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☆ Nigeria to commission Dangote refinery, crude supply a concern
▼ + stars: | 2023-05-22 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +3 min

Despite being Africa's biggest oil producer, Nigeria imports petrol, diesel and processed petroleum products because its refineries were run down over the years. The refinery needs a constant supply of crude but Nigeria's oil production has been declining due to oil theft, vandalism of pipelines and underinvestment. Lower production would affect state-owned oil company NNPC Ltd's ability to fulfil an agreement to supply Dangote refinery with 300,000 bpd of crude, said economist Kelvin Emmanuel, who authored a report on oil theft last year. "There are risks with supply of crude oil feedstock. Energy Aspects, however, said in the long run, the Dangote refinery could end Nigeria's gasoline deficit, reshape the Atlantic basin gasoline market and export diesel that meets European Union specifications.

☆ Equinor, Shell and Exxon agree LNG project with Tanzania
▼ + stars: | 2023-05-19 | by ( Terje Solsvik | ) www.reuters.com time to read: +2 min

OSLO, May 19 (Reuters) - Equinor (EQNR.OL), Shell (SHEL.L) and Exxon Mobil (XOM.N) have agreed a deal with the government of Tanzania for the development of a liquefied natural gas (LNG) export terminal in the East African country, the two sides said on Friday. "It paves the way for the series of milestones that need to follow to realise this fantastic LNG opportunity for the country and the world," Equinor's Tanzania country manager Unni Fjaer said in a statement. Equinor and Shell are joint operators of the development while Exxon, Pavilion Energy, Medco Energi and Tanzania's national oil company TPDC are partners. Tanzania said in 2014 that the project could cost $30 billion to develop, but analysts have said cost inflation in recent years could add billions more to the investment. Shell operates Tanzania's Block 1 and Block 4, which hold 16 trillion cubic feet in estimated recoverable gas.

☆ Exxon says Guyana insurance dispute could cut revenue $350 million per month
▼ + stars: | 2023-05-19 | by ( Kiana Wilburg | ) www.reuters.com time to read: +2 min

GEORGETOWN, May 19 (Reuters) - Exxon Mobil Corp (XOM.N) on Friday said an ongoing dispute with the government of Guyana over oil-spill insurance could halt production at its first offshore platform, cutting revenue by about $350 million per month. A Guyanese court this month found Exxon in breach of insurance obligations for Liza One, its first offshore oil project, and called for additional insurance adequate to protect against a catastrophic oil spill. Exxon and partners in an offshore consortium that has produced all the country's oil to date have $600 million in insurance and up to $19 billion in assets in the country, Exxon officials said at media briefing. Exxon said that if the sides are unable to agree, it could halt output from Lisa One platform and cost about $350 million in lost revenue. Guyana would incur a hit of $80 million to $88 million to earnings from its share of production, according to the country's National Resource Fund's latest quarterly report.

☆ Exxon rebuts proxy advisor, says net zero emissions scenario 'unlikely'
▼ + stars: | 2023-05-18 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Glass Lewis backed the initiative, concluding Exxon could face material financial risks from the net-zero scenario. Exxon has said the world is not on a path to achieve net-zero emissions in 2050. The 2050 net-zero emissions (NZE) scenario of the International Energy Agency (IEA) envisions a path to limit the global temperature rise to 1.5 degrees Celsius. "It is highly unlikely that society would accept the degradation in global standard of living required to permanently achieve a scenario like the IEA NZE," Exxon said in dismissing the proposal. Exxon rebutted the proxy firm's recommendation that it evaluate the impacts of a worst-case oil spill at its offshore Guyanese oil platforms.

☆ Brazil environment agency rejects Petrobras' request to drill at Amazon
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, May 17 (Reuters) - The Brazilian environmental protection agency Ibama said on Wednesday it had rejected a request from state-run oil company Petrobras (PETR4.SA) to drill a well at the mouth of the Amazon river. The much-awaited decision follows a technical recommendation by the agency's experts to reject the proposal. A technical report from Ibama had previously advised against the request, citing discrepancies in environmental studies, inadequate measures for communicating with indigenous communities, and insufficiencies in Petrobras' plan to safeguard the region's wildlife. Petrobras had several opportunities to solve controversial points of its project, but it was still presenting "worrying inconsistencies" for the operation in a new exploratory frontier of "high socio-environmental vulnerability," Ibama said in a statement. Petrobras did not immediately respond to a request for comment.

