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Exxon has warned the European Union that it will leave and take billions of dollars in climate investment with it unless Brussels makes it easier to spend those billions on transition-related projects.

The Financial Times cited the company today as saying that there was way too much red tape in the EU and it took too long to get a project going, which prompted the supermajor to consider spending its $20 billion in decarbonization investments for 2022-2027 elsewhere.

“When we make investments, we’ve got very long time horizons in mind. I would say that recent developments in Europe have not instilled confidence in long-term, predictable policies,” Karen McKee, president of Exxon Product Solutions, told the FT.

“What we’re experiencing is the deindustrialisation of the European economy and we’re concerned,” McKee also said.

The European Union’s leadership has promised time and again it will facilitate transition projects but it seems it has been slow to act on this promise. According to Exxon—and a lot of other companies involved in the transition—getting a project off the ground in the EU is fraught with regulatory obstacles and “slow and torturous” permitting and funding procedures, per Exxon’s McKee.

The EU’s Green Deal plan features a “predictable and simplified regulatory environment” as one of its four pillars but judging from the reactions of the business world, this has yet to go from theory to practice. Faster access to funding is the second pillar in the EU’s lineup but that, too, is taking quite long to materialize.

It is these delays in implementation that have prompted business leaders to meet today in Belgium to press the EU leadership into going from words to actions. There is growing concern that the regulatory burden put on businesses is scaring them away, taking investments elsewhere.

There are also some European leaders, notably France’s Emmanuel Macron and Belgium’s Alexander de Croo, who have blamed red tape for the farmers’ protests.

Exxon Becomes King Of Shale With Blockbuster $60 Billion Purchase Of Pioneer

October 11, 2023

Exxon Becomes King Of Shale With Blockbuster $60 Billion Purchase Of Pioneer

Exxon Mobil Corp. is buying Pioneer Natural Resources in an all-stock transaction valued at $59.5 billion, or $253 per share, based on ExxonMobil’s closing stock price on Oct. 5. The supermajor’s largest takeover in more than two decades will make it a dominant producer of shale oil – as well as being extraordinary transformational for the US energy sector that might unleash another shale revolution.

As part of the agreement, Pioneer shareholders will receive 2.3234 shares of ExxonMobil for each Pioneer share at closing. The deal (implied total enterprise value of the transaction, including net debt, is approximately $64.5 billion), the largest since Exxon’s corporate takeover of Mobil Corp. in 1999, is also the world’s largest corporate takeover announced this year and will close in the first half of 2024.

ExxonMobil’s Permian production volume would double to 1.3 million barrels of oil equivalent per day (MOEBD), based on 2023 volumes, and could exceed 2 MOEBD in 2027. “ExxonMobil believes the transaction represents an opportunity for even greater US energy security by bringing the best technologies, operational excellence, and financial capability to an important source of domestic supply, benefitting the American economy and its consumers,” the company said.

When the deal is finalized, Exxon will be crowned ‘king shale’ in the Permian Basin of Texas and New Mexico and increase the company’s daily production to nearly 4.5 million barrels per day – more than 50% than the next largest supermajor.

“Pioneer is a clear leader in the Permian with a unique asset base and people with deep industry knowledge. The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis,” said ExxonMobil Chairman and CEO Darren Woods.

…click on the above link to read the rest…

Exxon CEO Warns Overemphasis On Renewables Could Backfire

June 9, 2023

Exxon CEO Warns Overemphasis On Renewables Could Backfire

Exxon Mobil Corp. (NYSE:XOM) CEO Darren Woods has urged companies to stop focusing on certain energy sources, such as renewable energy, to save the climate, warning that it would be a “huge mistake to be picking winners and losers and focusing on specific technologies”.

Instead, “we need to look more broadly and let the markets figure out which solutions deliver the most emissions reductions at the lowest cost,” Woods told Nicolai Tangen, the CEO of Norway’s Wealth Fund,one of the largest mutual funds in the world, on his podcast.

An attempt to move away from oil and gas immediately, with unchanged global demand, could be disastrous for clean energy, Woods suggested, adding that if we produce less LNG, for example, something else–like coal–would have to step in to fill the demand gap.

According to Woods, Europe should follow the U.S. approach to climate policy, arguing that the continent risks driving companies away by regulating too hard. Woods told Bloomberg that one of the most important things the Americans (and ExxonMobil) are doing is developing technologies to capture and store carbon.

