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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.

Companies Petroleos Mexicanos FollowMEXICO CITY, Nov 17 (Reuters) - Under pressure to increase production, Mexico's state oil company Pemex has risked fines for violations that cause environmental damage rather than delay output to fix the underlying issues, according to two senior company sources. Mexican law stipulates that the oil regulator can only levy fines for breaches of development plans rather than for environmental damage. The world's most indebted oil company, whose profits were for years plundered to fund government spending, has struggled to reverse a decade of declining oil production. Reuters GraphicsIn Mexico, fines are decided by various factors including if it is a first or repeated offense, and damage caused. Fines are low to avoid depleting Pemex funds that could be used to resolve the underlying problems, the sources at the regulator said.

Most speculation has focused on who will be his finance minister, which will be a major signal to investors of his commitment to fiscal discipline. If Lula has settled on his pick, he has not yet told even his closes aides. "He banned any talk of this because in a tight election, anticipating names could have a negative impact," said a senior member of Lula's Workers Party who requested anonymity. Meirelles was finance minister in the government that replaced impeached President Dilma Rousseff in 2016, drawing lasting ire from some in the Workers Party. She would be a strong pick for agriculture minister, sources said, as she comes from farm state Mato Grosso do Sul, although she has said publicly she would rather be education minister.

☆ Chevron's TCO expects full production to flow through CPC in November
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: 1 min

Companies Chevron Corp FollowOct 28 (Reuters) - Kazakhstan's Chevron-led Tengizchevroil (TCO) expects full production to flow through the Caspian Pipeline Consortium (CPC) in November, the oil major's finance chief said on Friday. CPC, which takes oil from Kazakhstan to the Black Sea via one of the world's largest pipelines, suspended oil loadings from two of three single mooring points at the Yuzhnaya Ozereyevka terminal in August due to storm damage. The repairs are underway and CPC will conclude repairs in weeks or less, Chevron Corp (CVX.N) CFO Pierre Breber told Reuters. Chevron is evaluating options with the Kazakhstan government, but most alternatives, whether rail or pipeline, still go through Russia, according to Breber. Reporting by Sabrina Valle in Houston and Arunima Kumar in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Chevron's $11.2 bln quarterly profit soars past estimates
▼ + stars: | 2022-10-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

Chevron posted a third-quarter net profit of $11.2 billion, or $5.78 per share - almost double the $6.1 billion from the same period last year, and well ahead of Wall Street's $4.86 estimate. The results will back higher project spending and increased oil and gas production next year, Chief Financial Officer Pierre Breber told Reuters. The company's cash flow from operations soared to a record $15.3 billion, far higher than the previous quarter. Its oil and gas business posted an operating profit that surged 81% to $9.3 billion, while its oil refining business nearly doubled to $2.5 billion. Still, profit from refining cooled from the second quarter, keeping overall earnings below the company's all-time record of $11.6 billion.

☆ 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.

☆ Global oil giants rake in massive profits in third quarter
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +3 min

Oil companies booked billions of dollars in profits as prices for crude, natural gas and fuels like gasoline hovered near record levels during the quarter. The soaring profits are feeding criticism from consumer groups in the United States and Europe as inflation climbs. Exxon Mobil, the largest U.S. major, reported nearly $20 billion in revenue, exceeding expectations and surpassing its previous record set in the second quarter. Chevron earned $11.2 billion, nearly doubling the $6.1 billion from the same period last year. The strong results out of Europe followed Shell's $9.5 billion profit reported Thursday, putting it on track to surpass its record set in 2008.

☆ 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.

☆ 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.

☆ 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's Russian oil output collapsed after rejecting local tanker insurance - sources
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Sergei KarpukhinHOUSTON/NEW DELHI, Oct 17 (Reuters) - Oil output at the giant Exxon-led (XOM.N) Sakhalin-1 Russian Pacific project collapsed following the U.S. major's refusal to accept local insurance for tankers after Western insurers pulled out due to sanctions, several industry sources told Reuters. The developments have unfolded as the European Union is due to impose a ban on Russian oil tanker insurance and shows the major impact ship insurance and re-insurance guarantees can have on operations. Russia's state oil champion Rosneft (ROSN.MM), a partner in the Sakhalin-1 project, has blamed Exxon for falling output, saying that since mid-May the project produced hardly any oil. Russian newspaper Kommersant was first to report on Monday that production at Sakhalin-1 collapsed following Exxon's refusal to work with Sovcomflot. Oil output at the Sakhalin-1 project fell to just 10,000 barrels per day (bpd) earlier this year from 220,000 bpd before Russia invaded Ukraine on Feb. 24.

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.

☆ 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.

She likened the climate contributing to the couple's decision to leave Texas to "death by a thousand paper cuts." The business risks to recruiting is especially high for oil companies, already unpopular with graduates of engineering programs, said Jonas Kron, chief advocacy officer at Trillium Asset Management. Texas Governor Greg Abbott has acknowledged the state is losing workers, but does not regret the departures. Oil companies contribute to politicians who advocate for free trade, tax and energy policies through political action committees (PACs). Dawn Seiffert, 52, and her husband, an oil company employee, returned to Texas in 2012 and planned to stay.

☆ EXCLUSIVE Exxon boosts Guyana oil output, undecided on future auction bid - source
▼ + stars: | 2022-09-20 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

An Exxon-led consortium discovered oil in the deep waters off Guyana's coast, launched first production in 2019 and now controls all output in the tiny nation. Those finds have turned Guyana into an emerging oil power with an estimated 11 billion barrels of recoverable oil discovered so far. But Guyana, which lacks the financial power to develop its natural resources by itself, has struggled to decide how to distribute oil properties outside of Exxon's blocks. It did not say when the new terms would be released, but stressed they will not replace Exxon's current deal. Guyana currently keeps less than 15% of the oil proceeds with the Exxon's consortium keeping the rest while also paying for costs of building the country's oil infrastructure.

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