Exxon Mobil Corporation (XOM) and Malaysian oil giant Petronas have agreed to extend their exploration activities in Suriname.The decision comes as part of their ongoing efforts to replicate the massive oil and gas success found in the neighboring basin offshore Guyana.Despite the initial challenges faced in Suriname, where exploration has not yet met the levels of success seen in Guyana, Petronas and ExxonMobil's perseverance is notable. The discovery of gas at offshore Block 52 in 2020 was deemed commerci ...

SPRING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE: XOM) today announced Neil Chapman, senior vice president, will conduct a fireside chat at Morgan Stanley’s Energy & Power Conference at 12:00 p.m. ET in New York on March 6, 2024. To access the live webcast, visit https://morganstanley.webcasts.com/starthere.jsp?ei=1660465&tp_key=6c146265d7. An archived, audio portion of the webcast will be available on the ExxonMobil website approximately 24 hours after the event. ### About ExxonMobil Exxon ...

Exxon Mobil (XOM) closed the latest trading day at $104.36, indicating a -1.4% change from the previous session's end. The stock's change was less than the S&P 500's daily loss of 0.12%. On the other hand, the Dow registered a loss of 0.25%, and the technology-centric Nasdaq decreased by 0.41%.Heading into today, shares of the oil and natural gas company had gained 3.8% over the past month, outpacing the Oils-Energy sector's gain of 3.04% and lagging the S&P 500's gain of 4.83% in that time.Market participa ...

Exxon Mobil Corporation (XOM) entered an agreement to divest its interest in the Gulf of Mexico’s Ursa and Princess fields.Esperanza Capital Partners (“ECP”) and Andros Capital Partners are acquiring the stake as a joint venture (JV). The financial details of the deal have not been disclosed, marking a significant move for both buyers and the seller.The JV between Esperanza Capital Partners and Andros Capital Partners is strategically aimed at the acquisition and further development of upstream assets in th ...

Exxon Mobil Corporation (XOM) and CNOOC Ltd. are considering exercising their rights to acquire Hess Corporation’s (HES) stake in a major offshore oil development in Guyana.The move threatens to disrupt Chevron Corporation’s (CVX) ambitious $53-billion acquisition aimed at securing a 30% interest in the lucrative Guyana oil block, a deal central to Hess’ offerings.ExxonMobil announced its potential preemption of Chevron’s acquisition, signaling a brewing dispute over the Stabroek block. The contention arise ...

