All articles tagged with #exxon
Exxon CEO and other industry leaders expressed cautious optimism about investing in Venezuela's oil sector during a White House meeting, with Exxon indicating it is currently 'uninvestible' but potentially assessable soon, while Trump assured safety for investors despite no clear security guarantees.
Meg O’Neill, a former Exxon executive, has been appointed to lead BP's efforts to turn around its performance, bringing her extensive industry experience to the role.
Despite falling oil prices, Exxon and Chevron are increasing their oil production, indicating a strategic move to maintain market presence and profitability in a challenging economic environment.
Exxon is suing California over two 2023 climate laws, claiming they infringe on free speech by forcing the company to adopt specific emissions and risk reporting frameworks and disclose global emissions, which Exxon argues is misleading and overreaching. The lawsuit seeks to block enforcement of these laws, set to begin in 2026, amid ongoing legal challenges to similar regulations.
Exxon CEO expresses pessimism about Europe's strict ESG and climate reporting rules, which could impact US LNG exports to Europe. While Europe aims to balance climate goals with energy needs amid high prices and geopolitical tensions, Exxon is concerned that current regulations may hinder long-term deals and economic viability. The CEO advocates for repealing some legislation, criticizing Europe's approach as ideologically driven and confusing.
A 20-month feud between Exxon and Chevron over a contract clause related to a major offshore oil discovery in Guyana escalated into arbitration, threatening Chevron's $53 billion acquisition of Hess. The dispute centered on the interpretation of a right-of-first-refusal clause in a joint operating agreement, with Exxon asserting its rights and Chevron and Hess defending their interpretation. After prolonged legal and regulatory battles, Chevron's acquisition was ultimately completed in early 2025, ending the dispute.
A legal dispute over a contract clause between Exxon and Chevron over the Guyana oil field nearly derailed Chevron's $53 billion acquisition of Hess, but ultimately Chevron's takeover was completed after arbitration ruled in favor of Hess and Chevron, ending a 20-month feud that highlighted the complexities of oil industry negotiations and legal interpretations.
Chevron successfully won an arbitration case against Exxon Mobil, allowing it to complete its $53 billion acquisition of Hess, which enhances Chevron's oil assets and narrows its gap with Exxon. The deal, delayed by legal disputes over Hess's stake in Guyana, was finalized after Chevron's victory, boosting its stock and strategic position in the industry.
ExxonMobil is planning to enter the electricity market by selling power to data centers, marking a strategic shift in its business operations. This move aligns with the growing demand for energy from data centers, which are expanding rapidly due to increased digital activity.
Exxon Mobil CEO Darren Woods urged President-elect Trump to remain in the Paris climate agreement, arguing that a U.S. exit would create global confusion and business uncertainty. Despite Exxon's support for the agreement since 2015, the Trump administration withdrew the U.S. from the accord in 2020, a decision reversed by President Biden in 2021. Woods emphasized the inefficiency and uncertainty caused by policy shifts between administrations.
Exxon's CEO has urged President Trump not to withdraw from the Paris Climate Agreement, emphasizing the importance of the deal in addressing climate change and maintaining global energy policy stability.
Exxon CEO Darren Woods argues against scrapping methane regulations and emphasizes the need for oil companies to play a larger role in climate talks, focusing on transitioning existing energy systems to lower carbon rather than replacing them entirely. He criticizes the inconsistent US environmental regulations and stresses the importance of stable policies for business and society. Woods also highlights Exxon's efforts to decarbonize operations and explore alternative hydrocarbon uses, while maintaining that the company will not set targets for reducing scope 3 emissions.
This week, the corporate world is focused on oil, with Exxon at the center of multiple high-stakes battles. Exxon is suing shareholders over a carbon-emissions reduction proposal, challenging Chevron over an offshore oilfield stake, and celebrating the approval of its $60 billion Pioneer takeover. Despite opposition from some pension funds, Exxon appears to have regained political support, signaling a shift away from the momentum of ESG initiatives.
The energy sector has surprisingly emerged as the best performing sector of the year, with a 15% gain driven by increased demand outpacing supply, leading to the Energy Select Sector SPDR Fund reaching its highest level since 2014. This surge is primarily attributed to geopolitical turmoil causing logistical challenges. Meanwhile, oil prices have risen, with Brent crude topping $89 per barrel due to OPEC production cuts and Middle East tensions. Exxon and Chevron dominate the S&P 500 energy sector, with their stocks near all-time highs, while tech and communication services sectors are underperforming.
Exxon Mobil CEO Darren Woods stated that the company's proposed low-carbon hydrogen project in Texas may not proceed if the Biden administration withholds tax incentives for natural gas-fed facilities, arguing that the Inflation Reduction Act should provide credits for "blue" hydrogen produced from gas with carbon capture. Woods emphasized the need for a balanced approach to reducing emissions and transitioning to a low-carbon energy system, cautioning against favoring certain technologies over others. He also mentioned Exxon's interest in establishing the value of Hess' Guyana stake and potentially buying it after arbitration.