Post Tagged with: "Exxon"

Source: Reuters

Exxon rejects contract offer from Texas refinery union: sources

Reuters


HOUSTON – Exxon Mobil Corp on Thursday rejected a contract offer from the United Steelworkers union (USW), two days ahead of a threatened lockout of 650 Texas refinery workers by the energy firm, said people familiar with the matter.…

April 30, 2021 - 12:30 pm Closing Bell Story‎, Crude Oil News, Downstream, People
Source: Reuters

Exxon, Chevron take a slow walk on the path to U.S. shale recovery

Reuters


Exxon Mobil and Chevron Corp have scaled back activity dramatically in the top U.S. shale oil field, where just a year ago the two companies were dominating in the high-desert landscape.

The cautious approach of the two largest U.S. …

Source: Reuters

Activist investor urges Exxon shareholders to vote against four directors

Reuters


Activist investor Engine No. 1 raised the stakes in its proxy fight with top U.S. oil producer Exxon Mobil Corp on Monday, urging shareholders to not only vote for four of its own nominees but also against four current …

Source: CNBC

Wall Street turns positive on Exxon after a brutal year. But some experts warn it could get much worse

CNBC


U.S. oil giant Exxon Mobil endured a dreadful year by virtually every measure in 2020.

The Irving, Texas-based company reported four consecutive quarters of losses, incurred the biggest write-down in its modern history, laid off thousands of employees, saw

Source: Reuters

Exxon reiterates support for methane norms after Biden’s new climate orders

Reuters


U.S. oil major Exxon Mobil Corp reiterated its support for methane regulations on Thursday, a day after President Joe Biden’s administration came out with a slew of executive orders to address climate-warming greenhouse gas emissions.

The orders map out …

Source: Reuters

SEC launches probe of Exxon on Permian Basin asset valuation: WSJ

Reuters


The U.S Securities and Exchange Commission has launched an investigation of Exxon Mobil Corp , following a whistleblower complaint that the oil major over-valued a key asset in the top U.S. shale field, the Wall street Journal reported on …

January 15, 2021 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News, Regulatory
Source: Reuters

Church of England backs activist’s calls for Exxon board refresh

Reuters


Church Commissioners for England joined growing investor campaigns demanding changes at Exxon Mobil Corp and on Thursday backed calls for a board refresh and development of a strategy for the U.S. oil company’s transition to cleaner fuels.

The Church …

December 10, 2020 - 1:00 pm Closing Bell Story‎, Crude Oil News, Energy News, Finance
Source: Reuters

Oil majors wipe $80 billion off books as epidemic, energy transition bite

Reuters


LONDON  – The world’s top energy companies have slashed the value of their oil and gas assets by around $80 billion (60.05 billion pounds) in recent months after revising lower the long-term outlook for fuel prices in the wake …

Source: Reuters

Exclusive: Elliott Management invests in small Guyana oil explorer – sources

Reuters


NEW YORK/LONDON – Activist hedge fund Elliott Management Corp has invested at least $30 million in Cataleya Energy, a small firm focused on oil exploration in Guyana, the world’s newest oil and gas hot spot, two people familiar with …

November 24, 2020 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, International
Source: Reuters

Twin U.S. Gulf Coast storms stir deep production cuts by energy giants

Reuters


HOUSTON – Energy companies are moving to cut production at U.S. Gulf Coast oil refineries after shutting half the area’s offshore crude oil output ahead of back-to-back storms aiming for the coast this week.

Tropical Storms Marco and Laura, …

August 24, 2020 - 3:00 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Oil giants including Exxon set first joint carbon target

Reuters


LONDON – A group of the world’s top oil companies, including Saudi Aramco, China’s CNPC and Exxon Mobil, have for the first time set goals to cut their greenhouse gas emissions as a proportion of output, as pressure on …

Source: Reuters

Exxon signals second quarterly loss in a row on production, refining hits

Reuters


HOUSTON – Exxon Mobil Corp’s (XOM.N) oil and gas producing and refining businesses will report operating losses in the second quarter, it said in a regulatory filing on Thursday, setting the stage for the company to post …

Source: Reuters

Coronavirus widens climate rift between European and U.S. oil majors

Reuters


LONDON – Europe’s top oil and gas companies have diverted a larger share of their cash to green energy projects since the coronavirus outbreak in a bet the global health crisis will leave a long-term dent in fossil fuel …

Source: CNBC

Oil drops 2%, snapping five-day winning streak in volatile trading session

CNBC


Oil prices dropped on Wednesday, snapping a five-session winning streak, as oversupply concerns outweighed optimism over economies reopening.

