Exxon Slashes Spending, Writes Down Assets
An abundance of fossil fuels combined with advances in technology to harness wind and solar power has sent energy prices crashing around the world. WSJ explains how it all happened Continue Reading
Is Exxon’s Dividend Too High To Justify?
The energy sector has emerged as the best performer over the past few weeks, with WTI crude prices climbing to their highest level in nearly eight months thanks to a Continue Reading
ExxonMobil calls off sale of assets in Australia’s Bass Strait: AFR
ExxonMobil has called off the potential multibillion-dollar sale of its oil and gas assets in Australia’s Bass Strait, according to the Australian Financial Review. The decision by the U.S. oil Continue Reading
Exxon Documents Reveal More Pessimistic Outlook for Oil Prices
An abundance of fossil fuels combined with advances in technology to harness wind and solar power has sent energy prices crashing around the world. WSJ explains how it all happened Continue Reading
COVID Forces Exxon To Slash Oil Price Forecast
In the wake of the pandemic, ExxonMobil has significantly lowered its expectations about oil prices for the next seven years, expecting Brent Crude to average between $50 and $55 a Continue Reading
The fall of an empire
The decline of ExxonMobil has been remarkable in its magnitude and unexpectedness. Why it matters: While all major oil companies are facing troubles, Exxon has fallen the farthest, in large Continue Reading
Exxon Posts Third Consecutive Quarterly Loss for First Time
Exxon Mobil Corp. posted its third consecutive quarterly loss for the first time on record Friday and disclosed that it may write down the value of natural-gas assets worth as Continue Reading
Exxon Flags Possible $30B Writedown After Third Straight Loss
ExxonMobil ( NYSE: XOM ) warned on Friday that it could write down North American natural gas assets with a carrying value of up to US$30 billion as it reported Continue Reading
Exxon Fails To Raise Dividend For The First Time In 38 Years
ExxonMobil is keeping its quarterly fourth-quarter dividend flat at $0.87 per share – the first time in 38 years that the company has failed to increase the dividend that it Continue Reading
Exxon Job Cuts: 1,900 Positions in U.S.
Exxon Mobil Corp. will slash its global workforce by 15% by the end of 2022, an unprecedented culling by North America’s biggest oil explorer as it struggles to preserve dividends. The Continue Reading
Why ExxonMobil is sticking with oil as rivals look to a greener future
In late 2011, ExxonMobil announced plans to drill for oil in disputed land between Kurdistan and the rest of Iraq. Baghdad’s government, fearing the move could break up the country, Continue Reading
Exxon Expected To Announce North America Redundancies Soon
Exxon is close to completing a workforce assessment for the United States and Canada, after which it will announce the number of people it needs to lay off in response Continue Reading
Exxon CEO Plans Layoffs, Underscores Faith in Fossil Fuels
India is reopening its borders to international visitors in a bid to revive economic growth even as the South Asian nation battles the world’s second-worst coronavirus outbreak. Prime Minister Narendra Modi Continue Reading
The Secret Behind America’s Most Valuable Energy Play
America’s energy sector is going through its biggest crisis–as well as its biggest seismic shift–in modern history. Fossil fuel companies have always dominated the U.S. energy space, and no company Continue Reading
The Numbers Behind Exxon’s Support for a Carbon Tax
Exxon Mobil Corp . is no longer the most valuable energy company in the U.S. That distinction now goes to NextEra Energy Inc. , the world’s largest provider of wind Continue Reading
Exxon’s Market-Value Crown in Energy Passes to Chevron, NextEra
Chevron Corp. overtook Exxon Mobil Corp. as the largest oil company in America by market value, the first time the Texas-based giant has been dethroned since it began as Standard Oil more Continue Reading
Chevron Overtakes Exxon Mobil as America’s Largest Oil Company
Chevron Corp. overtook Exxon Mobil Corp. as the largest oil company in America by market value, the first time the Texas-based giant has been dethroned since it began as Standard Oil more Continue Reading
