Exxonmobil

ExxonMobil, Shell Cite Weaker Natural Gas Prices in 1Q Previews

ExxonMobil, Shell Cite Weaker Natural Gas Prices in 1Q Previews

ExxonMobil profits for the first three months of this year are expected to dip sharply year/year and be down sequentially in part because of weak natural gas and oil prices, the integrated major said. Shell plc also has revised its expectations.  In a Securities and Exchange Commission Form 8-K filing, ExxonMobil noted that commodity prices…

April 5, 2024
Amid Oil and Natural Gas Consolidation Frenzy, Chevron’s Guyana Mega-Deal Facing Hurdles

Amid Oil and Natural Gas Consolidation Frenzy, Chevron’s Guyana Mega-Deal Facing Hurdles

ExxonMobil is trying to put a stop to Chevron Corp. and its bid to enter the lucrative Guyanese offshore oil and natural gas patch. The company has filed for arbitration, claiming Chevron’s bid to snap up Hess Corp.’s Guyana assets goes against a contract clause that grants ExxonMobil a right of first refusal. Last October,…

March 12, 2024
Guyana Government Calls Oil, Natural Gas Investments ‘Safe’ Amid Venezuela Saber-Rattling

Guyana Government Calls Oil, Natural Gas Investments ‘Safe’ Amid Venezuela Saber-Rattling

Guyanese officials have played down any threats to foreign investment while talking up the possibility of developing the country’s natural gas resources. At the Guyana Energy Conference and Supply Chain Expo last week, Vice President Bharrat Jagdeo told the audience, “I want to assure you that your investments will be safe.” The reassurances come amid…

February 26, 2024
ExxonMobil’s Global Trading Arm Finding Opportunities in Volatile Natural Gas, Oil Prices 

ExxonMobil’s Global Trading Arm Finding Opportunities in Volatile Natural Gas, Oil Prices 

ExxonMobil’s goal to advance its natural gas and oil trading arm is gaining momentum, as the company eyes more opportunities in the global market, CEO Darren Woods said Friday. Woods discussed the supermajor’s fourth quarter and full year results during a wide-ranging conference call.  “We saw energy prices and refining margins start to normalize in…

February 2, 2024
ExxonMobil Says Activist Shareholders’ ‘Extreme Agenda’ Designed to Diminish Existing Operations

ExxonMobil Says Activist Shareholders’ ‘Extreme Agenda’ Designed to Diminish Existing Operations

ExxonMobil is seeking to prevent some investors from using what it called a “Goldilocks Trojan Horse” strategy to diminish existing business operations.  In a lawsuit filed earlier in January, the integrated major requested judicial relief to exclude a shareholder proposal by Arjuna Capital and Follow This. The lawsuit was filed in the U.S. District Court…

January 31, 2024
Natural Gas M&A Uptick Said Likely Following Oil-Focused Deal Spree

Natural Gas M&A Uptick Said Likely Following Oil-Focused Deal Spree

Upstream mergers and acquisitions (M&A) had a banner year in 2023 in the oil and gas sector, with dealmaking reaching a whopping $192 billion total, according to the latest quarterly tally by Enverus Intelligence Research (EIR). While only $6 billion of those transactions were focused on natural gas, versus $186 billion in deals targeting crude…

January 26, 2024
ExxonMobil Agrees to Purchase More LNG From Saguaro Energia Export Project in Mexico

ExxonMobil Agrees to Purchase More LNG From Saguaro Energia Export Project in Mexico

Mexico Pacific Ltd. LLC (MPL) has signed another long-term agreement to sell an ExxonMobil affiliate more LNG from MPL’s Saguaro Energia export project under development on the country’s west coast.  MPL said Tuesday it would sell 1.2 million metric tons/year (mmty) of the super-chilled fuel from Saguaro’s third liquefaction train to ExxonMobil LNG Asia Pacific…

January 17, 2024
Energy Majors, Traders Betting on Big Future for LNG

Energy Majors, Traders Betting on Big Future for LNG

Energy majors and commodities traders are playing an outsized role in supporting a global LNG export buildout that ultimately could saturate the market with the super-chilled fuel later this decade, bring prices down and stoke future demand. About 150 million metric tons/year (mmty) of additional liquefaction capacity is under construction across North America and in…

January 10, 2024
ExxonMobil to Write Down $2.5B in 4Q Results on Impaired California Upstream Assets

ExxonMobil to Write Down $2.5B in 4Q Results on Impaired California Upstream Assets

ExxonMobil is warning that it expects to have a one-time writedown of $2.5 billion in 4Q2023 for the reduced value of some upstream assets in California, similar to a one-time quarterly impairment expected by Chevron Corp. The one-time impairment would be for the idled Santa Ynez Unit (SYU) and associated oil and gas facilities, ExxonMobil…

January 8, 2024
‘Stronger Desire’ by Customers to Lock in Long-Term LNG Contracts, Says ExxonMobil CEO

‘Stronger Desire’ by Customers to Lock in Long-Term LNG Contracts, Says ExxonMobil CEO

Natural gas demand has not slowed, and that’s helping to grease the skids for export contracts, ExxonMobil CEO Darren Woods said Wednesday. During a webcast to discuss capital spending and projected plans, Woods was asked about the company’s opportunities in the global LNG export market. The integrated major is a partner in several big gas…

December 6, 2023
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