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1月前
Exxon wants to extract its value from Hess Guyana assets, CEO says
By: Investing | December 11, 2024
HOUSTON (Reuters) -Exxon Mobil want to "participate" in Hess Corp (NYSE:HES).'s sale of its Guyana oil production assets, and extract value from the work it has put into developing the country's offshore fields, two of its top executives said on Wednesday.
A three-person panel in May is to decide whether Hess's deal to sell itself to Chevron (NYSE:CVX) can go ahead on its original terms. A challenge by Exxon (NYSE:XOM) and CNOOC (NYSE:CEO) Ltd has stalled the second-largest deal in a recent wave of oil megamergers.
"We developed the value of that asset. We have the right to consider the value of that asset in this transaction, and then the right to take an option on it," Exxon CEO Darren Woods told Wall Street analysts in his most significant comments on the arbitration case to date. "We have an opportunity, as does CNOOC, the other partner, to participate in that opportunity to have the right of first refusal.”
Representatives for Hess and Chevron declined to comment.
Analysts have put the value of Hess Guyana at between 60% to 80% of Chevron's proposed $53 billion purchase of Hess. The joint venture has discovered more than 11 billion barrels of oil to date.
The proposed sale ignores a joint venture agreement that grants the right of first refusal to any sale of a Guyana partner's stake, Exxon and CNOOC maintain.
The two companies previously have rejected the claim, arguing the deal is structured as a merger and Hess's Guyana holdings remain intact. Hess has said if the Chevron deal is not concluded it would not separately sell its Guyana properties to Exxon or anyone else.
Woods brushed off Hess's view of a loss at arbitration souring a sale, saying "that's their construct, not ours."
Exxon wants the three-person arbitration panel to consider the value of Hess Guyana as part of the deliberations.
"We'll look at the value and see if that value is in the best interest of the company, the corporation and the shareholders," added Exxon Vice Chairman Neil Chapman.
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1月前
Buy the Dip on Exxon Mobil Corp (XOM) Stock
By: Schaeffer's Investment Research | December 9, 2024
• Exxon Mobil stock has pulled back to its 260-day moving average
• The stock is flashing a historically bullish signal on the charts
Exxon Mobil Corp (NYSE:XOM) stock has been sliding since its late-November peak, which failed to extend its Oct. 7 record high of $126.36. The oil giant could soon push back toward those highs, however, as the recent downturn has it running into support on the charts. The shares have begun to consolidate at $113 -- last seen at $113.60 -- which provided a floor for pullbacks through July and August.
The 260-day moving average now lingers just below as well. Per Schaeffer's Senior Quantitative Analyst Rocky White, it's run into this trendline six times in the last three years. For the purpose of this study, White defines that as the equity trading above the moving average 80% of the time over the past two months and closing north of the trendline in eight of the last 10 sessions before coming within striking distance of it. XOM finished higher one month later after 83% of these signals, averaging a gain of 9%. From its current perch, a similar move would put Exxon Mobil stock just above $123, which is a chip-shot away from its record.
It's also worth noting that the stock's 14-day relative strength index (RSI) of 29.5 sits in "oversold" territory, which typically precedes a short-term rally.
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2月前
Exxon goes forward with $200-million expansion of Texas plants
By: Reuters | November 21, 2024
HOUSTON (Reuters) - Exxon Mobil Corp (NYSE:XOM), which is facing a California lawsuit over its alleged role in global plastic waste pollution, is going forward with plans to expand plastics recycling to replace fossil fuels with discarded plastic waste, the company said on Thursday.
The move by one of the world's largest polymer producers comes amid growing concerns about slow-to-disintegrate plastics filling landfills, leaching into ground water and creating potential health hazards.
Exxon, which is championing pyrolysis techniques that convert waste into new plastic, will spend $200 million in Texas to expand so-called circularity operations in a global effort to build the capacity to process 1 billion pounds (454 million kg)of waste annually by 2027. The company calls its recycling technology Exxtend.
California filed a lawsuit against Exxon in September, alleging the company was deliberately misleading the public about the limitations of recycling. Exxon rejects allegations that it misleads the public about the limitations of plastics recycling, or about climate change.
