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☆ Exxon delivers record first-quarter profit on higher output
▼ + stars: | 2023-04-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

Exxon doubled profits from the same quarter last year as higher output more than compensated for lower energy prices. Shares rose 2.3% to a record high of $119.52 per share after Exxon reported its results on Friday. "We delivered a first-quarter record despite the fact that energy prices and refining margins are softening a bit," Chief Financial Officer Kathryn Mikells said in an interview. Exxon's oil and gas output rose to the highest level in almost four years. Exxon's oil and gas production rose to the most since 2019 to 3.83 million barrels of oil equivalent per day (boed), up by 160,000 boed from the previous quarter.

Exxon has held eight exploration and production contracts in Colombia, including the fracking pilot. All either have been or are being ended, suspended or liquidated, Colombia's National Hydrocarbon Agency (ANH) told Reuters. The proposed bill would ban development of non-conventional energy projects including fracking. "We will continue to have constructive dialogue with the Colombian government on a comprehensive assessment of our unconventional investments," Exxon spokesperson Michelle Gray told Reuters. Exxon said it continuously evaluates and prioritize investments, including those in Colombia.

April 26 (Reuters) - Oil and gas producer Hess Corp (HES.N) on Wednesday topped Wall Street's first-quarter profit estimates and disclosed its consortium with Exxon Mobil Corp (XOM.N) made a new discovery off the coast of Guyana. Hess holds a 30% stake in the consortium, and said the discovery may help justify a new oil project. Production from Hess' share of output in Guyana was 12% above estimates at 112,000 boepd. The company expects current quarter production of between 105,000 boepd and 110,000 boepd due to planned maintenance at the Liza phase 2 platform. On a per share basis, the company reported a profit of $1.13 for the first quarter and an adjusted profit of $1.30.

HOUSTON/NEW DELHI, April 21 (Reuters) - South America's fastest growing oil producer has turned down the Indian government's request for discounted crude oil purchases during trade discussions, Guyana Vice President Bharrat Jagdeo said on Thursday. Guyana's oil production in total has tripled from a year ago to about 380,000 barrels of oil per day. "Any sale of our crude will have to be on commercial terms, not a discounted terms," Jagdeo said at a briefing. Indian buyers have sought a discount to compensate for high freight costs to send its oil to the Asian country, Jagdeo said. "Guyana crude is costly for us because of high freight.

[1/4] A view of a computer-rendered image of Climeworks' Mammoth direct air capture plant is seen in this undated handout picture obtained by Reuters, June 28, 2022. Leading the charge, the U.S. government has offered $3.5 billion in grants to build the factories that will capture and permanently store the gas - the largest such effort globally to help halt climate change through Direct Air Capture (DAC) and expanded a tax credit to $180/tonne to bolster the burgeoning technology. The sums involved dwarf funding available in other regions, such as Britain which has pledged up to 100 million pounds ($124 million) for DAC research and development. That compares with $12 billion in federal spending to drive demand for personal and commercial electric vehicles, Boston Consulting Group estimated. Occidental Petroleum has said it is well positioned for federal grants for what could be the biggest Direct Air Capture plants in the world.

☆ Exxon declares force majeure on crude liftings in Nigeria
▼ + stars: | 2023-04-17 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

[1/2] A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes/File PhotoHOUSTON, April 17 (Reuters) - Exxon Mobil Corp. (XOM.N) in Nigeria declared force majeure on oil liftings from different terminals in the country following industrial action by the company's in-house workers union, the company said on Monday in a statement. In the third quarter last year, production in Nigeria fell behind Angola to about 1 million bpd as companies like Shell PLC (SHEL.L) and TotalEnergies (TTEF.PA) exited the country amid widespread corruption and security issues. Nigeria produced 1.38 million bpd in February, according to OPEC's latest report. "We will continue to take all reasonable actions necessary to resolve the impasse as soon as possible," Exxon spokesperson Michelle Gray said in a statement on Monday.

☆ Exxon CEO's pay rose 52% in 2022, highest among oil peers
▼ + stars: | 2023-04-13 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Oil company workers did not see the same level of increases with median annual compensation for workers declining at several big energy companies. The median pay for an Exxon worker fell 9% last year to $171,582 while Chevron's median worker pay dropped 12%, to $161,488, filings showed. The two largest U.S. oil majors posted record profits in 2022 on high energy prices and costs cuts measures including payroll reductions. Occidental Petroleum's CEO Vicki Hollub's pay rose 35% while ConocoPhillips CEO Ryan Lance's pay fell 16%, all compared to their prior year. Under a new calculation disclosure required by the SEC on potential gains by executives on unvested stock awards, Woods' pay was $89.7 million in 2022, a securities filing showed.