Exxon Climate Disclosures: Big Oil Hides Carbon Forecasts From Investors
A giant oil company like Exxon Mobil Corp. will publicly disclose forward-looking numbers on production forecasts, earnings potential and capital expenditures. But the biggest fossil-fuel producers don’t provide short-term guidance to Continue Reading
Exxon Carbon Emissions and Climate: Leaked Plans Reveal Rising CO2 Output
Exxon Mobil Corp. had plans to increase annual carbon-dioxide emissions by as much as the output of the entire nation of Greece, an analysis of internal documents reviewed by Bloomberg shows, setting Continue Reading
Exxon, Koch Hid Climate Change Impact for Decades, Suit Says
Exxon Mobil Corp. and Koch Industries Inc. withheld critical information about the impact of fossil fuel use on climate change for decades, Minnesota Attorney General Keith Ellison said in announcing a lawsuit Continue Reading
ExxonMobil to axe 1,600 jobs in Europe
ExxonMobil will cut up to 1,600 jobs in Europe as the oil major continues to struggle with the destruction to demand caused by the coronavirus pandemic. The biggest US oil company Continue Reading
Exxon Signals Another Loss
Exxon Mobil Corp. likely made a third consecutive loss in the last quarter, heaping further pressure on the energy giant’s ability to pay its $15 billion-a-year dividend, currently the third-highest Continue Reading
ExxonMobil Signals Another Loss
Exxon Mobil Corp. likely made a third consecutive loss in the last quarter, heaping further pressure on the energy giant’s ability to pay its $15 billion-a-year dividend, currently the third-highest Continue Reading
ExxonMobil (XOM) Potential Buyers for UK Oil: Sinopec, Kuwait, EnQuest
Exxon Mobil Corp.’s U.K. North Sea assets have attracted suitors from state-owned companies to private equity-backed firms as the U.S. oil giant seeks to exit the aging region altogether, according Continue Reading
Exxon Used to Be America’s Most Valuable Company. What Happened?
It has been a stunning fall from grace for Exxon Mobil Corp. Just seven years ago, Exxon was the biggest U.S. company by market capitalization. It has since lost roughly Continue Reading
Exxon downsizes global empire as Wall Street worries about dividend
Ill-timed bets on rising demand have Exxon Mobil Corp facing a shortfall of about $48 billion through 2021, according to a Reuters tally and Wall Street estimates, a situation that Continue Reading
Exxon weighs global job cuts after unveiling Australian lay-off plan
Exxon Mobil Corp ( XOM.N ) is assessing possible worldwide job cuts, a spokesman said on Wednesday, after the company announced a voluntary lay-off programme in Australia. Exxon is the Continue Reading
An Oil Giant’s Wall Street Fall: The World is Sending the Industry Signals, but is Exxon Listening?
An ExxonMobil sign is seen on a gas station on October 25, 2018 in Gutenberg New Jersey. ExxonMobil has fallen off the Dow Jones Industrial Average stock index. Credit: Kena Continue Reading
Exxon’s Departure From Dow Highlights Market’s Retreat From Energy Bets
The Dow Jones Industrial Average’s coming farewell to Exxon Mobil Corp. is the latest sign of the waning influence of America’s struggling energy sector. When trading begins next week, the Continue Reading
Norway’s Biggest Private Money Manager Exits From Exxon, Chevron Over Climate Change
The investment firm, a unit of insurer Storebrand ASA with around $91 billion under management, said Monday it sold off more than $47 million in 21 companies and excluded another Continue Reading
Exxon Says 20% of Oil, Gas Reserves Threatened by Low Prices
Exxon Mobil Corp. warned that low energy prices may wipe as much as one-fifth of its oil and natural gas reserves off the books. If depressed prices persist for the rest Continue Reading
Exxon: 20 Percent Of Global Oil And Gas Reserves May Be Wiped Out
After a grim Q2 season for Big Oil, the world’s third-most valuable energy company is warning that 20% of the world’s oil and gas reserves may no longer be viable, Continue Reading
Oil Price Crash Led To Exxon’s Worst Loss In Its Modern History
Following the oil price and demand crash, ExxonMobil ( NYSE: XOM ) reported on Friday its second consecutive quarterly loss, which was the worst loss for the U.S. supermajor in Continue Reading
