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Exxon links
#1
Better late than never - Exxon aggressively pursuing lowering upstream costs and boosting oil production. How Exxon is looking at building out its upstream business. The two major improvements the company is making, and how it'll help it to better compete in all oil price environments.

Exxon's Upstream Strategy Over The Next 3 Years - Why It's A Good One - Exxon Mobil Corporation (NYSE:XOM) | Seeking Alpha

Exxon Mobil Corp. is positioned to succeed in any price environment by maximizing the competitive advantages of its integrated businesses and by investing in projects that generate high-value products across the commodity cycle, Chairman and CEO Darren W. Woods said Wednesday. “Our job is to compete and succeed in any market, regardless of conditions or price,” Woods said during a presentation at the company’s annual analyst meeting at the New York Stock Exchange. “To do this, we must produce and deliver the highest-value products at the lowest-possible cost through the most-attractive channels in all operating environments.”

Exxon positioned to succeed in any price environment, CEO says 

Most of Tillerson’s Exxon shares will not vest for a decade and would stand to increase in value from political decisions made in favour of Exxon’s interests. It seems unlikely that Tillerson would shun the shares to walk away with just $57m and a conflict-free bill of health. But keeping the shares would open the door to unrelenting scrutiny of his actions. Tillerson has been outspoken in his disapproval of sanctions against Russia, which reportedly cost Exxon $1bn in lost revenue from its projects in the hydrocarbon-rich country” reports the U.K. Telegraph.

The Overstated Impact Of Trump On Oil | OilPrice.com

Funded by the U.S. Department of Energy, research on carbon-capturing fuel cells has been under way for several years. The FuelCell Energy technology would use what’s known as a carbonate fuel cell, which uses carbon dioxide as one of its inputs, to capture the carbon dioxide and concentrate it into a form that can be transported and stored, most likely in deep underground repositories. The system would generate additional electricity, rather than consuming it, and power from the overall plant would cost less than electricity from plants using earlier, amine-based solutions.

Exxon Has a Clever Way to Capture Carbon—If It Works

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#2
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

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#3
Exxon Mobil said it will buy a 25% stake in a project off Mozambique from Italy’s Eni SpA for about $2.8 billion as the U.S. oil giant expands in natural gas. Eni will continue to lead the Coral floating liquefied natural gas project and all upstream operations in Area 4 while Exxon Mobil will lead the construction and operation of gas liquefaction facilities onshore, Exxon said in a statement Thursday. The purchase will be completed after a number of conditions are passed, notably clearance from the authorities in Mozambique.

Exxon Mobil to buy stake in Mozambique block from Eni for $2.8 billion

Exxon Mobil Corp. plans to spend about $20 billion on refineries, petrochemical plants and other projects in and around the Gulf of Mexico, Chief Executive Darren Woods said Monday, underscoring how the giants of the global energy industry are turning to America. Mr. Woods outlined the 11-project spending plan, largely aimed at creating new outlets for U.S. natural gas, in a speech at the annual CERAWeek conference.

Exxon’s $20 Billion Spending Plan Points to U.S. Energy Surge - WSJ

The upstream technology breakthroughs that led to the U.S. shale revolution have, in turn, enabled a new downstream manufacturing renaissance, said Exxon Mobil CEO Darren Woods at the IHS CERAWeek event on Monday in Houston. After increasing the company’s Permian basin holdings to 250,000 acres earlier this year, Woods announced at the conference that the company plans to capitalize on its shale resources with a $20-billion manufacturing expansion along the Gulf Coast

CERAWeek '17: Exxon unveils $20-billion Gulf Coast project, Novak says no to OPEC 

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#4
Exxon Mobil, working with the National Center for Supercomputing Applications (NCSA), has achieved a major breakthrough with proprietary software using more than four times the previous number of processors used on complex oil and gas reservoir simulation models to improve exploration and production results. The breakthrough in parallel simulation used 716,800 processors, the equivalent of harnessing the power of 22,400 computers with 32 processors per computer. Exxon Mobil geoscientists and engineers can now make better investment decisions by more efficiently predicting reservoir performance under geological uncertainty to assess a higher volume of alternative development plans in less time.

Exxon Mobil sets record in high performance oil and gas reservoir computing

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#5
Exxon Mobil Corporation announced today positive results on the Snoek well offshore Guyana, confirming a new discovery on the Stabroek Block. Drilling targeted similar aged reservoirs as encountered in previous discoveries at Liza and Payara. “The latest discovery at Snoek demonstrates the continued success we have achieved in this technically complex play, which is just part of the significant exploration province offshore Guyana,” said Steve Greenlee, president of ExxonMobil Exploration Company.

