at the subsequent press conference.

WASHINGTON, Jan 31 (Reuters) - The White House on Tuesday expressed outrage on Tuesday at Exxon Mobil Corp's record net profit in 2022 of $56 billion, a historical high not just for the company but for the entire Western oil industry. Oil majors are expected to break their own annual records due to high prices and soaring demand, pushing their combined take to near $200 billion. The scale has brought renewed criticism of the oil industry and sparked calls for more countries to levy windfall profit taxes on the companies. A White House statement said Exxon's (XOM.N) profit margin was particularly galling as Americans paid record high prices at the pump. Exxon's CFO Kathryn Mikells responded to growing criticism over the industry's windfall profits and suggested the answer is not increased taxes.

☆ Exxon smashes Western oil majors' earnings record with $59 billion profit
▼ + stars: | 2023-01-31 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

The scale has renewed criticism of the oil industry and sparked calls for more countries to levy windfall profit taxes on the companies. "So that came really from a combination of strong markets, strong throughput, strong production, and really good cost control." Exxon said it incurred a $1.3 billion hit to its fourth quarter earnings from a European Union windfall tax that began in the final quarter and from asset impairments. Slapping new taxes on oil earnings "has the opposite effect of what you are trying to achieve," she said, adding it would discourage new oil and gas production. Adjusted fourth quarter per share profit was $3.09 per share, below the $3.32 per share forecast by Zacks Financial.

☆ Amazon, Apple, Alphabet Headline Another Busy Earnings Week
▼ + stars: | 2023-01-28 | by ( Sabela Ojea | ) www.wsj.com time to read: 1 min

Amazon.com Inc.’s quarterly earnings report this coming week will provide insight on the health of online shopping. Apple Inc., Amazon .com Inc., Meta Platforms Inc. and Alphabet Inc. report earnings in the coming week, four of the many companies providing quarterly updates as layoffs and slowing growth hit the tech industry. Leaders across multiple industries—such as fossil-fuel giant Exxon Mobil Corp., pharmaceutical company Merck & Co., fast-food chain McDonald’s Corp. and construction-equipment giant Caterpillar Inc.—are also scheduled to report their financials in the coming week.

Jan 25 (Reuters) - U.S. oil and gas producer Hess Corp (HES.N) on Wednesday beat Wall Street estimates for fourth-quarter profit on better-than-expected production in Guyana, allowing it to consider a dividend increase this quarter. Hess has a 30% stake in the Exxon Mobil Corp (XOM.N)-led consortium that is responsible for all production in Guyana. Excluding Libya, the company produced 376,000 boed in the fourth quarter, from 295,000 boed last year, despite weaker production in North Dakota. Bakken operations delivered 158,000 boed in the fourth quarter, about 6% under the midpoint expectations, due to severe winter weather. Hess says it plans to steadily increase production in the basin to 200,000 boed by 2025.

☆ NYSE Glitch Causes Erroneous Prices in Hundreds of Stocks
▼ + stars: | 2023-01-25 | by ( Alexander Osipovich | ) www.wsj.com time to read: 1 min

For most of the affected stocks, trading was halted 15 seconds after markets opened and resumed between five and 15 minutes later. A technical glitch at the New York Stock Exchange on Tuesday briefly caused wild price swings and a temporary trading freeze in stocks of major companies such as Exxon Mobil Corp., McDonalds Corp. and Walmart Inc. Hundreds of stocks experienced erroneous prices as a result of the incident, the biggest snafu to hit a U.S. stock exchange in several years, according to a spreadsheet of affected securities released by the NYSE.

☆ Dozens of NYSE Stocks Halted in Opening Minutes After Wild Price Swings
▼ + stars: | 2023-01-24 | by ( Alexander Osipovich | ) www.wsj.com time to read: 1 min

For most of the affected stocks, trading was halted 15 seconds after markets opened and resumed between five and 15 minutes later. An apparent glitch at the New York Stock Exchange on Tuesday briefly caused wild price swings and a temporary trading freeze in stocks of major companies such as Exxon Mobil Corp., McDonalds Corp. and Walmart Inc. The NYSE said in a notice to traders that it was investigating a reported issue with its opening auction, the critical process at 9:30 a.m. ET each day that determines the official, beginning-of-day prices for stocks listed on the exchange.

☆ Exclusive: Exxon halts routine gas flaring in the Permian, wants others to follow
▼ + stars: | 2023-01-24 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

Methane, the main component of natural gas, is a potent greenhouse gas. Reuters GraphicsLOW HANGING FRUITBurning less gas during production is an easy way to curb greenhouse gas emissions and increase gas production, according to consultants Rystad Energy. Exxon is allocating $17 billion through 2027 to lower its greenhouse gas emissions globally. PERMIAN FIRST Exxon is starting with 700 sites in the U.S. Permian basin to end routine flaring globally by 2030. Most of its U.S. shale operations are in New Mexico, one of the few states which already limits gas flaring.

☆ SLB wins Russia business as oilfield rivals exit after Ukraine invasion
▼ + stars: | 2023-01-19 | by ( Liz Hampton | ) www.reuters.com time to read: +7 min

Jan 19 (Reuters) - Following Moscow's invasion of Ukraine, world's largest oilfield firm SLB (SLB.N) has boosted its business in Russia by cherry-picking service and equipment contracts from rivals who left, according to company documents and people familiar with its operations. For example, SLB's Russia and Central Asia reservoir performance division in the third quarter of 2022 grew revenue by 25% over the prior quarter. The company said in March that, while it is continuing operations in Russia, it has halted new investments there. One reason SLB is finding new success in Russia is that rivals have exited the region. "The message from HQ is to take mostly exclusive contracts with high revenue," said a SLB employee involved in the business wins.

☆ Guyana projects state oil revenue to hit $1.63 billion this year
▼ + stars: | 2023-01-17 | by ( Neil Marks | ) www.reuters.com time to read: +1 min

The drilling results drove the nation's reserves to more than 11 billion barrels of recoverable oil. The country's oil production could reach some 810,000 barrels per day by 2025 with the startup of the third production vessel, he said. A consortium led by U.S. producer Exxon Mobil Corp (XOM.N) is responsible for all the country's oil output. The nation's oil and gas sector is estimated to have expanded by 125% last year, with a total of 101.4 million barrels of oil produced, compared with 42.7 million in 2021. The county's Natural Resource Fund held $1.27 billion at the end of 2022 after withdrawing about $608 million to finance state development priorities, Singh said.

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