Companies Woodside Energy Group Ltd FollowADELAIDE, May 17 (Reuters) - Australia's vast liquefied natural gas (LNG) industry is trying to pull off something that seems almost impossible. They want to lead the transition to clean and renewable energy, while at the same time continuing to invest in, and produce fossil fuels. For example, Woodside is spending some $12 billion to develop its Scarborough natural gas field off Western Australia's coast, and has another advanced LNG project with its Browse field. But the hydrogen projects are largely still at the early stages and even if all the permitting approvals are received, they will still take several years to get up and running. It's an industry-wide problem that projects take several years, and sometimes more than a decade to go from initial proposal to actual production.

☆ 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.

☆ U.S. refiners build new oil processing as travel rises
▼ + stars: | 2023-05-16 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

HOUSTON, May 16 (Reuters) - U.S. oil refiners aim to run at up to 94% of a total 17.9 million barrels per day processing capacity this quarter, according to company forecasts and analysts, driven in part by expectations of seasonal travel demand. This quarter is traditionally one of the year's hottest for demand as companies build gasoline and jet fuel output for the summer vacation season. He estimates refiners overall will run at 94% utilization rate this quarter, matching the 2017-19 average for the period. High prices will keep U.S. refinery utilization rates at levels near last year's about 91.7% this year and next, the U.S. Energy Information Administration forecast in January. Refiners will add the capacity to process an additional 328,000 bpd in this quarter, increasing gasoline and diesel supplies this summer.

☆ Exxon settles Indonesia torture case that led to SEC official’s ouster
▼ + stars: | 2023-05-16 | by ( ) edition.cnn.com time to read: +2 min

Reuters —Exxon Mobil on Monday settled a long-running human rights lawsuit with villagers who claimed soldiers Exxon hired to guard a natural gas facility in Indonesia committed murder and torture. The two sides said in a Washington, DC federal court filing that they had resolved the 2001 case. Agnieszka Fryszman, a lawyer for the Indonesian villagers at law firm Cohen Milstein Sellers & Toll, said the terms are confidential. The lawsuit also sought to hold Exxon accountable for alleged atrocities committed by the soldiers. Oh, who did not return to the law firm after her SEC resignation, did not immediately respond to a request for comment.

☆ Exxon Mobil Settles Indonesians’ Long-Running Abuse Suit
▼ + stars: | 2023-05-15 | by ( Erin Mulvaney | ) www.wsj.com time to read: 1 min

Exxon Mobil headquarters in Spring, Texas Photo: Meridith Kohut for The Wall Street JournalExxon Mobil has reached a settlement with Indonesian villagers who sued the oil giant more than 20 years ago for alleged human-rights abuses by contract soldiers hired to guard the company’s operations in Aceh province. The settlement, announced in a court filing Monday, comes ahead of a widely anticipated trial that was scheduled to begin May 24. The villagers sued in U.S. court in 2001, alleging the soldiers committed atrocities including sexual assault, torture, and murder at or near ExxonMobil’s large natural gas operations in the Arun field.

☆ Here are Monday's biggest analyst calls: Apple, Exxon, Crox, Meta, JPMorgan Chase, SoFi, DuPont & more
▼ + stars: | 2023-05-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Loop upgrades Meta to buy from hold Loop said it sees a "brighter revenue picture" for the social media giant. Morgan Stanley reiterates Exxon Mobil as overweight Morgan Stanley said it has "high confidence" in the oil and gas giant. We do think consensus estimates for 2023/24 remain too high but believe the buy-side is more aligned with our below-consensus views." Citi initiates AerCap as buy Citi said demand should remain attractive for the aviation leasing company. Deutsche Bank upgrades DuPont to buy from hold Deutsche said DuPoint is well positioned in an uncertain macro. "

☆ Exxon Executive Suite Goes Lean With End of ‘God Pod’ Era
▼ + stars: | 2023-05-14 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

Exxon Mobil is moving its global headquarters to this glass-dominated campus in Spring, Texas. Photo: Meridith Kohut for The Wall Street JournalAfter inhabiting a palatial executive suite known as the “God Pod” for more than 25 years, Exxon Mobil ’s top brass is downsizing to less-celestial chambers. In a part-symbolic, part-practical move for the oil company, Chief Executive Officer Darren Woods and his top lieutenants are packing up their Dallas-area offices for a move this summer to a C-suite now under construction at a campus outside Houston, according to people familiar with the matter. The new office is intended to be at least a bit more egalitarian and economical, in keeping with the company’s recent pledges to be leaner, the people said.

