(World Oil) – The Energy Department is canceling some $3.7 billion in government support for clean energy projects it said did not warrant continued backing from the Trump administration. The agency said the move came after it found the projects “failed to advance the energy needs of the American people, were not economically viable and would not generate a positive
(World Oil) – Exxon Mobil Corp. said it will be “business as usual” in its massive Guyana oil field if it loses its arbitration case against Chevron Corp. and Hess Corp. Exxon remains confident it will prevail in the case over the field’s ownership at the International Chamber of Commerce, Neil Chapman, Exxon’s senior vice president, said at the Bernstein Strategic
(Oil Price) – This week, a private arbitration panel in London began hearing the arguments of U.S. supermajors ExxonMobil and Chevron regarding their rights to one of the world’s most lucrative oil projects. Guyana’s Stabroek block has an estimated 11 billion barrels of oil in place discovered so far by the consortium of ExxonMobil, U.S. Hess Corp, and CNOOC of China.
(BOE Report) – Energy major ExxonMobil has entered into exclusive negotiations with the French unit of Canadian energy group North Atlantic to divest its majority-owned French subsidiary Esso, it said on Wednesday. The sale is expected to take place in the last quarter of this year, at a price of 149.19 euros ($168.82) per Esso share before distributions, or 32.83
(Oil Price) – First-quarter earnings at ExxonMobil (NYSE: XOM) topped analyst estimates as higher production in the Permian and offshore Guyana offset part of the lower realizations due to falling oil prices. Despite the lower earnings compared to a year ago, Exxon expressed confidence that the structural and cost-saving measures of the past few years have prepared it to weather the
(Oil Price) – After years of watching Europe’s Big Oil commit growing shares of capex to low-carbon energy solutions, U.S. supermajor Exxon is now set to overtake Shell and BP in investments planned for low-emission projects. Exxon’s pledge largely depends on the Trump Administration not repealing key provisions in Biden’s flagship Inflation Reduction Act of 2022, which offered incentives to companies
(Oil Price) – ExxonMobil expects its first-quarter earnings to be higher than in Q4 by up to $2 billion, thanks to higher oil and gas prices and rising refining margins. Exxon’s earnings in the upstream segment could be up to $900 million higher in the first quarter compared to the fourth quarter of 2024, due to higher oil and gas prices
(World Oil) – With the general sense of excitement about U.S. production carrying over from panels earlier in the week, ExxonMobil’s panel on operations in the Permian basin convened with great enthusiasm during day three of CERAWeek 2025 by S&P Global. ExxonMobil’s recent headlines have often been tied to their increasing successes and rapidly expanding prospects in offshore Guyana, ever
(Oil Price) – ExxonMobil’s eighth oil project offshore Guyana will also be the biggest natural gas development of the Exxon-led consortium in the prolific Stabroek Block. Exxon and its partners in Guyana’s oil projects, U.S. Hess Corp and CNOOC of China, expect to produce up to 1.5 billion cubic feet per day (bcfd) of natural gas and 290,000 barrels per day
(Investing) – GEORGETOWN – U.S. oil major Exxon Mobil (NYSE:XOM) is planning to increase natural gas output and supply in Guyana through a large-scale project announced on Wednesday, following the government’s call for more gas to fuel onshore power and petrochemical projects. The “Wales Gas Vision”, outlined by Exxon’s Guyana head, Alistair Routledge, is set to provide gas for the production of fertilizers
(World Oil) – Baker Hughes has secured a significant award from ExxonMobil Guyana to provide specialty chemicals and related services for its Uaru and Whiptail offshore greenfield developments in Guyana’s prolific Stabroek Block. The announcement was made during Baker Hughes’ 25th Annual Meeting in Florence, Italy. The multi-year contract includes all topsides, subsea, water injection and utility chemicals for the
(Oil Price) – Mergers and acquisitions in the U.S. upstream oil and gas industry hit $105 billion in 2024, the third-highest annual total ever, energy analytics firm Enverus has revealed. However, last year’s tab came in well below a whopping $192 billion worth of tie-ups completed in 2023, which included the $60 billion acquisition of Pioneer Natural Resources by Exxon Mobil Corp. (NYSE:XOM). Earlier, Enverus predicted that
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