Back in April, Woods caused quite a stir when he touted the company’s burgeoning Low Carbon business, saying it has the potential to outperform its legacy oil and gas business and generate hundreds of billions in revenues. According to Woods, the business has the potential to generate tens of billions of dollars in revenue after the initial 10-year ramp-up.

“This business is going to look quite a bit different from the base business of Exxon Mobil. It is going to have a much more stable, or less cyclical, profile,” Dan Ammann, president of Exxon’s two-year-old Low Carbon Business Solutions unit, has vowed.

…click on the above link to read the rest…

“Major Industrial Accident” Reported At Exxon Refinery In Texas

December 23, 2021

“Major Industrial Accident” Reported At Exxon Refinery In Texas

Gasoline futures rose more than a percent early Thursday morning after an explosion was reported at an Exxon/Mobile refinery in Baytown, Texas.

The Harris County Sheriff’s Office tweeted, “deputies are on the scene of a major industrial accident at 3525 Decker Dr. in Baytown. The Exxon/Mobile plant. Some injuries have been reported.”

A follow-up tweet said, “there have been 4 confirmed injuries, 3 of which were life flighted and 1 was taken to the hospital via ambulance. No fatalities have been reported. There is currently no shelter in place.”

ExxonMobil Baytown Area released a statement that said the “fire” occurred around 0100 local time.

Images of the refinery that produces more than 584,000 barrels of crude oil per day show part of the facility was on fire early Thursday morning.

As a result, gasoline futures in New York surged more than 1.5%.

“Our Industrial Hygiene staff continues air quality monitoring at the site and fence line. Available information shows no adverse impact at this time,” ExxonMobil continued, adding that it was “coordinating with authorities as appropriate.”

Exxon (XOM) Finds No Oil at Bulletwood-1 Well in Offshore Guyana

March 11, 2021

Exxon (XOM) Finds No Oil at Bulletwood-1 Well in Offshore Guyana

ExxonMobil Corporation XOM and partners drilled a dry well at the Bulletwood-1 offshore well in the Canje Block, positioned 180 kilometers off the coast of Guyana.

The company mentioned that it failed to discover commercial quantities of oil at the Bulletwood-1 well, which is the first among the three wells expected to be drilled on the ultradeep Canje block.

During the drilling, the Bulletwood-1 well identified the presence of quality reservoirs and not commercial hydrocarbons. The well was dug 2,846 meters below the water surface and at a vertical height of 6,690 meters, with the help of the Stena Carron drillship.

Notably, this is the third dry hole to be drilled by ExxonMobil in four months offshore Guyana. Earlier, the Hassa-1 well on the Stabroek block and the Tanager-1 well on the Kaieteur block failed to make a commercial find in the primary target reservoirs.

At present, the Canje Block is operated by Esso Exploration & Production Guyana Ltd, a subsidiary of ExxonMobil, with a 35% ownership interest. The remaining partners include TOTAL SE TOT, holding a 35% interest in the block, while JHI and Mid-Atlantic Oil & Gas Inc. own 17.5% and 12.5%, respectively.

ExxonMobil commenced the exploratory drilling in early 2021. Subsequent to the Bulletwood-1 well, the drilling of the independent prospects Jabillo-1 and Sapote-1 is expected to follow in the upcoming months.

Company Profile & Price Performance

Headquartered in Irving, TX, ExxonMobil is one of the leading integrated energy companies in the world.

The company’s shares have outperformed the industry in the past six months. Its stock has gained 64.5% compared with the industry’s 46.3% rally.

…click on the above link to read the rest of the article…

Exxon Dumps Tar Sands/Oil Sands Holdings, Slashes Estimate of Recoverable Reserve

March 3, 2021

EXXON DUMPS TAR SANDS/OIL SANDS HOLDINGS, SLASHES ESTIMATE OF RECOVERABLE RESERVES

Greenpeace / Jiri Rezac

Colossal fossil ExxonMobil has dropped virtually all its tar sands/oil sands holdings from its list of recoverable assets, and its Canadian subsidiary Imperial Oil followed suit by cutting a billion barrels of bitumen from its inventory, in what Bloomberg News calls a “sweeping revision of worldwide reserves to depths never before seen in the company’s modern history”.

