Exxon, Chevron Q1 Earnings Expected to Dip
Exxon Mobil and Chevron are expected to report lower quarterly earnings per share when compared with last year's first quarter, though their stocks have outperformed smaller companies with both in the midst of aggressive expansion plans in shale oil.A combination of lower oil prices, weakness in liquefied natural gas (LNG) portfolios and lackluster refinery margins could hurt integrated oil companies across the board, analysts said ahead of results announcements on Friday."We're not looking for a great first quarter for the group…
Exxon Mobil Pulls Staff From Gulf Platform Ahead of Tropical Storm Michael
Exxon Mobil said on Monday it was evacuating personnel from a Gulf of Mexico platform as Tropical Storm Michael approached the U.S. Gulf of Mexico.The world's largest publicly traded oil producer does not currently expect the staff reduction at its Lena production platform to impact output, spokeswoman Julie King said. Reporting by Gary McWilliams
Exxon Expects More Oil from Guyana's Offshore Block
Exxon Mobil Corp and its partners now expect the large Stabroek oil block offshore Guyana to contain about 25 percent more recoverable resources than estimated, they said on Monday.Exxon and U.S.-based partner Hess Corp said more than 4 billion barrels of oil equivalent could be recovered from the Stabroek block, which is part of one of the biggest oil discoveries in the world in the last decade.The previous estimate was 3.2 billion barrels of oil equivalent, Exxon, the world's largest publicly traded oil producer, said.Besides Exxon and Hess…
Venezuela Frees Chevron Executives Held Since April
Venezuela has released two local executives of U.S. oil major Chevron Corp jailed since mid-April during a corruption probe in the oil sector, authorities and the company said on Wednesday. The arrests of Carlos Algarra and Rene Vasquez by intelligence agents at Chevron's Puerto La Cruz offices spooked other foreign companies operating in the OPEC nation in partnership with state oil company PDVSA. "They are free," the state prosecutor's office said in an email to Reuters, adding that both had been given unspecified alternative conditions to jail. One source close to Chevron said the two Venezuelans had to report to authorities every 15 days.
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, has struggled to recover from failed bets taken by his predecessor Rex Tillerson https://www.reuters.com/article/us-exxon-mobil-wall-street/exxon-ceo-struggles-to-reverse-tillersons-legacy-of-failed-bets-idUSKCN1GJ0IE, the former U.S.
Exxon Profit Disappoints as Refining Sector Weighs
Exxon Mobil Corp, the world's largest publicly traded oil producer, posted a lower-than-expected quarterly profit on Friday as weakness in its chemical and refining operations offset a boost from higher crude prices. It was the second consecutive quarter of weakness in Exxon units that make gasoline, plastics and related products. Exxon blamed weak margins for the income drop in those segments. Shares of Irving, Texas-based Exxon fell 1.5 percent to $79.64 in premarket trading. The company posted net income of $4.7 billion, or $1.09 per share, compared to $4.01 billion, or 95 cents per share, in the year-ago quarter.
Exxon Mobil Boosts Quarterly Dividend to 82 Cents
Exxon Mobil Corp, the world's largest publicly traded oil producer, boosted its quarterly dividend on Wednesday by about 7 percent to 82 cents, the 36th year in a row it has increased the payout.The dividend is payable on June 11 to shareholders of record as of May 14. Exxon is slated to release its quarterly results on Friday.(Reporting by Ernest Scheyder Editing by Paul Simao)
Exxon CEO Compensation Up 4% for 2017
Exxon Mobil Corp said on Thursday that Chief Executive Darren Woods's compensation rose about 4 percent last year, his first year running the world's largest publicly traded oil producer.Woods's compensation package rose to $17.5 million for 2017, which included a 20 percent increase in his salary to $1.2 million and a 50 percent increase in his bonus to $1.8 million, among other items.Woods's compensation in 2017 was 108 times larger than the median compensation of $161,562 for Exxon's roughly 70,000 employees.(Reporting by Ernest Scheyder Editing by Chizu Nomiyama)
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 shares slid 3.1 percent to their lowest level in more than two years. Once the industry's profit and cash-flow leader, Exxon now lags rivals. Sagging profits and a declining share price have pushed total return, share appreciation plus dividends, into negative territory over the last five years, according to Thomson Reuters data.
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, highlighting how the Irving, Texas-based company was working to woo Wall Street. Exxon's shares fell 1.4 percent on Wednesday morning to $75.13 alongside a dip in broader markets and oil prices. Investors and analysts have bemoaned that the company's returns have sagged below those of rivals Royal Dutch Shell Plc and Chevron Corp in recent years.