☆ Final Trades: IBM, Exxon Mobil, Amylyx, and Home Depot
▼ + stars: | 2023-05-12 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: IBM, Exxon Mobil, Amylyx, and Home DepotThe final trades of the day with the Fast Money traders.

☆ Falling Oil Prices Cause Saudi Aramco’s Profit to Slip 19 Percent
▼ + stars: | 2023-05-09 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

Saudi Aramco on Tuesday reported $31.9 billion in net income for the first quarter, a drop of about 19 percent compared with the same period a year ago, mainly because of lower oil prices. But with oil prices still relatively robust, Saudi Aramco remains enormously profitable — its earnings were roughly comparable to the quarterly profits reported by Exxon Mobil, Chevron, Shell and BP combined — mainly because it produces enormous volumes of petroleum from giant fields in Saudi Arabia at relatively low cost. Aramco’s main owner, the Saudi government, recently orchestrated a cutback in production by the group of countries known as OPEC Plus. But Aramco is investing in expanding output, apparently shrugging off concerns that climate change risks might in the coming years crimp the market for fossil fuels. “We believe oil and gas will remain critical components of the global energy mix for the foreseeable future,” Amin Nasser, Aramco’s chief executive, said in a statement on Tuesday.

Shell shares were up 0.8% by 1242 GMT. "In Q1, Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility," Chief Executive Officer Wael Sawan said in a statement. Sawan, who took the helm in January, told reporters he was focused on narrowing a wide gap in the share performance of Shell and its European peers against their U.S. rivals. Lower natural gas prices in the quarter weighed on Shell's giant integrated gas business, with profits slumping 18% to $4.9 billion. Shell showed "strong operational performance in the quarter across all divisions with oil and gas trading playing a key role," Jefferies analyst Giacomo Romeo said in a note.

REUTERS/Dado Ruvic/IllustrationSummarySummary Companies Shell maintains dividend unchangedAnnounces $4 bln in share buybacksLONDON, May 4 (Reuters) - Shell (SHEL.L) on Thursday posted first-quarter net profit of $9.65 billion, topping analysts' forecasts, as strong earnings from fuel trading and higher liquefied natural gas (LNG) sales offset cooling energy prices. Lower natural gas prices in the quarter weighed on Shell's giant integrated gas business, with profits slumping 18% to $4.9 billion. Shell shares were up 2% by 0830 GMT. Reuters GraphicsPROFITS BEATShell reported adjusted earnings of $9.65 billion in the first quarter, exceeding a company-provided analyst forecast of $8 billion. That compared with earnings of $9.1 billion a year earlier and $9.8 billion in the fourth quarter of 2022, when Shell reported a record annual profit of $40 billion.

Exxon "engaged in a disingenuous attempt" to dilute its obligations under its environmental permit for Liza One, the project that inaugurated Guyana's oil production in 2019, High Court Justice Sandil Kissoon said in the ruling. Guyana's Environmental Protection Agency and the energy ministry so far has approved five offshore oil and gas projects submitted by the group. According to Kissoon's ruling, Exxon must furnish Guyanese authorities with a liability agreement from an insurance company by June 10, or the Liza One environmental permit will be suspended. The company "engaged in a course of action made permissible only by the omissions of a derelict, pliant, and submissive Environmental Protection Agency," the judge wrote. Exxon is reviewing the court decision and evaluating next steps, a company spokesperson said.

☆ 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."

SummarySummary Companies Shell, Equinor shares outperform sector indexRivals BP, Chevron, Exxon also beat expectationsOil and gas prices slumped in first quarterShell shares up 2.1%, Equinor up 2.7%LONDON/OSLO, May 4 (Reuters) - Energy giants Shell (SHEL.L) and Equinor (EQNR.OL) reported higher-than-expected first-quarter profits on Thursday, using the heft of their trading desks to offset lower oil and gas prices. The stronger-than-expected profits from the two companies follow forecast beating results from rivals Exxon Mobil (XOM.N), Chevron and BP over the past week. Shell's shares were up around 2.1% in early trading and Equinor shares rose around 2.7%, outperforming a European index of oil and gas companies (.SXEP) which was up around 1%. Benchmark Brent crude oil prices averaged $81 per barrel in the first three months of the year, down 16% from a year earlier and 7% from the fourth-quarter. Lower natural gas prices also weighed on Shell's giant integrated gas business, with profits slumping 18% on the quarter.

