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2017-03-06 18:35:00

EXXON'S SHALE OIL UP

EXXON'S SHALE OIL UP

BOE - ExxonMobil outlined a new plan to ratchet up oil production in the shale basin, indicating the energy company believes American oil production could help it boost sagging financials.

The company plans to spend nearly $5.5 billion drilling in Texas, New Mexico and North Dakota. Exxon is hoping to take advantage of technological advancements and lower costs of doing business in the shale.

It is increasing its investments to more than $22 million a year, even as most of other oil companies' investments have flattened out.

"Our job is to compete and succeed in any market, irrespective of conditions or price," new CEO Darren Woods said at Exxon's analyst meeting in New York. He took over for Rex Tillerson, who stepped away after becoming President Donald Trump's secretary of state.

The "ultimate prize" in the Texas and North Dakota basin is "significant," he said, adding that the land the company controls in the oil region may hold the equivalent of as much as six billion barrels of oil and natural gas.

The multi-billion dollar Dakota Access Pipeline is also about to come online. The line is expected to shuttle 500,000 barrels of oil from the Dakotas to Illinois.

Activists are continuing their crusade against the company over allegations it supposedly hid knowledge about climate change from investors.

Various Democratic attorneys general argued the oil company lied to shareholders, media, and the public about the risks global warming posed to Exxon's financial dealings. The crusade is partially the result of a September investigation of Exxon conducted by InsideClimate News (ICN).

ICN also reported that Amoco, Phillips, Texaco, Shell, and others joined Exxon in misleading the public about the supposed effects global warming has on sea levels.

The recent crash in oil prices has exposed weaknesses in a record of stable profits and returns that was once unimpeachable. Net income last year was $7.8 billion, the lowest since 1996, before Exxon bought rival Mobil Corp. for $82 billion in 1999.

Oil prices have rebounded recently after historically high production levels over the past 10 years.

A dramatic uptick in U.S. production has contributed to a global collapse in the price of oil. The price of a barrel of oil has plummeted from $104.95 in 2014 to $45.24 per barrel two years later. The average oil price over that two-year period is $43 per barrel.

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Earlier: 

EXXON INVESTMENTS: $22 BLN 

EXXON NET INCOME $7.8 BLN 

DEDICATION TO EXXONMOBIL 

EXXON HEAD'S CHOICE 

EXXON VS CHAD: $74 BLN

 

 

Tags: EXXON, USA, SHALE, OIL

Chronicle:

EXXON'S SHALE OIL UP
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

EXXON'S SHALE OIL UP
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

EXXON'S SHALE OIL UP
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

EXXON'S SHALE OIL UP
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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