Market Dynamics and Economic Factors - ExxonMobil's operations and earnings are significantly affected by fluctuations in oil, gas, and petrochemical prices, which are influenced by global supply and demand dynamics[14]. - Economic conditions, including recessions and changes in population growth rates, directly impact the demand for energy and petrochemicals, affecting financial results[14]. - Market factors such as interest rates, inflation, and currency exchange rates can negatively impact the company's costs and revenues[15]. - Political and regulatory developments can limit access to oil and gas resources, impacting production capabilities and investment returns[16]. Environmental and Emission Goals - The company aims to achieve net-zero emissions for Scope 1 and 2 by developing technologies such as carbon capture and storage (CCS), hydrogen, and lower-emission fuels[19]. - ExxonMobil aims to achieve Scope 1 and Scope 2 net zero emissions from operated assets by 2050, with specific targets for the Upstream Permian Basin by 2030 and Pioneer Permian assets by 2035[156]. - The Corporation aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions in its operated assets by 2050, with a 20-30% reduction in corporate-wide greenhouse gas intensity by 2030 compared to 2016 levels[181]. - The Corporation's recent acquisition of Denbury Inc. expands its capabilities in carbon capture and storage, providing the largest owned and operated network of CO2 pipelines in the U.S.[181]. Operational Efficiency and Project Management - The company emphasizes operational efficiency, focusing on cost control and productivity enhancements, particularly following the acquisition of Pioneer Natural Resources Company[24]. - ExxonMobil's long-term success relies on complex, capital-intensive projects requiring high project management expertise[24]. - The success of ExxonMobil's energy transition strategy depends on timely recognition of changes in the global energy system and directing investments accordingly[19]. - Continuous improvement in hydraulic fracturing technology and greenhouse gas emissions reduction are key areas for ExxonMobil's research and development efforts[24]. Financial Performance and Investments - Total sales and other operating revenue decreased to $334,697 million in 2023 from $398,675 million in 2022, representing a decline of approximately 16.1%[134]. - Net income attributable to ExxonMobil was $36,010 million in 2023, down from $55,740 million in 2022, a decrease of about 35.5%[134]. - Earnings per common share for 2023 was $8.89, compared to $13.26 in 2022, reflecting a decline of approximately 33.8%[134]. - The company plans to continue investments in carbon capture and other technologies to reduce emissions, dependent on future market factors[155]. Production and Reserves - As of year-end 2023, ExxonMobil reported proved reserves based on the average price for the last 12 months, with no significant changes since December 31, 2023[31]. - At year-end 2023, ExxonMobil's proved reserves totaled approximately 16.9 billion oil-equivalent barrels (GOEB), with 6.3 GOEB classified as proved undeveloped, representing 37% of total proved reserves[37]. - In 2023, ExxonMobil invested $14.6 billion in the development of proved undeveloped reserves, accounting for 74% of total reported upstream capital and exploration expenditures of $19.8 billion[37]. - The largest transfers of proved undeveloped reserves to proved developed reserves occurred in the United States, Guyana, Australia, and the United Arab Emirates, with approximately 0.8 GOEB transferred during the year[37]. Shareholder Returns and Corporate Governance - ExxonMobil's share repurchase program has been expanded to up to $50 billion through 2024, including $17.5 billion planned for 2023[109]. - The corporation declared a dividend of $0.95 per common share, payable on March 11, 2024[108]. - Management concluded that internal control over financial reporting was effective as of December 31, 2023, following an evaluation based on established criteria[116]. - The company has not experienced any disagreements with accountants on accounting and financial disclosure[114]. Research and Development - Research and development costs rose to $879 million in 2023 from $824 million in 2022, an increase of approximately 6.7%[134]. - The company is investing in a new petrochemical complex in Huizhou, China, with a capacity of over 2.5 million metric tons per year, aimed at meeting domestic demand[211]. - The Strathcona Renewable Diesel project aims to produce 20 thousand barrels of renewable diesel per day, utilizing low-carbon hydrogen and locally-sourced feedstocks[203]. Global Energy Demand and Future Projections - The company projects global energy demand to rise by almost 15% from 2021 to 2050, driven primarily by developing countries[164]. - Global electricity demand is expected to increase by about 80% from 2021 to 2050, with developing countries accounting for over 75% of this increase[166]. - The share of coal-fired generation is projected to decline to approximately 15% of the world's electricity by 2050, down from about 35% in 2021[166]. - Natural gas demand is expected to rise nearly 25% from 2021 to 2050, with over 75% of that increase coming from the Asia Pacific region[168].

Exxon Mobil Corporation (XOM) is reportedly contemplating the sale of its oil and gas assets in Argentina’s lucrative Vaca Muerta shale region. This development indicates a major shift in the U.S. energy giant’s focus in South America.ExxonMobil’s assets in Argentina encompass stakes in seven oil and gas blocks in the Vaca Muerta region. The sale process began last year, with ExxonMobil exploring options for a potential $1-billion sale of these shale assets. The process seems to be advancing, with binding o ...

Exxon Mobil Corp. (XOM, Financial) announced its earnings for the fourth quarter and full-year 2023 on Feb. 2. Ranked 15th in the S&P 500, the company is considered one of the most powerful oil supermajors with solid dividends increasing annually, thereby being considered a dividend aristocrat. It operates in three distinct segments: upstream (oil and gas production), downstream and chemicals with specialty products. The upstream segment generated 54.70% of the total earnings of the company in the fourth qu ...

NEW YORK, NEW YORK - NOVEMBER 03: The ExxonMobil company logo is displayed on a screen at the New ... [+] York Stock Exchange during afternoon trading on November 03, 2023 in New York City. All three major indexes are on pace to continue and close off of Thursday's high and are on pace to have its best week of 2023 amid the release of a jobs report by the Bureau of Labor Statistics. (Photo by Michael M. Santiago/Getty Images)Getty ImagesThe oil industry has historically been politically conservative. In tur ...

Energy stocks, crucial for powering homes, businesses, and vehicles, saw their stocks dip slightly in 2023. Yet investors, like Fidelity’s energy sector portfolio manager, are optimistic for 2024, pointing to tight supply, robust demand, and higher production investments as reasons for potential growth in energy stocks. Among these, Exxon Mobil (NYSE:XOM) has been standing out as a leader in oil and gas exploration, production, refining, and marketing. Its comprehensive involvement in the energy field offer ...