ExxonMobil discovers more oil off Guyana's coast
ExxonMobil said Wednesday that it made two additional oil discoveries off the coast of Guyana as the South American country prepares to become the world’s newest major oil producer. The company said a vessel that arrived in Guyana late last year is expected to start production in upcoming months with a target of up to 220,000 barrels of oil a day. Guyana issued its first oil and gas license to ExxonMobil in 2017 after the company said it made “significant” oil discoveries off the country’s Atlantic coast.news.yahoo.com
Democratic chair issues subpoenas to oil executives
The chairwoman of the House Oversight Committee has issued subpoenas to top executives of ExxonMobil, Chevron and other oil giants, charging that the companies have not turned over documents needed by the committee to investigate allegations that the oil industry concealed evidence about the dangers of global warming.
Oil giants deny spreading disinformation on climate change
Top executives of ExxonMobil and other oil giants have denied spreading disinformation about climate change while sparring with congressional Democrats over allegations that the industry concealed evidence about the dangers of global warming.
Exxon CEO Darren Woods promises investors a strong dividend despite 2020 losses
Exxon CEO Darren Woods emphasized the oil giant's commitment to its dividend after the company lost more than $20 billion in 2020, and as activist investors push for change. "We're going to continue to return cash to shareholders through a very strong dividend," Woods said Thursday on CNBC's "Squawk Box." The cost-cutting measures meant the company continued its payout, although Exxon didn't raise its dividend in a break with tradition. Woods' comments follow Exxon's annual investor day, which was held virtually on Wednesday. In research reports following the investor day, Wall Street firms including Evercore ISI and Bank of America said they believe the dividend is safe.cnbc.com
Weekly Oil And Gas Update: Winter Storm Helps Boost Texas Oil To More Than $60 Per Barrel – Houston Public Media
As Houstonians faced freezing temperatures and widespread power outages last week, the frigid weather also limited oil and gas production in the state. As output starts to stabilize this week, West Texas Crude is trading around $63 dollars a barrel. It took a global pandemic to help push Texas oil prices to historic lows last year, and it took an unprecedented winter storm to assist in their ascent back to $60 or more per barrel this year. Texas is the top U.S. producer of crude oil and natural gas, according to the Energy Information Association. Meanwhile, the state’s natural gas industry and infrastructure are being criticized for their lack of winter weather preparedness.houstonpublicmedia.org
Weekly Oil And Gas Update: Houston Energy Companies Lost Billions In 4th Quarter of 2020 – Houston Public Media
The full impact of the global pandemic on Houston's oil and gas industry is becoming more clear, as companies release their final earnings reports for 2020. ExxonMobil, which has its main campus in Houston, reported a stunning $20 billion in losses in the fourth quarter alone. Houston-based ConocoPhillips lost more than $700 million in the fourth quarter for a total loss of $2.7 billion in 2020. University of Houston Energy Fellow Ed Hirs said as long as there's consumer demand for things like gasoline, companies will just move oil and gas production to other countries. In 2020, CERAWeek, put on by the firm IHS Markit, was one of the first major events in Houston canceled due to COVID-19.houstonpublicmedia.org
Chevron and Exxon discussed merger last year after Covid pandemic devastated oil prices, reports say
The CEOs of Chevron and ExxonMobil last year discussed the possibility of merging the two companies, The Wall Street Journal reported Sunday, citing unnamed people familiar with the talks. The newspaper reported that Chevron CEO Michael Wirth and Exxon CEO Darren Woods spoke about the prospect after the Covid-19 pandemic began to negatively impact oil prices. A merger between Chevron and Exxon would be among the largest in history, and would likely face antitrust scrutiny from President Joe Biden's Department of Justice. Both companies descend from John D. Rockefeller's Standard Oil, which was broken up by the Supreme Court in 1911. The combined firm would be the second largest oil and gas company in the world, after Saudi Aramco.cnbc.com
Exxon Was Hit Hard In 2020. How It Rebounds Could Shape Houston’s Future – Houston Public Media
