Being one of the largest companies in the world and operating in a politically incorrect industry has made Exxon Mobil (NYSE:XOM) a target of many special interest groups and ambitious politicians, hoping to raise money for their cause or secure the next term in office.
Add to that the challenge of an unprecedented low-price oil and gas environment, and it definitely testing the foundations of the company as it takes a number of hits from different sources, while at the same time attempting to keep the company moving forward.
The upstream business of the company has obvious headwinds from the low prices, but recent developments in the refining side of the business, which has offset some of the upstream weakness, is starting to show a few cracks of its own.
It was recently reaffirmed concerning its credit rating, but that could change in a couple of years because of one credit agency saying it could downgrade the company if things continue on as they are.
more on outlook for ExxonMobil
Showing posts with label ExxonMobil. Show all posts
Showing posts with label ExxonMobil. Show all posts
Saturday, January 23, 2016
Saturday, June 1, 2013
Chesapeake a Better Long with New CEO
After years of acquiring enormous assets which made Chesapeake Energy Corporation (CHK) second only to Exxon Mobil (XOM) in natural gas production, CEO and Chairman Aubrey McClendon, who founded the company, was forced to leave April 1, and has now been replaced by Anadarko Petroleum (APC) executive Robert Douglas Lawler.
Who you may ask? We'll get into why the question itself, and the answer to the underlying premise of the question is important to this new CEO choice for Chesapeake.
continue reading ...
Who you may ask? We'll get into why the question itself, and the answer to the underlying premise of the question is important to this new CEO choice for Chesapeake.
continue reading ...
Wednesday, January 30, 2013
IAMGOLD (IAG) (AKS) (CHK) (CPNO) (HES) (MT) (XOM) Ratings Changes
IAMGOLD Corp (IAG), AK Steel Holding Co. (AKS), Chesapeake Energy (CHK), Copano Energy, L.L.C. (CPNO), Hess Corp (HES), ArcelorMittal (MT) and Exxon Mobil (XOM) had ratings on them adjusted by analysts.
Macquarie upgraded AK Steel Holding Co. (AKS) from an Underperform rating to a Neutral rating.
Stifel Nicolaus upgraded Chesapeake Energy (CHK) from a Hold rating to a Buy rating.
Societe Generale upgraded IAMGOLD Corp. (IAG) from a Sell rating to a Hold rating.
RBC Capital downgraded Copano Energy, L.L.C. (CPNO) from an Outperform rating to a Sector Perform rating.
Capital One downgraded Hess Corp. (HES) from an Add rating to a Neutral rating.
HSBC downgraded ArcelorMittal (MT) from a Neutral rating to an Underweight rating.
Macquarie downgraded Exxon Mobil (XOM) from an Outperform rating to a Neutral rating.
Macquarie upgraded AK Steel Holding Co. (AKS) from an Underperform rating to a Neutral rating.
Stifel Nicolaus upgraded Chesapeake Energy (CHK) from a Hold rating to a Buy rating.
Societe Generale upgraded IAMGOLD Corp. (IAG) from a Sell rating to a Hold rating.
RBC Capital downgraded Copano Energy, L.L.C. (CPNO) from an Outperform rating to a Sector Perform rating.
Capital One downgraded Hess Corp. (HES) from an Add rating to a Neutral rating.
HSBC downgraded ArcelorMittal (MT) from a Neutral rating to an Underweight rating.
Macquarie downgraded Exxon Mobil (XOM) from an Outperform rating to a Neutral rating.
Thursday, October 4, 2012
Euro Climbs to Two-Week High Against Dollar
The euro soared to a two-week high against the U.S. dollar Thursday, as that and other factors accounted for a number of commodities also climbing.
Concerning the euro, European Central Bank President Mario Draghi reaffirmed his commitment to maintain and preserve the euro, as well as the monetary system of the area.
That announcement was what pushed the euro up against the dollar, which helped boost many other commodities as well.
Not only were commodities helped though, as the news from the ECB also helped Wall Street equities to soar as well.
Precious metals gold and silver were unsurprisingly higher, as was much of energy, although that was aided by Turkish strikes on Syria, which generated supply concerns, along with a fire at the largest refinery in the U.S, which is run by Exxon Mobil (XOM), along with another refinery fire in Russia.
In agriculture, corn, wheat and soybeans were all up on the day, after hitting a three-month low the day before. Sugar was also up.
Other metals rising included platinum and palladium in the U.S.
Thursday, September 20, 2012
Exxon Mobil (XOM) Acquiring More Bakken Assets
Exxon Mobil Corp. (NYSE: XOM) announced it is acquiring $1.6 billion more in assets held by Denbury Resources Inc. (NYSE: DNR) in the Bakken oil field in Montana and North Dakota.
The acquisition represents all of the shale assets held by Denbury in the Bakken field. In addition to the $1.6 billion, which will be paid in cash, Denbury will receive the interest held by Exxon in two fields in Texas and Wyoming.
Denbury had held 196,000 acres in the Bakken, which will bring the total owned by Exxon to just under 600,000 acres in the region.
