Exxonmobil

Under Pressure, ExxonMobil Ups Ante Against Global Warming, Promises to Contain Overall Costs

Under Pressure, ExxonMobil Ups Ante Against Global Warming, Promises to Contain Overall Costs

ExxonMobil on Tuesday pledged $3 billion to lower emissions in a bid to bolster its environmental record even as it slashed overall capital spending and vowed to safeguard its dividend. Executives, while declining to directly address a news report that ExxonMobil and fellow supermajor Chevron Corp. had discussed a potential tie-up, also said they continue…

February 2, 2021
ExxonMobil Activist Investor Nominates Four Independent Board Members

ExxonMobil Activist Investor Nominates Four Independent Board Members

An activist investment firm prodding ExxonMobil to boost its alternative energy holdings and improve management oversight on Wednesday formally nominated four people to the board, in time for consideration ahead of this year’s annual meeting. San Francisco-based Engine No. 1 LLC last month said it wanted to squeeze more value from ExxonMobil through “active ownership”…

January 27, 2021
ExxonMobil Decries ‘Demonstrably False’ Report Regarding Permian Valuation

ExxonMobil Decries ‘Demonstrably False’ Report Regarding Permian Valuation

ExxonMobil on Friday fired back in response to a report that it was under federal investigation for overvaluing its Permian Basin assets. According to a story published on Friday by The Wall Street Journal, the Securities and Exchange Commission is investigating ExxonMobil following a whistleblower complaint filed last fall. The complaint, said the newspaper, claims…

January 15, 2021
ExxonMobil Retreats on Spending, with ‘Significant’ Natural Gas Development Off The Table

ExxonMobil Retreats on Spending, with ‘Significant’ Natural Gas Development Off The Table

ExxonMobil is backing off ambitious goals to increase spending and is slicing the book value of some of its assets, particularly the U.S. dry natural gas portfolio, by up to $20 billion. Following an annual strategic review by the board in late November, the Irving, TX-based energy giant on Monday said it has revised its…

December 1, 2020
Easton Energy Snags ExxonMobil’s South Texas Petrochemical Pipeline

Easton Energy Snags ExxonMobil’s South Texas Petrochemical Pipeline

Houston-based Easton Energy LLC is expanding its midstream assets in South Texas, agreeing to buy a petrochemical pipeline system from ExxonMobil for an undisclosed amount. The South Texas Pipeline System runs 720 miles from ExxonMobil’s Clear Lake and Katy gas plants near Houston to Energy Transfer LP’s King Ranch gas plant and the Port of…

November 12, 2020
New Mexico’s Reliance on Fossil Fuels Said Facing Reckoning from Volatile Oil Prices

New Mexico’s Reliance on Fossil Fuels Said Facing Reckoning from Volatile Oil Prices

New Mexico’s fiscal health is undergoing an “unprecedented sea change” with global markets signaling the “beginning of the end” for the state’s financial reliance on fossil fuels, the Institute for Energy Economics and Financial Analysis (IEEFA) reported Tuesday. IEFFA’s Tom Sanzillo, director of finance, co-authored the report with energy policy analyst Suzanne Mattei.  “Leases, royalty…

October 20, 2020
ExxonMobil Kicked from Blue Chip Index as Tech Gains Ground

ExxonMobil Kicked from Blue Chip Index as Tech Gains Ground

ExxonMobil is to be replaced on the Dow Jones Industrial Average effective Monday (Aug. 31) in a shakeup prompted by Apple Inc.’s decision to split its stock. The price-weighted, 30-stock, blue chip index said Salesforce.com would replace the Irving, TX-based supermajor. ExxonMobil has traded on the Dow since 1928. As recently as 2011, ExxonMobil was…

August 25, 2020
ExxonMobil Slashing Permian Rig Count, Forecasting Global Oil Glut Extending ‘Well into 2021’

ExxonMobil Slashing Permian Rig Count, Forecasting Global Oil Glut Extending ‘Well into 2021’

A global oil supply glut and scant demand resulting from Covid-19 pushed ExxonMobil to a historic loss in the second quarter, with nearly every corner of its operations slammed. The quarterly loss of $1.1 billion (minus 26 cents/share) was the deepest in history as transportation and petrochemical demand reversed. During 2Q2019, profits were $3.1 billion…

July 31, 2020
Majors Seeking to Streamline Portfolios through Oil, Natural Gas Asset Sales Amid Covid-19 Impacts, Rystad Says

Majors Seeking to Streamline Portfolios through Oil, Natural Gas Asset Sales Amid Covid-19 Impacts, Rystad Says

Oil and gas companies around the world have announced plans to divest non-priority assets with recoverable reserves totaling some 12.5 billion boe since December 2019, according to new analysis by Rystad Energy.

June 3, 2020
ExxonMobil Defeats All Shareholder Resolutions, while Chevron Investors Favor Climate Risk Reporting

ExxonMobil Defeats All Shareholder Resolutions, while Chevron Investors Favor Climate Risk Reporting

ExxonMobil and Chevron Corp. investors on Wednesday were generally unswayed by the historic downturn in oil prices and voted against nearly all shareholder-backed resolutions at their annual meetings. However, a push for more information about climate risks was given the green light by Chevron shareholders.

May 27, 2020
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