Like many oil and gas companies, ExxonMobil had a rough 2020. "I think the company identifies very closely with Houston, and I think Houston has always been very proud to have Exxon here." He wrote a biography of Woodlands' founder George Mitchell, who owned an oil company and helped make hydraulic fracturing, or fracking, commercially viable. Exxon's arrival helped speed up the northward spread of the Greater Houston area, and today Exxon's impact can be seen in more than just an increase in housing. "And so while the independent oil companies in Houston are really suffering, Exxon — as an operating company — has a very, very strong and sound future."houstonpublicmedia.org
Weekly Oil & Gas Update: West Texas Crude Rallies to $50 Per Barrel In First Week of 2021 – Houston Public Media
After nearly a year of devastatingly low oil prices, West Texas Crude is once again back to $50 per barrel. Texas oil producers spent much of 2020 hoping to see oil hit $40 as the industry struggled through a historic downturn. But one week into 2021 and West Texas Crude has bounced back to $50 per barrel. In 2019, direct greenhouse gas emissions from the company totaled the equivalent of 120 million metric tons of carbon dioxide. Oil and gas producers in Texas flared more natural gas than any other state in 2019, according to federal data.houstonpublicmedia.org
ExxonMobil Releases Its Most Comprehensive Emissions Report Ever – Houston Public Media
For years, Irving-based Exxon has released data about the company's direct and indirect greenhouse gas emissions. Emissions from consumer use of ExxonMobil petroleum and gas hit an estimated equivalent of 1,300 million metric tons of carbon dioxide in 2019, according to the company. Direct greenhouse gas emissions from the company totaled the equivalent of 120 million metric tons of carbon dioxide in 2019. That same year, the use of Exxon natural and crude gas production added another estimated 570 million metric tons, and consumer use of petroleum products like fuels added an estimated 730 million metric tons. In its report, Exxon noted investor interest as the reason for releasing more comprehensive emissions data.houstonpublicmedia.org
Weekly Oil Market Crash Update: Biden Expected To Name Former Michigan Gov. Jennifer Granholm As Energy Secretary – Houston Public Media
Granholm will help oversee the Coronavirus recovery as well as the shift to a clean energy economy. Also this week, Exxon cuts 700 Houston workers and Parsley Energy sheds 230 from its Austin workforce. Jennifer Granholm is expected to step into the role of energy secretary as the oil and gas industry struggles to recover from a historic downturn. Many consider Granholm a clean energy advocate, and her pick helps solidify the incoming president's commitment to reducing greenhouse gas emissions while creating energy and clean technology jobs. Granholm's opposition to some major oil pipeline projects, such as Keystone XL and Dakota Access, will likely draw criticism from some in Houston's oil and gas industry.houstonpublicmedia.org
ExxonMobil Announces Layoffs of Nearly 2,000, Primarily from Springwoods Village Campus
Spring, Texas – ExxonMobil announced Thursday that it plans to layoff 1,900 employees, primarily from their campus in Springwoods Village. In a news release, the company said the reduction in jobs, through voluntary and involuntary programs, are a result of “ongoing reorganizations and work-process changes that have been made over the past several years to improve efficiency and reduce costs.”“The company recognizes these decisions will impact employees and their families and has put these programs in place only after comprehensive evaluation and thoughtful deliberation. Employees who are separated through involuntary programs will be provided with support, including severance and outplacement services.” ExxonMobil StatementExxonMobil’s Houston Campus is located in Spring, Texas on 385 acres located to the west of Interstate 45 near the intersection of the Hardy Toll Road. You can read the complete news release by clicking here.springhappenings.com
Exxon announces U.S. job cuts, global workforce could see 15% reduction
Exxon said Thursday that it intends to reduce its U.S. staff by around 1,900 employees, with global workforce reductions potentially rising to as much as 15% as the energy giant continues to see its operations pressured by the coronavirus pandemic. Exxon said the reduction is part of ongoing reorganization efforts aimed at improving efficiency and reducing costs. Earlier in October Exxon said it was cutting its European operations by 1,600 positions through the end of 2021. An Exxon spokesperson said that the company is conducing country-by-country reviews, which could result in a 15% reduction in its global workforce. As of the end of 2019 Exxon had a global workforce of 88,300, which included 13,300 contractors.cnbc.com
