Exxonmobil

The global natural gas and oil exploration sector had its strongest year in 2022 in a decade as national oil companies and majors focused on taking advantage of what might be a short-term window of opportunity. The sector created some $33 billion of value at $60/bbl Brent prices last year, according to a report from…

ExxonMobil leaned in when some competitors leaned out, and the supermajor has used the advantage to capture the upside, CEO Darren Woods said Tuesday. Woods and his executive team shared 4Q2022 and full-year results during a wide-ranging conference call.  “Our results clearly benefited from a favorable market,” Woods told investors. “But to take full advantage…

U.S. natural gas and oil drilling permit activity ended the year surpassing expectations, climbing 13% in December or up by 389 permits from November, according to Evercore ISI. The energy analyst team led by James West compiles domestic permitting figures using state and federal data. Lower 48 permits often are issued three to six months…

Domestic crude production climbed notably last week, putting output near the 2022 peak, as U.S. demand accelerated and global market conditions tightened. The Energy Information Administration (EIA) said Wednesday that output for the week ended Nov. 4 climbed by 200,000 b/d from the previous week to 12.1 million b/d. That brought production close to the…

Two more discoveries have been made in the massive Stabroek Block offshore Guyana, adding to ExxonMobil’s extensive portfolio of opportunities. With the discoveries at the Sailfin-1 and Yarrow-1 wells, more than 30 discoveries have been made in the block since 2015. Offshore development and production has ramped up “at a pace that far exceeds the…

Strong demand for natural gas, combined with soaring realizations, helped drive record breaking profits for ExxonMobil in the third quarter.  Natural gas realizations jumped 22% because of European supply concerns and efforts to build inventory ahead of winter. That more than offset decreasing crude realizations, which fell 12% on modest supply increases.  The “strong gas…

Strong demand for natural gas, combined with soaring realizations, helped drive record breaking profits for ExxonMobil in the third quarter.  Natural gas realizations jumped 22% because of European supply concerns and efforts to build inventory ahead of winter. That more than offset decreasing crude realizations, which fell 12% on modest supply increases.  The “strong gas…

Russia’s control of global oil and natural gas supplies, and particularly LNG, has progressed with ExxonMobil’s exit from the Sakhalin-1 offshore oil project. ExxonMobil disclosed exited Sakhalin-1 after Russian President Vladimir Putin signed a decree expropriating the supermajor’s 30% stake “With its two recent decrees, the Russian government unilaterally terminated our interests in Sakhalin-1, and…

CF Industries Holdings Inc. has clinched an agreement to capture and permanently store up to 2 million metric tons/year (mmty) of carbon emissions from its Louisiana manufacturing complex with ExxonMobil. Under what is said to be one of the largest-of-its-kind commercial agreements, ExxonMobil plans to develop a 125,000-acre carbon dioxide (CO2) storage facility in Vermilion…