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☆ F.T.C. Clears Exxon Mobil’s Acquisition of Pioneer Natural Resources
  + stars: | 2024-05-02 | by ( Clifford Krauss | More About Clifford Krauss | ) www.nytimes.com   time to read: +1 min
The Federal Trade Commission on Thursday approved Exxon Mobil’s acquisition of Pioneer Natural Resources as long as Exxon excludes Pioneer’s chief executive from its board. Exxon’s purchase of Pioneer is one of several large mergers and acquisitions in the oil and gas industry in recent years. accused Pioneer’s chief executive, Scott Sheffield, of colluding with officers of the Organization of Petroleum Exporting Countries and its allies to control global oil production and prices. Sheffield’s past conduct makes it crystal clear that he should be nowhere near Exxon’s boardroom,” Kyle Mach, deputy director of the commission’s Bureau of Competition, said in a statement. “American consumers shouldn’t pay unfair prices at the pump simply to pad a corporate executive’s pocketbook.”
Persons: Pioneer’s, Scott Sheffield, Mr, Kyle Mach, ” Organizations: Federal Trade Commission, Exxon, Natural Resources, Pioneer’s, Organization of Petroleum, Competition Locations: Texas, New Mexico, commission’s
☆ Surging U.S. Oil Production Brings Down Prices and Raises Climate Fears
  + stars: | 2023-12-01 | by ( Clifford Krauss | More About Clifford Krauss | ) www.nytimes.com   time to read: +1 min
“There is a foreign policy dividend in keeping a lid on oil prices,” said David Goldwyn, who was a leading energy diplomat in the Obama administration. Exxon Mobil was kicked out of the Dow Jones industrial average, and some European oil companies announced plans to pivot from fossil fuels to renewables more quickly. While he has supported green energy and battery-powered cars, he has also hectored oil companies to increase production in an effort to drive down prices for consumers. He has approved a large drilling project in Alaska over the objections of environmentalists and a small number of offshore oil and gas permits. Mr. Biden has been under pressure from some Democrats to trumpet gains in oil production as a way of reaching out to voters who are leery of high gas prices.
Persons: ”, David Goldwyn, Obama, Joe Biden, Biden Organizations: Investors, Exxon Mobil, Dow Locations: Alaska
☆ U.S. Gas Prices Plunging as Holiday Travelers Hit the Road
  + stars: | 2023-11-22 | by ( Clifford Krauss | More About Clifford Krauss | ) www.nytimes.com   time to read: +1 min
U.S. gasoline prices are plunging just in time for Thanksgiving, and with the OPEC Plus oil cartel in apparent disarray, they could be heading lower for Christmas. But this week, they fell to levels not seen at this time of year since 2021, according to the AAA motor club, before the Russian invasion of Ukraine sent energy prices higher. “For consumers it’s a terrific tailwind,” said Tom Kloza, global head of energy analysis at Oil Price Information Service. The price for a gallon of gas was $3.64 at the same time last year. Prices have dropped below $3 a gallon in more than a dozen states and are falling with particular speed in Montana, Florida and Colorado.
Persons: ”, Tom Kloza Organizations: OPEC, AAA, Oil Price Information Service Locations: Ukraine, Montana , Florida, Colorado
☆ Exxon Mobil Plans to Produce Lithium in Arkansas
  + stars: | 2023-11-13 | by ( Clifford Krauss | More About Clifford Krauss | ) www.nytimes.com   time to read: +1 min
Exxon Mobil said on Monday that it planned to set up a facility in Arkansas to produce lithium, a critical raw material for electric vehicles, which pose one of the biggest challenges to the company’s oil business. It could also open the door for southern Arkansas to emerge as a major source of lithium. Most of the metal today comes from Australia and South America and much of it is processed in China. “Electrification is going to be a major component of the energy transition and we bring highly relevant experience to the production of lithium,” Dan Ammann, president of Exxon Mobil Low Carbon Solutions and a former top executive at General Motors, said in an interview. “We see an opportunity to deploy that will be highly profitable.”
Persons: Dan Ammann, “ Organizations: Exxon Mobil, Exxon, Natural Resources, Carbon Solutions, General Motors Locations: Arkansas, Australia, South America, China, “
☆ Chasing Big Mergers, Oil Executives Dismiss Peak Oil Concerns
  + stars: | 2023-10-25 | by ( Clifford Krauss | More About Clifford Krauss | ) www.nytimes.com   time to read: +1 min
Exxon Mobil and Chevron, the two largest U.S. oil companies, this month committed to spending more than $50 billion each to buy smaller companies in deals that would let them produce more oil and natural gas for decades to come. But a day after Chevron announced its acquisition, the International Energy Agency released an exhaustive report concluding that demand for oil, gas and other fossil fuels would peak by 2030 as sales of electric cars and use of renewable energy surged. The disconnect between what oil companies and many energy experts think will happen in the coming years has never been quite this stark. Big oil companies are doubling down on drilling for oil and gas and processing it into fuels for use in engines, power plants and industrial machinery. And, with only a few exceptions, they are not spending much on alternatives like wind and solar power and electric-car batteries.
Organizations: Exxon Mobil, Chevron, International Energy Agency
☆ Saudi Arabia to Extend Oil Production Cut by a Month
  + stars: | 2023-08-03 | by ( Clifford Krauss | More About Clifford Krauss | ) www.nytimes.com   time to read: +1 min
In a move to support oil prices, Saudi Arabia said Thursday it would extend its decision to cut oil production by one million barrels a day for another month, to September. Oil prices have recovered strongly in recent weeks partly because of smaller stockpiles of fuel in the United States, but China’s tepid economic recovery has kept oil prices under pressure for most of the year. Saudi leaders need oil prices to stay high because the money from energy sales pays for government spending and ambitious plans to diversify the country’s economy beyond petroleum and petroleum products. The global Brent oil price, which climbed by 16 percent in July, rose less than 1 percent, to about $84 a barrel, after the Saudi announcement on Thursday. The Saudi move could put additional pressure on U.S. gasoline prices, which have surged over the last month.
Persons: Alexander Novak Organizations: Saudi, AAA, Reuters Locations: Saudi Arabia, United States, Saudi, Russia, China, India, Ukraine
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