Trends - Exxon Mobil Corp - Business Recorder

Markets

Exxon weighs sale of Singapore fuel stations for $1bn, Bloomberg News reports

US oil major Exxon Mobil Corp is weighing a sale of its petrol stations in Singapore, a deal that could raise about...

Published 03 Dec, 2024 12:35pm

Business & Finance

Exxon posts 56pc profit slump, joins peers in energy price hit

HOUSTON: Exxon Mobil Corp on Friday reported a 56% slump in second-quarter profit, missing Wall Street bets and...

Published 31 Jul, 2023 06:43am

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Exxon sues EU in move to block new windfall tax on oil companies

NEW YORK: US oil major Exxon Mobil Corp is suing the European Union in a bid to force it to scrap the bloc’s new...

Updated 30 Dec, 2022 08:42am

Markets

Biden, ‘outraged’ by oil company profits

WASHINGTON: US President Joe Biden, who has expressed outrage at oil companies making record profits while Americans...

Published 01 Nov, 2022 05:55am

Markets

Oil falls on China COVID curbs and weak factory data

LONDON: Oil prices fell on Monday after weaker than expected factory activity data out of China and on concerns that...

Updated 31 Oct, 2022 07:04pm

Markets

Putin orders seizure of Exxon-led Sakhalin - 1 oil and gas project

MOSCOW/HOUSTON: Russian President Vladimir Putin on Friday signed a decree that creates a new operator for the Exxon...

Published 09 Oct, 2022 05:51am

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Exxon to sell Arkansas shale gas assets to Flywheel Energy

Exxon Mobil Corp has reached an agreement with Flywheel Energy to sell to the closely held US oil and gas producer...

Published 28 Aug, 2022 06:10am

Business & Finance

US majors Exxon, Chevron post blowout earnings, ramp up buybacks

NEW YORK: The two largest US oil companies, Exxon Mobil Corp and Chevron Corp, posted record revenue on Friday,...

Published 30 Jul, 2022 03:39am

Markets

Exxon signals operating profits could double over first quarter

HOUSTON: Exxon Mobil Corp on Friday signaled that skyrocketing margins from fuel and crude sales could generate a...

Published 03 Jul, 2022 05:39am

Markets

Deep rift lies behind Biden’s criticism of oil and gas industry

WASHINGTON: US President Joe Biden has publicly criticized oil and gas executives for banking big profits from high...

Published 23 Jun, 2022 06:05am

Markets

Biden blasts oil refiners for record high gasoline prices, profits

WASHINGTON: U.S. President Joe Biden on Wednesday demanded oil refining companies explain why they are not putting...

Published 15 Jun, 2022 08:19pm

Business & Finance

Exxon earnings hurt by Russia exit, triples buybacks on high oil prices

Exxon Mobil Corp said on Friday it doubled its first-quarter per-share profit, but the results fell short of Wall...

Published 29 Apr, 2022 08:49pm

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Guyana talking to Middle East firms about offshore oil auction: VP

GEORGETOWN, (Guyana): Guyana is in talks with state-run oil firms from the Middle East to discover new offshore...

Published 19 Feb, 2022 04:15am

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Four injured in fire at Exxon’s Baytown, Texas plant

NEW YORK: Four people were injured when a fire erupted on Thursday at an Exxon Mobil Corp complex in Baytown, Texas,...

Published 24 Dec, 2021 05:43am

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US offshore oil recovery begins with ports, refineries restarting

HOUSTON: US Gulf Coast energy companies on Saturday got a boost from the reopening of ports and restart of oil...

Published 05 Sep, 2021 04:26am

Business & Finance

Imperial Oil swings to quarterly profit helped by oil price recovery

Calgary-based Imperial, which is majority-owned by Exxon Mobil Corp, is benefitting from higher global oil prices as fuel usage picks up from last year, when coronavirus pandemic-related lockdowns decimated demand.
The recovery, however, remains spotty with second and third waves of COVID-19 surging in various parts of the world, including Canada, and an uneven rollout of vaccines.