The immediate benefit to Exxon will be production on the acreage will add about 15,000 barrels of oil and other hydrocarbons a day to their production, with all of that coming on the land they're acquiring.
This will increase as they boost drilling on the acreage. It adds approximately 3 percent to its oil production in the U.S.
As for North Dakota, they have quickly become the second-largest oil producer state in the United States.
Denbury was trading at $17.45, up $0.74, or 4.40 percent, as of 12.03 PM EDT. Exxon was trading at $91.16, up 0.59, or 0.65 percent.
The acquisition represents all of the shale assets held by Denbury in the Bakken field. In addition to the $1.6 billion, which will be paid in cash, Denbury will receive the interest held by Exxon in two fields in Texas and Wyoming.
Denbury had held 196,000 acres in the Bakken, which will bring the total owned by Exxon to just under 600,000 acres in the region.
The immediate benefit to Exxon will be production on the acreage will add about 15,000 barrels of oil and other hydrocarbons a day to their production, with all of that coming on the land they're acquiring.
This will increase as they boost drilling on the acreage. It adds approximately 3 percent to its oil production in the U.S.
As for North Dakota, they have quickly become the second-largest oil producer state in the United States.
Denbury was trading at $17.45, up $0.74, or 4.40 percent, as of 12.03 PM EDT. Exxon was trading at $91.16, up 0.59, or 0.65 percent.
Friday, July 27, 2012
Barrick (ABX) (XOM) (CNX) (CWEI) (LINE) (WLT) (WY) (PAAS) (CLF) Analyst Coverage
Here's an update on analysts covering commodity companies Barrick Gold (ABX), Exxon Mobil (XOM), CONSOL Energy Inc. (CNX), Clayton Williams Energy (CWEI), Linn Energy, LLC (LINE), Cliffs Natural Resources (CLF), Walter Energy (WLT), Weyerhaeuser (WY)and Pan American Silver Corp. (PAAS).
Macquarie downgraded Barrick Gold (ABX) from an "Outperform" rating to a "Neutral" rating.
BB&T (BBT) downgraded CONSOL Energy Inc. (CNX) from a "Buy" rating to a "Hold" rating.
Global Hunter Securities downgraded Clayton Williams Energy Inc (CWEI) from an "Accumulate" rating to a "Neutral" rating. They lowered their price target from $93.00 to $50.00 on the company.
Credit Suisse downgraded Linn Energy, LLC (LINE) from an "Outperform" rating to a "Neutral" rating.
Johnson Rice downgraded Walter Energy (WLT) from an "Overweight" rating to an "Equal Weight" rating.
Buckingham Research downgraded Weyerhaeuser (WY) from a "Buy" rating to a "Neutral" rating.
UBS AG (UBS) downgraded Exxon Mobil (XOM) from a "Buy" rating to a "Neutral" rating.
Credit Suisse (CS) upgraded Cliffs Natural Resources (CLF) from an "Underperform" rating to a "Neutral" rating.
RBC Capital initiated coverage on Pan American Silver Corp. (PAAS). They placed a "Sector Perform" rating on the company.
Macquarie downgraded Barrick Gold (ABX) from an "Outperform" rating to a "Neutral" rating.
BB&T (BBT) downgraded CONSOL Energy Inc. (CNX) from a "Buy" rating to a "Hold" rating.
Global Hunter Securities downgraded Clayton Williams Energy Inc (CWEI) from an "Accumulate" rating to a "Neutral" rating. They lowered their price target from $93.00 to $50.00 on the company.
Credit Suisse downgraded Linn Energy, LLC (LINE) from an "Outperform" rating to a "Neutral" rating.
Johnson Rice downgraded Walter Energy (WLT) from an "Overweight" rating to an "Equal Weight" rating.
Buckingham Research downgraded Weyerhaeuser (WY) from a "Buy" rating to a "Neutral" rating.
UBS AG (UBS) downgraded Exxon Mobil (XOM) from a "Buy" rating to a "Neutral" rating.
Credit Suisse (CS) upgraded Cliffs Natural Resources (CLF) from an "Underperform" rating to a "Neutral" rating.
RBC Capital initiated coverage on Pan American Silver Corp. (PAAS). They placed a "Sector Perform" rating on the company.
Thursday, February 2, 2012
Exxon (XOM) (ADM) (DNDN) (X) (EEP) (KWK) Ratings, Price Targets
Exxon Mobil (NYSE: XOM), Archer Daniels Midland Company (NYSE: ADM), Dendreon Co. (NASDAQ: DNDN), U.S. Steel (NYSE: X), Enbridge Energy Partners LP (NYSE: EEP), and Quicksilver Resources (NYSE: KWK) ratings and price targets.
Archer Daniels Midland Company (ADM) was upgraded by BMO Capital Markets from a “Market Perform” rating to an “Outperform” rating.
Dendreon Co. (DNDN) had its “Buy” rating reiterated by Deutsche Bank (NYSE:DB).
U.S. Steel (X) had its price target raised by JPMorgan Chase & Co. (NYSE:JPM) to $51.00.
