Higher Oil and Gas ExxonMobil Trading Profits and Production in 2023

Energy giant ExxonMobil, the largest U.S. oil company, reported a better-than-expected $36 billion profit for 2023 boosted by fuels trading and higher oil and gas production. For the fourth quarter XOM EPS beat by $0.28 but missed on revenue expectations. Exxon Chief Executive Darren Woods said the industry “saw energy prices and refining margins start to normalize in 2023.” Earnings across the energy space have been rebalancing by the slump in global natural gas and crude prices since last year’s … Continue reading “Higher Oil and Gas ExxonMobil Trading Profits and Production in 2023”

Exxon Mobil Profits Impacted by Lower Natural Gas Prices and Higher Chemical Input Costs

Energy giant ExxonMobil, the largest U.S. oil company, reported lower-than-expected third quarter earnings Friday. Earnings across the energy space have been afflicted by the slump in global natural gas and crude prices since last year’s run up. Lower natural gas realizations and industry refining margins adversely impacted earnings. XOM announced a $9.1 billion third-quarter profit, missing analysts’ estimates for the second quarter in a row, and down from 54% from a year ago. The energy giant has been busy shoring … Continue reading “Exxon Mobil Profits Impacted by Lower Natural Gas Prices and Higher Chemical Input Costs”

Exxon Mobil Second Quarter Profits Impacted by Lower Refining Margins & Natural Gas Prices

Energy giant ExxonMobil, the largest U.S. oil company, reported lower-than-expected second quarter earnings Friday. Earnings across the energy space have been afflicted by the slump in global natural gas crude prices. Lower natural gas realizations and industry refining margins adversely impacted earnings. XOM adjusted earnings were $7.88 billion or $1.94 per share, down 56% from the same period last year and under the consensus forecast of $2.01 per share. Revenues fell 28.3% to $82.92 billion, ahead of analysts’ estimates of … Continue reading “Exxon Mobil Second Quarter Profits Impacted by Lower Refining Margins & Natural Gas Prices”

OPEC has Eyes on Exxon Mobil’s Higher Oil Production in Guyana

OPEC, it has been reported is trying to lure Guyana across to join the energy cartel. This is a significant play for new oil production but also on the geopolitical front. Energy giant ExxonMobil (XOM), the largest U.S. oil company, and its partners having invested over $40 billion in 5 Guyana projects. XOM expects to produce over one million barrels a day by the end of the decade. Exxon last earnings reported production increased by nearly 300,000 barrels of oil … Continue reading “OPEC has Eyes on Exxon Mobil’s Higher Oil Production in Guyana”

Exxon Mobil Record First Quarter Profits with Higher Production in Guyana and Permian

Energy giant ExxonMobil, the largest U.S. oil company, reported better than expected first-quarter earnings Friday. XOM produced more oil to overcome lower energy prices. ExxonMobil reported adjusted earnings of $11.43 billion or $2.83 a share, ahead of a consensus $2.60 on FactSet and up from a year-ago profit of $5.48 billion, or $1.28 a share. Revenue fell 4.8% to $86.6 billion, but that also beat estimates. Production increased by nearly 300,000 barrels of oil equivalent a day driven by projects … Continue reading “Exxon Mobil Record First Quarter Profits with Higher Production in Guyana and Permian”

Exxon Mobil in Talks to Buy Shale Giant Pioneer Natural Resources

Energy giant ExxonMobil, the largest U.S. oil company, has held preliminary informal talks with U.S. fracking giant Pioneer Natural Resources Co. about a possible acquisition according to people familiar with the matter the WSJ reported Friday. Some of the people cautioned there is no formal process between Exxon and Pioneer. Exxon is in a cash rich position after it delivered its highest-ever annual profit in 2022 fueled by surging oil prices to resurrect it as one of America’s most profitable … Continue reading “Exxon Mobil in Talks to Buy Shale Giant Pioneer Natural Resources”

Houston SPAC CO2 Energy Transition filed IPO Targeting Carbon Capture

With energy transition in mind, Houston, Texas based SPAC “CO2 Energy Transition Corp” targeting the carbon capture, utilization, and storage industry filed to go public. The company plans to raise up to $80 million in an initial public offering by offering 8 million units at $10 the SEC filed showed. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, CO2 Energy Transition Corp. would command a market value of … Continue reading “Houston SPAC CO2 Energy Transition filed IPO Targeting Carbon Capture”

Exxon Mobil Benefits from Countercyclical Investments Delivering Record Annual Profit

Energy giant ExxonMobil, the largest U.S. oil company, reported better than expected fourth-quarter earnings Tuesday but revenue fell short of estimates. Revenue rose to $95.429 billion from $84.965 billion a year ago, below the $97.345 billion FactSet consensus. XOM delivered its highest-ever annual profit in 2022 fueled by surging oil prices to resurrect it as one of America’s most profitable companies and erase billions of dollars of losses incurred during the pandemic. Exxon reaped the benefits of its countercyclical investments … Continue reading “Exxon Mobil Benefits from Countercyclical Investments Delivering Record Annual Profit”

Exxon Mobil Delivers Record Profits Sending XOM Shares to All Time Highs

Energy giant ExxonMobil, the largest U.S. oil company, reported better than expected third-quarter earnings Friday and raised their dividend to reward shareholders. $XOM was boosted by rising oil-equivalent production, higher realized energy prices, strong refining margins and cost cuts. XOM’s third quarter profit was $19.66 billion up from $17.9 billion, its highest ever. The Covid crisis had primed the company for survival and efficiency and as such benefit from lucrative refining. Fellow American Oil giant Chevron posted Q3 net income … Continue reading “Exxon Mobil Delivers Record Profits Sending XOM Shares to All Time Highs”

Ahead of Earnings ExxonMobil Announce Two New Discoveries Offshore Guyana

Energy giant ExxonMobil, the largest U.S. oil company, announced Wednesday two new discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana. XOM has made over 30 discoveries on the block since 2015. ExxonMobil reports its third-quarter profit earnings before the market open Friday. $XOM has been boosted by rising oil and fuel production, higher energy prices and cost cuts. After the news XOM traded up at $107.40 +1.52 or 1.44% just short of it’s all time … Continue reading “Ahead of Earnings ExxonMobil Announce Two New Discoveries Offshore Guyana”