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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
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TOTAL'S INVESTMENT TO ANGOLA: $16 BLN

THE LOCAL FRANCE - Angola and French oil giant Total formally launched a major new offshore oil project Saturday to aid the country's economy that plunged into crisis following oil price dips in 2014.

EXXON'S SHALE OIL UP
2018, November, 12, 11:55:00

CHINA, WESTINGHOUSE NUCLEAR

WNN - China's State Power Investment Corporation (SPIC) says it has signed a memorandum of understanding (MoU) for "global cooperation" in nuclear energy with Westinghouse Electric Company of the USA.

EXXON'S SHALE OIL UP
2018, November, 12, 11:50:00

SMALL BRITAIN'S NUCLEAR

WNN - Advanced Nuclear Technologies - otherwise known as small nuclear or small reactor technologies - encompass a wide range of nuclear reactor technologies under development, BEIS noted. "The common attributes that these technologies share is that they are smaller than conventional nuclear power station reactors and are designed so that much of the plant can be fabricated in a factory environment and transported to site, reducing construction risk and making them less capital-intensive," it said.

EXXON'S SHALE OIL UP
2018, November, 12, 11:45:00

POLAND, USA NUCLEAR

WNN - Poland and the USA have signed a Joint Declaration of Energy Security, which emphasises the expansion of their cooperation in a variety of areas, including civil nuclear energy. The document was signed in Warsaw yesterday by Polish Energy Minister Krzysztof Tchórzewski and US Secretary of Energy Rick Perry.

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