Exxon reduced its estimate of recoverable reserves to 15.2 billion barrels world-wide as of December 31, Bloomberg reports—still a massive quantity, but far last than the 22.44 billion barrels it reported just a year ago. In the tar sands/oil sands, “the company’s reserves of the dense, heavy crude extracted from Western Canada’s sandy bogs dropped by 98%,” the news agency adds.

On the same day, The Canadian Press writes, Imperial cut its estimate of its “proved plus probable bitumen reserves” to 4.46 billion barrels, down from 5.45 billion a year earlier.

The two companies previously announced write-offs of up to US$20 billion for Exxon and C$1.2 billion for Imperial.

“Proved” or “proven” reserves have a specific meaning in fossil industry financing—in contrast to the total resource a company has discovered, proven reserves “refer to the quantity of natural resources a company reasonably expects to extract from a given formation,” Investopedia explains. To fit the definition, the resource must have “a 90% or greater likelihood of being present and economically viable for extraction in current conditions.”

It’s largely the deteriorating economic conditions the industry faces that led to Exxon’s and Imperial’s epic write-down this week.

“The pandemic-driven price crash that rocked global energy markets was the main driver of Exxon’s reserve downgrade, along with internal budget cuts that took out a significant portion of its U.S. shale assets,” Bloomberg says. “The oilsands have historically been among the company’s higher-cost operations, making them more vulnerable to removal when oil prices foundered.”

…click on the above link to read the rest of the article…

Analysis: How Exxon Is Being Forced To Accept The Reality Of Bad Fossil Fuel Investments

February 28, 2021

Analysis: How Exxon Is Being Forced To Accept The Reality Of Bad Fossil Fuel Investments

Last August, ExxonMobil warned that it may need to remove 20 percent of its oil and gas proved reserves from its books. While that was a shocking number from the oil major, reality proved to be even more of a shock to the company. On February 24, Exxon reported that it would actually remove over 30 percent of its proved reserves from its books — essentially wiping out the value of its Canadian tar sands holdings from its books.

According to the Securities and Exchange Commission (SEC), proved reserves are “the estimated quantities of crude oil, natural gas, and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.”

Proved reserves are the concept on which the whole oil business is based. It is a main factor in how oil and gas companies are valued and in determining how much money banks will loan companies. Much of oil and gas lending is known as reserved-based lending.

Exxon’s latest move is even more remarkable, however, because it has a reputation for being resistant to properly valuing reserves, often lagging behind the other oil major companies in making these downward adjustments.

In this case, the market — and the SEC— forced Exxon’s hand on the matter. SEC rules require that oil and gas companies value reserves based on the average price of oil from the previous 12 months.

In its latest SEC filing released this week, Exxon explains that this requirement essentially meant removing all of the value for its Canadian tar sands investments from its reserves.

…click on the above link to read the rest of the article…

Exclusive: Whistleblower Accuses Exxon of ‘Fraudulent’ Behavior for Overvaluing Fracking Assets For Years

February 9, 2021

Exclusive: Whistleblower Accuses Exxon of ‘Fraudulent’ Behavior for Overvaluing Fracking Assets For Years

ExxonMobil announced a $19.3 billion write-down on Tuesday, a big hit to a company reeling from depressed oil and gas prices and a rapidly changing global energy market.

The write-down reduces the value of the assets on Exxon’s books. The announcement comes as part of the company’s fourth quarter earnings for 2020.

The fossil fuel giant, however, may be understating the financial damage to its assets, according to a former ExxonMobil employee turned whistleblower, Franklin Bennett. The oil major has overvalued its assets for years, according to Bennett and a team of advisors, a practice he describes as “fraudulent and defiant behavior” in a January 31 supplement to a whistleblower complaint he filed with the U.S. Securities and Exchange Commission (SEC).

Bennett and his team argue that instead, the company has been overvaluing its U.S. oil and gas assets by as much as $56 billion, as of year-end 2019.

At the root of the SEC complaint is ExxonMobil’s 2010 purchase of shale fracking company XTO Energy, which it acquired at the height of the natural gas boom for $46 billion. In the months and years following the acquisition, natural gas prices collapsed, and never returned to previous heights, rendering much of XTO’s assets uneconomic to produce.

Until now, ExxonMobil largely refused to take a meaningful write-down on those assets, despite several downturns in oil and gas market conditions. In particular, a deep natural gas price slide in 2015–2016, and another in 2019, hollowed out the valuation of many high-cost shale gas assets. Through it all, Exxon never took a significant write-down, which Bennett and his team argue is illegal.