Exxon Sees Earnings Doubling by 2025
Exxon Mobil Corp, the world's largest publicly traded oil producer, said on Wednesday it expects its earnings to more than double by 2025 to $31 billion with crude prices at or above current levels. The company said exploration projects in Guyana and the Permian Basin as well as refining and chemical plant expansions, should help boost earnings. The company reported an adjusted profit of $15 billion in 2017. Exxon has come under increasing pressure from Wall Street analysts in recent years to boost returns, which have lagged its four largest publicly traded peers. Reporting by Ernest Scheyder
Exxon Selling Stake in Terra Nova Oil Project
Exxon Mobil Corp is selling its entire stake in the Terra Nova oil project off the eastern coast of Canada, though the world's largest publicly traded oil producer said it was committed to remaining an investor in the region. The project, located about 217 miles (350 km) off Newfoundland and Labrador, produced about 5,000 barrels of oil per day in 2016. Exxon is selling all of its 19 percent stake in the project and initial bids are due March 30, according to data and a document from Schlumberger's oil and gas asset sale business. Exxon confirmed the sale process, though said it does not involve other assets in the area.
Exxon Q4 Profit Soars
Exxon Mobil Corp, the world's largest publicly-traded oil producer, said on Friday its quarterly profit jumped more than four-fold on rising oil prices and cost cuts. The company posted net income of $8.4 billion, or $1.97 per share, compared to $1.7 billion, or 41 cents per share, in the year-ago quarter. The company saw a $5.9 billion non-cash benefit related to recent U.S. tax reform to revalue deferred taxes. Production fell 3 percent to 4 million barrels of oil equivalent per day. Reporting by Ernest Scheyder
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 the company's website that Exxon expects to spend $50 billion in U.S. projects over the next five years. The company also is "actively evaluating" projects now in planning stages as a result of new tax and regulatory changes, he wrote. More than $35 billion of that amount is for projects not previously announced, according to company spokesman Scott Silvestri.
Exxon to Merge Refining and Marketing Divisions
Exxon Mobil Corp said on Friday it would merge its refining and marketing divisions in the first quarter of 2018 and named Bryan Milton president of the combined unit. The world's largest publicly traded oil producer said the merged entity, ExxonMobil Fuels & Lubricants Company, will manage crude purchasing and logistics, refining, and marketing and sales of refined products among other things. (Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D'Silva)
Exxon Mobil's Profit Jumps 50 Percent
Exxon Mobil Corp, the world's largest publicly-traded oil producer, said on Friday its quarterly profit jumped 50 percent on higher crude and natural gas prices. The company posted net income of $3.97 billion, or 93 cents per share, in the third quarter, compared to $2.65 billion, or 63 cents per share, in the year-ago period. Exxon said Hurricane Harvey, which tore through the U.S. Gulf Coast region in August, dented quarterly earnings by 4 cents per share. Production rose about 2 percent to 3.9 million barrels of oil equivalent per day. Reporting by Ernest Scheyder
Exxon Aims to Curb Methane Emissions from Shale Division
Exxon Mobil Corp said on Monday it would launch a program to curb its methane emissions from its U.S. shale facilities by replacing aging equipment and updating dated technology, part of a plan by the company to reduce its environmental footprint. The program comes as Exxon, the world's largest publicly traded oil producer, fights accusations by environmentalists and others that it misled investors and the public for years about the risks of climate change from fossil fuels. Exxon declined to outline the cost of the three-year program or the savings it projects by keeping methane from venting.
Exxon Mobil Quarterly Profit Soars
Exxon Mobil Corp, the world's largest publicly traded oil producer, said on Friday its quarterly profit nearly doubled on surging margins at its operations outside the United States. The company posted net income of $3.35 billion, or 78 cents per share, compared to $1.7 billion, or 41 cents per share, a year earlier. Production fell about 1 percent to 3.9 million barrels of oil equivalent per day. Reporting by Ernest Scheyder
Crude Prices, Cost Cuts Drive Exxon Mobil's Profit
Exxon Mobil Corp, the world's largest publicly-traded oil producer, said on Friday its quarterly profit more than doubled due to rising crude prices and cost cuts. The company posted net income of $4.01 billion, or 95 cents per share, compared to $1.81 billion, or 43 cents per share, in the year-ago quarter. Production fell 4 percent to 4.2 million barrels of oil equivalent per day. Reporting by Ernest Scheyder
US Will Not Issue Drilling Waivers to Russia Sanctions
The United States will not make an exception for American companies, including oil major Exxon Mobil Corp, seeking to drill in areas prohibited by U.S. sanctions on Russia, Treasury Secretary Steven Mnuchin said on Friday. "In consultation with President Donald J. Trump, the Treasury Department will not be issuing waivers to U.S. companies, including Exxon, authorizing drilling prohibited by current Russian sanctions," Mnuchin said in a statement. Exxon spokesman Alan Jeffers had no immediate comment on the statement. The company this week declined to comment on a Wall Street Journal report that it is seeking permission from the U.S.
