exxon

Even as supplies tighten, ample production from U.S. unconventional drilling will pressure commodity prices for years to come, ExxonMobil Corp. CEO Rex Tillerson said Wednesday.

The House Committee on Space, Science and Technology is stepping up its fight against state attorneys general (AG) who are probing ExxonMobil Corp.’s research into climate change, with a hearing planned in mid-September to review the wide-reaching investigation.

Berkshire Hathaway Inc. disclosed Thursday that it owns 40.1 million shares of ExxonMobil Corp. currently worth an estimated $3.45 billion.

Qatar Petroleum and Exxon Mobil Corp. Tuesday announced the start-up of Qatargas 2 Train 5, one of the largest operating liquefied natural gas (LNG) production facilities in the world.

Exxon Mobil Corp. asked an Alaska court last week to overturn the state’s decision to revoke the company’s leases in the North Slope’s Point Thomson oil and gas field, which hold a significant portion of the natural gas that would be transported on the proposed Alaska gas pipeline to the Lower 48 states.

The world’s largest public oil company raked in second-quarter profits commensurate with its size. Exxon Mobil Corp., broke its own quarterly earnings record (see Daily GPI, April 28) in 2Q 2006, reporting net income of $10.36 billion, $1.72/share, an increase of $2.72 billion from the second quarter of 2005. First half net income of $18.76 billion, $3.09/share, increased by 21% versus first-half 2005.

Exxon Mobil and TransCanada PipeLines demonstrated installation of a new pipeline (X120) that is 50% stronger than the strongest pipeline steel commonly used for gas transmission systems today (X80) and is expected to substantially reduce pipeline project costs. ExxonMobil said the new pipeline could substantially improve the economics of developing remote natural gas resources, such as reserves in Alaska or Russia.

Exxon Mobil and TransCanada PipeLines demonstrated installation of a new pipeline (X120) that is 50% stronger than the strongest pipeline steel commonly used for gas transmission systems today (X80) and is expected to substantially reduce pipeline project costs. ExxonMobil said the new pipeline could substantially improve the economics of developing remote natural gas resources, such as reserves in Alaska or Russia.

Exxon Mobil Corp. announced that it has reached agreement on a long-running tax dispute with the Internal Revenue Service that will add $2.2 billion to the company’s bottom line. The dispute was over tax deductions ExxonMobil claimed on the sale of natural gas primarily in Texas from 1974 to 1990.