In accounting terms, Exxon essentially told regulators that they could still get full value from the assets that they paid for in 2010, despite the deterioration in the natural gas market, claims the SEC complaint.

…click on the above link to read the rest of the article…

Leaked Document Reveals Exxon’s Plan To Increase Emissions As Energy Space Prepares For Decarbonization

October 5, 2020

Leaked Document Reveals Exxon’s Plan To Increase Emissions As Energy Space Prepares For Decarbonization

As oil majors prioritize their own decarbonization goals, an internal document viewed by Bloomberg reveals Exxon Mobil Corp. is planning to increase annual carbon-dioxide emissions output by as much as a small country like Greece.

Exxon is one of the biggest corporate emitters of greenhouse gasses globally, and the leak comes as the Texas-based company’s rivals, such as BP Plc and Royal Dutch Shell Plc, are planning, or have already begun, to shrink oil and gas operations to become net-zero on carbon by 2050 or before.

The internal document revealed Exxon’s stunning investment strategy of more than $200 billion in energy investments that would increase its emissions by about 17% through 2025. These investments are projected to drive higher cash flows and double earnings. However, much of the strategy was developed in pre-virus pandemic times and has yet to be revised for a post-pandemic world of lower oil demand and collapsing energy prices.

But the planning documents show for the first time that Exxon has carefully assessed the direct emissions it expects from the seven-year investment plan adopted in 2018 by Chief Executive Officer Darren Woods. The additional 21 million metric tons of carbon dioxide per year that would result from ramping up production dwarfs Exxon’s projections for its own efforts to reduce pollution, such as deploying renewable energy and burying some carbon dioxide.

These internal estimates reflect only a small portion of Exxon’s total contribution to climate change. Greenhouse gases from direct operations, such as those measured by Exxon, typically account for a fifth of the total at a large oil company; most emissions come from customers burning fuel in vehicles or other end uses, which the Exxon documents don’t account for.

…click on the above link to read the rest of the article…

The Criminology of Global Warming

August 16, 2020

The Criminology of Global Warming

Pulp mill, Longview, Washington. Photo: Jeffrey St. Clair.

Some – like Exxon since 1957 – have been aware that the world is facing global warming that has all the signs to render earth uninhabitable. At least with United Nations’ IPPC and NASA reporting on global warming, others have realised that we also face an unprecedented threat. Potentially, all of this is an issue of criminology. Somewhat similar to biology and psychology, criminology is the science of crime and criminal behaviour. Global warming can be seen from an environmental, geological, atmospheric, capitalist, etc. perspective, but it can also be seen as an issue of criminology.

Like lawyers and judges, etc., criminologists also prefer tide and often somewhat legalistic definitions to work with. For them, global warming is simply defined as the rising of the earth’s temperature. At the same time, climate change is seen as the inter-related effects of rising temperatures on our environment and on human beings.

Criminology comes into play when global warming is caused by harmful behaviour that contributes to the problem. It also comes in when human, state or corporate actions prevent responses to global warming. At the centre of criminology is the idea that a corporation or someone can commit a wrong. In a second step, criminology stresses that these wrongs demand a response.

One might simply argue that a crime is what the law defines as a crime. The l’idée fixe of malum prohibitum is, for example, that something is not so much a crime because it is inherently wrong, but because the laws of a state prohibit it. This idea lets some off the hook – for example, those who perpetrated the Holocaust. Nazi Germany certainly did not have a law that states, if you kill communists, trade unionists, democrats, homosexuals, Gipsies, and Jews, you will be punished. Instead, the opposite was the case. Auschwitz fulfilled every single regulation down to the German building code.

…click on the above link to read the rest of the article…

DC Is the Latest to Sue Exxon and Big Oil for Climate Disinformation Campaigns

June 28, 2020

DC Is the Latest to Sue Exxon and Big Oil for Climate Disinformation Campaigns

Washington, D.C. is suing the four largest investor-owned oil and gas companies — BP, Chevron, ExxonMobil, and Shell — for allegedly misleading consumers about climate change, including historically undermining climate science and even now using deceptive advertising about the companies’ role in leading solutions to the climate crisis.

