ExxonMobil

Shale Gas Industry Hails Gains Despite Continued Attacks

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Supporters and opponents of shale gas development resumed their war of words on Thursday as Pennsylvania’s natural gas industry gathered for Shale Gas Insight, its annual forum on the development of the Marcellus Shale, one of America’s biggest gas reserves.

Industry and government leaders argued that fracking for natural gas can and is being done without endangering public water supplies, and that industry is taking increasing steps to ensure that fracking chemicals don’t seep in to groundwater. Keep reading →

 /  Published September 21, 2012 at 11:45 AM

Big Oil Sees Big Growth for Renewable Energy

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A police officer stands guard after the ExxonMobil annual shareholders meeting at the Morton H. Meyerson Symphony Center May 28, 2008 in Dallas, Texas.

One of the world’s largest oil companies – ExxonMobil – expects considerable renewable energy growth over the next 30 years, primarily for power generation and mostly from wind. Keep reading →

 /  Published July 12, 2012 at 2:30 PM

INFOGRAPHIC: Energy Access in the Developing World

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Over a billion people people worldwide have no access to the electricity that is a crucial facilitator of modern education, human health, economic development, etc.

The UN estimates that universal access to electricity by 2030 could be achieved for less than $50 billion per year – which is roughly equivalent to a $1.5 billion annual investment per OECD member country, 0.3% of 2011 US GDP, or approximately 10% of ExxonMobil’s 2011 revenue. Keep reading →

 /  Published June 8, 2012 at 1:00 PM

Shrinking Upstream Results Fuel Exxon’s 1Q Miss

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ExxonMobil disclosed a steeper-than-expected 11% drop-off in first-quarter profits on Thursday as the energy heavyweight was hurt by its chemical and exploration and production divisions. Shares of the world’s largest publicly traded energy company retreated more than 1% in the wake of the earnings miss.Irving, Tex.-based Exxon said it earned $9.45 billion, or $2 a share, last quarter, compared with a profit of $10.65 billion, or $2.14 a share, a year earlier. Analysts had been calling for more robust EPS of $2.09. Revenue jumped 8.8% to $124.05 billion, but that also trailed forecasts from Wall Street, which expected $124.76 billion. “First quarter results reflect our ongoing focus on developing and delivering energy needed to support job creation and economic growth,” CEO Rex Tillerson said in a statement.

 /  Published May 3, 2012 at 11:00 AM

Fortuitous Timing of Oil and Gas Investor Conference

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Independent oil and gas firms are attempting to focus on the fundamentals following major allegations against one of the sector’s most colorful figures. The looming dispute over Chesapeake Energy’s chairman comes as companies already contend with a glut of natural gas production amid high prices for oil and liquids production warping traditional price dynamics.

US oil and gas company executives “talked turkey” with Wall Street analysts in New York last week at a high-level investor conference. Every spring, the industry’s exploration and production community convenes to discuss their business models and corporate strategies with the analysts who rate their company’s stock for investors. Keep reading →

 /  Published April 24, 2012 at 1:00 PM

Shell Chief: Energy Prices Too Cheap to Change Consumption

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Amid rising gasoline prices at filling stations across the US, energy prices are still too cheap to force dramatic changes in consumption, Shell’s chief executive said recently.

Peter Voser told Silicon Valley investors at a dinner held by the Churchill Club: “For certain things energy prices need to go up otherwise the behavior will not change. Keep reading →

 /  Published March 23, 2012 at 12:00 PM

Exxon Valdez Oil Tanker to be Sold in Pieces

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The ship responsible for the second-largest oil spill in U.S. waters behind BP’s Deepwater Horizon, is being sold to a company in China that will most likely rip it apart and sell it in pieces.

Exxon Valdez, the tanker that ran aground in March 1989 near Alaska and spilled millions of gallons of oil in Price William Sound and killing tens of thousands of animals, was bought by Best Oasis, according to a report by the Associated Press. Keep reading →

 /  Published March 23, 2012 at 11:30 AM

API Taking The National Fracking Discussion To The States

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The debate surrounding the use of hydraulic fracturing and horizontal drilling as part of oil and natural gas development has certainly reached the national stage, but the American Petroleum Institute – the industry lobby – has not lost sight of stakeholders at the state level.

The group is holding a series of workshops in various cities throughout the country designed to educate interested parties about how API creates industry standards and guidance. When followed by drillers and contractors, those practices are intended to ensure safety and responsible environmental stewardship. Breaking Energy attended one of these workshops earlier this month in the New York the state capital of Albany. Keep reading →

 /  Published March 13, 2012 at 2:30 PM

ExxonMobil Announces $185 Billion New Energy Supply Investment

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ExxonMobil Chairman and CEO Rex Tillerson

ExxonMobil, one of the world’s largest energy companies by operational size and market capitalization, is reaching into its wallet in a big way. Exxon sees significant global energy demand growth – even with the considerable efficiency gains that many expect – and is solidifying its position as a major global supplier of the both the raw commodities and finished products that will fuel global consumption. Keep reading →

 /  Published March 8, 2012 at 2:30 PM

No More Slow Boat To China For US Liquefied Natural Gas

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Widening of the Panama Canal, due to be completed in 2014, will allow most LNG tankers to transit the isthmus and make natural gas from Gulf of Mexico ports “instantly economic” to transport to high-price Asian markets.

That’s key for multiple proposals to build plants to liquefy and ship surplus US natural gas, according to experts at a Brookings Institution seminar Jan. 24. Most proposals are for existing but unused LNG import terminals on the Texas and Louisiana coasts. Giant LNG tankers, like the largest modern freighters, are too big for the existing Panama locks. Keep reading →

 /  Published January 27, 2012 at 6:00 AM
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