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☆ Exxon strikes oil again in Guyana, raises output target
▼ + 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, 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, but it also hiked a previous output forecast for the third quarter from older discoveries in the region. 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.

☆ U.S. oil companies' cash flow to rise by 68% per barrel in 2022 - Deloitte
▼ + stars: | 2022-10-25 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

HOUSTON, Oct 24 (Reuters) - U.S. upstream oil companies are expected to bank 68% higher free cash flows per barrel produced in 2022 as surging prices fuel profits, while output growth lingers at 4.5% year to date, Deloitte consultancy said on Monday. The study illustrates the clash between the White House and oil companies over how skyrocketing profits from high energy prices should be allocated. Unlike in the past, when higher energy prices and profits would lead to increased investment rates, companies have been cutting down on costs and exercising cash discipline, Deloitte said. "We are really seeing caution in terms of where the capex is going," Deloitte Energy Executive Kate Hardin said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sabrina Valle; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Apple, Amazon, McDonald’s Headline Busy Earnings Week
▼ + stars: | 2022-10-22 | by ( Denny Jacob | ) www.wsj.com time to read: 1 min

Amazon is among the tech heavyweights slated to report earnings in the coming week. Amazon .com Inc., Apple Inc. and Meta Platforms Inc. are among the tech heavyweights featured in a packed week of earnings that investors will probe for indicators about the broader economy. Other tech companies scheduled to report their latest quarterly reports include Google parent company Alphabet Inc. and Microsoft Corp. Investors also will hear from airlines such as Southwest Airlines Co. and JetBlue Airways Corp., automotive companies General Motors Co. and Ford Motor Co., and energy giants Chevron Corp. and Exxon Mobil Corp.

☆ Exxon Mobil shares surge to record intraday high
▼ + stars: | 2022-10-21 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

HOUSTON, Oct 21 (Reuters) - Exxon Mobil Corp (XOM.N) shares passed their all-time high on Friday as oil prices resumed their climb and analysts raised their long-term views of top U.S. oil producer's cash flow and earnings outlook. The stock hit $105.95 early Friday, above the prior record high close of $104.59 from June 8. The strategy paid this year as an international oil supply crunch accelerated by sanctions against Russia made oil prices hit 14-highs. Oil profits allowed the company to erase the $21 billion it borrowed in 2020 to pay its bills and keep dividend distributions intact. Gas prices are rose to multi-year highs on European demand.

☆ Exxon shares surge to record high on strong earnings outlook
▼ + stars: | 2022-10-21 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

HOUSTON, Oct 21 (Reuters) - Exxon Mobil Corp (XOM.N) shares passed their all-time high on Friday as oil prices resumed their climb and analysts raised their long-term views of top U.S. oil producer's cash flow and earnings outlook. The stock hit $106.40 on Friday before closing at $105.86, above the prior record high close of $104.59 from June 8. The strategy paid this year as an international oil supply crunch accelerated by sanctions against Russia made oil prices hit 14-highs. For a time, utility operator NextEra Energy overtook Exxon as the U.S. energy company with the largest market cap. The year's profits are largely from high energy prices.

☆ Exxon selling Montana oil refinery to Par Pacific in $310 million deal
▼ + stars: | 2022-10-20 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

HOUSTON, Oct 20 (Reuters) - Exxon Mobil Corp (XOM.N) on Thursday agreed to sell its Billings, Montana, refinery and related pipeline properties to Par Pacific Holdings Inc (PARR.N) for $310 million. "This acquisition expands our fully integrated downstream network in the western United States," said Par Pacific Chief Executive Officer William Pate. Since 2013, Houston-based Par Pacific has purchased refineries in Hawaii, Wyoming and Tacoma, Washington. Par Pacific shares jumped 8.7% to $21.62 on Thursday, their highest level in two and a half years. Under the deal, Par Pacific will continue supplying fuel to Exxon and Mobil-branded stations in the region.