Op-ed: A $100 billion Big Oil divestiture plan is coming
The Johan Sverdrup oil field in the North Sea, operated by Equinor, is the third-largest oil field on the Norwegian continental shelf, with 2.7 billion barrels of oil equivalent. Equinor is planning to cut the carbon-intensity of energy products it sells by at least 50% as part of the energy transition related to climate change. CARINA JOHANSEN | AFP | Getty ImagesEnergy transition has climbed towards the top of the agenda in the boardrooms of the world's largest oil and gas companies. Big oil companies have strong skills within energy and own assets globally that they can use to remain competitive as the transition proceeds. The oil majors have a long history of going wherever there is money to be made on oil and gas, and have established presence in almost every corner of the world.cnbc.com
As energy stocks tumble, these names have best chance of survival
The crude oil crush has taken down energy stocks, but there may be some survivors, according to Simpler Trading director of options Danielle Shay. Energy stocks have been dragged along with the sector tanking almost 53% this year and trading near levels it last hit in early 2004. She said energy companies "need oil to be $40 to $50 a barrel" for them to stay afloat. "These names are really just going to be Chevron, Exxon, and then the big names that are going to have enough money to get through this." ExxonMobil and Chevron have fallen 46% and 40% respectively, but are still outperforming the energy sector as a whole.cnbc.com
ExxonMobil shows Spring ISD girls how they can change the world
HOUSTON – Women have made great strides in many professions that were once dominated by men, but only 13 percent of engineers in the workforce today are women. ExxonMobil partnered up with Spring Independent School District for the ExxonMobil Girls Engineering Festival to show girls how they help change the world, and lead to an exciting, rewarding career in engineering. Hundreds of middle school girls from Spring, Conroe and Magnolia ISDs worked alongside female volunteers from ExxonMobil to find themselves in professional engineers’ shoes for a day. The event was designed to spark girls’ interest about the field, build their confidence in problem-solving abilities, and show them that if they want to be an engineer, they can be.
ExxonMobil shows Spring ISD girls how they can change the world | HOUSTON LIFE | KPRC 2
ExxonMobil shows Spring ISD girls how they can change the world | HOUSTON LIFE | KPRC 2Published: February 20, 2020, 4:03 pmHundreds of middle school girls from Spring ISD partnered with female volunteers from ExxonMobil at the ExxonMobil Girls Engineering Festival. The event was designed to spark girls’ interest about the field, build confidence in their problem-solving abilities, and show them that if they want to be an engineer, they can be. Students took on fun, interactive engineering challenges, and got to interview female ExxonMobil engineers about their experiences.
Contractor dies after being injured at ExxonMobil facility in Baytown
BAYTOWN, Texas – A contract worker died Tuesday after being injured at the ExxonMobil facility in Baytown. KPRC 2 Investigates learned Wednesday that emergency crews responded to the plant on Decker Drive about 8:45 a.m. Tuesday. ExxonMobil officials said in a written statement that the worker was employed by Contech Control Services. The full statement follows:“We regret that a contractor was fatally injured in an incident that occurred at the ExxonMobil Baytown Complex on February 11, 2020. The person involved was immediately attended to by emergency responders.
Fire erupts at ExxonMobil refinery in Louisiana; no injuries
BATON ROUGE, La. – A fire inside an ExxonMobil refinery in Louisiana turned the night sky a shade of orange and sent a large plume of smoke into the air. The fire erupted at the facility in Baton Rouge around 11:30 p.m. Tuesday, Baton Rouge Fire Department spokesman Curt Monte told news outlets. ExxonMobil is the largest manufacturing employer in Louisiana and its Baton Rouge refinery is the fifth largest in the country, WAFB-TV reported. There was no off-site impact, fire department spokesman Monte said.