☆ Chevron CEO pay rose 4% to $23.6 million in 2022, employee compensation fell
▼ + stars: | 2023-04-13 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

HOUSTON, April 12 (Reuters) - Chevron Corp (CVX.N) CEO Michael Wirth was paid $23.6 million in 2022, a 4% increase from the prior year while the median annual compensation for the oil giant's employees fell 12%, a securities filing showed on Wednesday. The median annual compensation for Chevron employees last year dropped to $161,488. Under a new metric required by the U.S. Securities and Exchange Commission, Wirth's "actual compensation paid" rose 60% to $86.7 million when equity awards, pension benefit adjustments and other compensation were factored in. According to shareholder advocacy group As You Sow, Wirth last year ranked 87th on a list of 100 CEOs that it says received unjustified pay levels. CEO compensations are set to the rise 30% to an average of $38.1 million this year, according to As You Sow.

☆ Chevron paid its CEO $23.6 million in 2022, US SEC filing shows
▼ + stars: | 2023-04-12 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

HOUSTON, April 12 (Reuters) - Chevron Corp (CVX.N) CEO Michael Wirth was paid $23.6 million in 2022, a 4% increase from the prior year, according to a securities filing released on Wednesday. The total annual compensation for Chevron's median employee fell to $161,488 in 2022, from $183,531 a year before, according to the filing. Wirth's total compensation is still under the $29 million he received in 2020, when Chevron registered losses as the pandemic hit fuel demand, and the $33 million he made in 2019. His "actual compensation paid," however, rose 60% to $86.7 million when equity awards, pension benefit adjustments and other compensation were factored in. CEO compensations are on the rise this year, up 30% to an average of $38.1 million, according to As You Sow.

☆ Chevron paid its CEO $23.6 million in 2022 - SEC filing
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

HOUSTON, April 12 (Reuters) - Chevron Corp (CVX.N) paid Chief Executive Michael Wirth $23.6 million last year, a 4% increase from a year before, according to securities filings released on Wednesday. Total annual compensation of Chevron's median employee fell to $161,488 in 2022, from $183,531 a year before. Reporting by Sabrina ValleOur Standards: The Thomson Reuters Trust Principles.

☆ Exxon eyes potential purchase of shale driller Pioneer -WSJ
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +1 min

April 7 (Reuters) - Exxon Mobil Corp (XOM.N) has held preliminary talks with Pioneer Natural Resources Co (PXD.N) about a possible acquisition of the U.S. shale oil producer, the Wall Street Journal reported on Friday, citing people familiar with the matter. Discussions between the two companies about a potential deal have been informal, the newspaper said, adding that Exxon executives have discussed a potential tie-up with at least one other company. Exxon and Pioneer declined to comment on the report. Exxon views Pioneer as a top target to put its "windfall profits to use," the report said, adding that the talks may not lead to formal negotiations and Exxon may target another company. The largest U.S. oil producer this week signaled that its first-quarter operating profits dropped about 25% from the fourth quarter of last year, as oil and gas prices eased and refinery maintenance costs rose.

☆ Exxon says its decarbonization business could outgrow oil, in multi-trillion market
▼ + stars: | 2023-04-04 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

Exxon is tackling what should be a multi-trillion market in 10 years or more, Woods said. The result will be an Exxon less prone to commodity price swings through predictable, long-term contracts with customers striving to reduce their own carbon footprint. "This business is going to look quite a bit different than the base business of Exxon Mobil," vowed Dan Ammann, president of Exxon's two-year-old Low Carbon Business Solutions unit. Exxon is tackling carbon capture, hydrogen, biofuels, which it estimates have a combined potential of $6.5 trillion by 2050, equivalent to the traditional oil and gas business. The business can achieve "robust double-digit returns" off these long-term contracts, Ammann said.

Among methods that produce what is known as green hydrogen are electrolysis to split water into hydrogen and oxygen using power from renewables. The technology for shipping hydrogen is still in early stages of development, said Chevron's vice president of hydrogen Austin Knight. About 30-35% of the total energy system will need hydrogen to decarbonize, he said. NextEra is working with the U.S. Treasury on rules that govern what can be considered green hydrogen, he said. The process is complicated by the variability of renewable power supply from wind and solar, he said.

Others welcomed it as a sign the energy industry would get involved in the transition. Russia's invasion of Ukraine sparked an energy crunch that disrupted fossil fuel supplies to industry and consumers. A disorderly energy transition could be "painful and chaotic", Wirth said. Top U.S. oil firm Exxon said each country would take a different path to energy transition, depending on the resources available. In some countries, gas would be a transition fuel, said Liam Mallon, the president upstream oil and gas at Exxon.

