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”

Exxon Plans Massive Lithium Plant in Arkansas to Improve Energy Transition Security for the U.S.

Fresh on the heels of buying Dallas based pipeline operator Denbury (DEN) for $4.9 billion, Exxon Mobil is planning to build one of the world’s largest lithium processing facilities in Arkansas according to people familiar with the matter the Wall Street Journal reported Thursday. The plant would have a capacity to produce 75,000 to 100,000 metric tons of lithium a year. This would equate to around 15% of all finished lithium produced globally last year at scale. Australia is the … Continue reading “Exxon Plans Massive Lithium Plant in Arkansas to Improve Energy Transition Security for the U.S.”

Exxon Buys Pipeline Operator Denbury Solidifying Energy Transition Strategy

Exxon Mobil (XOM) announced on Wednesday it is buying Dallas based pipeline operator Denbury (DEN) for $4.9 billion, representing $89.45 per share as of its closing price on July 12, 2023. In an all-stock deal Denbury shareholders will receive 0.84 shares of XOM for each of its shares. There have been rumors of how Exxon was going to spend it’s $32 billion in cash, with rumors of Pioneer Natural Resources earlier in the year. The deal is a move by … Continue reading “Exxon Buys Pipeline Operator Denbury Solidifying Energy Transition Strategy”

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”

CERAWeek 2023 Key Speakers for Energy Traders and Investors

S&P Global hosted CERAWeek is one of the world’s premier energy events. The significant players from the world over will be in attendance March 6-10, 2023, in Houston. Speakers include CEO of Oil and Gas majors including ExxonMobil, Chevron, Oxy, Shell, Saudi Aramco and Total. There will also be key political speakers including the US Secretary of Energy Jennifer Granholm. This year’s theme is “Navigating a Turbulent World: Energy, Climate and Security”. The global energy industry is facing a welter of … Continue reading “CERAWeek 2023 Key Speakers for Energy Traders and Investors”

Woodside Moving on Developing Greater Sunrise Natural Gas Project in Timor Sea

Australia’s Woodside Energy Group is moving quickly to choose the best option for developing the Greater Sunrise natural gas field near East Timor. Last year East Timor’s president warned a continued impasse could open the door to investment from China. The project is a joint venture between East Timor’s state-owned energy company with 56.56% of the project, operator Woodside (WDS) holds 33.44% and Osaka Gas (OSGSF) owns 10%. It has been stalled for decades. China has been active in trying … Continue reading “Woodside Moving on Developing Greater Sunrise Natural Gas Project in Timor Sea”