Exxon Mobil Corp.’s $20 billion building spree in the heart of the U.S. chemical and refining industry will create 45,000 jobs and boost U.S. efforts to feed Asian demand, the company’s new leader said. President Donald Trump couldn’t be happier.
Category: Exxon Mobil
Trump Cheers Exxon’s Plan to Create 45,000 Jobs
Exxon Mobil will spend $20 billion by 2022 to expand its footprint along the U.S. Gulf Coast, creating more than 45,000 jobs. The world’s largest publicly traded oil company said Monday it will invest in refining and chemical-manufacturing projects at 11 proposed and existing sites, located in Texas and Louisiana.
Exxon’s New CEO Drives Oil Giant Into Post-Tillerson Era
Woods replaced longtime Exxon chief Rex Tillerson, now the Secretary of State, beginning Jan. 1. Less than three weeks later, Exxon disclosed Tillerson’s final deal: a large acquisition of land in the fast-growing Permian Basin that will cost up to $6.6 billion. It was Exxon’s largest deal since it agreed to buy XTO Energy in 2009.
Chevron, Exxon Mobil Lag Crude Oil on Declining Momentum in the Energy Sector
Nymex crude oil has a positive but overbought weekly chart, while the energy sector ETF and shares of Chevron and Exxon Mobil have negative weekly charts. Remember when the ups and downs of Nymex crude oil correlated with the ups and downs of the stock market? This dynamic was a characteristic of the stock market for most of 2016.
Exxon Mobil Reportedly Resumes Nigerian Layoffs
Exxon Mobil reportedly laid off 89 workers mainly at its Qua Iboe terminal in south-eastern Nigeria, according to an anonymous source. Workers in Nigeria ended a strike at the company’s headquarters in the country in December following the firing of more than 100 employees.
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Secretary of State-designate Rex Tillerson testifies on Capitol Hill in Washington, Wednesday, Jan. 11, 2017, at his confirmation hearing before the Senate Foreign Relations Committee. CEO’s confirmation hearing, as the new Secretary of State presented a tougher stance on Russia and pledged greater support for Israel.
ExxonMobil’s Earnings Slip on a Rare Writedown
That changed this past quarter when the company took a $2 billion hit to the bottom line. Despite that large asset charge, ExxonMobil’s results weren’t all that bad.
Nasty Year’ Leaves Oil Investors Wary as Profits Fall Short
Investors eliminated about $53 billion in market value for producers over three days as the twin titans of U.S. oil posted their worst annual financial outcomes in decades. With Royal Dutch Shell Plc, Total SA and BP Plc due to announce 2016 results in coming days, the grim headlines may not yet be over.
Exxon’s Profit Miss Shows No One Immune From Market Ravages
Exxon Mobil Corp.’s biggest profit miss in at least a decade is the starkest sign yet that major oil explorers remain mired in the deepest market slump in a generation. After resisting the industry trend of discounting the value of oil and natural gas fields that turned into money-losers amid the 2 1/2-year market slump, Exxon capitulated on Tuesday and took a $2 billion hit on the value of some Rocky Mountain gas.
ExxonMobil’s $2 Billion Impairment Charge Weighs on Fourth-Quarter Results
Earnings, assuming dilution, were 41 cents a share, falling short of analysts’ expectations of 70 cents per share. Revenue of $61.02 billion for the period was also below forecasts calling for $61.5 billion.
XLE, SVXY: Big ETF Outflows
Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the Energy Select Sector SPDR Fund , where 1,750,000 units were destroyed, or a 0.7% decrease week over week. Among the largest underlying components of XLE, in morning trading today Exxon Mobil is down about 0.6%, and Chevron is lower by about 1.5%.
Here’s why Elon Musk is changing his tune on Trump
During the 2016 presidential election, Elon Musk was no fan of Donald Trump – the Tesla and SpaceX CEO didn’t think the celebrity businessman was the right guy for the job. But now that President Trump has the job, Musk has shifted his views.
Elon Musk Floated the Idea of a Carbon Tax to Trump, an Official Says
President Donald Trump meets with business leaders including Elon Musk, left, in the Roosevelt Room at the White House in Washington on Jan. 23, 2017. Tesla Motors Inc. founder Elon Musk is pressing the Trump administration to adopt a tax on carbon emissions, raising the issue directly with President Donald Trump and U.S. business leaders at a White House meeting Monday regarding manufacturing.
How Investors Can Get In On an Oil Production Resurgence
Reports suggest that 2017 marks the end of the U.S. oil industry’s trend of declining production. In this clip from Industry Focus: Energy , Motley Fool analysts Sean O’Reilly and Taylor Muckerman talk about a few of the best oil and gas companies for long-term investors and a long list of companies that investors will want to look into.
AQMD proposes ban on toxic hydrofluoric acid at South Bay refineries
Aftermath of Exxon/Mobil explosion and fire at Torrance refinery, Feb. 18, 2015. File photo.
Cramer: Rising Deal Tide in the Permian Lifts Oil Boats
Yes, the Permian buys continue to move the needle. It looked like Noble Energy would be hammered when it paid a gigantic premium for Clayton Williams over the weekend; the latter stock is up 37%, but more important, perhaps, is that the stock was at $7 a little less than a year ago and now it is at $143.
