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.
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ExxonMobil Asks Court to Overturn Point Thomson Ruling
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.
Exxon Mobil Two for Two in Record Quarterly Earnings
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.
NGI The Weekly Gas Market Report
Newspaper: Chevron Interested in AK Gas Line Capacity, Ownership
Chevron’s general manager in Alaska said the company plans to participate in the state’s gas pipeline project, currently backed by BP, ConocoPhillips and Exxon Mobil, the Anchorage Daily News reported last week.
Newspaper: Chevron Interested in AK Gas Pipeline Capacity
Chevron’s general manager in Alaska said the company plans to participate in the state’s gas pipeline project, currently backed by BP, ConocoPhillips and Exxon Mobil, the Anchorage Daily News reported Tuesday.
New Gas Pipeline is 50% Stronger Than Steel, Improves Construction Economics
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.
New Gas Pipeline is 50% Stronger Than Steel, Improves Construction Economics
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.
ExxonMobil Settles Long-Running Natural Gas Tax Case, Receives $2.2 Billion
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.
Earnings of Majors, Independents a Mixed Bag
Three of the largest oil and gas companies in the world, Exxon Mobil (XOM), ChevronTexaco and Royal Dutch/Shell Group, posted third quarter earnings Thursday, with both Exxon and Shell reporting encouraging production results. Meanwhile, ChevronTexaco was blasted off its track with more than $2 billion in charges, including a $1.55 billion write-down against Dynegy Inc., in which it is a 26.5% shareholder (see related story). Meanwhile, independents’ quarterly earnings also are coming in, including Anadarko Petroleum Corp., which upped its fourth quarter and year-end earnings on stronger-than-expected results.
Pemex Multiple-Service Contracts Generate Interest Worldwide
Royal Dutch/Shell, Exxon Mobil Corp., ChevronTexaco, Burlington Resources Inc. Petrobras and Schlumberger are but a few of the 75 foreign companies that have expressed an interest in the long-term natural gas production contracts officially unveiled by Mexico’s state-run oil monopoly last week. The first agreements are expected to be offered in November, officials said (see NGI, June 17).