Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2016-03-03 19:05:00

EXXON'S PRODUCTION WILL DOWN

EXXON'S PRODUCTION WILL DOWN

ExxonMobil, the world's largest listed oil company, expects its production in 2020 to be roughly the same as last year, as cuts in investment prompted by the low price of crude force the group to abandon its earlier projections of growth.

Rex Tillerson, chief executive, also played down speculation that Exxon would be making acquisitions following its $12bn bond sale this week.

At Exxon's annual presentation to analysts, he suggested he had spoken with executives of other companies about possible deals, but had been unable to propose valuations that both sides would find acceptable.

Exxon said it expected production in 2020 to be between 4m and 4.2m barrels of oil equivalent per day. That is lower than the projection Exxon set out a year ago, when it expected output would average 4.3m barrels per day in 2017.

The 2015 production forecast was based on an oil price of $55 per barrel for internationally traded Brent crude. The new forecast is based on a price of $40 to $80 per barrel.

Brent was trading at about $36 per barrel on Wednesday.

Mr Tillerson said Exxon was focused on "making choices to enhance shareholder value".

Exxon is the financially strongest of the large oil companies — it is the only one with an AAA credit rating — but like its rivals it has been hit by the steep decline in prices of crude and natural gas since the summer of 2014.

The change in Exxon's production over the next five years is now expected to be in a range between a 2 per cent fall and a 2 per cent rise from the 4.1m b/d it reported for 2015.

Over the same period total world demand for oil is expected to grow by about 6m barrels per day, or about 6.5 per cent, according to the International Energy Agency, the watchdog backed by rich countries.

Charts shown at the analyst presentation suggested that Exxon would need an oil price of about $50 per barrel to cover its capital spending and dividend payments from its cash flow this year, but next year and out to 2020 that would drop to a price in the low $40s.

 

EXXON MOBIL OIL PRICE CAPITAL SPENDING

 

Capital spending, which has been cut 25 per cent from last year to $23.2bn for 2016, is budgeted to fall again to about $22bn in 2017. Then it would average about $16bn to $24bn per year between 2018 to 2020.

Mr Tillerson said criticism of the company for lack of production growth "doesn't bother us", adding Exxon was constantly working to offset the natural decline in output from its oil and gas wells.

"People say 'Well, you're not growing'," he said. "That just tells you how hard it is to hold your own in a depleting business."

He said many smaller US oil companies had been "destroying value" by loading up with debt, which meant that attractive assets were encumbered.

"It's like buying a house with a big mortgage: there's not a lot of equity there that you can build on," he added.

"The value's been destroyed, but the expectations haven't changed. So it's getting more difficult, not easier [to do deals]."

Mr Tillerson said Exxon was pursuing deals to buy assets, and was "open to something more", but it would be "challenging" to agree a deal to buy an exploration and production company.

ft.com

-----

More: 

GLOBAL OIL MAJORS 

EXXON NET INCOME DOWN 50% 

2040: DEMAND WILL UP BY 25% 

TAKEOVERS $500 BLN 

EXXON NET INCOME $13.4 BLN

 

 

 

 

Tags: EXXON, OIL, GAS, PRICES, PRODUCTION

Chronicle:

EXXON'S PRODUCTION WILL DOWN
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

EXXON'S PRODUCTION WILL DOWN
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

EXXON'S PRODUCTION WILL DOWN
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

EXXON'S PRODUCTION WILL DOWN
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

All Publications »