Enbridge Energy Partners LP (EEP) was downgraded by Wells Fargo & Co. (NYSE:WFC) from an “Outperform” rating to a “Market Perform” rating.
Quicksilver Resources (KWK) was downgraded by Bank of America (NYSE:BAC) to an “Underperform” rating.
Exxon Mobil (XOM) was downgraded by Argus from a “Buy” rating to a “Hold” rating.
Archer Daniels Midland Company (ADM) was upgraded by BMO Capital Markets from a “Market Perform” rating to an “Outperform” rating.
Dendreon Co. (DNDN) had its “Buy” rating reiterated by Deutsche Bank (NYSE:DB).
U.S. Steel (X) had its price target raised by JPMorgan Chase & Co. (NYSE:JPM) to $51.00.
Enbridge Energy Partners LP (EEP) was downgraded by Wells Fargo & Co. (NYSE:WFC) from an “Outperform” rating to a “Market Perform” rating.
Quicksilver Resources (KWK) was downgraded by Bank of America (NYSE:BAC) to an “Underperform” rating.
Exxon Mobil (XOM) was downgraded by Argus from a “Buy” rating to a “Hold” rating.
Thursday, January 12, 2012
Exxon (XOM) (OXY) (INT) (COP) (CLR) (PXD) Ratings, Price Targets
Exxon Mobil (NYSE: XOM), Occidental Petroleum Co. (NYSE: OXY), World Fuel Services Co. (NYSE: INT), ConocoPhillips (NYSE: COP), Continental Resources, Inc. (NYSE: CLR) and Pioneer Natural Resources (NYSE: PXD) ratings and price targets.
Occidental Petroleum Co. (OXY) was downgraded by Tudor Pickering from a “Buy” rating to an “Accumulate” rating.
World Fuel Services Co. (INT) was downgraded by BB&T (NYSE:BBT) from a “Buy” rating to a “Hold” rating.
ConocoPhillips (COP) was downgraded by Jefferies Group (NYSE:JEF) from a “Buy” rating to a “Hold” rating. They have a price target of $75.00 on the company.
Continental Resources, Inc. (CLR) was downgraded by Canaccord Genuity from a “Buy” rating to a “Hold” rating. They have a price target of $79.00 on the company, down from $81.00.
Exxon Mobil (XOM) had its price target raised by Jefferies Group to $85.00. They have a “Hold” rating on the company.
Pioneer Natural Resources (PXD) was upgraded by Tudor Pickering from an “Accumulate” rating to a “Buy” rating.
Occidental Petroleum Co. (OXY) was downgraded by Tudor Pickering from a “Buy” rating to an “Accumulate” rating.
World Fuel Services Co. (INT) was downgraded by BB&T (NYSE:BBT) from a “Buy” rating to a “Hold” rating.
ConocoPhillips (COP) was downgraded by Jefferies Group (NYSE:JEF) from a “Buy” rating to a “Hold” rating. They have a price target of $75.00 on the company.
Continental Resources, Inc. (CLR) was downgraded by Canaccord Genuity from a “Buy” rating to a “Hold” rating. They have a price target of $79.00 on the company, down from $81.00.
Exxon Mobil (XOM) had its price target raised by Jefferies Group to $85.00. They have a “Hold” rating on the company.
Pioneer Natural Resources (PXD) was upgraded by Tudor Pickering from an “Accumulate” rating to a “Buy” rating.
Friday, October 28, 2011
Exxon (XOM) (TMO) (BA) (BYI) (CA) Price Targets and Ratings
Exxon Mobil (NYSE: XOM), Thermo Fisher Scientific (NYSE: TMO), The Boeing Company (NYSE: BA), Bally Technologies Inc. (NYSE: BYI) and CA Tech (NYSE: CA) price target and ratings.
Oppenheimer reiterated its “Outperform” rating on Exxon Mobil (XOM).
Thermo Fisher Scientific (TMO) had its price target lowered by UBS AG (NYSE:UBS) from $72.00 to $60.00. They have a “Buy” rating on the company.
The Boeing Company (BA) had its price target lowered by JPMorgan Chase & Co. (NYSE:JPM) to $80.00.
Bally Technologies Inc. (BYI) had its price target raised by Sterne Agee to $48.00.
CA Tech (CA) had its price target lowered by Needham & Company from $29.00 to $25.00. They have a “Buy” rating on the company.
Oppenheimer reiterated its “Outperform” rating on Exxon Mobil (XOM).
Thermo Fisher Scientific (TMO) had its price target lowered by UBS AG (NYSE:UBS) from $72.00 to $60.00. They have a “Buy” rating on the company.
The Boeing Company (BA) had its price target lowered by JPMorgan Chase & Co. (NYSE:JPM) to $80.00.
Bally Technologies Inc. (BYI) had its price target raised by Sterne Agee to $48.00.
CA Tech (CA) had its price target lowered by Needham & Company from $29.00 to $25.00. They have a “Buy” rating on the company.
