From Reuters In New Mexico’s Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry’s notorious boom-and-bust cycles. Workers at its Remuda lease near Carlsbad – part of a staff of 5,000 spread across New Mexico and Texas – are drilling wells, operating fleets of hydraulic
From Bloomberg Exxon Mobil Corp. plans to reduce the cost of pumping oil in the Permian to about $15 a barrel, a level only seen in the giant oil fields of the Middle East. The scale of Exxon’s drilling means that it can spread its costs over such a big operation that the basin will become competitive with almost anywhere in
From Bloomberg Exxon Mobil Corp. tumbled more than any other blue-chip stock after boosting spending to heights not seen since the historic oil-market collapse began in 2014, bucking the cost-cutting trend among rival energy explorers. Exxon’s annual capital outlays will average $32 billion through the end of next year, a 24 percent increase from 2018, the Irving, Texas based driller said
Forecasts call for nearly 2 million daily barrels from the basin By Richard Rostad, analyst, Oil & Gas 360 Like independent E&P companies in the oil and gas industry, the supermajors are also diving into the Permian. Today Chevron (ticker: CVX) and Exxon Mobil (ticker: XOM) announced major plans for the basin, illustrating just how the jumbo oil companies have
ExxonMobil to Fund Polypropylene Unit to Expand Baton Rouge Operations
After hitting a dry hole with its first well in the same block, ExxonMobil (stock ticker: XOM, $XOM) has announced that its Glaucus-1 well, located in Block 10 offshore Cyprus, encountered a gas-bearing reservoir of approximately 436 feet. The well went to 13,780 feet TD in 6,769 feet of water. Exxon said the in-place natural gas resource estimate of approximately
ExxonMobil Adds 4.5 Billion Barrels to Reserves
From Bloomberg Exxon Mobil Corp. is partnering with Microsoft Corp. to crunch trillions of bits of data as the oil titan seeks to more than triple shale-oil production in the Permian Basin in less than a decade. Exxon will use Microsoft’s cloud-computing technology to monitor and analyze the vast amounts of data generated by its sprawling array of drilling rigs, wells,
Hess Announces Two New Discoveries Offshore Guyana
Sizeable profits: ExxonMobil adds $20.8 billion, Chevron $14.8 billion, Shell $21.4 billion Royal Dutch Shell (stock ticker: RDSA, $RDSA), ExxonMobil (stock ticker: XOM, $XOM) and Chevron (stock ticker: CVX, $CVX) have all reported 2018 earnings during the previous 24 hours. Shell earns $21.4 billion profit for the year Royal Dutch Shell started things off, reporting unaudited results yesterday, including full
ExxonMobil centralizing via four new companies The world’s largest publicly-traded integrated oil company, ExxonMobil, is retooling its upstream business to support its corporate plan to double operating cash flow and earnings by 2025. “We’re simplifying and integrating our upstream organization to better capitalize on the industry-leading portfolio we’ve assembled through acquisitions and exploration success in the U.S. Permian Basin, Guyana,
ExxonMobil, Plains All American and Lotus Midstream formalize Wink to Webster crude oil pipeline JV and order 650 miles of pipe Wink to Webster Pipeline to transport more than 1 million barrels of crude oil and condensate per day Expected in-service by first half of 2021 The Wink to Webster Pipeline LLC Joint Venture (JV) has ordered nearly 650 miles of