District of Columbia Attorney General Karl A. Racine announced the consumer fraud lawsuit on Thursday, June 25. The lawsuit claims that the four oil majors violated the District’s Consumer Protection Procedures Act by engaging in misleading acts and practices around the marketing, promotion, and sale of fossil fuel products, which produce globe-warming pollution. The D.C. lawsuit alleges that these companies knew since at least the 1950s about the harmful consequences of burning fossil fuels and that they engaged in a campaign to deceive the public about those risks.

“For decades, these oil and gas companies spent millions to mislead consumers and discredit climate science in pursuit of profits,” said Attorney General Racine. “The defendants violated the District’s consumer protection law by concealing the fact that using fossil fuels threatens the health of District residents and the environment. [The Office of Attorney General] filed this suit to end these disinformation campaigns and to hold these companies accountable for their deceptive practices.”

In particular, the D.C. Attorney General’s Office called out the oil industry’s use of fake grassroots groups, such as the Advancement of Sound Science Coalition, which started out as a front group for tobacco giant Philip Morris in 1993. This group had transitioned to become the Advancement of Sound Science Center in 1997 and was run out of the home of climate science denier Steve Milloy, who most recently worked in public relations for coal company Murray Energy. The group has now been phased out of existence.

…click on the above link to read the rest of the article…

BIG TROUBLE FOR THE BIG THREE U.S. OIL COMPANIES: Financial Disaster In Its Domestic Oil & Gas Sector

May 23, 2020

BIG TROUBLE FOR THE BIG THREE U.S. OIL COMPANIES: Financial Disaster In Its Domestic Oil & Gas Sector

There’s no better way to describe what is taking place in the U.S. Big three Oil Companies domestic oil and gas sector than a complete and utter financial disaster. Honestly, I am not exaggerating. The only place ExxonMobil, Chevron, and ConocoPhillips are making decent money is in their non-U.S. or International oil and gas sector.

While it’s no secret that the U.S. shale oil industry continues to be a trainwreck, the damage is now spreading deep into the financial bowels of the Big Three Oil Majors. Unfortunately, the largest, ExxonMobil, has the worst-performing domestic oil and gas sector in the group. So, it’s no surprise that ExxonMobil was forced to borrow money just to pay dividends. I posted this chart in my last article on ExxonMobil:

As you can see, ExxonMobil’s long-term debt over the four-quarters (Q2-2019 to Q1 2020) increased nearly the same amount as the shortfall between the dividend payouts and the free cash flow.

However, if we look at the Big Three as a group, Q1 2020 wasn’t pretty at all. The next chart combines ExxonMobil, Chevron, and ConocoPhillips Upstream Earnings and Capital Expenditures (CAPEX) from their U.S. sector versus their non-U.S. or International sector. The upstream sector refers to the company’s oil and gas wells.

The Big Three suffered a net $900 million earnings loss from their U.S. upstream sector while spending a whopping $5.6 billion ($5,591 million) in CAPEX. Now compare that to the combined non-U.S. or International upstream earnings of $4.3 billion based on investing $4.6 billion in CAPEX.

…click on the above link to read the rest of the article…

THE END OF A U.S. OIL GIANT: ExxonMobil’s Days Are Numbered

May 8, 2020

THE END OF A U.S. OIL GIANT: ExxonMobil’s Days Are Numbered

ExxonMobil, the largest oil company in the U.S. and a direct descendant of John D. Rockefeller’s Standard Oil, days are numbered. The once-great profitable oil giant is now borrowing money just to pay dividends. How long can this charade go on?

Good question. Now, some may believe that ExxonMobil was forced to borrow money to pay dividends due to the collapse in oil prices as a result of the global contagion. However, the company hasn’t been able to pay shareholder dividends from its cash from operations over the past four quarters, even with much higher oil prices.

The leading culprit as to why ExxonMobil lacks the available cash to pay dividends stems from the lousy economics of its U.S. oil and gas wells, especially the company’s shale oil portfolio. Ever since ExxonMobil ramped up its domestic shale oil production, that’s when the financial troubles at the company began to intensify.