Tuesday, July 5, 2011
Exxon (XOM) Spill Estimated at Up to 1,000 Barrels
Exxon Mobil (NYSE:XOM) has stopped the oil spill in the Yellowstone River, with estimates the amount of oil escaping into the river was at worst, about 1,000 barrels.
Company spokesman Alan Jeffers said, "It's unlikely there's any oil in the water at this point." Adding, "That doesn't mean we know where it all is." According to Jeffers there were 125 workers on the ground on Monday. He concluded it's not likely the river will suffer further impact from the spill.
Exxon officials, along with the government, speculate the cause of the spill was debris from the river bottom damaging the pipeline as it became exposed because of high waters. That has yet to be confirmed.
Exxon said on Monday they've only found one incident of wildlife damage that has been reported. That hasn't kept the media from running a picture of one turtle and some pelicans with alleged oil on them.
Representatives from International Bird Rescue were coming to the area in order to assist in case "any wildlife rescues that might arise." That can't be taken seriously with the little damage in that regard, and can only be considered a media opportunity to raise money.
These so-called rescuers need to go the the "green" industry in order to save birds, which are destroyed by the hundreds of thousands every year in America by wind turbines.
A few pictures of the mangled bodies of bats and birds will change the perception of the wind industry, rather than the few pictures of animals and birds that occasionally get harmed from oil spills.
As for the spill in the Yellowstone River, the length of the spill is all over the map, as it has been said to spread from 10 miles to up to 100 miles across the river.
Company spokesman Alan Jeffers said, "It's unlikely there's any oil in the water at this point." Adding, "That doesn't mean we know where it all is." According to Jeffers there were 125 workers on the ground on Monday. He concluded it's not likely the river will suffer further impact from the spill.
Exxon officials, along with the government, speculate the cause of the spill was debris from the river bottom damaging the pipeline as it became exposed because of high waters. That has yet to be confirmed.
Exxon said on Monday they've only found one incident of wildlife damage that has been reported. That hasn't kept the media from running a picture of one turtle and some pelicans with alleged oil on them.
Representatives from International Bird Rescue were coming to the area in order to assist in case "any wildlife rescues that might arise." That can't be taken seriously with the little damage in that regard, and can only be considered a media opportunity to raise money.
These so-called rescuers need to go the the "green" industry in order to save birds, which are destroyed by the hundreds of thousands every year in America by wind turbines.
A few pictures of the mangled bodies of bats and birds will change the perception of the wind industry, rather than the few pictures of animals and birds that occasionally get harmed from oil spills.
As for the spill in the Yellowstone River, the length of the spill is all over the map, as it has been said to spread from 10 miles to up to 100 miles across the river.
Wednesday, June 8, 2011
Chevron (CVX) (COP) (XOM) (PBR) (APC) Close Down as Oil Rallies Late in the Session
A late rally for oil prices wasn't enough to bolster giant oil stocks like Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP), Exxon Mobil (NYSE:XOM), Petrobras (NYSE:PBR) and Anadarko (NYSE:APC), which all closed down on Tuesday.
Other energy giants like BP (NYSE:BP), Marathon Oil (NYSE:MRO) and Halliburton (NYSE:HAL) did manage to close in positive territory.
Crude for July delivery settled at $99.09 a barrel on the New York Mercantile Exchange, the first positive close in three days, gaining 8 cents. Earlier in trading the contract was down as low as $97.74. Oil is up by about 39 percent over the last year.
Brent crude for July delivery jumped $2.30, or 2 percent, to $116.78 a barrel on the London-based ICE Futures Europe exchange.
The U.S dollar weakened against the euro, with the euro reaching $1.4696. The dollar also fell against the Swiss franc to 0.8327. Against a basket of major currencies the dollar declined to 73.506.
Even with the collapsing dollar it wasn't enough to have a significant impact because of the offsetting effect of the assumption OPEC will boost production, and an anemic economy is expected to reduce demand.
The Dow Jones industrial average dropped 19.15 points, or 0.16 percent, to close at 12,070.81. The Standard & Poor's 500 Index fell 1.23 points, or 0.10 percent, to close at 1,284.94. The Nasdaq Composite Index declined 1.00 point, or 0.04 percent, to end the session at 2,701.56.
Anadarko closed Tuesday at $73.74, down $1.01, or 1.35 percent. Petrobras ended the day at $32.64, falling $0.34, or 1.03 percent. Exxon Mobil closed at $80.00, declining $0.29, or 0.36 percent. ConocoPhillips ended at $70.87, dropping $0.05, or 0.07 percent. Chevron closed at $99.47, losing $0.21, or 0.21 percent.
Other energy giants like BP (NYSE:BP), Marathon Oil (NYSE:MRO) and Halliburton (NYSE:HAL) did manage to close in positive territory.
Crude for July delivery settled at $99.09 a barrel on the New York Mercantile Exchange, the first positive close in three days, gaining 8 cents. Earlier in trading the contract was down as low as $97.74. Oil is up by about 39 percent over the last year.
Brent crude for July delivery jumped $2.30, or 2 percent, to $116.78 a barrel on the London-based ICE Futures Europe exchange.
