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☆ Exxon plans to raise spending in 2023 closer to $25 billion
▼ + stars: | 2022-12-08 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

The largest U.S. oil producer also said it will raise to $17 billion its spending in lower carbon projects through 2027, up from $15 billion. Exxon has one of the most ambitious plans in the industry to increase crude production over the next five years. Exxon stuck to its target to raise oil and gas production to a record 4.2 million barrels of oil equivalent per day (boepd) by end-2027. But short-term production was reduced and will stay flat in this year and 2023 at 3.7 million boepd - assuming a $60 per barrel Brent price. By year-end 2022, Exxon expects to distribute about $30 billion to shareholders, including $15 billion in dividends and $15 billion in buybacks.

☆ Exxon Holds Firm on Its Five-Year Spending Outlook
▼ + stars: | 2022-12-08 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Exxon Mobil Corp. maintained its spending plans for the next five years, sticking to its annual budget ranges that were set before the war in Ukraine caused an increase in energy prices and political pressure to increase production. High prices at the pump have propelled Exxon and other oil companies to record quarterly profits this year. President Biden and Democrats in Congress have urged oil companies to use their profits to boost refining capacity to make more gasoline and diesel, lowering prices for consumers.

☆ Exxon starts new polypropylene unit at Baton Rouge, Louisiana complex
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: 1 min

Dec 6 (Reuters) - Exxon Mobil Corp (XOM.N) started production at a new polypropylene unit at its Baton Rouge, Louisiana refining and petrochemical complex, the company said in a statement on Tuesday. The new unit, with a pricetag over half a billion dollars, adds 450,000 metric tons of polypropylene production, doubling the Baton Rouge Polyolefins plant’s capacity, Exxon said. The new unit employs 65 full-time staff, the company said. Polypropylene is used in making a wide variety of products from food and drink containers, plumbing, disposable diapers and in medicine. Reporting by Erwin Seba, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Exxon Mobil raises CEO, top executives base pay
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

Dec 5 (Reuters) - Exxon Mobil Corp (XOM.N) is raising the annual base salaries of its top boss and other executives for next year, the largest U.S. oil company said on Monday. Kathryn Mikells, who became the company's chief financial officer in August last year, will receive a base pay of $1.22 million in 2023. Base salaries, however, represent less than 10% of total pay, with stock awards and bonuses making up a bigger share of what Exxon's executives pocket every year. The Houston-based oil major paid Woods a total compensation of $23.6 million in 2021 and $15.6 million in 2020. Biden has repeatedly called on U.S. oil and gas companies to use their record profits to increase production and reduce pump prices for Americans.

☆ Exclusive: Exxon to exit Equatorial Guinea amid wider Africa crude phaseout
▼ + stars: | 2022-11-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +5 min

The company last year pumped about 45,000 bpd in Equatorial Guinea, out of the country's total production of 93,000 bpd. For Middle East and African oil producers, cash has dwindled to 30% of global flows in the last two years, from 50% between 2010 and 2020. Much of the increase comes from the United States, Canada, Guyana and Brazil, some of the places where Exxon has increased spending on oil output. NAMIBIA AND NATURAL GASWhile crude oil production wanes in West Africa, the continent's liquefied natural gas (LNG) future is on the rise and fossil fuel output could grow elsewhere in Africa. Rising demand globally could result in a 30% rise in gas production in Africa by the end of the decade, Deloitte said.

☆ 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.

☆ Companies Brace for Onslaught of New Activists After Change in Proxy-Voting Rules
▼ + stars: | 2022-11-20 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

A surge of newcomer activists has been building since last year, when a little-known hedge fund prevailed in a proxy battle against Exxon Mobil Corp. Sinking stock prices and a change in proxy-voting rules are emboldening many first-time shareholder activists to seek changes at some of the biggest names in American corporations. Companies, always wary of activist advances, are feeling particularly vulnerable as a result of new rules imposed by U.S. regulators in September requiring the use of a so-called universal proxy card in corporate-director elections, bankers and lawyers say.

“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.”

Companies Hess Corp FollowNov 17 (Reuters) - The Organization of the Petroleum Exporting Countries (OPEC) is "back in the driver's seat" as the top swing producer amid slowing U.S. shale growth, Hess Corp (HES.N) Chief Executive Officer John Hess said on Thursday at an investor conference in Miami, Florida. Hess anticipates U.S. oil production will hit around 13 million barrels per day in the next few years and then plateau. U.S. production growth has been slower than anticipated at the beginning of this year due to investor pressure to focus on returns over growth, along with inflation and inventory depletion. The U.S. Energy Information Administration last week cut its forecast for 2023 shale growth by 21%. Now, really OPEC is back in the driver's seat where they are the swing producer," Hess said, cautioning though that OPEC lacked spare capacity to easily boost its production.

