Yahoo Finance HOUSTON-Exxon Mobil Corp on Friday missed analysts’ estimates with a 28% year-on-year drop in first quarter profits as weaker refining margins and lower natural gas prices offset volume gains. Latest results from oil and gas companies including Chevron and TotalEnergies reflect a sharp downturn in natural gas prices after a warmer than usual Northern Hemisphere winter cut demand
World Oil Hess’ E&P net income was $997 million in Q1 2024, compared with $405 million in Q1 2023. Net production was 476,000 boed in Q1 2024, compared with 374,000 boed in the Q1 2023, primarily due to higher production in Guyana and the Bakken. In the second quarter of 2024, E&P net production is expected to be in the
Yahoo Finance GEORGETOWN – Guyana’s efforts to use its natural gas resources to fuel a power plant that would slash the South American nation’s energy costs have snagged on construction delays and threaten to curtail the rising oil hotspot’s revenue this year by about $1 billion. The $1.9 billion gas-to-power project, Guyana’s biggest effort to capitalize on its energy bounty,
World Oil (Bloomberg) – Exxon Mobil Corp. is open to talking to Chevron Corp. about its proposed takeover of Hess Corp. as the oil giants spar over the deal’s implications for a massive offshore oil project in Guyana, Chief Executive Officer Darren Woods said in an interview. His comments mark that first time Exxon has publicly made clear it’s willing
Oil and Gas 360 ExxonMobil announced yet another discovery in its coveted Stabroek block in Guyana. The Bluefin well encountered 197 feet of hydrocarbon-bearing sandstone in 4,244 feet of water, adding to Exxon’s growing list of over 30 oil discoveries in the Stabroek block since 2015. The latest announcement follows explosive growth in Guyana’s production, which benefitted from the early
World Oil (Bloomberg) – The boss of Exxon Mobil Corp. said Monday that it has no interest in buying Hess Corp. outright, despite taking Chevron Corp. to arbitration over its proposed $52 billion merger with the other company. “If we were interested in doing something with Hess, we wouldn’t have waited for Chevron” to sign its deal, Exxon Chief Executive
Oil Price Exxon is leaving Equatorial Guinea after a three-decade presence in the OPEC member from Central Africa. The supermajor told Bloomberg that it will transfer its holdings in the country to the government and that “Our focus now is on a safe handover of operations and caring for all impacted by this change.” Exxon also added that the exit was part
World Oil (Bloomberg) – Key Biden administration national-security officials traveled to Guyana on Sunday as the U.S. works to prevent the country’s dispute with Venezuela over oil and mineral riches from sliding into armed conflict. Jon Finer, the principal deputy national security adviser, and Juan Gonzalez, the White House National Security Council’s senior director for the Western Hemisphere, are continuing
Oil and Gas 360 Key Development: Commenced production from the Payara development at the Stabroek Block, offshore Guyana, in November; Payara reached its initial production capacity of approximately 220,000 gross barrels of oil per day (bopd) in January 2024 Fourth Quarter Financial and Operational Highlights: Net income was $413 million, or $1.34 per share, compared with $497 million, or $1.61
Oil Price As tensions with Venezuela continue to simmer over President Nicolas Maduro’s attempt to annex oil-rich Essequibo from Guyana, the U.S. is sending a top defense official to Guyana to discuss the situation. U.S. Deputy Assistant Secretary of Defense for the Western Hemisphere Daniel P. Erikson is visiting Guyana on Monday and Tuesday in what the U.S. Embassy in Guyana referred
World Oil (Bloomberg) – Exxon Mobil Corp. plans to raise share buybacks 14% as the oil giant accelerates crude production in the U.S. Permian basin, boosted by its $60 billion acquisition of Pioneer Natural Resources Co. Exxon will repurchase $20 billion of stock next year, the Spring, Texas-based company said in a statement Wednesday. That matches competitor Chevron Corp., which
World Oil (WO) – On Oct. 26, Reuters reported that ExxonMobil, along with partners Hess Corp. and CNOOC, made a “significant discovery” in the Stabroek block offshore Guyana. This discovery from the Lancetfish-2 well is the fourth made in 2023 in the country, bringing the total amount of recoverable oil and natural gas resources to 11 billion barrels (Bbbl).