The U.S dollar weakened against the euro, with the euro reaching $1.4696. The dollar also fell against the Swiss franc to 0.8327. Against a basket of major currencies the dollar declined to 73.506.
Even with the collapsing dollar it wasn't enough to have a significant impact because of the offsetting effect of the assumption OPEC will boost production, and an anemic economy is expected to reduce demand.
The Dow Jones industrial average dropped 19.15 points, or 0.16 percent, to close at 12,070.81. The Standard & Poor's 500 Index fell 1.23 points, or 0.10 percent, to close at 1,284.94. The Nasdaq Composite Index declined 1.00 point, or 0.04 percent, to end the session at 2,701.56.
Anadarko closed Tuesday at $73.74, down $1.01, or 1.35 percent. Petrobras ended the day at $32.64, falling $0.34, or 1.03 percent. Exxon Mobil closed at $80.00, declining $0.29, or 0.36 percent. ConocoPhillips ended at $70.87, dropping $0.05, or 0.07 percent. Chevron closed at $99.47, losing $0.21, or 0.21 percent.
Tuesday, May 31, 2011
JPMorgan (JPM) (GS) (MS) See Crude Prices Continuing to Rise
Even though there is a temporary reprieve from the cost of oil and gasoline surrounding Memorial Day weekend, that didn't affect the outlook for oil prices over the the next year from JPMorgan (NYSE:JPM), Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS).
All three financial institutions said recently they see oil prices continuing to push up.
J.P. Morgan believes Brent crude will reach $130 a barrel in the third quarter. Goldman Sachs said that benchmark West Texas Intermediate crude will climb to $135 a barrel by the end of 2012, and Morgan Stanley Morgan Stanley sees Brent crude averaging $120 a barrel in 2011.
On Friday, benchmark crude for July delivery was up 36 cents to settle at $100.59 a barrel on the New York Mercantile Exchange. In London, Brent crude was down 2 cents to $115.03 a barrel on the ICE Futures Exchange.
In other Nymex trading, heating oil for June delivery jumped almost a penny to settle at $3.0014 per gallon and gasoline futures for June delivery rose 2.39 cents to settle at $3.0313 per gallon. Natural gas for July delivery climbed 15.8 cents to settle at $4.518 per 1,000 cubic feet.
If projections from investment banks are accurate, the price of gas will eventually rise to about $4.25 a gallon in the latter part of 2011.
Major oil producers closed mixed on Friday. Marathon (NYSE:MRO) ended the session at $53.37, falling $0.21, or 0.39 percent. ConocoPhillips (NYSE:COP) closed at $72.64, gaining $0.30, or 0.41 percent. BP (NYSE:BP) closed at $45.54, up $0.16, or 0.35 percent. Exxon (NYSE:XOM) ended at $82.63, climbing $0.24, or 0.29 percent.
All three financial institutions said recently they see oil prices continuing to push up.
J.P. Morgan believes Brent crude will reach $130 a barrel in the third quarter. Goldman Sachs said that benchmark West Texas Intermediate crude will climb to $135 a barrel by the end of 2012, and Morgan Stanley Morgan Stanley sees Brent crude averaging $120 a barrel in 2011.
On Friday, benchmark crude for July delivery was up 36 cents to settle at $100.59 a barrel on the New York Mercantile Exchange. In London, Brent crude was down 2 cents to $115.03 a barrel on the ICE Futures Exchange.
In other Nymex trading, heating oil for June delivery jumped almost a penny to settle at $3.0014 per gallon and gasoline futures for June delivery rose 2.39 cents to settle at $3.0313 per gallon. Natural gas for July delivery climbed 15.8 cents to settle at $4.518 per 1,000 cubic feet.
If projections from investment banks are accurate, the price of gas will eventually rise to about $4.25 a gallon in the latter part of 2011.
Major oil producers closed mixed on Friday. Marathon (NYSE:MRO) ended the session at $53.37, falling $0.21, or 0.39 percent. ConocoPhillips (NYSE:COP) closed at $72.64, gaining $0.30, or 0.41 percent. BP (NYSE:BP) closed at $45.54, up $0.16, or 0.35 percent. Exxon (NYSE:XOM) ended at $82.63, climbing $0.24, or 0.29 percent.
Friday, May 27, 2011
Exxon (XOM) (BP) (COP) (MRO) Climb While Oil Futures Pull Back
Exxon Mobil (NYSE:XOM), ConocoPhillips (NYSE:COP), BP (NYSE:BP) and Marathon Oil all closed up Thursday, even as oil futures pulled back after jumping over $101 a barrel on Wednesday.
Obama's economy continues to fall apart as first-time unemployment claims increased by about 10,000, far above the expected decline of 4,000 economists had been looking for. That is a seasonally adjusted 424,000 for the week ended May 21.
The growth rate of the U.S. economy was also worst than expected, growing at an anemic 1.8 percent rate in the first quarter, plunging from the 3.1 percent growth rate in the fourth quarter, and below the 2.2 percent economists projected.
The U.S. Labor Department also upwardly revised initial unemployment claims from the last report.