☆ Exxon isolating a unit at Britain's Fawley refinery after incident
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

Companies Exxon Mobil Corp FollowLONDON, Nov 8 (Reuters) - Exxon Mobil (XOM.N) said on Wednesday it was isolating a unit at its Fawley oil refinery in Hampshire, southern England, following an incident that had led to gas flaring on Tuesday, adding that the site remains operational. A spokesperson for the oil major said onsite teams were working on isolating the unit in question after it reported on Tuesday an "operational matter" at the plant. The company did not provide any further details on the unit involved. Reporting by Ahmad Ghaddar; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ 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.

☆ Factbox: Companies count the cost of ditching Russia
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +6 min

INDITEX (ITX.MC)Zara owner will book a provision of 216 million euros after agreeing to sell its Russia stores to UAE-based Daher Group. TRATON (8TRA.DE)Volkswagen's (VOWG_p.DE) truck division Traton in September said disposing of some assets in Russia would cause a 550 million euro loss. CREDIT AGRICOLE (CAGR.PA)Credit Agricole provisioned more than 500 million euros related to its Russian exposure in Q1. LINDEThe world's largest industrial gases company's exit from Russia recorded impairments of $993 million from its Russia exit. SIEMENS (SIEGn.DE)The Munich-based engineering and tech firm said in May it would take a 600 million euro hit in Q2 for exiting Russia.

☆ Brazil's Petrobras to pay out $8.5 billion dividend amid squabble
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +3 min

SAO PAULO, Nov 3 (Reuters) - Brazilian state-run oil company Petrobras (PETR4.SA) will distribute dividends of around 43.68 billion reais ($8.5 billion) on its third quarter results, the firm said on Thursday, amid controversy over its massive payouts. Exxon has said it will pay dividends of $3.7 billion, while the other four firms will pay out a figure between $1.14 billion and $2.7 billion, according to data compiled by Reuters. Nearly all global oil majors have reported blockbuster profits this quarter, helped by surging oil prices. Workers' Party head Gleisi Hoffmann wrote on Twitter before the latest dividend was revealed that the payout policy "deprives the company of its investment capacity and only enriches shareholders." They say that while the company paid roughly 130 billion reais in dividends in the first six months of the year, investments made during the same period total only 17 billion reais.

After oil prices soared following Russia's invasion of Ukraine, European governments already have imposed windfall taxes on their oil industries. But most U.S. lawmakers show little appetite to reverse that trend after oil companies like Exxon Mobil Corp and Chevron Corp <CVX.N. Senator Sheldon Whitehouse and Representative Ro Khanna, both Democrats, are among legislators who have already introduced bills to tax excess oil company profits. Democratic Senators Kyrsten Sinema from Arizona and Joe Manchin from West Virginia would likely oppose a windfall profits tax, dimming its prospects, congressional sources and research groups said. Administration officials conceded privately that it may be difficult to enact a federal windfall profits tax, and said no deadline has been set for a next step.

☆ Saudi Aramco joins oil results bonanza with 39% jump in net income
▼ + stars: | 2022-11-01 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

Aramco's net income rose to $42.4 billion for the three months to Sept. 30 from $30.4 billion a year earlier, it said in a regulatory filing. The company's free cash flow rose to $45 billion from $28.7 billion a year-earlier. Aramco's reported net income, while higher year on year, was slightly lower than its record second quarter. Net income was also partially offset by increased production royalties, resulting from stronger crude oil prices and higher sales volume. Royalties and other taxes more than doubled year-on-year in the third quarter to $24.3 billion, from $10.48 billion last year.

☆ Saudi Aramco's quarterly net income up 39% to $42.4 billion
▼ + stars: | 2022-11-01 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Nov 1 (Reuters) - Saudi Arabian state oil producer Aramco (2222.SE) said on Tuesday its third-quarter net income rose 39%, boosted by higher crude oil prices and volumes sold, beating analysts' forecasts. Aramco's net income rose to $42.4 billion for the quarter to Sept. 30 from $30.4 billion a year earlier, it said in a bourse filing. That was just above the median net profit forecast of $41.7 billion from 16 analysts. The company's free cash flow rose to $45 billion from $28.7 billion a year-earlier. It declared a dividend of $18.8 billion in the third quarter, in line with its own target, which will be paid in the fourth quarter.