TD Ameritrade strategist explains why millennial investors have been buying ExxonMobil
TD Ameritrade's millennial investors were attracted to a somewhat surprising stock in January: ExxonMobil. "One of the most bought stocks by our millennials," JJ Kinahan, the brokerage firm's chief market strategist, told CNBC on Monday. Kinahan did not disclose specific numbers around the purchases of ExxonMobil, but he said he found its popularity among young investors "really interesting." "It's about the fact that they think crude oil does have a bottom, at least in the shorter term," Kinahan said, recalling his conversations with some young investors who have bought ExxonMobil shares. But more important than crude oil reaching a nadir is the stock's yield, he said.cnbc.com
The 2010s had an appetite for disruption let's take a look back
What a difference a decade makes, especially one as chaotic, confounding, exciting and disruptive as the 2010s. For a stark example, look no further than the value of the biggest American companies then and now. We will look at the biggest changes in the worlds of business, markets, money and politics as well as the companies, people and forces behind them. We'll see which companies were the most important for the decade and look back on some of the biggest moments on CNBC TV over the past 10 years. All these reports and more will come out in our Decade of Disruption series in the coming weeks.cnbc.com
Exxon's profit shrinks by 49% because oil prices aren't cooperating
ExxonMobil has invested in shale production but low oil prices are stalling profits. Exxon said Friday its third-quarter profit tumbled 49% to $3.2 billion as stronger production was overwhelmed by lower prices. US oil prices ended the third quarter at around $50 a barrel, compared with nearly $70 a year earlier. Exxon's profit drop comes as the company is mired in a high-stakes legal battle in New York. The company's Permian Basin oil production totaled 455,000 barrels per day, up 35% from a year ago.
Exxon, Chevron expected to post steep drops in earnings for third quarter
Exxon and Chevron report earnings on Friday before the bell as energy companies continue to struggle, pressured by falling oil prices, waning demand and squeezed margins. Exxon is expected to report third-quarter earnings of 67 cents per share, according to estimates from FactSet, and $60.9 billion in revenue. Following the Oct. 1 filing, Mizuho analyst Paul Sankey slashed his earnings expectations for the quarter from $1.04 to 65 cents since the company "continues to struggle to generate strong earnings." While he said that earnings should improve from the prior quarter, he expected the improvement to be offset by lower oil prices. Last quarter, Exxon beat top- and bottom-line estimates, as strength in the company's upstream business offset weakness in the refining and chemical divisions.cnbc.com
Trump wants to make a deal with Exxon or others to tap Syrian oil: 'We should be able to take some'
President Donald Trump on Sunday said he's interested in making a deal with ExxonMobil or another energy company to tap Syrian oil reserves. President Trump has identified Syria's oil as a U.S. national security priority and has committed to deploying troops to protect the country's reserves even as he pulls troops from Syria's northern regions. U.S. Defense Secretary Mark Esper said this week that the U.S. will send in troops to protect Syrian oil fields from Islamic State militants. Trump made the comments while announcing the death of Islamic State leader Abu Bakr al-Baghdad following a U.S. military raid in Syria. Senator Lindsey Graham of South Carolina supported President Trump's focus on Syrian oil, when a reporter asked by what "legal right in international law" the U.S. could take Syrian oil.cnbc.com
Trial to decide whether ExxonMobil was honest with investors
A trial in which energy giant ExxonMobil stands accused of misleading investors about the potential impact of climate change regulations on its operations started on October 22, 2019. NEW YORK - A trial in which energy giant ExxonMobil stands accused of misleading investors about the potential impact of climate change regulations on its operations started Tuesday. Former US Secretary of State Rex Tillerson was the CEO of ExxonMobil from 2006 to 2016, during the years in question, and will testify in the trial, according to a company attorney. "For many years, ExxonMobil has acknowledged that climate change is real and is a problem that must be addressed by the nations of the world," Wells, the ExxonMobil attorney, told the court. "But the problem with climate change does not permit the New York attorney general to bring a meritless complaint."