The best way to compare ExxonMobil’s U.S. Upstream (oil and gas wells) performance, BEFORE and AFTER SHALE, is to go back to 2004. Even though the oil price fell considerably in Q1 2020, it was higher than the oil price in 2004. For example, ExxonMobil’s U.S. Upstream Sector earned $4.9 billion in 2004 with an average oil price of $41.51 compared to a $704 million loss on a $42.82 oil price:

Furthermore, look at the U.S. oil production differences between 2004 and Q1 2020. According to ExxonMobil’s 2006 Annual Report, the company’s average U.S. oil production in 2004 was 414,000 barrels per day (bd) versus 699,000 bd in Q1 2020. Even with higher oil production and similar oil price, ExxonMobil’s U.S. Upstream Earnings in Q1 2020 were dismal in comparison. Moreover, the company invested $1.9 billion in CAPEX for all of 2004 on its U.S. oil and gas wells compared to the $2.8 billion just for Q1 2020.

…click on the above link to read the rest of the article…

Exxon Crushed By Pandemic, Reports First Quarterly Loss In 32 Years

May 1, 2020

Exxon Crushed By Pandemic, Reports First Quarterly Loss In 32 Years

Exxon Mobil Corp. has reported its first quarterly loss in 32 years amid oversupply conditions, a crashed economy, and a pandemic that continues to destroy petroleum demand.

The company reported a $610 million loss for the quarter ending March 31. That is equivalent to about a 14c loss per share in 1Q versus earnings per share estimates of around 55c Y/Y.

First-quarter results are a reminder that the worst has yet to come. Lockdowns began around mid-month, so the quarter only captured about 15 days or so of demand destruction.

Here are some of the highlights from the 1Q earnings report:

1Q production 4,046 mboe/d, +1.6% y/y, estimate 3,943 (Bloomberg Consensus)
1Q capital expenditure $7.14 billion, +3.7% y/y
1Q production 9,396 mmcfe/d, -5.3% y/y, estimate 8,633
1Q chemical prime product sales 6,237 kt, -7.9% y/y
1Q downstream petroleum product sales 5,287 kbd, -2.4% y/y
1Q cash flow from operations and asset sales $6.36 billion, -25% y/y
1Q refinery throughput 4,060 mb/d, +4.5% y/y

Exxon also announced it is “reducing 2020 capital spending by 30 percent and cash operating expenses by 15 percent. Capex is now expected to be approximately $23 billion for the year, down from the previously announced guidance of $33 billion.”

“COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins,” said Darren W. Woods, chairman and chief executive officer.

“While we manage through these challenging times, we are not losing sight of the long-term fundamentals that drive our business. Economic activity will return, and populations and standards of living will increase, which will in turn drive demand for our products and a recovery of the industry.”

…click on the above link to read the rest of the article…

Exxon Cuts 2020 Capex By 30% On Expectations For 25-30% Demand Drop

April 7, 2020

Exxon Cuts 2020 Capex By 30% On Expectations For 25-30% Demand Drop

With oil trading at prices that are uneconomical even for the world’s biggest majors, on Tuesday morning Exxonmobil announced it cut its 2020 Capex by 30% and cash Opex by 15% as the CEO said he expects a record 25-30% demand drop this year.

The company said that the largest share of Capex reductions, or roughly 30% of total, would be in the Permian Basin. As a result of the spending cuts, the company will a production hit of 100,000 to 150,000 barrels/day from the Permian Basin in 2021 due to its spending reductions, CEO Darren Woods says on call with reporters, adding that in 2020 the production cut would be a modest reduction of only 15,000 barrels, which will hardly be enough an OPEC+ demanding US shale producers join the global production cuts now not in one year.

Among the other Exxon announcements:

Expects to meet projected investments of USD 20bln on US Gulf Coast manufacturing facilities
Expects to reach proposed US investments of USD 50bln over 5yrs announced in 2018
Mozambique project, expected later this year, has been postponed
Current operations onboard Liza Destiny production vessel are undisturbed
Capital allocation priorities remain unchanged
Long-term fundamentals that underpin Co’s business plans are unchanged
Globally, the company sees industry refinery output declining in-line with demand and storage available

We’re in a “capital-intensive commodity business that’s used to ups and downs in price cycles. However, I have to say we haven’t seen anything like what we’re experiencing today” the CEO said, concluding ominously that “these are definitely challenging times for all of us.”

Exxon’s stock price rose by 7% on the news, although it remains about 40% below levels it traded at at the start of the year. The company’s dividend yield remains a above 8% – a staggering number for what was not that long ago one of the world’s largest companies.

…click on the above link to read the rest of the article…

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