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Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postPosted: Sun 05 Mar 2017, 16:33:20
by AdamB
ROCKMAN wrote:Adam - "The industry can't be allowing ethics or morals in there anywhere..." Exactly: same ethics and morals that allow consumers to pay companies less for oil/NG then it cost those companies to develop that production. Or did I misunderstand: have you sent a check to ExxonMobil to help make up for its revenue short fall this year? LOL.


Of course not. I'm quite happy to follow the personal philosophy that I believe everyone should. Vote with your dollars. Nowadays, when I pay the electric bill, I pay for all the fuel the family needs to go to work, the grocery store, the movies and local sporting events, and that money goes to my local utility, and not XOM. Let everyone else fund them and their ilk. Next tax refund, I'm adding more panels to the roof so that the check I write to the local electrical utility can be even smaller over the following months.

Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postPosted: Sun 05 Mar 2017, 18:46:48
by ROCKMAN
Adam - "... and that money goes to my local utility, and not XOM.". Actually it's very likely some of your money is being sent by your utility to XOM et al.

Thank you. LOL.

Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postPosted: Sun 05 Mar 2017, 23:57:52
by AdamB
ROCKMAN wrote:Adam - "... and that money goes to my local utility, and not XOM.". Actually it's very likely some of your money is being sent by your utility to XOM et al.

Thank you. LOL.


LOL indeed. I understand that there is no real way to avoid a behemoth such as XOM, they are after all one of the few oil companies out there concerned more with making money than making hole. But I can vote happily with my dollars by putting it into the folks more focused on my current needs of transport, without all that stinky, icky liquid fuel stuff that XOM does seem to like so much.

But that is just me, I think the world is demonstrating quite well why XOM will be around for quite some time yet, look at how silly your industry was able to make peak oilers look in short order, right? LOL. No objection from me on that one.

Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postPosted: Mon 06 Mar 2017, 00:45:15
by sparky
.
In the free market system a listed company duty is to make money legally for their share holders

morality is an abstract concept , legislation is the point .

Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postPosted: Mon 06 Mar 2017, 17:18:54
by AdamB
sparky wrote:.
In the free market system a listed company duty is to make money legally for their share holders

morality is an abstract concept , legislation is the point .


I seem to recall more than a few doomer types, not necessarily at this website maybe, who claim that the US really isn't a free market system, it just looks that way so the suckers won't feel so bad when they lose their money in the market place.

The good news to this idea of no morality or ethics in the market is that we can then rely on economists to tell us about future oil production rates than peak oilers.

Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postPosted: Mon 06 Mar 2017, 17:40:46
by sparky
.
You misconstrue my post ,
the people vote their representatives who have legislative and executive power
companies obey those laws or else .
if the people do not exercise their privilege , they have only themselves to complain to
private companies do not have to concern themselves with morality ,only with ethics .

Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postPosted: Thu 09 Mar 2017, 14:38:18
by Revi
Does this affect Exxon's stock price? They are worth 1.7 billion less now, with oil at $50 a barrel.

Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postPosted: Thu 09 Mar 2017, 17:17:48
by ROCKMAN
Revi - What XOM is "worth" is a somewhat difficult question to answer. Do you mean the SEC book value? What it would take to buy 100% of its stock? What the current value of its stock since that announcement was made?

The stock value is the easiest to answer since it posted constantly throughout the trading day. After the announcement was made around 23 Feb the stock closed at $81.78/share. On 17 Feb it was 81.76/share. On 22 Feb it closed at $80.93; on 24 Feb $81.08; on 2 March at $83.30.

So about 10 days after announcing its booked oil reserves declined 3.3 billion bbls ExxonMobil stock closed about 3% HIGHER. OTOH as I type XOM stock is trading for the same price it was on 23 Feb when the reserve decline info became public knowledge. Bottom line: apparently loosing billions of bbls of booked oil reserves hasn't changed much the view of folks trading its stock.

Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postPosted: Thu 09 Mar 2017, 17:31:36
by Cog
The current market cap or the value of XOM stock is 332.53Billion

Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postPosted: Thu 09 Mar 2017, 17:57:39
by JimBof
Cog wrote:The current market cap or the value of XOM stock is 332.53Billion


Oh goody, I will buy it with my next tax return.
Oops I am retired now, I do not get a tax return.

Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postPosted: Thu 09 Mar 2017, 19:10:46
by ROCKMAN
Jim - Over the last 16 years XOM stock has peaked and fallen back several time. But the overall trend for the last 40 years has been a constantly increasing value. Plus it's paying a 3.6% dividend. As a long term investment it looked pretty good: in the last 30 years it grew from $11 to $80 per share.: But the future? Time will tell. But oil reserves are sill depleting.

Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postPosted: Sun 12 Mar 2017, 18:41:16
by Revi
I used to own some USO, but I sold it when it was up a bit. It has tanked since then, and I needed the money.
I feel like I did okay. I'm glad that the price isn't up now, because I'd be kicking myself.

I wonder what these big oil companies are going to do? They are big, but they're dwindling now.

Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postPosted: Sun 12 Mar 2017, 19:33:35
by ROCKMAN
Revi - "They are big, but they're dwindling now." Some are...and some aren't. Remember the consolidation history of the oil patch over the last 4 decades. Big Oil hasn't dwindled and isn't today. The numbers of players are getting smaller...not the remaining players. Remember there used to be Seven Sisters...and now there aren't. And the stock of one had sold for $11/share and now at $80/share. We're probably witnessing the largest transfer of fossil fuel wealth in the history o the industry.

As I keep reminding folks: we are cannibals: as resources continue to shrink the weaker in the lifeboat will be slipped over the side leaving more food and water (even though there is less) per remaining survivor. The remainder of the BOC will become very strong in time. In fact, at some point, perhaps more powerful then ever before. Just as the one eyed man is king in the world of the blind the man with the last bucket of Btu's juice will rule those whose lives depend upon one last swallow.

Damn, that's borderline erotic, eh? LOL. Oh, almost forgot: BOC = Big Oil Club.

Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postPosted: Fri 17 Mar 2017, 16:44:44
by sparky
.
Good point about the competition of the survivors
as for the seven sisters , they were Esso ,Mobil ,Gulf oil ,Texaco ,Standard oil of California ,British Petroleum , and Shell
the first fives were the daughters of Standard oil , broken by law .

The daughters have now reunited back , that's a bit like the Japanese Zaibatsu broken by MacAthur during his rule there,
they have largely reunited back .
Sumitomo, Mitsui, Mitsubishi Nissan with Nomura added for good count ,while broken in independent companies kept working as single unit through their common "understanding " then reunited the working bits
something like" back to the future "

one must note the quite sudden appearance of the Asian giants ,
the Chinese corporations have deep pockets and a lot of heft in many country ,
they compete directly for reserves all over the world ,
national oil companies are a bit of a strange story , on the whole they don't seem to be able to cut the mustard outside their home advantage

Exxon Dedicates New Funding to Green Energy

Unread postPosted: Mon 06 Nov 2017, 22:48:48
by AdamB

When most people think of green energy supporters, fossil fuel companies rarely spring to mind. It is no secret that there is huge money in oil, and coupled with its complex role in international politics, few are surprised by the desire of energy companies to maintain the status quo. However, warnings regarding climate change and so-called “peak oil” have not fallen on deaf ears, and as a result at least one major oil and gas corporation is pursuing green energy projects. Exxon Mobil, the largest of the world’s oil companies by a wide margin, revealed that it is dedicating at least $1 billion each year towards alternative energy projects. The massive pool of funding is shared among over a hundred different research and development projects, ranging from converting emissions into electricity to breeding synthetic algae that generate sustainable biofuels. Vijay Swarup, the


Exxon Dedicates New Funding to Green Energy

Exxon To Disclose The Real Risk Of Climate Change

Unread postPosted: Thu 14 Dec 2017, 22:32:49
by AdamB
According to a new filing by Exxon to the U.S. Securities and Exchange Commission (SEC), Exxon said that its board “has reconsidered the proposal requesting a report on impacts of climate change policies” by major shareholders at its annual meeting earlier this year. The company will disclose more information regarding “energy demand sensitivities, implications of two degree Celsius scenarios, and positioning for a lower-carbon future,” the company’s filing stated. The pressure from activists and shareholders to disclose more information related to Exxon’s vulnerability to climate change are the latest in a series of headwinds over the past few years, Bloomberg writes. The oil supermajor has also had to contend with its inability to find and replace all of the oil and gas reserves that it produces in a given year, and for several years in a row, that reserve-replacement ratio has been under 100 percent,


Exxon To Disclose The Real Risk Of Climate Change

Exxon discovers oil, gas in Papua New Guinea

Unread postPosted: Wed 17 Jan 2018, 10:20:25
by AdamB


Exxon Mobil Corp. has discovered natural gas and oil in the western province of Papua New Guinea and has begun evaluating the find with its partners. The Texas oil company drilled an exploration well more than 8,900 feet into the earth and found hydrocarbons in sandstone reservoirs, confirming that the gas-rich field encompassing the Toro and Digimu sandstone reservoirs extends southeast. The discovery added to the company's "rapidly growing inventory of low cost supply of natural gas" in Papua New Guinea, adding to reserves acquired in Exxon's purchase of InterOil Corp., as well as its boost in reserves at the Hides gas field and a nearby discovery made in late 2016. "We are continuing with our active onshore and offshore exploration program in an effort to provide additional resources to expand existing and planned development projects," said Liam Mallon, president of Exxon Mobil


