Oil-sands investments in Western Canada that gobbled tens of billions of dollars over the past decade are proving an Achilles heel for some of the world’s biggest energy producers. Exxon Mobil Corp. slashed proved reserves the most in its modern history after removing the entire $16 billion, 3.5-billion-barrel Kearl oil-sands project from its books on Wednesday.
Category: Exxon Mobil
Exxon Caves to Oil Crash With Historic Global Reserves Cut
Exxon Mobil Corp. disclosed the deepest reserves cut in its modern history as prolonged routs in oil and natural gas markets erased the value of some North American fields. The equivalent of about 3.3 billion barrels of untapped crude was removed from the so-called proved reserves category in Exxon’s books, the Irving, Texas-based explorer said in a statement.
India’s Petronet to cut spot LNG cargo purchases in FY 18
Feb 9 India’s biggest gas importer Petronet LNG will cut spot purchases of liquefied natural gas in the next fiscal year as it is getting supplies under a long-term deal with Exxon Mobil Corp for imports from Australia’s Gorgon project, the company’s chief executive Prabhat Singh said on Thursday. Separately, Petronet LNG’s head of finance, RK Garg, said the second LNG cargo from Gorgon is expected to arrive in March.
Security Boosted at Oil Fields to Raise South Sudan Output
South Sudan said it boosted security at oil installations and will source electricity from neighboring Sudan to resume output at two fields in efforts to restore production to levels achieved before the country descended into civil war. The government is also in talks with oil companies including Total SA of France, and Oriental Energy Resources Ltd. of Nigeria to begin exploration in Block B, the country’s largest untapped deposit, Petroleum Minister Ezekiel Lul Gatkuoth said in an interview Monday in the capital, Juba.
Tillerson’s Entirely Reasonable Pay Deal With Exxon: Justin Fox
Exxon Mobil Corp. is planning to put about $175 million in cash into a trust for Rex Tillerson, who stepped down as the company’s chief executive officer on Jan. 1 in order to pursue a new career opportunity at the U.S. State Department. This giant payout is likely to be an issue at his Senate confirmation hearing this week.
All U.S. ambassadors directed to quit by Jan. 20
Ambassadors in some of the most desirable foreign capitals such as London and Paris have been told they must end their service immediately on Jan. 20, with “no exceptions,” State Department officials confirmed Thursday. The unusually stern and specific directive to “political” ambassadors – often presidential donors and friends – came at the behest of the incoming Trump administration, two officials said.
Tillerson Climate-Change Testimony Set Before Trump Sworn In
Lawyers for teenagers claiming the U.S. government failed to protect the environment from global warming plan to question under oath President-elect Donald Trump’s pick for secretary of state on his knowledge of climate change. Exxon Mobil Corp. Chief Executive Officer Rex Tillerson’s testimony, set for the day before the Jan. 20 inauguration, is being sought by lawyers representing 21 children and teenagers seeking to prove that oil and gas industry groups “have known about the dangers of climate change since the 1960s and have successfully worked to prevent the government” from taking action.
Tillerson Climate-Change Testimony Set Before Trump Sworn In
Lawyers for teenagers claiming the U.S. government failed to protect the environment from global warming plan to question under oath President-elect Donald Trump’s pick for secretary of state on his knowledge of climate change. Exxon Mobil Corp. Chief Executive Officer Rex Tillerson’s testimony, set for the day before the Jan. 20 inauguration, is being sought by lawyers representing 21 children and teenagers seeking to prove that oil and gas industry groups “have known about the dangers of climate change since the 1960s and have successfully worked to prevent the government” from taking action.