Exxon blows out expectations as oil output climbs from new wells
Exxon Mobil posted its strongest-ever start to a year as oil production soars from new wells in the US and off the coast of South America.
ExxonMobil
Exxon greenlights fifth project offshore Guyana
Six FPSOs could be producing on Stabroek by the end of 2027, with capacity of more than 1.2 million bpd. The number of FPSOs could rise to 10, aiming to produce the more than 11 billion barrels.
Oil companies rejected by US Supreme Court on climate suits
The US Supreme Court turned away oil-company appeals that sought a key procedural edge in about two dozen lawsuits blaming the industry for contributing to climate change.
Exxon applies for Liberia blocks
Exxon has explored in Liberia in the past. It acquired the rights to Block 13 in 2013 and drilled the Mesurado-1 well in 2016.
Big Oil Bosses: What the CEOs made as their companies broke records
It has been well documented how the oil and gas supermajors made record profits last year, however, how much does it pay to be in charge of these firms as they take home billions?
Exxon units declare force majeure on Nigerian oil exports
Exxon Mobil units in Nigeria declared force majeure on oil loadings from multiple terminals in the country following industrial action, a spokesman for one of the firms said.
Exxon faces investor demand for more disclosure of climate risks
Exxon Mobil needs to do better at documenting the valuation risk its assets face as the economy moves toward lower-emitting energy sources, according to shareholders including Legal & General Investment Management.
Chad rejects Savannah, claims gross breach of contract
The country attributed increased production to “local Chadian managers who were no longer restrained by ExxonMobil’s pre-exit policies”.
Oil majors sued by Kazakh government over billions in revenue
The companies operating two major oil fields in Kazakhstan are being taken to arbitration by the nation’s government, with billions of dollars of revenue at stake amid allegations of unapproved spending, according to people familiar with the matter.
Chad derails Savannah’s hopes on Exxon assets
The move by Chad came despite the fact that Savannah had reversed production decline, the company said. Production reached 29,349 barrels per day since December 9, it said, up by 9%.
Exxon issues Rovuma LNG tender but financing in focus
ExxonMobil has issued a call for companies to build an onshore LNG plant in Mozambique, amid signs of new confidence in the conflict afflicted north.
Angola says Exxon poised for $15bn Namibe Basin investment
ExxonMobil could invest $15 billion through 2030 if it makes commercial oil discoveries in the Namibe Basin, Paulino Jeronimo, chairman for the Angola National Agency for Petroleum, Gas and Biofuels, said in Luanda.
No room to grow, independents face a returns squeeze
“The cost of getting things done is astronomically higher for oil and gas than for the greener projects,” he said. “In the longer term it’s bullish for prices, as not enough investment is going into the areas where it should be.”
Seplat CEO forced out of Nigeria in visa row
The company said media reports had been “clearly calculated to spread false information”. Seplat will work with the ministry to tackle the allegations, it said.
Total calls time to FEED at low-carbon Papua LNG
“The Marape-Rosso government places high priority on the delivery of Papua LNG project, we have an improved deal for our people, and improved contribution of our national contractors and work force.”
Buy now, pay later: Supermajors set to continue record share repurchases
A year of high commodity prices and record profits for oil and gas majors has many questioning what to do with all their cash - with increasing amounts returned to investors via buybacks.
Exxon sued by US after five nooses found at Louisiana plant
The US government sued Exxon Mobil for racial discrimination against a Black employee after the company allegedly failed to adequately respond to the appearance of five hangman’s nooses at a Louisiana petrochemical plant over several years.
Oil buoys Seplat, but pipelines and politics pose problems
Last year, theft on the Nembe Creek Trunk Line (NCTL) and Trans Niger Pipeline ranged from 30% to 90%.
Supermajors look to ‘value over volume’ as upstream capex plummets
Despite record cash generation, supermajors are investing $100bn less in upstream capex than a decade ago as low-cost, low-emissions projects take priority.
Exxon plans trading division to compete for commodity profits
Exxon Mobil Corp. is creating a global trading division to compete more aggressively with the likes of BP and Shell in the high-risk, high-reward world of energy derivatives.
Keppel delivers Guyana’s third FPSO for ExxonMobil-led consortium
The Prosperity FPSO will be the third of four FPSOs Keppel is undertaking for deployment in Guyana.
Upstream M&A in Southeast Asia: will the oil and gas majors divest in 2023?
Will 2023 see the majors, including ExxonMobil, Chevron, Shell, BP, ConocoPhillips, TotalEnergies, and Eni, divest upstream oil and gas assets in Southeast Asia?
Petronas and ExxonMobil sign CCS project deals
Petronas has signed two project development agreements with ExxonMobil (NYSE:XOM) to jointly pursue carbon capture and storage (CCS) activation projects in Malaysia.
Big Oil faces headwinds after record $199 billion profit haul
Exxon Mobil, Chevron, Shell, TotalEnergies and BP reaped almost $200 billion collectively last year but fears of an economic slowdown, plunging natural gas prices, cost inflation and uncertainty over China’s re-opening are dimming the outlook for 2023.
ExxonMobil and Japan’s Nippon Steel explore CCS deal
Japan’s Nippon Steel is considering capturing carbon dioxide (CO2) emissions from its Japanese steel mills for underground storage at facilities linked to ExxonMobil (NYSE:XOM) in countries including Australia, Malaysia and Indonesia, reported Nikkei Asia.