HOUSTON, March 6 (Reuters) - Guyana's coming auction of offshore oil exploration blocks has lured at least 10 companies including Shell, Petrobras and Chevron, to consider the decade's hottest oil region, people close to the matter said. Guyana also has begun direct negotiations on the 14 blocks and other areas with governments that have state-controlled oil companies. The proposed rules will nearly double the government's take from oil production to 27.5% of royalties and profit oil, plus a new 10% corporate tax, compared to Exxon's main contract. "We believe it is asymmetric now, and a bit in favor of the companies," Jagdeo said. The Exxon group can use 75% of the oil production to offset a variety of costs, including construction of its new Guyana headquarters.

☆ Chevron CEO does not rule out consolidation among oil majors
▼ + stars: | 2023-02-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

HOUSTON, Feb 28 (Reuters) - Chevron Corp. (CVX.N) Chief Executive Michael Wirth on Tuesday said a consolidation between the five top Western oil producers remains a possibility but would face regulatory hurdles. Soaring stock prices and cash levels at oil-focused U.S. energy majors has driven Wall Street talk of potential deals for European oil producers. Citi analysts in January speculated Chevron or Exxon Mobil (XOM.N) could acquire BP PLC (BP.L), Shell PLC (SHEL.L) or TotalEnergies (TTEF.PA) due to valuation differences. "I never say never about anything," Wirth said in a media briefing following the company's annual business update for investors. Chevron is not in a hurry for M&A in oil or renewable energy and remains committed to keeping a tight rein on spending even during periods of high energy prices and cash abundance, he said.

☆ Exxon warns of Russia risks to its $2.5 billion Kazakhstan income
▼ + stars: | 2023-02-23 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

HOUSTON, Feb 22 (Reuters) - Exxon Mobil Corp (XOM.N) on Wednesday warned in a securities filing of potential risks to its Kazakhstan oil operations, which provided $2.5 billion in earnings last year. Threats to Kazakhstan oil exports have been in the spotlight since Moscow invaded Ukraine a year ago this week. Exxon and Chevron (CVX.N) are major holders in the Central Asia country's oil production and related export pipeline. Kazakhstan shares a 4,750 mile (7,644 km) border with Russia and its oil exports travel mainly through a Caspian Pipeline Consortium (CPC) line through Russia and lands at a Russian Black Sea export terminal. Any closure of the CPC pipeline or terminal would shut in more than 1% of global oil supply and cost its producers billions of dollars in lost income.

☆ 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.

☆ Chevron agrees to sell Myanmar assets and will exit country
▼ + stars: | 2023-02-11 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

HOUSTON, Feb 10 (Reuters) - U.S. oil major Chevron Corp (CVX.N) on Friday said it had agreed to sell its assets in Myanmar to Canadian company MTI, in a deal that allows it to leave the Asian country. The agreement comes one year after Chevron and other oil companies decided to leave Myanmar following a military coup in 2021. French oil producer TotalEnergies sold its assets and left the country in July 2022. Myanmar' state-controlled oil company MOGE was part of the joint venture. Before putting its Yadana stake for sale, Chevron temporarily increased its participation in the project from 28% to 41%, absorbing an interest TotalEnergies.

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 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.

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' 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.

☆ Chevron annual profit hits record but Q4 miss hits shares
▼ + stars: | 2023-01-27 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

The second largest U.S. oil producer's adjusted net profit for 2022 exceeded its previous record set in 2011 by about $10 billion. High prices from strong demand and shortages since Russia's invasion of Ukraine position Western energy firms to show a combined $200 billion profit for the year, according to analysts. It left global oil and gas production guidance for this year at flat to up 3%. FOURTH-QUARTER MISSIn the final quarter, Chevron posted adjusted earnings of $7.9 billion, or $4.09 per share, below analysts' estimate of a $4.38 per share profit. Its refining business picked up and almost tripled results from the previous year as international fuel production delivered stronger margins.

☆ Chevron annual profit doubles to record $36.5 bln, but misses estimates
▼ + stars: | 2023-01-27 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

The second largest U.S. oil producer's adjusted net profit for 2022 beat by about $10 billion its previous record set in 2011. But $1.1 billion in writedowns in its international oil and gas operations in the fourth quarter left earnings short of forecasts for adjusted net profit of $37.2 billion. High prices from strong demand and shortages since Russia's invasion of Ukraine position Western energy firms to show a combined $200 billion profit for the year, according to analysts. In the final quarter, Chevron posted adjusted earnings of $7.9 billion, or $4.09 per share, up 61% from a year ago. U.S. production rose to a record last year led by a 16% increase in Permian, the country's main shale basin.

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