The company's Baytown, Texas, complex this year will process 80 million pounds of plastic waste. The expansion will allow it and a nearby Beaumont, Texas, plant the capacity to process up to 500 million pounds in 2026.
The products will be sold with a certificate describing their origin, explained Karen McKee, president of ExxonMobil Product Solutions.
“We sell virgin-quality product and a subset of our customers are buying a ‘certified circular certificate’ to demonstrate that for every ton that they buy with this certificate, a ton of post-use plastic was fed into our facility," McKee said.
LyondellBasell, a rival to Exxon in chemicals, also is installing a plant in a German factory using a similar recycling technology called MoReTec that also breaks down waste plastic.
Lyondell plans to install a large MoReTec unit in Houston later in this decade after it permanently shuts a Houston refinery next year.
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2月前
Exxon Mobil (XOM) pulls out of talks with Guyana over shallow water oil block, gov says
By: Reuters | November 21, 2024
U.S. oil major Exxon Mobil (NYSE:XOM) has pulled out of negotiations with Guyana's government on terms for exploring and developing a shallow-water block, the South American country's vice president said on Thursday.
Exxon, U.S.-based Hess Corp (NYSE:HES) and China's CNOOC (NYSE:CEO) won block S8 in a bidding round launched in late 2022. They had been engaged in negotiations for non-fiscal terms of the project.
The company had wanted to use the offshore area for carbon capture, Vice President Bharrat Jagdeo told reporters in a briefing. It was not immediately clear if Hess and CNOOC continue in talks with the government for the area.
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3月前
ExxonMobil Secures Largest U.S. Offshore CO2 Storage Site
By: Zacks Investment Research | October 14, 2024
Exxon Mobil Corporation XOM has secured the largest offshore carbon dioxide (CO2) storage lease in the United States with the Texas General Land Office, marking a significant step in carbon capture and storage (CCS). The site covers more than 271,000 acres in Texas state waters, solidifying ExxonMobil’s leadership in the CCS industry.
XOM Expands CO2 Storage in the U.S. Gulf Coast
This new offshore site complements ExxonMobil’s existing onshore CO2 storage portfolio and boosts the U.S. Gulf Coast’s status as a global hub for carbon capture. The company is already operating the largest CO2 pipeline network in the United States, positioning it to offer a full-service solution for carbon capture, transport and storage.
Dan Ammann, president of ExxonMobil Low Carbon Solutions, noted that with a growing base of customers ready to implement CCS, ExxonMobil is positioned to drive significant emission reductions along the Gulf Coast. The company’s comprehensive approach, which includes capture, transportation and storage, reinforces its leadership in the industry.
XOM’s Lease Benefits Texas Education
The agreement's terms will directly support the Texas Permanent School Fund, contributing to the state’s education system. Texas Land Commissioner Dawn Buckingham expressed enthusiasm about the partnership, emphasizing its benefits of supporting educational funding and advancing energy solutions. She pointed out that the revenues from the lease will directly benefit the state and Texas schoolchildren.
XOM’s Role in Net-Zero Goals
ExxonMobil’s new offshore acreage provides crucial space for storing CO2 emissions, helping society work toward achieving net-zero goals. The Gulf of Mexico, with its vast potential for storage, is a key player in this effort, and ExxonMobil is well-positioned to leverage its infrastructure to support carbon reduction strategies on a large scale.
With this lease, XOM continues advancing its vision of a low-carbon future while significantly contributing to the local community and education system.
XOM’s Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
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4月前
3 Oil Stocks to Watch Amid Middle East Conflict
By: Schaeffer's Investment Research | October 2, 2024
• Iran yesterday launched a ballistic missile attack on Israel
• Israel's air strikes recently killed Hezbollah leaders in Lebanon
Oil stocks are back in focus, but not because of the U.S. presidential election. Rising tension in the Middle East put black gold back in the spotlight, after Iran's ballistic missile attack on Israel. This follows Israel's air strikes, which killed several Hezbollah leaders in Lebanon, where militants and Israeli troops are currently fighting.
The conflict could disrupt crude production and distribution, thus lowering supplies and hiking prices. Below, let's dig into how sector giants Marathon Oil Corp (NYSE:MRO), Occidental Petroleum Corp (NYSE:OXY), and Exxon Mobil Corp (NYSE:XOM) are faring amid the escalation.