Judge: Exxon Mobil must give documents to attorney general
Exxon Mobil has been ordered to hand over documents related to a state investigation into whether it misled the public about the impact of fossil fuels on the climate. Wednesday’s decision by a Suffolk Superior Court judge is a win for Attorney General Maura Healey, who’s trying to determine if the company deceived investors and consumers by hiding what it knew about the link between burning fossil fuels and climate change.
Senators Split Over Tillerson and His Ties to Putin
President-Elect Trump’s pick to be Secretary of State suggested that Russia “poses a danger,” responding to concerns that he is overly cozy with the Russian President. Lawmakers on Wednesday were deeply divided over whether President-elect Trump’s pick for Secretary of State, Exxon Mobil CEO Rex Tillerson would be right for the job, with many senators raising concerns about his overly cozy ties with Russian President Vladimir Putin.
Big Oil Hits Sweet Spot as Projects Reap Rewards of Recovery
Big Oil is poised to reap rewards this year as investments made before the crude-price slump pay off just as the recovery starts. Seven of the world’s largest energy companies will together boost oil and natural gas output by 398,000 barrels a day, the most since since 2010, according to data from Oslo-based consultant Rystad Energy AS.
Big Oil Hits Sweet Spot as New Projects Reap Rewards of Recovery
Big Oil is poised to reap rewards this year as investments made before the crude-price slump pay off just as the recovery starts. Seven of the world’s largest energy companies will together boost oil and natural gas output by 398,000 barrels a day, the most since since 2010, according to data from Oslo-based consultant Rystad Energy AS.
Tillerson Ethics Plan Foreshadows Knotty Trump Confirmations
Rex Tillerson’s disclosure that he stands to receive a $180 million cash payout from Exxon Mobil Corp. if he becomes the next U.S. secretary of state offers a preview of the thorny ethical questions that may be raised this week over a presidential cabinet stacked with tycoons. And with confirmation hearings scheduled for Tillerson and eight other appointees of President-elect Donald Trump, the head of the federal office that helps ensure compliance with conflict-of-interest rules told lawmakers his agency is hard-pressed by too much work and too little time.
Tillerson Discloses Global Assets of as Much as $400 Million
Rex Tillerson, President-elect Donald Trump’s pick for U.S. secretary of state, disclosed assets worth as much as $400 million in a federal ethics filing that reflected investments spanning more than a dozen nations. If confirmed by the U.S. Senate, Tillerson will recuse himself for a year from government decisions involving Exxon Mobil Corp., where he served as chairman and chief executive officer until Jan. 1, according to a separate filing posted by the Office of Government Ethics on Wednesday.
Exxon Cashes Out Ex-CEO Tillerson
Exxon Mobil has awarded former Chief Executive Rex Tillerson a $180 million retirement package as the company moves to break financial ties with President-elect Donald Trump’s nominee for secretary of state. If Mr. Tillerson is confirmed, Exxon will transfer the equivalent value of two million unvested shares that he was set to receive at his previously expected retirement in March into a trust, according to the company.
Tillerson to Cede Control of $240 Million in Exxon as Trump Pick
Rex Tillerson, former Exxon Mobil Corp. chief executive and President-elect Donald Trump’s pick for U.S. secretary of state, will relinquish control of about $240 million in company shares if confirmed as he severs ties to comply with conflict-of-interest requirements. If confirmed, Tillerson will sell the more than 600,000 shares he owns in the largest U.S. oil explorer and transfer the value of more than 2 million in deferred shares to an independently managed trust, Exxon said in a statement dated Jan. 3. The former CEO would have received the shares over the next 10 years.
How to Trade Chevron, Exxon Mobil as They Lag Crude Oil
As crude oil sets new 2016 highs, so do shares of Chevron and Exxon Mobil, with Chevron eking out a new high on Wednesday. Here’s how to trade them.
Rosneft Could Accelerate Global Expansion in 2017, Says WoodMac
Rosneft PJSC has the opportunity to accelerate its international expansion next year as the political environment becomes more favorable for the state-run Russian oil producer. U.S. President-elect Donald Trump’s “Russia-friendly rhetoric” and the appointment of Exxon Mobil Corp. Chief Executive Officer Rex Tillerson as Secretary of State “are likely to have a profound impact on the way Russia is perceived by the West,” according to consultant Wood Mackenzie Ltd. Rosneft has recent international success to build upon — its $1.1 billion purchase of a stake in an Egyptian gas field and the Russian government’s sale of 19.5 percent of the company to Glencore Plc and Qatar’s sovereign wealth fund.
Tillerson’s Foreign Prowess Said Aided by Exxon Intelligence Arm
Even before Donald Trump tapped him to be the top U.S. diplomat, Rex Tillerson already had his own State Department. Behind the walls of Exxon Mobil Corp.’s secluded corporate headquarters in suburban Dallas, a little-known intelligence unit works to keep top executives informed on economic, social and political situations around the world so they never walk into a foreign negotiation unprepared.