Published 30 Apr, 2021 06:35pm

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New York state pension fund backs activist nominees in Exxon proxy fight

New York state’s pension fund on Friday threw its support behind an activist fund’s slate of nominees to Exxon...

Published 25 Apr, 2021 03:13am

Markets

Futures tick lower as energy stocks slip

Futures down: Dow 0.26%, S&P 0.29%, Nasdaq 0.22%.
Chevron Corp, Occidental Petroleum Corp and Exxon Mobil Corp dipped between 0.9% and 1.2% in premarket trading as oil prices retreated on demand fears.

Published 12 Feb, 2021 05:51pm

Markets

Wall St jumps ahead of Amazon, Alphabet results; stimulus in focus

Alphabet, which will report the cost and operating profit of its Google Cloud business for the first time, added 1.5pc, while retail behemoth Amazon.com Inc rose 1.4pc.

Published 03 Feb, 2021 12:15am

Markets

Oil Producer Hess expects dip in 2021 output

Hess has allotted $780 million, or 41% of its budget, to development activities in offshore Guyana.
We also will continue to invest in an active exploration and appraisal program, with 12-15 wells planned on the Stabroek Block (offshore Guyana).

Published 25 Jan, 2021 08:18pm

Business & Finance

SEC launches probe of Exxon on Permian Basin asset valuation: WSJ

Woods told investors that Exxon could earn a double-digit returns in the Permian, even at $35-per-barrel oil.
Some Exxon managers in 2018 had initially pegged the net present value of the Delaware Basin in Permian at about $60 billion.

Published 15 Jan, 2021 08:22pm

Markets

Papua New Guinea LNG export plant offers cargo for Feb

The tender closes on Jan. 13, the sources added.

Published 12 Jan, 2021 01:57pm

Markets

Oil gains 2% after draws in U.S. product inventories

Brent crude futures rose $1.12, or 2.2%, to settle at $51.20 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.1, or 2.3%, to settle at $48.12 a barrel.

Published 24 Dec, 2020 03:09am

Markets

Exxon Baytown, Texas, refinery to shut large FCC in early Jan due to low demand

The 90,000-bpd FCC 2 will remain in operation while FCC 3 is shut, the sources said.

Published 18 Dec, 2020 10:34am

Markets

Exxon Mobil plans to cut greenhouse gas emissions by 2025

Exxon expects the intensity of upstream emissions to drop by 15pc to 20pc, methane intensity by 40pc to 50pc and flaring intensity by 35pc to 45pc by 2025.

Published 14 Dec, 2020 07:12pm

Business & Finance

Exxon Mobil to cut 700 jobs in Houston

The largest US oil producer had previously said it would cut its global workforce by about 15%.
Exxon and other oil companies have been slashing costs due to a collapse in oil demand due to the coronavirus pandemic and ill-timed bets on new projects.

Published 12 Dec, 2020 12:14am

Business & Finance

Exxon faces proxy fight launched by new activist firm Engine No. 1

Engine No. 1 is being supported by pension fund California State Teachers' Retirement System (CalSTRS) as it pushes the battered energy company.
The industry and the world it operates in are changing and ... Exxon Mobil must change as well.

Published 08 Dec, 2020 12:58am

Business & Finance

Exxon to cut up to 300 jobs in Canada

Reductions will include positions at Imperial Oil Ltd , ExxonMobil Canada Ltd and ExxonMobil Business Centre Canada ULC.
Oil producers, including Exxon, have been slashing costs due to a collapse in oil demand and ill-timed bets on new projects.

Published 26 Nov, 2020 12:15am

Business & Finance

Exxon Mobil's fading star: no longer the biggest US energy company

Shares are at a two-decade low, down 55% this year. The company's stock was removed from the storied Dow Jones Industrial Average.
The company's cash balance could be depleted if US oil remains below $45 a barrel due to its debt.

Published 29 Oct, 2020 08:30pm

Business & Finance

ExxonMobil not to set up LNG terminal in Pakistan

“ExxonMobil is evaluating all appropriate steps to significantly reduce capital and operating expenses in the near term as a result of market conditions and commodity price decreases,” said Exxon spokesperson while talking to Business Recorder.

Published 29 Oct, 2020 05:51pm