ExxonMobil Plans Big 2020 Capex Boost
Exxon Mobil Corp plans to boost capital spending for several years, CEO Darren Woods said on Wednesday, and the largest U.S. oil company's shares fell after he laid out a strategy to "lean in" while the rest of the industry cuts back.Exxon shares fell more than 1.6 percent…
Exxon Reorganizing Exploration Units
Exxon Mobil Corp on Thursday outlined a major reorganization of its global exploration businesses aimed at reversing years of weak oil and gas output.Chief Executive Darren Woods, who took over the helm two years ago, has spent billions to buy production, build new pipelines…
Exxon Shareholders Reject Proposal to Split CEO, Chair Roles
Exxon Mobil Corp shareholders rejected a proposal on Wednesday that would have split the roles of chairman and chief executive, securing CEO Darren Woods's role as he looks to improve results at the world's largest publicly traded oil producer.Woods, who became chairman and CEO in January 2017…
Oil Set for Weekly Drop as Supply Concerns Weigh
IEA sees 2018 global oil demand increasing by 1.5 mln bpd. Oil prices were set for a weekly drop despite a slight gain in both benchmarks on Friday, on concerns that rising global supply could undermine efforts by OPEC and other producers to tighten the market. West Texas…
Venezuela's Crude Sales to U.S. Falls to 15-year Low in February
Venezuela's crude exports to the United States declined in February to a 15-year low as oil production continues falling and President Donald Trump's administration weighs new sanctions on the OPEC country, according to Thomson Reuters data. Financial sanctions imposed by…
Commodities' Dilemma: Strong Demand or Trade War Fears?
The tug-of-war between fundamentals and sentiment appears to be getting stronger for many commodities as the market tries to reconcile factors such as robust demand numbers from China and increasingly worrying rhetoric and actions from the United States. Iron ore, steel and…
Shares Slip as Exxon Unveils Bold CapEx Plan
Exxon Mobil Corp on Wednesday outlined an ambitious capital spending plan it said would more than double annual earnings by 2025, hoping to allay investor fears that the world's largest publicly traded oil producer has seen its best days. Despite the ambitious plan to woo Wall Street…
Exxon Plans to Double Earnings by 2025
Exxon Mobil Corp, the world's largest publicly traded oil producer, said on Wednesday it expects earnings to more than double by 2025 to $31 billion, with crude prices at or above current levels. It was the first time Exxon has ever given an earnings forecast so far in advance…
Exxon Quits Some Rosneft Joint Ventures Citing Sanctions
Exxon Mobil Corp will exit some joint ventures with Russia's Rosneft, citing Western sanctions first imposed in 2014, while the Russian company said the pullout will result in serious losses for its U.S. partner. The move is an about-face for Exxon, which had opposed the sanctions…
Harsher Sanctions Needed Against Venezuela -OAS chief
OAS boss Almagro says regime "has become more tyrannical." U.S. weighs tougher sanctions after Tillerson tour. Sanctions should be stepped up against Venezuela's leaders and oil sector in response to the country's repressive political climate, the head of the Organisation of American States (OAS) said on Tuesday.
Merkel Sees No Threat in New Gas Pipe to Russia, Poland Disagrees
The planned Nord Stream 2 gas pipeline connecting Germany and Russia poses no threat to Europe's energy security, Chancellor Angela Merkel said on Friday, publicly disagreeing with her Polish counterpart. Poland, Ukraine and Baltic states fear the pipeline to be laid under…
China Rebuffs U.S. Criticism of its Venezuela Ties
China's support for Venezuela has benefited ordinary people and been broadly welcomed, the foreign ministry said on Monday after the U.S. Treasury accused China of aiding Venezuelan President Nicolas Maduro's government with murky oil-for-loan investments. In a Friday speech at the Center for Strategic and International Studies, the U.S.
Exxon Plans Major US Investments Due to Tax Reform -CEO
Exxon Mobil Corp plans to invest billions of dollars in the United States due in part to recently approved corporate tax rate cuts, the company's chief executive said on Monday. Darren Woods, head of the world's largest publicly traded oil producer, said in a blog post on…
Macroeconomic Risks for the Oil Industry
The global oil industry now appears to be in the early stages of a cyclical expansion which is likely to see prices rise over the next few years, slowly at first but then accelerating later. Deep and long cycles in oil prices have been the defining characteristic of the industry…
Tillerson Says US Will Continue Efforts to Reduce Emissions
The United States will continue its efforts to reduce its greenhouse gas emissions despite President Donald Trump's decision to leave the Paris climate accord, U.S. Secretary of State Rex Tillerson said on Friday. "It was a policy decision and I think it's important that everyone…
Arctic Council Meeting Stirs Hidden Tensions
As foreign ministers from countries with territory in the far North celebrated an agreement on fighting climate change this week, one topic seethed below the surface: growing competition for Arctic resources and sea lanes as the ice melts. Russia, one of eight members of the Arctic Council which includes the United States…
US State Dept to Approve Keystone Pipeline Permit Friday
The U.S. State Department will approve on Friday the permit needed to proceed with construction of the Canada-to-United States Keystone XL oil pipeline, a project blocked by former President Barack Obama, according to two government sources familiar with the process. The move…
Judge Orders Exxon to Confer with New York AG on Tillerson Emails
A New York state judge on Wednesday ordered ExxonMobil Corp to work with the New York attorney general's office to try to recover lost emails from an alias account used by U.S. Secretary of State Rex Tillerson when he was the oil company’s chairman and chief executive. Justice Barry Ostrager…
Trump Seeks US Energy Companies' Input on Paris Climate Pact
President Donald Trump's administration has been contacting U.S. energy companies to ask them about their views on the U.N. global climate accord, according to two sources with knowledge of the effort, a sign Trump is reconsidering his 2016 campaign pledge to back out of the deal.
Exxon to Invest $20 Bln on US Gulf Refining Projects
Exxon Mobil Corp, the world's largest publicly traded oil producer, said on Monday it would invest $20 billion through 2022 to expand chemical and refining plants on the U.S. Gulf Coast. The investments at 11 sites should create 35,000 temporary construction jobs and 12,000 permanent jobs…