Exxon’s Mad Dash To Save Its Dividend
Exxon is planning to cut jobs and spending, in a hail mary to preserve its dividend, according to anonymous Reuters sources. Exxon spokesman Casey Norton, however, has denied that the Continue Reading
Exxon prepares spending, job cuts in last ditch move to save dividend
Exxon Mobil Corp ( XOM.N ) is preparing deep spending and job cuts, according to people familiar with the matter, as it fights to preserve a 8% shareholder dividend with Continue Reading
Exxon (XOM) Indicates Second Straight Quarterly Loss
Exxon Mobil Corp. incurred an unprecedented second straight quarterly loss as almost every facet of the oil giant’s business slumped amid Covid-19 lockdowns that stunted economic activity. The explorer’s oil and Continue Reading
Exxon Is Big Oil’s Outlier In The Post-Pandemic World
While oil majors stuck to spending discipline after the 2015-2016 price crash, ExxonMobil was the one to stand out from the crowd as it increased capital expenditures to boost production. Continue Reading
Exxon Reportedly Preps for US Job Cuts
Some U.S.-based employees who are subject to performance evaluations could end up leaving this year after their assessments, unnamed sources told Bloomberg. (Bloomberg) — Exxon Mobil Corp. is preparing to Continue Reading
ExxonMobil Readies To Make Major Job Cuts
The largest oil company in the United States is preparing to let go between 5% and 10% of its US-based employees subject to performance reviewed, anonymous sources told BNN Bloomberg. Continue Reading
Exxon Slows Gulf Refinery Expansion
Exxon Mobil Corp. will delay the startup of its Beaumont refinery expansion on the Texas Gulf Coast by a year as the oil giant weathers low demand for petroleum products Continue Reading
Exxon Prepares To Unload North Sea Assets
ExxonMobil is considering moving forward with its sale of some North Sea assets after months of delays, industry and banking sources told Reuters on Thursday. The sale, with the potential Continue Reading
Will Exxon’s Next Mega Project Get The Go Ahead?
Exxon will likely make the final investment decision for its Mozambique LNG project next year, Reuters reports , citing the country’s National Petroleum Institute. The supermajor postponed the FID on Continue Reading
Exxon Posts First Loss in Decades as Oil Giants Signal Trouble Ahead for Industry
Exxon Mobil Corp. posted its first quarterly loss in three decades as it and rival Chevron Corp. painted a dismal picture of the oil industry, signaling that the impact of Continue Reading
ExxonMobil Reports First Quarterly Loss Since 1999
ExxonMobil (NYSE: XOM) reported on Friday a surprise first-quarter loss on the back of hefty write-downs amid the oil price plunge, posting its first quarterly loss since the 1999 merger Continue Reading
Exxon slashes capex by $10bn
ExxonMobil is slashing this year’s capital spending plans by $1obn and will cut cash operating expenses by 15 per cent as it seeks to preserve its dividend in the face of Continue Reading
Shale Spending Sinks as Exxon Cuts More Than Double Anyone Else
Exxon Mobil Corp. more than doubled the budget cuts announced by any other shale company on Tuesday amid an historic crude-market crash. In all, nearly three dozen shale explorers have slashed Continue Reading
ExxonMobil slashes 2020 capital spending by 30%
ExxonMobil said Tuesday it will slash its 2020 capital spending by $10 billion as North America’s largest energy company cuts its bottom line deeper than the other integrated oil majors Continue Reading
Supermajor Slashes Spending As Oil Prices Collapse
“We haven’t seen anything like what we’re experiencing today.” ExxonMobil’s CEO Darren Woods said his company is expecting oil demand to decline by 20 to 30 percent because of the Continue Reading
The Oil Giant Drowning In Debt
ExxonMobil saw its credit rating downgraded by Moody’s on Thursday from Aaa to Aa1, with a Negative outlook. Two weeks ago, S&P cut Exxon’s credit rating. The oil major’s struggles Continue Reading
Exxon Keeps Up $35 Billion Annual Spending Despite Oil Rout
U.S. supermajor ExxonMobil maintains its strategy for capital expenditures between US$30 billion and US$35 billion each year through 2025, chairman and CEO Darren Woods said at the company’s annual investor Continue Reading