☆ 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.

☆ Biden, 'outraged' by oil company profits, to hit issue again in White House remarks
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 31 (Reuters) - U.S. President Joe Biden, who has expressed outrage at oil companies making record profits while Americans pay high fuel prices, will make a statement on the issue at the White House on Monday, the White House said. Biden will speak at 4:30 p.m. (2030 GMT) in response "to reports over recent days of major oil companies making record-setting profits even as they refuse to help lower prices at the pump for the American people," the White House said in a statement. During a Democratic fundraiser in Philadelphia, he suggested additional actions were coming, but White House officials have declined to provide details. Biden said six of the largest oil companies made $70 billion in profit during the last quarter, with some doubling their earnings. The price of gasoline and overall high inflation are a political stumbling block for Democratic congressional candidates in the upcoming midterm elections.

☆ Oil slips as China COVID curbs outweigh concerns over U.S. output
▼ + stars: | 2022-10-31 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, Oct 31 (Reuters) - Oil prices fell on Monday on concerns that widening COVID-19 curbs in China will curtail demand, offsetting signs that output at the top U.S. shale field is losing steam. Brent crude futures dropped 36 cents, or 0.4%, to $95.41 a barrel by 0151 GMT after slipping 1.2% on Friday. U.S. West Texas Intermediate (WTI) crude was at $87.67 a barrel, down 23 cents, or 0.3%, after settling down 1.3% on Friday. Wider COVID curbs in China invariably raise concerns over demand from the world's top crude importer, Stephen Innes of SPI Asset Management said. read moreThe warnings came just as U.S. oil exports rose to a record last week, partly pushed WTI prices up 3.4%.

☆ Oil slips as China Covid curbs outweigh concerns over U.S. output
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell on Monday on concerns that widening Covid-19 curbs in China will curtail demand, offsetting signs that output at the top U.S. shale field is losing steam. Brent crude futures dropped 36 cents, or 0.4%, to $95.41 a barrel by 0151 GMT after slipping 1.2% on Friday. U.S. West Texas Intermediate (WTI) crude was at $87.67 a barrel, down 23 cents, or 0.3%, after settling down 1.3% on Friday. Wider Covid curbs in China invariably raise concerns over demand from the world's top crude importer, Stephen Innes of SPI Asset Management said. The warnings came just as U.S. oil exports rose to a record last week, partly pushed WTI prices up 3.4%.

☆ 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's record-smashing Q3 profit nearly matches Apple's
▼ + stars: | 2022-10-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

Its $19.66 billion third-quarter net profit far exceeded recently raised Wall Street forecasts as sky-rocketing natural gas and high oil prices put its earnings within reach of Apple's $20.7 billion net for the same period. Oil company profits have soared this year as rising demand and an under-supplied energy market collided with Western sanctions against Russia over its invasion of Ukraine. U.S. exports of gas and oil to Europe have jumped and promise to set all-time profit records for the industry. Investors this week pushed up Exxon shares to a record intraday high of $109.58 as oil prices traded above $96 per barrel. In the third quarter, U.S. natural gas prices averaged $7.95 per million British thermal units (mmBtu), up 10% from the second quarter.

☆ TotalEnergies Books New $3.1 Billion Impairment on Russia Assets
▼ + stars: | 2022-10-27 | by ( Jenny Strasburg | ) www.wsj.com time to read: 1 min

TotalEnergies’ decision to retain business in Russia has come at a cost, but the company has been among the biggest beneficiaries of higher energy prices. French oil giant TotalEnergies SE has booked a new $3.1 billion accounting charge linked to its Russian assets, taking its total Russia-related impairments to nearly $11 billion this year, among the highest out of Western companies. The Paris-based company was originally defiant about maintaining business ties in Russia, in contrast with rivals including BP PLC , Shell PLC and Exxon Mobil Corp., which quickly plotted their exits following Moscow’s February invasion of Ukraine.

☆ Exxon strikes oil again in Guyana with two new discoveries
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Exxon Mobil Corp (XOM.N) has made two new discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, the oil major said on Wednesday, potentially adding more barrels to one of the most closely watched new oil discoveries. Exxon did not disclose how much crude oil or gas it estimates the new discoveries to contain. Guyana amounts for one third of the crude discovered in the world since Exxon first hit oil in the country in 2015, according to Rystad consultancy firm. The about 11 billion barrels of recoverable oil discovered prior to Wednesday's finds, should make the country a global oil power in the coming years, Rystad says. The companies expect total production from Guyana to cross a million barrels per day by the end of this decade.

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