MRO was last seen trading near breakeven at $27.62, losing steam after rallying from a pullback to familiar support at the $25 level, which contained losses in early September. Shares now sport a 27.6% year-to-date lead, and added 7.9% in the past 12 months.
OXY is down 1% to trade at $52.74 at last glance. The shares recently bounced off their lowest level since 2022, but carry a 12.1% deficit for 2024, and a 15.2% year-over-year loss.
XOM is within striking distance of its April 12, year-to-date high of $123.75, last seen up 0.5% at $120.47. The equity also conquered resistance at the $120 level, which capped several rallies since that peak. Exxon Mobil has tacked on 17.7% so far this year.
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5月前
Exxon forecasts 2050 oil demand to match today's, 25% above BP estimate
By: Reuters | August 27, 2024
HOUSTON, Aug 26 (Reuters) - Exxon Mobil (XOM.N), opens new tab said on Monday it expects crude demand to stay above 100 million barrels per day (bpd) through 2050, similar to today's levels, a forecast 25% higher than top European rival BP (BP.L), opens new tab.
The stronger demand, opens new tab projected by the largest U.S. oil company in its latest global oil outlook underpins Exxon's production growth plans, the most ambitious among Western oil majors. It did not have a 2050 demand figure in its previous outlook released in 2023, opens new tab.
The company also painted a more somber view on global carbon emissions reductions than BP. Advancements in technology will allow for emissions reductions after 2029, compared to the middle of this decade according to BP.
Exxon plans to pump 4.3 million barrels of oil and gas per day this year, 30% more than U.S. top rival Chevron's (CVX.N), opens new tab current output. BP is cutting production to about 2 million barrels per day by 2030.
"Oil and gas demand have a very, very long runway and will continue to grow over the next few years," Exxon Economics, Energy and Strategic Planning Director Chris Birdsall told Reuters.
Exxon estimates electric vehicles will not significantly alter long-term global oil demand, as the world's population is expected to increase from 8 billion today to nearly 10 billion in 2050, adding to demand for energy.
If every new car sold in the world in 2035 were electric, crude oil demand would still be 85 million bpd, the same it was in 2010, it said. BP projects oil consumption will peak in 2025 and decline to 75 million bpd in 2050.
The estimates are more than triple the 24 million bpd of crude the International Energy Agency (IEA) says would allow the world to reach net-zero emissions by 2050.
Exxon projects 67% of the global energy mix in 2050 will be supplied by oil, natural gas and coal, down from 68% last year.
The company said more investments in oil than are currently anticipated will be necessary as the world transitions to unconventional resources. Wells in these geological formations, such as U.S. shale, have a shorter production lifespan and exhibit a more pronounced natural decline, it said.
Exxon projects that without new investments, output would decrease by about 15% per year, a steeper decline compared to IEA's 2018 estimates of about 8% per year.
This rate of decline could cause oil prices to quintuple, with global supply plummeting to 30 million bpd as early as 2030, according to Birdsall.
"Global oil and natural gas supplies would virtually disappear without continued investments," Birdsall said. "The biggest reason for the change is the shift to more short-cycle unconventional assets."
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6月前
NY Crude Oil Futures »» Weekly Summary Analysis
By: Marty Armstrong | August 3, 2024
NY Crude Oil Futures closed today at 7352 and is trading up about 2.60% for the year from last year's settlement of 7165. Caution is required for this market is starting to suggest it could now decline on the MONTHLY level. Factually, this market has been rising for this month going into August reflecting that this has been only still, a bullish reactionary trend. As we stand right now, this market has made a new low breaking beneath the previous month's low reaching thus far 7297 while it's even trading beneath last month's low of 7459.
Up to now, we still have only a 1 month reaction rally from the low established during June. We must exceed the 3 month mark in order to imply that a trend is developing.
ECONOMIC CONFIDENCE MODEL CORRELATION
Here in NY Crude Oil Futures, we do find that this particular market has correlated with our Economic Confidence Model in the past. The Last turning point on the ECM cycle low to line up with this market was 2020 and 2009 and 2001 and 1998 and 1994. The Last turning point on the ECM cycle high to line up with this market was 2022 and 2018 and 2011 and 2000.