All of this affected oil prices, as oil futures closed lower Thursday. Light, sweet crude for July delivery settled down $1.09, or 1.1 percent, to $100.23 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled up 12 cents, or 0.1 percent, to $115.05 a barrel.
Front-month June reformulated gasoline blendstock, settled up 3.21 cents, or 1.1 percent, to $3.0483 a gallon. June heating oil was up 0.26 cent, or 0.1 percent, to $2.9829 a gallon.
With the Memorial Day weekend coming in the U.S., which usually involves heavy travel and usage of gasoline in vehicles, it probably offset the slightly lower price of oil and gas heading into the summer months.
Marathon closed Thursday at $53.58, gaining $0.82, or 1.55 percent. BP ended the day at $45.38, up $0.67, or 1.50 percent. Exxon Mobil closed at $82.39, climbing 0.43, or 0.52 percent. ConocoPhillips ended the session at $72.34, rising $0.37, or 0.51 percent.
Obama's economy continues to fall apart as first-time unemployment claims increased by about 10,000, far above the expected decline of 4,000 economists had been looking for. That is a seasonally adjusted 424,000 for the week ended May 21.
The growth rate of the U.S. economy was also worst than expected, growing at an anemic 1.8 percent rate in the first quarter, plunging from the 3.1 percent growth rate in the fourth quarter, and below the 2.2 percent economists projected.
The U.S. Labor Department also upwardly revised initial unemployment claims from the last report.
All of this affected oil prices, as oil futures closed lower Thursday. Light, sweet crude for July delivery settled down $1.09, or 1.1 percent, to $100.23 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled up 12 cents, or 0.1 percent, to $115.05 a barrel.
Front-month June reformulated gasoline blendstock, settled up 3.21 cents, or 1.1 percent, to $3.0483 a gallon. June heating oil was up 0.26 cent, or 0.1 percent, to $2.9829 a gallon.
With the Memorial Day weekend coming in the U.S., which usually involves heavy travel and usage of gasoline in vehicles, it probably offset the slightly lower price of oil and gas heading into the summer months.
Marathon closed Thursday at $53.58, gaining $0.82, or 1.55 percent. BP ended the day at $45.38, up $0.67, or 1.50 percent. Exxon Mobil closed at $82.39, climbing 0.43, or 0.52 percent. ConocoPhillips ended the session at $72.34, rising $0.37, or 0.51 percent.
Thursday, May 26, 2011
Exxon (XOM) (COP) (CVX) Close Up as Oil Breaks $100 a Barrel
For the first day this week oil prices broke the $100 mark a barrel, sending the share prices of energy giants Exxon Mobil (NYSE:XOM), Conoco (NYSE:COP) and Chevron (NYSE:CVX) up by the end of the session.
Light sweet crude oil for July delivery jumped $1.73 to settle at $101.32 a barrel and July Brent crude climbed by $2.40 to settle at $114.93.
Also strengthening oil prices was a report from the Department of Energy on Wednesday saying U.S. commercial crude inventories rose by 600,000 barrels in the week ended May 20 against an expected 1.3 million barrel fall in crude stocks.
Gasoline inventories was up by 3.8 million barrels last week against an estimated 300,000 barrel jump.
Chevron closed at $103.25, gaining $0.98, or 0.96 percent. Exxon closed at $81.96, up $0.67, or 0.82 percent. ConocoPhillips ended the session up slightly at $71.97, rising $0.06, or 0.08 percent.
Light sweet crude oil for July delivery jumped $1.73 to settle at $101.32 a barrel and July Brent crude climbed by $2.40 to settle at $114.93.
Also strengthening oil prices was a report from the Department of Energy on Wednesday saying U.S. commercial crude inventories rose by 600,000 barrels in the week ended May 20 against an expected 1.3 million barrel fall in crude stocks.
Gasoline inventories was up by 3.8 million barrels last week against an estimated 300,000 barrel jump.
Chevron closed at $103.25, gaining $0.98, or 0.96 percent. Exxon closed at $81.96, up $0.67, or 0.82 percent. ConocoPhillips ended the session up slightly at $71.97, rising $0.06, or 0.08 percent.
Wednesday, December 1, 2010
Exxon (NYSE:XOM) CEO Gets Salary, Bonus Boost for 2011
Exxon Mobil Corp (NYSE:XOM) chief executive officer Rex Tillerson has reportedly received a salary increase of 8 percent for 2011, along with an increase in his bonus of 40 percent.
Tillerson was awarded a bonus of $3.36 million in 2010, up significantly from the $2.4 million he received in 2009. That was according to a required regulatory filing with the U.S Securities and Exchange Commission.
The filing noted that 50 percent of the bonus will be paid out in cash at the end of 2010, while the rest of it will be based on the performance of EPS on a quarterly basis.
Salary for Tillerson was bumped up from $2.2 million in 2010 to $2.39 million in 2011.
Also awarded by the board of directors to the CEO was 225,000 shares of restricted stock, 50 percent of which can't be cashed in for 5 years. The other 50 percent must be held for 10 years before being allowed to sell it.