☆ Exxon selling Montana oil refinery to Par Pacific for $310 million
▼ + stars: | 2022-10-20 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

HOUSTON, Oct 20 (Reuters) - Exxon Mobil Corp (XOM.N) on Thursday agreed to sell its Billings, Montana, refinery and related pipeline properties to Par Pacific Holdings Inc (PARR.N) for $310 million. Register now for FREE unlimited access to Reuters.com RegisterThe deal for the 63,000-barrel-per-day refinery is expected to close in the second quarter of 2023, Exxon said in a statement. Included in the sale are the Silvertip Pipeline, Exxon's interest in the Yellowstone Pipeline and Yellowstone Energy LP and its interests in products terminals in Montana and Washington. Under the deal, Par Pacific will continue supplying fuel to Exxon and Mobil-branded stations in the region. Register now for FREE unlimited access to Reuters.com RegisterReporting by Erwin Seba; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Biden blamed Russian President Vladimir Putin’s invasion of Ukraine for higher crude and gasoline prices, while noting prices had fallen 30% from their peak earlier this year. “Families are hurting,” and gasoline prices are squeezing their budgets, he added. Retail gasoline prices have fallen from a high in June, but remain above historical averages, and are a major contributor to inflation. Biden said oil companies should feel more confident about investing in production with the new SPR repurchase pledge, and stop pushing stock buybacks. So you can act now to increase oil production," he said.

☆ Engine No. 1 held talks with Coca-Cola on new recycling initiatives - source
▼ + stars: | 2022-10-18 | by ( Shashwat Awasthi | Byron Kaye | ) www.reuters.com time to read: +1 min

1 has held talks with Coca-Cola Co (KO.N) about steps the soda giant could take to ramp up recycling of its cans and bottles, a source familiar with the matter told Reuters on Tuesday. 1 partner responsible for getting three seats at Exxon, brought the Coca-Cola idea to Engine No. 1 from Jana Partners where he had been researching it, another source told Reuters. 1 has suggested a partnership between Coca-Cola and garbage collection and recycling company Republic Services Inc (RSG.N), in which Engine No. Coca-Cola and Republic did not respond to Reuters requests for comment.

☆ 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.

☆ Engine No. 1 takes stake in Coca-Cola, pushes for better recycling- Semafor
▼ + stars: | 2022-10-18 | by ( Shashwat Awasthi | Byron Kaye | ) www.reuters.com time to read: +1 min

1 has taken a small stake in Coca-Cola Co (KO.N) and is pushing the soda giant to ramp up its efforts to recycle more of its cans and bottles, newly launched global news platform Semafor reported on Tuesday. The investor has suggested a partnership between Coca-Cola and garbage collection and recycling company Republic Services Inc (RSG.N), in which Engine No. 1 holds a stake, the report said, adding that Coke executives have reached out to Republic. Coca-Cola, Engine No. Register now for FREE unlimited access to Reuters.com RegisterReporting by Uday Sampath in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ EXCLUSIVE Exxon exits Russia empty-handed with oil project 'unilaterally terminated'
▼ + stars: | 2022-10-17 | by ( Sabrina Valle | ) www.reuters.com time to read: +5 min

BP, TotalEnergies, Equinor, and Shell have all transferred properties to Russian partners or left operations behind. The company said it "safely exited" Russia after the government earlier this month "unilaterally terminated" its interests in the Sakhalin-1 oil and gas project, its largest in the country. On Oct. 7 Putin seized Exxon shares in the oil production joint venture and transferred them to a government-controlled company. By July, output at the Sakhalin-1 project fell 10,000 barrels per day (bpd), from 220,000 bpd before Russia invaded Ukraine. About 700 Russia-based employees that kept operations running will be transferred to the new Russia company taking over the asset, Exxon said.

☆ Exxon Bets on Ex-Auto Executive for Climate-Friendly Profits
▼ + stars: | 2022-10-16 | by ( Collin Eaton | Photographs Brandon Thibodeaux For The Wall Street Journal | ) www.wsj.com time to read: 1 min

Exxon Mobil Corp. hopes an outsider who most recently headed General Motors Co.’s driverless-car unit can shake up its efforts to build a climate-friendly business unit. The oil giant recently tapped Dan Ammann , a former investment banker and longtime GM executive, to lead its fledgling low-carbon business. Mr. Ammann’s task is daunting: turn a new unit intended to reduce carbon emissions into a profit center.

Retail workers at Gap are significantly more likely to become managers than at other companies in their industry. Apple Inc. is among the best places to work if you want to land a bigger job elsewhere. For employees seeking security, few companies offer better job stability than Exxon Mobil Corp. Certain companies, it turns out, excel at helping workers in these jobs move up the career and pay ladder. New skills at those firms don’t always translate into promotions, higher wages or more opportunities to advance.

