Exxonmobil

ExxonMobil Corp. hiked CEO Lee Raymond’s income by 37% to $38.1 million in 2004 after the oil major’s net income was the second highest in U.S. history.

The Department of Interior has said that FERC, in its draft environmental impact statement (DEIS) on ExxonMobil Corp.’s proposed 2 Bcf/d Golden Pass liquefied natural gas (LNG) terminal and associated gas pipeline along the Gulf Coast, failed to adequately assess the project’s impact on endangered species and wetlands.

Lawrence G. Rawl, 76, former chairman and CEO of Exxon Corp., died on Sunday in Fort Worth. Current ExxonMobil CEO Lee Raymond said that Rawl “was a strong leader for our company and the petroleum industry and a true friend. We all mourn his passing and express our deepest sympathy to his family for their loss.” Born in 1928 in New Jersey, Rawl enlisted and served in the U.S. Marine Corps at the end of World War II. Following his military service, Rawl entered the University of Oklahoma and received a degree in petroleum engineering. He immediately joined Humble Oil & Refining Co., Exxon’s predecessor company. In 1980, he joined Exxon Corp. and was elected chairman in 1987. He held the top posts until his retirement in May 1993.

ExxonMobil Corp. reported its highest-ever quarter on Monday, with net income of $8.42 billion ($1.30/share), including a special item of $2.23 billion to settle a long-running U.S. tax dispute. However, oil and natural gas production barely managed to break even globally, and in North America, output was substantially lower.

ExxonMobil Corp. turned in yet another glowing performance in the first quarter, with profit of $5.44 billion on revenue of $67.6 billion. Quarterly net income slipped 23%, which the company blamed on one-time gains, but across its oil and gas businesses, the major posted higher profits. However, in the United States and Canada, natural gas production available for sale dropped slightly from a year ago to stand at 3.06 Bcf/d, compared with 3.34 Bcf/d in 1Q2003. Exxon’s quarterly net production of crude oil and natural gas liquids in North America also was down, totaling 967 thousand bbl/d, down slightly from 980 thousand bbl/d in 1Q2003. Exxon reported quarterly profit of $5.44 billion (83 cents/share), down from $7.04 billion ($1.05) in the first quarter of 2003. Last year’s first quarter included a gain of $1.7 billion on the sale of Exxon’s stake in Ruhrgas AG, as well as a $550 million benefit from accounting changes. Excluding those items, earnings in 1Q2003 were $4.70 billion (71 cents/share). Revenue was $67.6 billion, up from $63.78 billion a year ago. Worldwide, Exxon spent nearly $12 billion for exploration and production activities in 2003. Exxon also is confident of estimates of its oil and natural gas reserves, the company said. Net income from upstream activities fell 30% in the quarter to $4.01 billion. Earnings from U.S. upstream operations dropped $105 million to stand at $1.15 billion, which the company said reflected lower production in its mature production areas.

ExxonMobil Corp. turned in yet another glowing performance in the first quarter, with profit of $5.44 billion on revenue of $67.6 billion. Quarterly net income slipped 23%, which the company blamed on one-time gains, but across its oil and gas businesses, the major posted higher profits.

Following on the heels of ExxonMobil’s major LNG supply deal with Qatar earlier this month (see NGI, Oct. 20), a Royal Dutch/Shell Group subsidiary, Qatar Shell GTL Ltd (Shell), said last week that it signed a deal with Qatar Petroleum to build the worlds largest gas to liquids (GTL) plant in Ras Laffan, Qatar.

Despite the Alaskan gas pipeline project being deemed uneconomic at the end of a study conducted by BP, ExxonMobil and ConocoPhillips, David Welch, BP president of Alaska-Canada Gas, said Thursday the company’s new fiscal package could not only make the project viable, but more importantly, could get it up and running by the end of 2011 if the energy bill goes through this year.

Despite the Alaskan gas pipeline project being deemed uneconomic at the end of a study conducted by BP, ExxonMobil and ConocoPhillips, David Welch, BP president of Alaska-Canada Gas, said Thursday the company’s new fiscal package could not only make the project viable, but more importantly, could get it up and running by the end of 2011 if the energy bill goes through this year.