Report details how ExxonMobil and fossil fuel firms sowed seeds of doubt on climate change
But on Wednesday, New Yorks lawsuit, alleging the company mislead investors, is set to go to trial in state Supreme Court in Manhattan. AdvertisementFor 60 years, the fossil fuel industry has known about the potential global warming dangers of their products. And they point to specific examples employed by ExxonMobil, including a 2004 New York Times advertisement that read like an editorial. It employed traditional disinformation techniques such as questioning scientific consensus and advocating for a balanced scientific approach to climate change, giving weight to those skeptical of the prevailing research. AdvertisementRecent polls show a growing number of Americans believe climate change is occurring and that it is the result of human activity.latimes.com
Lawsuit: 20 million gallons of contaminated water dumped into Ship Channel during ExxonMobil fire
BAYTOWN, Texas - Nearly 20 million gallons of contaminated water used to fight a fire at the ExxonMobil plant in Baytown last week was spilled into the Houston Ship Channel, according to a lawsuit filed Monday by the state. DOCUMENT: Read state's lawsuit against ExxonMobilState officials claim in the lawsuit that the first discharge of 10.4 million gallons happened sometime between July 31 and Aug. 1. The second, of 7.4 million gallons, happened Aug. 1 and the third, of 2.1 million gallons, happened Aug. 2, according to the lawsuit. The lawsuit claims that the second and third spills happened when rain overwhelmed the pumps. The lawsuit also claims that ExxonMobil emitted multiple air contaminants during the fire without authorization from the Texas Commission on Environmental Quality.
Lawsuit: 20 million gallons of contaminated water dumped into Ship Channel during ExxonMobil fire
Flames and smoke shoot from a stack at the ExxonMobil plant in Baytown, Texas, during a fire that started July 31, 2019. BAYTOWN, Texas - Nearly 20 million gallons of contaminated water used to fight a fire at the ExxonMobil plant in Baytown last week was spilled into the Houston Ship Channel, according to a lawsuit filed Monday by the state. State officials claim in the lawsuit that the first discharge of 10.4 million gallons happened sometime between July 31 and Aug. 1. The second, of 7.4 million gallons, happened Aug. 1 and the third, of 2.1 million gallons, happened Aug. 2, according to the lawsuit. The lawsuit also claims that ExxonMobil emitted multiple air contaminants during the fire without authorization from the Texas Commission on Environmental Quality.
Multiple lawsuits filed after workers injured during fire at ExxonMobil's Baytown plant
BAYTOWN, Texas - It's a day Alvaro Coronel won't soon forget. "We started running from the loft, the rigging loft, and that second explosion was loud," Coronel said. Coronel suffered second- and third-degree burns to his head, neck, back and arm. Coronel claims he was initially going to be taken to a hospital but instead was taken to a clinic. More lawsuitsCoronel's lawsuit against ExxonMobil is the second lawsuit to be filed by someone working at the plant.
Worker says ExxonMobil clinic dismissed injury as 'sun burns'
EMBED >More News Videos The fire broke out in the olefins unit before the lunch hour on WednesdayBAYTOWN, Texas (KTRK) -- A man working at the Baytown ExxonMobil plant during Wednesday's explosion is suing the company, claiming that the plant's clinic wrote off his injuries as similar to "sun burns. "Alvaro Coronel and his attorneys met with media on Friday, two days after he said he was standing 30 yards from the explosion at the ExxonMobil Olefins Plant. He heard a second explosion, causing him to fall. "So, we're running and that second explosion, I mean, it was loud," said Coronel. Attorney Muhammad Aziz said this worker climbed a unit on site and fell when the explosion went off.The lawsuit is the latest legal obstacle for ExxonMobil in the explosion's aftermath.Harris County sued ExxonMobil just the day after the explosion.abc13.com