Exxon discovers oil, gas in Papua New Guinea

Exxon plans major US investments due to tax reform

Unread postPosted: Mon 29 Jan 2018, 22:04:41
by AdamB

Exxon Mobil Corp (XOM.N) plans to invest billions of dollars in the United States due in part to recently approved corporate tax rate cuts, the company’s chief executive said on Monday. A logo of Exxon Mobil is displayed on a monitor above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., December 5, 2017. REUTERS/Lucas Jackson - RC17B6EE3C30 Darren Woods, head of the world's largest publicly traded oil producer, said in a blog post on the company's website that Exxon expects to spend $50 billion in U.S. projects over the next five years. The company also is "actively evaluating" projects now in planning stages as a result of new tax and regulatory changes, he wrote. (exxonmobil.co/2DZKArF) More than $35 billion of that amount is for projects not previously announced, according to company spokesman Scott Silvestri. Exxon


Exxon plans major US investments due to tax reform

Re: THE Exxon Mobil Thread pt 3

Unread postPosted: Thu 01 Feb 2018, 00:50:59
by Tanada
Exxon Mobil plans to triple Permian production

Exxon Mobil said Tuesday it plans to triple its oil and gas production in West Texas' booming Permian Basin as part of its heightened emphasis on U.S. growth.

The country's largest energy company said it aims to increase its Permian production to 600,000 barrels a day by 2025 and spend more than $2 billion on terminal, pipeline and other transportation upgrades in West Texas, including expanding its crude oil terminal in Wink.

Exxon Mobil is beginning to break out specifics of its spending plans after announcing Monday that it wants to invest $50 billion in the U.S. during the next five years, in part because of extra financial benefits gained from the new U.S. tax law.

Last year, Exxon Mobil agreed to spend up to $6.6 billion to buy the Permian holdings of Fort Worth's Bass family, an acquisition that more than doubled Exxon's acreage in the prolific shale fields.

Through the Bass deal and other smaller ones, Exxon Mobil said it has doubled its rate of its horizontal well drilling while cutting the costs by 70 percent. Exxon said its combined development and production costs in the Permian are less than $15 a barrel.

Crude settled in New York Tuesday at $64.50 a barrel, down $1.06.

While the world biggest oil companies were slow to jump on board the U.S. shale revolution, Exxon Mobil and Chevron now rank among the largest Permian players in terms of acreage. Exxon Mobil made its big moves through its 2010 acquisition of the shale driller XTO Energy for more than $30 billion and the Bass deal. California-based Chevron, which already had substantial Permian holdings, acquired an additional 250,000 acres in 2012 from the Chesapeake Energy, an Oklahoma oil and gas company that announced the layoffs of about 400 employees Tuesday.

Also in 2012, Royal Dutch Shell acquired about 600,000 acres in the Permian from Chesapeake, which was developing them in a joint venture with Anadarko Petroleum of The Woodlands.

For Exxon Mobil, the increased production and transportation improvements will help feed Exxon Mobil's expanding refineries and petrochemical plants in Baytown, Mont Belvieu, Beaumont and Baton Rouge, La., with much of the oil and natural gas liquids they need to churn out fuels and plastics.

"With this production growth, we are well positioned to maximize value as increased supply moves from the Permian to our Gulf Coast refineries and chemical facilities where higher-demand, higher-value products will be manufactured," said Sara Ortwein, president of XTO Energy.

Exxon Mobil is planning to spend about $20 billion on refining, petrochemical and liquefied natural gas growth along the Texas and Louisiana Gulf Coast. Much of that work is being completed now, while some projects are awaiting the final go-ahead.


Exxon To Triple Permian Production

Exxon CEO struggles to reverse Tillerson’s legacy of failed

Unread postPosted: Thu 08 Mar 2018, 16:37:58
by AdamB
Exxon Mobil Corp’s (XOM.N) $200 million write-down last month on abandoned ventures in Russia - once its next big frontier - points to challenges facing Chief Executive Darren Woods in his second year leading the world’s largest publicly traded oil producer. Some of the biggest bets taken by his predecessor Rex Tillerson, now the U.S. secretary of state, have resulted in billions of dollars in write-downs amid falling production and a stock price that has long lagged peers. That leaves Woods facing the prospect of slow growth and billions of dollars in new spending that could weigh on results for years. In 2018, the company plans capital spending of about $24 billion - up about a quarter since 2016 - suggesting return on capital will get worse before it gets better as the firm waits for a payoff from new exploration under


Exxon CEO struggles to reverse Tillerson’s legacy of failed bets