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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
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

EXXON'S SHALE OIL UP
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

EXXON'S SHALE OIL UP
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

EXXON'S SHALE OIL UP
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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