(BOE Report)– ExxonMobil has lost its arbitration challenge to block Chevron’s $55 billion Hess acquisition deal, but the top U.S. oil producer managed to delay the tie-up by over a year, costing its rival billions in lost Guyana oil revenue and slowing integration. Chevron’s deal, first announced in October 2023, closed on Friday after a drawn-out dispute over Hess’s 30%
(World Oil) – Leading oil-and-gas multinational ExxonMobil is progressing several energy initiatives on the African continent, consolidating its status as one of the drivers of the industry on the continent. Recent developments herald further expansions of the robust ExxonMobil upstream pipeline to strengthen energy security through reliable, affordable energy supply while achieving industry-leading emissions intensity. The latest expression of this
(Oil & Gas 360) – A review of recent valuations between international oil companies (IOCs) on both sides of the Atlantic Ocean suggests that size and strategy remain high on the list of investors’ criteria. One traditional indication is the price-to-earnings ratios (“PE”) for ExxonMobil and Chevron on the American side compared to their European counterparts, Shell, BP, and TotalEnergies.
Reuters NEW YORK: California has filed a lawsuit against oil giant Exxon Mobil over its alleged role in global plastic waste pollution, its attorney general announced on Monday. Speaking at an event during Climate Week in New York City, California Attorney General Rob Bonta said the state sued Exxon after concluding a nearly two-year investigation that he said showed Exxon
Oil Price Refineries that had to dial down operations ahead of Hurricane Francine’s landfall are starting to reopen, with significant damages unlikely, according to a Reuters report. Exxon, which had cut operation rates at its Baton Rouge refinery to just a fifth of capacity, had now brought the refinery back online. “Our Baton Rouge area facilities are operating as normal. We
World Oil (WO) – Noble Corporation plc announced the completion of its acquisition of Diamond Offshore Drilling, Inc (“Diamond”). This transaction enhances Noble’s position as a leading offshore driller, creating the largest fleet of 7th generation dual-BOP drillships in the industry, and adding approximately $2 billion of backlog. Following completion of the acquisition of Diamond, the Company’s board of directors
World Oil (WO) — Enverus has released a list of top drillers and customer rankings in the U.S., as well as detailed drilling rig analytics. Top U.S. land drilling customers of Q1 2024 by footage. Keeping its spot at #1 is ExxonMobil with a total drilled measured depth (MD) of 4,230,025, a well count of 220, and an average drill rate
World Oil (Bloomberg) – Exxon Mobil Corp. is looking to sell a package of conventional oil assets in the Permian basin as the company focuses on growing shale production after buying Pioneer Natural Resources Co. earlier this year. The package includes older wells in the Permian’s Central basin that produce small but stable amounts of oil, according to people familiar
BOE Report Exxon Mobil said on Monday it expects crude demand to stay above 100 million barrels per day (bpd) through 2050, similar to today’s levels, a forecast 25% higher than top European rival BP. The stronger demand projected by the largest U.S. oil company in its latest global oil outlook underpins Exxon’s production growth plans, the most ambitious among Western
BOE Report Exxon Mobil on Friday posted a better-than-expected $9.2 billion second-quarter profit based on rising output from its purchase this year of shale oil firm Pioneer Natural Resources. Higher profit “was driven by record production both in Guyana and in the Permian,” which offset lower natural gas and fuel prices, Chief Financial Officer Kathryn Mikells said. Net income was $9.24
World Oil (Bloomberg) – Chevron Corp.’s $53 billion proposed takeover of Hess Corp. suffered another setback as an arbitration hearing to settle an ownership dispute with Exxon Mobil Corp. won’t be held until next year. The international arbitration panel handling Exxon’s claim that Chevron’s acquisition does not give it the right to control Hess’ stake in a Guyanese oil project
Oil Price Hess Corp. (NYSE:HES) has posted an impressive second-quarter earnings report with its stake in prolific Guyana helping it exceed estimates. Hess reported Q2 2024 non-GAAP EPS of $2.62, beating the Wall Street consensus by $0.07 while revenue of $3.26B was good for a robust 40.5% Y/Y growth although it missed the consensus by $30M. The company saw a large increase in
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