03-06-2017, 09:36 AM
For all the continuity, though, Woods signaled some big shifts in where this supertanker is going.First, although capital expenditure is set to increase this year, Exxon appears to have partly embraced the idea that big budget projections are taboo with investors these days, aiming to hold spending at around $25 billion a year through 2020. That's up from 2016's $19.3 billion -- which was very low -- but still notably below the $30 billion-plus levels of 2011 to 2014, which eroded Exxon's return on capital and dimmed its reputation for discipline.
Exxon Will Remake Shale Or Shale Will Remake Exxon - Bloomberg Gadfly
Exxon Mobil will be recruiting in many locations this year, according to a statement from a company representative. “We can’t speak for the job market as a whole, but we plan our business over the long-term and ExxonMobil and its affiliates are recruiting in many locations,” the spokesperson told Rigzone, when asked if 2017 would be better than last year for oil and gas graduates hoping to get recruited into the oil industry. Although Exxon didn’t put a number on the amount of workers it is looking to employ within the next 12 months, the company’s website revealed that the firm is currently looking for a range of workers in a number of countries around the world, including the UK, the US and Papua New Guinea. Exxon Mobil Corp. recently acquired 3.4 billion barrels of oil equivalent in New Mexico’s highly-prolific, oil prone section of the Permian Basin for an upfront payment of $5.6 billion in ExxonMobil shares and a series of additional contingent cash payments totaling up to $1 billion.
NEWS | Exxon Mobil Recruiting in 'Many Locations' in 2017 | Rigzone
ExxonMobil will invest $5 billion in Guyana for an oil production and extraction venture in the Liza area of the Stabroek offshore drilling block with first profits expected by 2020, according to a report by the Jamaica Observer. Exxon’s local affiliate Esso Exploration and Production Guyana Limited (EEPGL) have applied for a license to extract fossil fuels in the South American nation, according to Jeff Simon, Exxon’s representative for the country. The affiliate has also contracted a floating production, storage and offloading (FPSO) vessel from SMB offshore with a production capacity of 100,000-120,000 barrels per day at a $40-per-barrel cost.
Exxon to Invest $5 Billion in Guyana Extraction Venture | OilPrice.com
Woods sought to assuage Wall Street concerns that Exxon has lagged Chevron Corp (CVX.N) and other peers in its ability to replace the oil and gas reserves it needs for future profitability. It was a tough task, with analysts critical of the company's ability to sustain growth. Of 25 Wall Street analysts tracking Exxon, only five recommend buying its shares, less than a third of the 17 who advise buying Chevron's shares, according to Thomson Reuters data. "Darren Woods did an effective job in laying out the story, but he was hamstrung by his predecessor's mistakes and the market's increasingly skeptical sentiment on the stock," Raymond James analyst Pavel Molchanov said.
Exxon touts growth potential with eye toward dividend | Reuters