Exxon was trading at $71.48, gaining $1.92, or 2.76 percent at 2:47 PM EST.
Tillerson was awarded a bonus of $3.36 million in 2010, up significantly from the $2.4 million he received in 2009. That was according to a required regulatory filing with the U.S Securities and Exchange Commission.
The filing noted that 50 percent of the bonus will be paid out in cash at the end of 2010, while the rest of it will be based on the performance of EPS on a quarterly basis.
Salary for Tillerson was bumped up from $2.2 million in 2010 to $2.39 million in 2011.
Also awarded by the board of directors to the CEO was 225,000 shares of restricted stock, 50 percent of which can't be cashed in for 5 years. The other 50 percent must be held for 10 years before being allowed to sell it.
Exxon was trading at $71.48, gaining $1.92, or 2.76 percent at 2:47 PM EST.
Thursday, October 28, 2010
BP (NYSE:BP) Losing Competitive Advantage to Chevron (NYSE:CVX), Exxon (NYSE:XOM) and Shell (NYSE:RDS-A) in Gulf Drilling
BP (NYSE:BP) rivals Chevron (NYSE:CVX), Exxon (NYSE:XOM) and Shell (NYSE:RDS-A) are using the misfortune of BP to quickly gain a wider competitive advantage in Gulf drilling as the troubled energy company has to focus on other battles and shoring up their reputation.
No government entity or official would likely grant BP a drilling permit in the Gulf of Mexico at this time, while the other companies are applying for permits to drill in the region.
Interestingly, Anadarko (NYSE:APC) has been given a free pass, as they've indicated they're ready to resume drilling in the Gulf even though they are 25 percent owners in the failed Macondo oil well, and their liability and responsibility in the matter is yet to be determined.
This is about resources, and since BP is by far the only company involved able to pay for damages, the others have in general ignored, although they may have to pay BP back before it's all through, although it's expected to be far below anything BP will have to pay.
BP will fall behind their rivals in the Gulf because of the Gulf oil spill, and their competitors will be smart to take advantage of the current conditions to extend their lead over them, which it looks like they're doing.
No government entity or official would likely grant BP a drilling permit in the Gulf of Mexico at this time, while the other companies are applying for permits to drill in the region.
Interestingly, Anadarko (NYSE:APC) has been given a free pass, as they've indicated they're ready to resume drilling in the Gulf even though they are 25 percent owners in the failed Macondo oil well, and their liability and responsibility in the matter is yet to be determined.
This is about resources, and since BP is by far the only company involved able to pay for damages, the others have in general ignored, although they may have to pay BP back before it's all through, although it's expected to be far below anything BP will have to pay.
BP will fall behind their rivals in the Gulf because of the Gulf oil spill, and their competitors will be smart to take advantage of the current conditions to extend their lead over them, which it looks like they're doing.
Friday, October 1, 2010
BP (NYSE:BP), Exxon (NYSE:XOM) Dispute Pushes Noble (NYSE:NE) Shares Down
The announcement by Noble Corp. (NYSE:NE) they were in the midst of arbitrating a disagreement between BP Plc (NYSE:BP) and Exxon Mobil Corp. (NYSE:XOM) over one of their rigs pushed the price of Noble shares down over 3 percent Thursday.
The Homer Ferrington rig is the one being fought over, which has been idle since April 24 in Libya, while the two oil giants hash out their differences.
Noble said in a regulatory filing that they had "initiated arbitration proceedings” and “Payment of the dayrate is subject to the resolution of this dispute.”
At the same time, Noble revealed a large number of their rigs had experience “a significant increase in downtime.”
In the filing Noble added that during the “period of limitation on certain activities” the the Noble Driller rig leased to Royal Dutch Shell Plc (NYSE:RDS-a) has a daily “suspension rate” of $46,000 to $48,000."
Starting in 2011, the rig should work at a daily rate of $382,000 to $384,000.
The Homer Ferrington rig is the one being fought over, which has been idle since April 24 in Libya, while the two oil giants hash out their differences.
Noble said in a regulatory filing that they had "initiated arbitration proceedings” and “Payment of the dayrate is subject to the resolution of this dispute.”
At the same time, Noble revealed a large number of their rigs had experience “a significant increase in downtime.”
In the filing Noble added that during the “period of limitation on certain activities” the the Noble Driller rig leased to Royal Dutch Shell Plc (NYSE:RDS-a) has a daily “suspension rate” of $46,000 to $48,000."
Starting in 2011, the rig should work at a daily rate of $382,000 to $384,000.
Thursday, September 16, 2010
ExxonMobil (NYSE:XOM), Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP) and Shell Oil (NYSE:RDS-A) Ads Point to BP's (NYSE:BP) Failure
Although the name of BP (NYSE:BP) hasn't specifically been mentioned, competitors ExxonMobil (NYSE:XOM), Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP) and Shell Oil (NYSE:RDS-A) have been putting ads in major newspapers, saying if wells were built and operated correctly in the first place, they wouldn't fail.
The headline of one of the ads say, “Engineer it. Build it. And make sure it is never needed.”