☆ EXCLUSIVE Schlumberger faces employee backlash in Russia over cooperation on draft
▼ + stars: | 2022-10-14 | by ( Liz Hampton | ) www.reuters.com time to read: +5 min

Human rights groups are watching how the company responds to the concerns. Schlumberger suspended new investments and technology deployment in Russia, but unlike some of its peers and customers, decided to remain. Schlumberger leaves decision-making on Russia employment policies to local managers, the U.S.-based spokesperson said. The Business & Human Rights Resource Centre requested information from Schlumberger and other non-Russian companies with operations in the country on their handling of the mobilization. Schlumberger rivals Baker Hughes (BKR.O) and Halliburton (HAL.N) are selling or have sold their oilfield services units in Russia.

Exxon says it will transport and store underground 2 million metric tons of CO2 per year produced starting in 2025, when CF Industries opens a $200 million CO2 compression facility in Louisiana to process emissions from its ammonia production. He declined to comment on financial terms of the deal with CF Industries. Exxon signed a parallel agreement to use Enlink Midstream's network to transport the CO2 to the storage site. While critics view carbon sequestration as greenwashing by polluters, Exxon says the business can achieve double-digit percentage returns while limiting planet-warming gases. The Louisiana initiative is part of the company's planned $15 billion investment by 2027 in low carbon operations.

☆ Oil Refinery Strike Grips France Amid Energy Crisis
▼ + stars: | 2022-10-12 | by ( Matthew Dalton | ) www.wsj.com time to read: 1 min

Workers on strike outside an Exxon Mobil oil refinery in Port-Jerome-sur-Seine, France, on Wednesday. PARIS—A strike by French refinery workers has choked fuel supplies nationwide, deepening the country’s energy crunch as temperatures drop and Europe grapples with a sharp cut in Russian natural-gas supplies. The CGT, France’s far-left union, decided on Wednesday to continue a strike that has hobbled the country’s refining system. The union also moved to extend the strike to a refinery in Donges on the Atlantic coast owned by TotalEnergies SA. The government on Tuesday ordered employees at a fuel depot owned by Esso -SAF ES, a subsidiary of Exxon Mobil Corp., to return to work, invoking rarely-used legal powers to end strikes.

☆ Oil prices inch lower as dollar firms, China COVID worries dent demand
▼ + stars: | 2022-10-11 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

Brent crude futures fell 27 cents, or 0.3%, to $95.92 a barrel by 0342 GMT, after falling $1.73 in the previous session. U.S. West Texas Intermediate crude was at $90.73 a barrel, down 40 cents, or 0.4%, after losing $1.51 in the previous session. A strong greenback reduces demand for oil by making it more expensive for buyers using other currencies. The sustained zero COVID-19 policy in China ahead of the Communist Party Congress is "not helping" demand, the analysts added. EU sanctions on Russian crude and oil products will take effect in December and February, respectively, while the bloc last week gave its final approval for a new batch of sanctions against Russia including a price cap on Russian oil exports.

☆ Oil prices slide as dollar strengthens, China COVID-19 woes dampen demand
▼ + stars: | 2022-10-11 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

Companies Exxon Mobil Corp FollowSINGAPORE, Oct 11 (Reuters) - Oil prices fell on Tuesday, extending nearly 2% losses in the previous session, as a stronger U.S. dollar and a flare-up in COVID-19 cases in China increased fears of slowing global demand. Brent crude futures fell 57 cents, or 0.6%, to $95.62 a barrel by 0031 GMT, after falling $1.73 in the previous session. U.S. West Texas Intermediate crude was at $90.58 a barrel, down 55 cents, or 0.6%, after losing $1.51 in the previous session. A strong greenback reduces demand for oil by making it more expensive for buyers using other currencies. The sustained zero COVID-19 policy in China ahead of a Communist Party congress is "not helping" demand, the analysts added.

