With natural gas and liquids prices soaring, along with ethane demand, ExxonMobil hit on all cylinders during 2Q2021. The supermajor unveiled its quarterly report on Friday, offering investors some encouraging news following a volatile run over the past few quarters. The gains were keyed to higher commodity prices and a stellar performance by the Chemicals…
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ExxonMobil Looks to Add Jobs, Cut Emissions at Louisiana Refinery Complex in Baton Rouge
ExxonMobil on Wednesday sanctioned a $240 million-plus investment to improve its Baton Rouge, LA, refinery operations, which include installing technology to reduce emissions. Project construction is expected to begin later this year at the refinery, which has crude capacity of about 517,000 b/d. The new suite of projects are geared toward improving processing capability, flexibility…
Shell Profits on Stronger Natural Gas, Liquids Prices, Growing Global Energy Demand
Royal Dutch Shell plc saw better-than-expected profits in the first quarter as global demand for oil and natural gas soared along with prices. CEO Ben van Beurden during a conference call to discuss quarterly performance, said Shell was in a “pole position to benefit from the economic recovery” after posting the strong start for the…
Corporate America Calls for Invoking 25th Amendment; Chevron Urges Orderly Biden Transition
Calls were escalating Thursday from lawmakers and major business groups, including the National Association of Manufacturers (NAM), for President Trump to step down from office before his term ends on Jan. 20. A mob of Trump supporters on Wednesday stormed the U.S. Capitol, wreaking havoc and terror inside the hallowed halls of democracy. Four people…
Permian Oil Drilling Permits Climb, while Lower 48 Natural Gas Stronger
Permits for new oil and gas wells rose 25% month/month in July, with “significant” growth in the Permian Basin, but overall activity was down by two-thirds from a year ago, according to Evercore ISI. The analyst team led by James West each month compiles federal and state permitting data, which provides a window into what…
NGI The Weekly Gas Market Report
Supermajors Strategically Betting on Lower 48 Oil, Natural Gas Prospects
An essential piece of nearly every Big Oil (and natural gas) major in the world today is the Lower 48, which is offering unprecedented scale, strong returns and as important, investment flexibility, according to Wood Mackenzie Ltd.
Permian Needs $30B from ExxonMobil, Chevron and Shell to Hit 2020 Targets, Says IHS Markit
The Permian Basin’s active supermajors ExxonMobil Corp., Chevron Corp. and Royal Dutch Shell plc will need to invest nearly $30 billion over the next two years to hit their growth targets, according to IHS Markit.