But in the fine print is where they make their key attack. It says, “While we don’t yet have all the facts regarding the incident in the Gulf of Mexico, we do know that such tragedies are avoidable. By starting with properly designed wells, by following established procedures and best practices, by conducting relentless inspections, tests and drills, and with frequent, thorough training of personnel, accidents like this should never happen.”
The four majors mentioned above are part of a partnership to build a rapid response system to limit the damage of an oil spill if it ever does happen again. They are together spending about $1 billion to develop it.
Other than those who had a direct stake or contractual connection to the Deepwater Horizon oil rig or Macondo oil well, this may be the first time others with no direct connection have entered into the public relations fray.
The headline of one of the ads say, “Engineer it. Build it. And make sure it is never needed.”
But in the fine print is where they make their key attack. It says, “While we don’t yet have all the facts regarding the incident in the Gulf of Mexico, we do know that such tragedies are avoidable. By starting with properly designed wells, by following established procedures and best practices, by conducting relentless inspections, tests and drills, and with frequent, thorough training of personnel, accidents like this should never happen.”
The four majors mentioned above are part of a partnership to build a rapid response system to limit the damage of an oil spill if it ever does happen again. They are together spending about $1 billion to develop it.
Other than those who had a direct stake or contractual connection to the Deepwater Horizon oil rig or Macondo oil well, this may be the first time others with no direct connection have entered into the public relations fray.
Wednesday, September 15, 2010
RBC Capital Downgrades Exxon (NYSE:XOM)
Exxon Mobil Corp. (NYSE:XOM) was downgraded by RBC Capital Markets on their significant exposure to the natural gas market, which prices have continue to be weak on enormous supply.
This is a nod toward the acquisition of XTO Energy earlier in the year, which made Exxon the largest natural gas producer in the U.S.
Discoveries of huge reserves of natural gas have put downward pressure on all natural gas companies who aren't diversified, and those that aren't, have been scrambling to pick up oil assets to counter the weak natural gas prices.
Consequently, RBC downgraded them from "Outperform" to "Sector Perform," while lowering the price target over the next 12 months to $70 a share from $76 a share.
This is a nod toward the acquisition of XTO Energy earlier in the year, which made Exxon the largest natural gas producer in the U.S.
Discoveries of huge reserves of natural gas have put downward pressure on all natural gas companies who aren't diversified, and those that aren't, have been scrambling to pick up oil assets to counter the weak natural gas prices.
Consequently, RBC downgraded them from "Outperform" to "Sector Perform," while lowering the price target over the next 12 months to $70 a share from $76 a share.
Tuesday, September 7, 2010
Citigroup (NYSE:C): Exxon (NYSE:XOM) Ready to Bid on BP (NYSE:BP)?
Citigroup (NYSE:C) recently talked about the need for BP (NYSE:BP) to conclude its permanent sealing of the Macondo well before companies may be interested in making a bid on them, and now that they're close to doing that, one of the obvious names associated with the possibility is ExxonMobil (NYSE:XOM).
One other possibility related to a possible acquisition that has been thrown around, as far as oil companies go, is Chevron (NYSE:CVX), but if they made a bid, and Exxon was interested, they would have no chance if a bidding war ensued, as Exxon has almost exactly twice the market cap of Chevron, and could easily win a battle.
Another possibility is a Chinese company. Cash wouldn't be a problem there, but being government-owned, for the most part, it's highly unlikely the go ahead would be given if a bid was made.
There hasn't been specific indication from a competitive or antitrust standpoint whether or not there would be resistance to an Exxon bid, but if they did get BP, the size of the company would be extraordinary.
Once Exxon would take the BP assets and grow them, they could have a market cap of about $500 billion. As it is, they be well over $400 billion. And that's at a time they've been beaten down in share price because of the ongoing recession.
It would boggle the mind as to the powerhouse they would become, although it would come with a lot of baggage in BP, which they would have to deal with over a long period of time.
But with BP's shares down and their divesting of assets, there may not be a better season of time to get them at a bargain price.
One other possibility related to a possible acquisition that has been thrown around, as far as oil companies go, is Chevron (NYSE:CVX), but if they made a bid, and Exxon was interested, they would have no chance if a bidding war ensued, as Exxon has almost exactly twice the market cap of Chevron, and could easily win a battle.
Another possibility is a Chinese company. Cash wouldn't be a problem there, but being government-owned, for the most part, it's highly unlikely the go ahead would be given if a bid was made.
There hasn't been specific indication from a competitive or antitrust standpoint whether or not there would be resistance to an Exxon bid, but if they did get BP, the size of the company would be extraordinary.
Once Exxon would take the BP assets and grow them, they could have a market cap of about $500 billion. As it is, they be well over $400 billion. And that's at a time they've been beaten down in share price because of the ongoing recession.
It would boggle the mind as to the powerhouse they would become, although it would come with a lot of baggage in BP, which they would have to deal with over a long period of time.
But with BP's shares down and their divesting of assets, there may not be a better season of time to get them at a bargain price.
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