☆ Exxon Mobil in talks to buy oil & gas producer Denbury -Bloomberg News
▼ + stars: | 2022-10-10 | by ( Marianna Parraga | ) www.reuters.com time to read: +1 min

Oct 10 (Reuters) - Exxon Mobil Corp (XOM.N) is considering a takeover of oil and gas producer Denbury Inc (DEN.N) and the talks are at a preliminary stage, Bloomberg News reported on Monday, citing people familiar with the matter. Denbury is expected to be fetch a significant premium if it proceeds with the sale, making it a potentially sizable transaction. Register now for FREE unlimited access to Reuters.com RegisterDenbury has been exploring options and is working with an advisor on a potential sale, sources familiar with the matter have previously told Reuters. Other potential buyers could include oil majors such as Chevron Corp (CVX.N), the sources said. Exxon declined to comment and Denbury did not immediately respond to Reuters' request for comment.

☆ Exxon Mobil considers buying energy company Denbury- Bloomberg News
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: 1 min

Oct 10 (Reuters) - Oil major Exxon Mobil Corp (XOM.N) is considering acquiring Denbury Inc (DEN.N), Bloomberg News reported on Monday, citing people familiar with the matter. Shares of Plano, Texas-based energy company Denbury rose 8% on the report. Exxon has expressed preliminary interest in Denbury, but no final decision has been made, the report said, adding the oil major could opt against proceeding with a potential deal. Denbury was exploring options including a sale, Bloomberg reported in August. Exxon declined to comment and Denbury did not immediately respond to Reuters request for comment.

☆ Exxon orders shale stand-down over rash of oilfield worker injuries
▼ + stars: | 2022-09-28 | by ( Liz Hampton | ) www.reuters.com time to read: +3 min

REUTERS/Nick OxfordCompanies Exxon Mobil Corp FollowSept 28 (Reuters) - Exxon Mobil (XOM.N) issued a temporary "stand-down" across its U.S. shale operations last week following back-to-back worker injuries, including one fatality, according to people familiar with the matter. The stand-down follows two worker accidents within days at production sites run by Exxon's shale unit and comes as Exxon is facing multiple negligence lawsuits. In March, a woman was crushed to death at another West Texas site operated by Exxon. Exxon or its shale subsidiary XTO Energy this year have faced at least six negligence lawsuits resulting from injuries in west Texas, according to complaints filed in Harris County District Court in Houston. It separately reported 15 fires at its New Mexico operations, according to the state's oil regulator.

The benchmark S&P 500 index (.SPX) has since relinquished the last of its gains made in a summer rally. ET, Dow e-minis were up 333 points, or 1.13%, S&P 500 e-minis were up 52.25 points, or 1.42%, and Nasdaq 100 e-minis were up 189.25 points, or 1.67%. Concerns about corporate profits coming under pressure from soaring prices, an economic downturn and higher interest rates have roiled Wall Street in the past two weeks. Analysts have cut their S&P 500 earnings estimates for the third and fourth quarters, and for all of 2022. For the third quarter, overall S&P 500 earnings are seen rising just 4.6% year-over-year, compared with the 11.1% growth expected at the start of July.

☆ IMF urges caution as oil-rich Guyana's economic growth nears 60%
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Sept 27 (Reuters) - Guyana's economic growth could reach close to 60% this year, the International Monetary Fund said in a statement on Tuesday, urging cautious policies even as the tiny South American nation benefits from surging oil production. Earlier in September, Guyana's government had predicted 2022 growth at 56% overall and a non-oil growth of 9.6%. Its directors "highlighted the need for continued prudent policies and structural reforms, assisted by Fund technical assistance." IMF directors called for Guyana to continue "moderately ramping up public investment," by ensuring its annual non-oil overall fiscal balance does not exceed its expected oil transfers. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sarah Morland; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Exxon Mobil shuts Fos-Sur-Mer refinery in France due to strike
▼ + stars: | 2022-09-22 | by ( Rowena Edwards | ) www.reuters.com time to read: +1 min

REUTERS/Toru HanaiCompanies Exxon Mobil Corp FollowSept 22 (Reuters) - ExxonMobil is gradually shutting down its 235,000 barrel per day (bpd) Fos-Sur-Mer refinery in France as a result of ongoing strike action, the company said in an emailed statement on Thursday. read moreFrench unions CGT and Force Ouvriere called for a strike on Tuesday following wage negotiations with Exxon Mobil related to rising inflation in Europe. "This unfortunate situation may impact our customers, contractors, suppliers, and employees, and affects the international reputation of Exxon Mobil activities in France," the statement said. Workers at Exxon's Toulouse depot have also joined the strike, CGT Exxon Mobil said on its blog. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rowena Edwards; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

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