All articles tagged with #exxon mobil
Exxon Mobil’s stock rose about 2% to around $126.54, hitting a fresh high as investors reward the company’s steady profits and global footprint, including Guyana, despite President Trump’s threats to cut Exxon out of Venezuelan oil deals. CEO Darren Woods urged durable protections and contractual guarantees in Venezuela, while near-term crude prices hover in the mid‑$60s, helping fuel the rally.
Exxon Mobil CEO Darren Woods told President Trump that Venezuela is 'uninvestable,' a blunt assessment echoed by other oil leaders; Trump reacted negatively, signaling limits to U.S. investment, while industry cautions say any reconstruction would require major political and legal reforms and security guarantees, with Chevron currently the only major international operator in Venezuela, illustrating the risk and optics at the White House meeting.
Chevron and Exxon Mobil, two major U.S. oil companies, reported continued quarterly profit declines, though Chevron's earnings surpassed expectations while Exxon Mobil's fell short. The overall trend shows a slowdown in profit declines compared to previous quarters, amid fluctuating oil prices and geopolitical factors. Other energy companies like Shell and Total Energies reported mixed results, with some initiating share buybacks. U.S. oil prices remain volatile, influenced by global trade tensions and sanctions.
U.S. oil stocks like Exxon Mobil, ConocoPhillips, and FANG rose following a modest increase in OPEC+ oil production and rising oil prices, supported by geopolitical factors and U.S. political backing for fossil fuels, despite concerns over potential oversupply and economic volatility.
Exxon Mobil's stock increased following strong earnings, with the CEO highlighting the highest upstream production in 25 years.
Chevron and Exxon Mobil reported quarterly earnings with declines of over 20%, but are increasingly collaborating on global projects, including a significant agreement in Indonesia and legal disputes in Guyana that have recently been resolved in favor of Chevron. Both companies are focusing on expanding their production and shareholder returns despite market challenges, signaling a strategic shift towards partnership and growth in key oil regions.
The U.S. Department of Energy canceled $3.7 billion in clean energy projects, including funding for Exxon Mobil's Texas refinery, under the Biden administration, affecting 24 awards.
The House Judiciary Committee has released an interim report alleging that a "climate cartel" consisting of financial firms and climate activists engaged in collusion and anticompetitive behavior to enforce ESG goals on U.S. companies. The report claims that this group attempted to replace Exxon Mobil board members in 2021 after the company refused to commit to certain climate pledges.
Exxon Mobil CEO Darren Woods has warned that Donald Trump's potential decision to withdraw the U.S. from the Paris climate agreement could harm the oil industry by creating uncertainty and inefficiency. Despite Trump's "drill, baby, drill" stance, Woods emphasized the need for stable policies for long-term investments. Meanwhile, Elon Musk, once a strong climate advocate, has shifted his focus away from urgent climate action, aligning more with Trump's views. This ongoing policy pendulum creates challenges for businesses like Exxon Mobil.
Hess shareholders have approved a $53 billion sale of the company to Chevron, which includes a valuable stake in an Exxon Mobil-led oil project in Guyana. However, the deal faces legal challenges as Exxon contests the sale, arguing it has the right to buy Hess's stake. The dispute is currently in arbitration, and a decision may not come until next year.
Hess Corporation shareholders approved a $53 billion acquisition by Chevron, despite a dispute with Exxon Mobil over Hess' assets in Guyana. The deal's completion is uncertain due to arbitration proceedings initiated by Exxon, which claims a right of first refusal under a joint operating agreement. The merger, originally expected to close in early 2024, faces delays and scrutiny from the Federal Trade Commission.
A federal judge in Texas has ruled that Exxon Mobil can proceed with a lawsuit against activist investor Arjuna Capital over a climate change proposal, while dismissing a similar claim against Netherlands-based Follow This. The case centers on a proposal to accelerate carbon dioxide emissions reductions, which Exxon argues could be refiled in the future. The judge supported Exxon's stance, citing distrust of the activist investors' intentions.
Exxon Mobil CEO Darren Woods highlights the cost and responsibility associated with achieving net-zero emissions by 2050, emphasizing the need for transparency and willingness to pay for carbon reduction. Despite the company's investments in lower-emission initiatives, Woods believes that current policies are not aggressive enough and that both individuals and businesses need to bear the cost burden. He acknowledges the challenges in making clean energy solutions more affordable and advocates for a shift towards market forces and regulation to drive the transition.
Exxon Mobil is moving forward with its expansion into lithium despite a drop in prices and concerns about the electric vehicle market. The company plans to bring its first lithium project online in 2027 and believes there will be a surge in demand for the metal by the end of the decade. Exxon's decision to diversify into lithium comes at a time when prices have plummeted due to increased supply and doubts about the rapid adoption of electric vehicles. The company's financial strength could position it as a major low-cost operator in the lithium industry in the future.
Exxon Mobil plans to conduct exploratory drilling off the coast of Guyana, reassuring that it will be "well south" of the disputed territory claimed by Venezuela. The company's executive emphasized that the proposed drilling locations are at least 100 kilometers away from Venezuela's claimed territory and are within Guyana's licensed exploration area. This comes amid reports of a Venezuelan military buildup near the disputed region, raising concerns about potential conflict. Exxon and its partner, Hess Corp., saw a decline in stock performance following these developments.