ExxonMobil Announces New Oil Discovery Offshore Guyana | Seeking Alpha

HitecVision and its majority owned portfolio company Point Resources have announced the signing of an agreement to acquire Exxon Mobil’s operated upstream business in Norway from Exxon Mobil Exploration and Production Norway AS. This includes a transfer of the majority of Exxon Mobil’s offshore and onshore E&P staff in Norway; a significant package of operated producing assets on the Norwegian Continental Shelf; field assets, such as platforms and FPSOs; as well as the company’s office building in Sandnes, near Stavanger. The business will be acquired by and combined with Point Resources to create a strong, new mid-sized Norwegian E&P company.

Point Resources, HitecVision to acquire Exxon Mobil's Norwegian business

Qatar Petroleum and Exxon Mobil signed an exploration and production sharing contract with the government of the Republic of Cyprus for offshore Block 10. Before the signing ceremony, the Republic of Cyprus President, Nicos Anastasiades received at the presidential palace in Nicosia, Saad Sherida Al-Kaabi, the president and CEO of Qatar Petroleum along with Andrew Swiger, senior VP and principal financial officer of Exxon Mobil.

Qatar Petroleum, Exxon Mobil sign exploration and production PSA contract with Cyprus

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#6
Governor Gutierrez noted that he was in Houston last week meeting with Exxon management. Who reportedly told him the company will enter the “production phase” on the company’s Vaca Muerta projects this May. Gutierrez didn’t give additional detail on the specific projects that will be put into full-scale production. And Exxon itself hasn’t made any announcements — but the move to commercial production would make sense, given that the firm launched a pilot project for shale production in the Vaca Muerta last year.

Exxon is starting a major project in the world's next shale hotspot - Business Insider

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#7
Exxon Mobil Corporation has announced that its wholly owned affiliate, Exploration and Production Equatorial Guinea (Deepwater) Ltd., has signed a production sharing contract with the government of Equatorial Guinea for a deepwater block located 36 mi west of Malabo. “We look forward to building on our more than 20-year history of safe operations in Equatorial Guinea with this new high-quality exploration opportunity,” said Steve Greenlee, president of Exxon Mobil Exploration Company. “We are excited to add block EG-11 to our leading global deepwater acreage position and to expand the value of our important business in Equatorial Guinea.”

Exxon Mobil acquires exploration acreage in Equatorial Guinea

Exxon Mobil Corp. reached a settlement with Chad over tax payments, avoiding a $74-billion fine the Central African country had imposed on the oil major. The deal also means that Exxon will be able to keep its exploration permit in the country through 2050, Chad Petroleum Minister Bechir Madet said after a meeting with Christian Lenoble, the head of Exxon in the country.

Exxon settles dispute with Chad, avoiding $74-billion fine

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#8

Exxon Mobil Corporation (XOM) today announced positive production well test results from the Muruk 1 sidetrack 3 well in the Papua New Guinea North Highlands located about 13 miles (21 kilometers) northwest of the Hides gas field. The well successfully flowed gas at a rate of 16 million standard cubic feet per day. The well rate was constrained by test facilities which limited tests to short flow and build up periods. Hydrocarbon samples were collected during the production test. “We are encouraged by these well test results and will integrate them into the ongoing resource evaluation work and potential appraisal program in 2018,” said Steve Greenlee, president of ExxonMobil Exploration Company. “

https://finance.yahoo.com/news/exxonmobi...00794.html

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#9
Initial production system expected to produce up to 120,000 barrels of oil per day Development on track for production startup by 2020; less than five years after discovery Gross recoverable resources on Stabroek block have increased to an estimated 2 billion to 2.5 billion oil-equivalent barrels

ExxonMobil Makes Final Investment Decision to Proceed with Liza Oil Development in Guyana | Seeking Alpha

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#10
Exxon Mobil Corporation has announced that its wholly owned affiliate, Exploration and Production Equatorial Guinea (Deepwater) Ltd., has signed a production sharing contract with the government of Equatorial Guinea for a deepwater block located 36 mi west of Malabo. “We look forward to building on our more than 20-year history of safe operations in Equatorial Guinea with this new high-quality exploration opportunity,” said Steve Greenlee, president of Exxon Mobil Exploration Company. “We are excited to add block EG-11 to our leading global deepwater acreage position and to expand the value of our important business in Equatorial Guinea.”

Exxon Mobil acquires exploration acreage in Equatorial Guinea

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