exxonmobil
New York (AFP) - US antitrust authorities cleared ExxonMobil's acquisition of Pioneer Natural Resources under the condition that the shale producer's former CEO be barred from the company's board, regulators announced Thursday. A proposed consent order barred longtime Pioneer CEO Scott Sheffield from the ExxonMobil board of directors, citing his "collusive" activity with crude exporters from the OPEC+ group of countries, a Federal Trade Commission (FTC) press release said. The FTC, which has ramped up action against corporate mergers in recent years under chair Lina Khan, said Sheffield's inst...
AFP
New York (AFP) - ExxonMobil and Chevron both reported a dip in profits Friday on lower refining margins and natural gas prices, but ExxonMobil's big takeover appears on track to close before Chevron's. ExxonMobil, which had targeted the second quarter to complete a $60 billion takeover of US shale player Pioneer Natural Resources, reported profits of $8.2 billion, down 28 percent from the year-ago period. Similar results from Chevron showed how the petroleum sector, while off its peak, remains highly profitable, enabling billions of dollars in shareholder payouts. While commodity prices for ...
AFP
New York (AFP) - ExxonMobil and Chevron reported lower but still strong profits Friday as they push ahead with hefty shareholder payouts and major acquisitions. The two biggest US oil companies, which have similar profiles and strategies, both saw fourth-quarter profits dip amid lower commodity prices, especially for natural gas. But both companies still scored mammoth full-year earnings: $36 billion at ExxonMobil and $21.4 billion at Chevron. Those are below the record profits of 2022, which benefited from a spike in crude prices following Russia's invasion of Ukraine, but robust enough to e...
AFP
New York (AFP) - ExxonMobil sealed a megadeal to acquire shale producer Pioneer Natural Resources for about $60 billion on Wednesday, and depicted the transaction as boosting US energy security in an attempt to allay regulatory concerns. The US oil giant said the takeover, the company's biggest since the late 1990s acquisition of Mobil by Exxon, will enable greater economies of scale in the Permian Basin -- a fast-growing petroleum region in the southwestern US -- permitting it to deploy drilling and operating technologies over a bigger region and enabling cheaper oil production. "The combined...
AFP
New York (AFP) - Shares of Pioneer Natural Resources surged more than 10 percent Friday following reports the shale producer is nearing a megadeal to be acquired by ExxonMobil. The potential transaction, which would bolster ExxonMobil's holdings in the Permian Basin in Texas and New Mexico, could be announced "in the coming days" and be worth $60 billion, reported the Wall Street Journal, citing people familiar with the matter. The newspaper also said it was "still possible" there would be no deal. Pioneer's output of 707,000 barrels per day of oil equivalent amount to just over a quarter of E...
AFP
New York (AFP) - ExxonMobil and Chevron reported profits Friday that were much lower than last year's due a drop in commodity prices, but still lofty enough to enable increased shareholder distributions. The two US oil giants joined European rivals Shell and Total in seeing steep declines in their bottom-line results compared with the heady year-ago period when Russia's invasion of Ukraine sent crude and natural gas prices sky bound. ExxonMobil reported profits of $7.9 billion, down 56 percent on a 28 percent drop in revenues to $82.9 billion. Chevron reported profits of $6.0 billion, down 48 ...
AFP
New York (AFP) - ExxonMobil will acquire Denbury Inc., a specialist in enhanced oil recovery and carbon sequestration, for $4.9 billion as it builds out its low-carbon business, the oil giant announced Thursday. The all-stock acquisition provides ExxonMobil with Denbury's carbon dioxide pipeline network in industrial-rich regions of the southern states of Texas, Louisiana and Mississippi, where oil companies plan major carbon sequestration projects in response to climate change. The deal is expected to close in the fourth quarter. "Acquiring Denbury reflects our determination to profitably gro...
AFP
New York (AFP) - US oil giants ExxonMobil and Chevron reported another quarter of heady profits Friday as both companies continued to direct large cash payments to shareholders. Strong refining results offset the effect of lower crude prices in the first quarter compared with the year-ago period, lifting profits and enabling ExxonMobil to return $8.1 billion to shareholders and Chevron $6.6 billion in dividends and share repurchases. "We're delivering strong financial results and increasing cash return to shareholders," said Chevron Executive Mike Wirth, pointing to a 65 percent jump in shareh...
AFP
New York (AFP) - ExxonMobil reported Friday that first-quarter profits more than doubled to $11.4 billion, as the US oil giant returned over $8 billion to shareholders during the period. Oil prices were lower in the 2023 period, but earnings were boosted by a better performance in the refining business, as well as higher oil and natural gas production. Results in the 2022 quarter were also dented by one-time costs associated with ExxonMobil's withdrawal from a Russia project after the invasion of Ukraine. The profits, a record for the company's first quarter, compared to $5.5 billion in the y...
AFP
New York (AFP) - ExxonMobil reported record annual profits of $55.7 billion in 2022 on Tuesday, reflecting higher commodity prices amid recovering demand and the impacts of Russia's invasion of Ukraine. In the fourth quarter, profits rose 43.7 percent to $12.8 billion, thanks to higher oil and natural gas prices and better refining margins compared with the year-ago period. Revenues from October through December rose 12.3 percent to $95.4 billion. The results reflect slightly higher production of oil and natural gas in 2022 that Chief Executive Darren Woods said reflected ExxonMobil's investme...
AFP
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