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PeakOil is You

THE Exxon Mobil Thread pt 2 (merged)

General discussions of the systemic, societal and civilisational effects of depletion.

Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postby AdamB » Sun 05 Mar 2017, 16:33:20

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.
Peak oil in 2020: And here is why: https://www.youtube.com/watch?v=2b3ttqYDwF0
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Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postby ROCKMAN » Sun 05 Mar 2017, 18:46:48

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.
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Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postby AdamB » Sun 05 Mar 2017, 23:57:52

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.
Peak oil in 2020: And here is why: https://www.youtube.com/watch?v=2b3ttqYDwF0
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Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postby sparky » Mon 06 Mar 2017, 00:45:15

.
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 .
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Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postby AdamB » Mon 06 Mar 2017, 17:18:54

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.
Peak oil in 2020: And here is why: https://www.youtube.com/watch?v=2b3ttqYDwF0
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Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postby sparky » Mon 06 Mar 2017, 17:40:46

.
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 .
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Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postby Revi » Thu 09 Mar 2017, 14:38:18

Does this affect Exxon's stock price? They are worth 1.7 billion less now, with oil at $50 a barrel.
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Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postby ROCKMAN » Thu 09 Mar 2017, 17:17:48

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.
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Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postby Cog » Thu 09 Mar 2017, 17:31:36

The current market cap or the value of XOM stock is 332.53Billion
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Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postby JimBof » Thu 09 Mar 2017, 17:57:39

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.
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Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postby ROCKMAN » Thu 09 Mar 2017, 19:10:46

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.
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Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postby Revi » Sun 12 Mar 2017, 18:41:16

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.
Deep in the mud and slime of things, even there, something sings.
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Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postby ROCKMAN » Sun 12 Mar 2017, 19:33:35

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.
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Re: Exxon cuts its oil reserves by 3.3 billion barrels

Unread postby sparky » Fri 17 Mar 2017, 16:44:44

.
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
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Exxon Dedicates New Funding to Green Energy

Unread postby AdamB » Mon 06 Nov 2017, 22:48:48


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
Peak oil in 2020: And here is why: https://www.youtube.com/watch?v=2b3ttqYDwF0
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