A World Bank arbitration panel has determined that Venezuela will not have to pay $1.4 billion to Exxon Mobil Corp. for confiscating company assets during a wave of nationalizations. The Washington-based panel issued a ruling that annulled most of the $1.6 billion judgment against Venezuela.
Category: ExxonMobil Chemical
Exxon plans $20 billion expansion of Texas, Louisiana plants
Exxon Mobil is spending $20 billion through 2022 to expand its chemicals and fuel-making capacity in Texas and Louisiana to transform U.S. shale oil and natural gas into products for growing consumer markets in Asia. After decades of siting new plants to make plastics, industrial chemicals and motor fuels in the Middle East and East Asia, the shale boom is spurring Exxon to steer construction dollars back to its home country, Chief Executive Officer Darren Woods said in remarks prepared for the CERAWeek energy conference in Houston on Monday.
‘CEO’ Tillerson faces internal skeptics, crisis-battling White House
US Secretary of State Rex Tillerson listens during an opening session meeting of G-20 foreign ministers at the World Conference Center February 16, 2017 in Bonn, Germany. U.S. Secretary of State Rex Tillerson looks over papers before a meeting on Syria at the World Conference Center in Bonn, western Germany, February 17, 2017.
Why Exxon Mobil Will Have A Break-Out Year
As XOM ramps up its low-cost production fully, it will be able to enhance both its revenue and earnings in light of a stronger oil pricing environment. XOM is set to fully ramp-up 450,000 boepd of low-cost production this year, which is expected to achieve break-even at an oil price of only $40 per barrel.