☆ Final Trades: GDX, Aspen Technology, Exxon Mobil, Apple
▼ + stars: | 2023-05-04 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: GDX, Aspen Technology, Exxon Mobil, AppleThe final trades of the day with CNBC’s Melissa Lee and the Fast Money traders.

☆ Sandra MacQuillan, Longtime Supply-Chain Leader, Dies
▼ + stars: | 2023-05-03 | by ( Liz Young | ) www.wsj.com time to read: 1 min

Sandra MacQuillan started her career at Exxon Mobil, working in industrial engineering, sales, manufacturing and business development. Photo: Alexander GouletasSandra MacQuillan , a longtime supply-chain executive at some of the world’s largest consumer brands, has died after a long battle with cancer. She was 56. Ms. MacQuillan was most recently executive vice president and chief supply-chain officer for snack-food giant Mondelez International. She retired in November after about three years with the company and started a consulting business in the U.K., according to her LinkedIn profile.

First-quarter underlying replacement cost profit, the company's definition of net income, reached $4.96 billion, up from $4.8 billion in the fourth quarter of 2022 and above expectations of $4.3 billion in a company-provided survey of analysts. The profit reflects "an exceptional gas marketing and trading result, a lower level of refinery turnaround activity and a very strong oil trading result", BP said, noting the partial offset from lower oil and gas prices and refining margins. BP had reported a $6.25 billion profit in the first quarter of 2022. Benchmark Brent crude oil prices averaged $81 per barrel in the first three months of the year, down 16% from a year earlier and 7% from the fourth-quarter. BP's profit hit a record $28 billion in 2022 on soaring energy prices and market volatility which benefited its large trading business.

SummarySummary Companies Profit lifted by strong tradingBP to purchase $1.75 bln of sharesLONDON, May 2 (Reuters) - BP (BP.L) made a $5 billion profit in the first quarter of 2023, up from the previous three months on the back of strong oil and gas trading as the company pared back a share buyback programme. The profit reflects "an exceptional gas marketing and trading result, a lower level of refinery turnaround activity and a very strong oil trading result", BP said, noting the partial offset from lower oil and gas prices and refining margins. Benchmark Brent crude oil prices averaged $81 per barrel in the first three months of the year, down 16% from a year earlier and 7% from the fourth-quarter. BP's profit hit a record $28 billion in 2022 on soaring energy prices and market volatility which benefited its large trading business. The company had said in February it would repurchase $2.75 billion worth of shares over the next three months after buying $11.7 billion in 2022.

☆ Buy these cheap, defensive stocks as long as recession fears keep mounting, UBS says
▼ + stars: | 2023-05-02 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

As recession fears keep flaring up again on Wall Street, investors can find safety in cheap, dependable, defensive stocks, according to UBS. The UBS playbook advises investors to stick to defensive stocks rather than the types of cyclical companies stocks that have benefited from high inflation. To be sure, investors have worried that defensive stocks have grown too expensive. But UBS pointed to several defensive groups that remain cheap, including telecom and insurance. Given this backdrop, here are some of UBS' cheap defensive stocks.

☆ Stocks making the biggest moves midday: JPMorgan Chase, General Motors, Exxon Mobil & more
▼ + stars: | 2023-05-01 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

NEW YORK, NEW YORK - APRIL 24: A person walks past a First Republic bank branch in Manhattan on April 24, 2023 in New York City. First Republic , JPMorgan Chase — First Republic shares and were halted after JPMorgan Chase acquired the ailing bank and most of its assets after regulators seized control. General Motors — The automaker gained 2% after Morgan Stanley upgraded General Motors to overweight from equal weight and called the stock oversold. — Regional bank stocks were volatile on Monday as investors reacted to the seizure and sale of First Republic Bank over the weekend. However, management said on the company earnings call Monday that demand for loans originating from the fourth quarter would see a lower monetization level due to higher interest.

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