West Texas Intermediate, the U.S. benchmark, shed 2.3%, or 57 cents, to settle at $23.99 per barrel. In a volatile …

Source: Reuters

Exxon pursues cost cuts at Russia’s Sakhalin-1 project

Reuters


MOSCOW – Exxon Neftegaz Ltd (ENL) is adjusting the schedule and scope of some of its activities at the Sakhalin-1 oil and gas project in far eastern Russia as it moves to cut spending in response to the coronavirus …

Source: Reuters

Iraq emerging as OPEC’s main laggard in making record output cut: sources

Reuters


BAGHDAD/LONDON – Iraq has yet to inform its regular oil buyers of cuts to its exports, suggesting it is struggling to fully implement an OPEC deal with Russia and other producers on a record supply cut, traders and industry …

Source: Forbes

The Oil And Gas Situation: Bleak In The U.S., Surprisingly Positive In Latin America

Forbes


How bad is the situation for the oil and gas industry in the U.S. right now? Let’s take a look at some compelling recent data points:

Exxon reports a historic loss while Chevron deepens capex cuts

Exxon reports a historic loss while Chevron deepens capex cuts

World Oil


HOUSTON (Bloomberg) –Exxon Mobil posted its first loss in at least 32 years while Chevron Corp. deepened spending cuts amid the economic and industrial devastation wrought by the Covid-19 contagion. The worst may be yet to come.

Exxon …

In bare-knuckle negotiations, Exxon slants view of pandemic to suit its aims

In bare-knuckle negotiations, Exxon slants view of pandemic to suit its aims

Reuters


HOUSTON – Exxon Mobil Corp is using the coronavirus to increase its leverage in labor and real estate negotiations by alternately doomsaying and dismissing the pandemic’s consequences, labor sources and lawyers dealing with the company said.

The largest U.S. …

Source: CNBC

Oil and gas companies set to lose $1 trillion in revenues this year

CNBC


Oil and gas exploration and production companies, or E&Ps, are slated to lose a staggering $1 trillion in revenues in 2020, according to analysis by research firm Rystad Energy.

The E&P industry, which includes oil majors, made $2.47 …

Source: Reuters

Exxon raises $9.5 billion to load up on cash while debt market still open to new deals

Reuters


NEW YORK – Exxon Mobil Corp on Monday raised $9.5 billion in new debt, with the largest U.S. oil producer seeking to bolster its finances while debt markets remain open to new deals.

Exxon paid a lower price to …

Source: Reuters

Graphic: Oil majors cut 2020 spending by 22% after prices slump

Reuters


LONDON- The world’s biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia …

Source: Houston Chronicle

Exxon, Guyana head toward uncertain future

Houston Chronicle


GEORGETOWN, Guyana — They are the odd couple of the global oil patch: Guyana is a poor former British sugar colony. Exxon Mobil is America’s largest oil company.

They came to depend on each other after a series …

Source: Reuters

Hess, Concho, Callon join Exxon in tightening budget amid oil crash

Reuters


U.S. producers Hess Corp, Concho Resources Inc and Callon Petroleum Co on Tuesday followed oil major Exxon Mobil Corp in cutting their spending for the year, as oil prices continued to trade below $30 a barrel.

Oil producers are …

Source: Reuters

U.S. oil boom vs Europe’s renewables focus? Big Oil’s gap widens — in words

Reuters


NEW YORK/LONDON  – Exxon and Chevron boasted to investors this week about booming U.S. oil production, illustrating how the gap has widened – at least in words – between top American oil and gas companies and their European rivals …

Source: Houston Chronicle

Exxon, Shell face uphill legal battle over soured Nigerian deal

Houston Chronicle


Oil majors including Exxon Mobil Corp. and Royal Dutch Shell Plc are facing uphill battles to convince U.S. courts to enforce multi-billion dollar arbitration awards they secured against Nigeria’s state oil company.

The companies accused the Nigerian National …

Source: Houston Chronicle

Exxon taps brakes on Permian Basin after virus hammers oil

Houston Chronicle


Exxon Mobil Corp. is slowing the pace of its flagship shale project in the Permian Basin, one of the first signs that the oil majors are throttling back on production in response to the recent slump in prices.…

Source: Houston Chronicle

Guyana elects leader as vast oil boom dawns

Houston Chronicle


GEORGETOWN, Guyana (AP) — Guyana voted for a new government on Monday in a bruising fight for control of a tiny South American country whose oil revenues in the next decade could make it one of the wealthiest …

March 3, 2020 - 3:00 pm Closing Bell Story‎, Crude Oil News, Energy News, Offshore
Source: Houston Chronicle

All eyes on Exxon, Chevron after BP vows carbon neutrality

Houston Chronicle


BP Plc’s pledge to zero out all its carbon emissions by 2050 deepens the divide between major European and American oil producers on climate change, increasing the pressure for Exxon Mobil Corp. and Chevron Corp. to do more.…

Source: Houston Chronicle

2 giants with 2 strategies that aren’t working

Houston Chronicle


Everyone from environmentalists to investors is beating up on fossil fuels, and American energy giants Exxon Mobil Corp. and Chevron Corp. are taking increasingly diverging approaches as they try to weather the storm.

The problem is, neither strategy …