MARKET OVERVIEW
NEAR-TERM OUTLOOK
The historical broader tone of the NY Crude Oil Futures has been a bearish consolidation following the high established back in 2008. Since then, this market has created 2 reaction highs which have been unable to break this overall protracted bearish consolidating trend. Still, the major low was made in 2023 and the market has bounced back for the last year. The last Yearly Reversal to be elected was a Bullish at the close of 2023.
This market remains in a positive position on the weekly to yearly levels of our indicating models. Nevertheless, it closed last year on the weak side down from 2022. Pay attention to the Monthly level for any serious change in long-term trend ahead.
The perspective using the indicating ranges on the Daily level in the NY Crude Oil Futures, this market remains in a bearish position at this time with the overhead resistance beginning at 7459.
On the weekly level, the last important high was established the week of July 1st at 8452, which was up 4 weeks from the low made back during the week of June 3rd. We have seen the market drop sharply for the past week penetrating the previous week's low and it closed beneath that low which was 7604. This was a very bearish technical indicator warning that we have a shift in the immediate trend. We are trading below the Weekly Momentum Indicators warning that the decline is very significant and we need to pay attention to the timing and reversals. When we look deeply into the underlying tone of this immediate market, we see it is currently still in a semi neutral posture despite declining from the previous high at 8452 made 4 weeks ago. Still, this market is within our trading envelope which spans between 6563 and 9177.
Looking at this from a broader perspective, this last rally into the week of July 1st reaching 8452 failed to exceed the previous high of 8767 made back during the week of April 8th. That rally amounted to only twelve weeks. Right now, the market is below momentum on our weekly models casting a bearish cloud over the price action. Looking at this from a wider perspective, this market has been trading up for the past 8 weeks overall.
INTERMEDIATE-TERM OUTLOOK
YEARLY MOMENTUM MODEL INDICATOR
Our Momentum Models are declining at this time with the previous high made 2021 while the last low formed on 2023. However, this market has declined in price with the last cyclical low formed on 2023 warning that this market remains weak at this time on a correlation perspective declining in both price and Momentum.
Looking at the longer-term monthly level, we did see that the market made a high in April at 8767. After a four month rally from the previous low of 8070, it made last high in April. Since this last high, the market has corrected for four months. However, this market has held important support last month. So far here in August, this market has held above last month's low of 7459 reaching 7459.
Some caution is necessary since the last high 8767 was important given we did obtain two sell signals from that event established during April. That high was still lower than the previous high established at 9503 back during September 2023. Critical support still underlies this market at 6760 and a break of that level on a monthly closing basis would warn of a further decline ahead becomes possible. Nevertheless, at this time, the market is still weak trading beneath last month's low.
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6月前
2 Oil Stocks to Watch Amid Presidential Race, Earnings
By: Schaeffer's Investment Research | July 29, 2024
• Chevron and Exxon Mobil will report earnings on Friday, Aug. 2
• Wall Street is weighing how a new president will impact the energy sector
The presidential race is heating up, with Vice President Kamala Harris now the likely Democratic nominee against former President Donald Trump. Investors have been weighing the implications either leadership may have on the energy sector, especially as both Chevron Corp (NYSE:CVX) and Exxon Mobil Corp (NYSE:XOM) prepare to report second-quarter earnings before the open on Friday, Aug. 2.
Chevron stock was last seen down 1.7% to trade at $155.25. Shares ran into resistance at the $164 level earlier this month, while the 80-day moving average also emerged as a level of pressure in the subsequent pullback. CVX is today looking snap a three-day win streak, but still sports a slim year-to-date lead.
Exxon Mobil stock is struggling as well, down 1.1% to trade at $116.03 at last check. While the $120 level has capped rallies since April, the 40-day moving average helped shares bounce. XOM appears to be finding new resistance at $118, but is still up 15.9% this year.
CVX has a solid history of post-earnings reactions, but it could go either way for XOM. The former finished five of the last eight next-day sessions higher, while the latter was lower in the last four.
Regardless of direction, Chevron and Exxon Mobil shares averaged 3.3% and 2.2% moves in the past two years, respectively. This time, the options pits are pricing in a bigger-than-usual swings of 3.8% for CVX, and 3.5% for XOM.
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