Reuters LONDON (Reuters) – An activist group is increasing the pressure on five big U.S. and European oil companies with shareholder resolutions urging them to meet the Paris climate goals and cut carbon emissions. Dutch group Follow This is targeting U.S. giants ExxonMobil, Chevron and their European rivals Royal Dutch Shell, BP and Equinor with climate resolutions ahead of next
Houston Chronicle Exploration and production spending on North American shale is expected to plunge by 12 percent next year because of modest oil prices, weaker cash flows and increased restraint desired by shareholders, according to a new report from the Norwegian research firm Rystad Energy. The report argues that global oil and gas spending will fall by 4 percent – led
Houston Chronicle Exxon Mobil Corp. had the outlook on its top-notch debt rating lowered by Moody’s Investors Service Inc. to negative due to a “substantial” cash burn to fund growth. The oil major’s credit metrics will probably weaken over the next few years as it pursues a rebuild of its upstream portfolio, as well as new chemical facilities and refinery
Houston Chronicle You’d expect most companies accused of a longstanding fraudulent scheme to be thrilled if the government dropped those claims against them. Not so for Exxon Mobil Corp. The energy giant unleashed a torrent of criticism against New York Attorney General Letitia James in court filings Monday, more than a week after the state sought to drop two out
Source: Houston Chronicle The Big Oil majors aim to unload about $27 billion in oil and gas assets worldwide in order to cut costs and focus spending on their core projects. U.S. giants Exxon Mobil and Chevron for instance are concentrating their oil and gas spending on West Texas’ booming Permian Basin, as well as Guyana for Exxon Mobil and
Reuters As the weeks ticked down to Brazil’s biggest-ever oil auction, state-run Petrobras held increasingly frantic talks to find potential partners, with the heaviest blow coming when major Exxon Mobil Corp (XOM.N) pulled out days before, according to six people familiar with the matter. While many firms were far from ready to take on enormous signing fees and investments, Exxon
Houston Chronicle The New York attorney general’s office dropped its claim that Exxon Mobil Corp. intentionally misled investors about how it accounts for the financial risks of climate change, significantly diminishing the state’s case in the last minutes of a high-stakes securities fraud trial. Assistant Attorney General Jonathan Zweig caused a stir Thursday when he revealed during his closing statement
Source: Reuters NEW YORK (Reuters) – Lawyers for New York state and Exxon Mobil Corp (XOM.N) delivered closing arguments in a closely watched trial accusing the oil company of hiding from investors the true cost of addressing climate change. The case, filed in October 2018 in Manhattan state court, was the first of several climate-related lawsuits against major oil companies
Source: Houston Chronicle Exxon Mobil Corp. profits fell in the third quarter, the company reported Friday. The Irving, Texas-based oil major reported a third-quarter net profit of $3.17 billion, little more than half the profit the company reported in the same quarter last year. Exxon reported $65.05 billion of revenue in the third quarter, down from $76.61 billion in the same quarter
Former Exxon Mobil Corp. Chief Executive Officer Rex Tillerson rejected the New York attorney general’s claim that for years he spearheaded a secret scheme to defraud investors by lying about how the oil company planned for the financial risks of climate change. Tillerson, called as a witness by the state, testified for 3 { hours in Manhattan on Wednesday in
Reuters Former Exxon Mobil Corp Chief Executive Rex Tillerson is expected to take the stand on Wednesday in a closely watched civil lawsuit accusing the company of hiding the true cost of climate change from investors. The case in Manhattan state court, which kicked off last week, is the first of several lawsuits pending against major oil companies related to
Reuters MOGADISHU (Reuters) – Royal Dutch Shell and Exxon Mobil have paid $1.7 million to Somalia to lease offshore blocks for 30 years, the country’s state news agency reported on Friday. “Shell/Exxon Mobil have paid $1.7 million to Somalia as the preliminary rent for 30 years,” SONNA reported. Shell and Exxon Mobil had a joint venture on five offshore blocks
