Exxon Mobil (NYSE:XOM) and Rosneft teamed up with U.S. company ExxonMobil to develop Russian Arctic oil fields, that had eluded BP earlier this year.
Rustam Kazharov, a spokesman for Rosneft told the Associates Press the deal was signed Tuesday in the presence of Russia's Prime Minister Vladimar Putin.
Rosneft struck a deal with BP in January to jointly increase Russia's Arctic but the deal fell through after BP's Russian shareholders managed to block the deal.
- Exxon Mobil Estimates Oil spill in Yellowstone River will Cost Over $42 Million
Aug 22, 2011
Exxon Mobil (NYSE:XOM) Pipeline told federal regulators that its oil pipeline spill into Montana's Yellowstone River will cost an estimated $42.6 million.
The July 1 pipeline break near Laurel spilled about 42,000 gallons, or 1,000 barrels, of crude oil into the scenic waterway.
Exxon Mobil's cost estimate includes $40 million for emergency response work and $2.5 million for damage to public and private property. The company valued the lost oil at $100,000.
The company announced last week that the clean up might continue for several more months.
Exxon Mobil (NYSE:XOM) has a potential upside of 30.6% based on a current price of $70.78 and an average consensus analyst price target of $92.46.
- Exxon Mobil Back On Top As U.S.'s Valuable Company
Aug 12, 2011
After being surpassed by Apple (NASDAQ:AAPL) on Tuesday, Exxon Mobil Corp. (XOM) shares are again benefiting from a rise in the price of oil. They're up 2% Friday to $73.04, although still down for the week.
Exxon Mobil (NYSE:XOM) has a potential upside of 28% based on a current price of $72.57 and an average consensus analyst price target of $92.88.
- Exxon Mobil's Marine Affiliate Announces Plan For Two New Tankers
Jul 25, 2011
Exxon Mobil (NYSE:XOM) U.S. marine affiliate, SeaRiver Maritime, signed a letter of intetn with Aker Philadelphia Shipyard for the construction of two U.S. flag, crude, oil tankers in partnership with Samsung Heavy Industries.
The vessels will be used to transport Alaska North Sloe crude oil from Prince William Sound, Alaska to U.S. West Coast destinations. Project planning work is underway with construction of the 115,000 deadweight ton tankers expected to begin by mid-2012.
The vessels are scheduled for delivery in 2014 and will be capable of carrying 730,000 barrels of crude oil to help meet U.S. energy needs. They will replace two double hull tankers.
Will Jenkins, president of SeaRiver said, "Today's announcement is consistent with our long-term ongoing commitment to safe and reliable marine transportation in the United States and throughout the world. These new vessels will provide jobs for American shipyard workers and help support energy needs along the U.S. West Coast for decades to come."
Exxon Mobil (NYSE:XOM) has a potential upside of 9.3% based on a current price of $85.08 and an average consensus analyst price target of $92.96.
- Exxon Ordered to Pay $495 Million For 2006 Gas Leak
Jun 30, 2011
A jury in Baltimore County has ordered Exxon Mobil Corp (NYSE:XOM) to pay $495 million in compensatory damages related to a gas station leak in 2006, the Baltimore Sun reported today.
That amount doesn't include the punitive awards for 160 affected businesses and families, which could total over $2.5 billion, after a lawyer for the group asked the six-member civil jury to consider a punitive damage award of three to five times the compensatory damages.
The 2006 leak spilled about 26,000 gallons of gasoline into the groundwater in Jacksonville, Florida, which has no public water or sewer service and depends on private wells for drinking water.
Exxon's lawyers said the company has spent $46 million on cleanup.
Shares of Exxon Mobil are trading up 0.8% at $80.89.
- Exxon Mobil Gains 0.9%; Refiner Inks Pact to Buy Natural Gas Producers
Jun 9, 2011
Shares of Exxon Mobil (XOM) are higher on a Bloomberg report the oil major spent $1.69 billion for two privately held energy explorers to gain shale-gas reserves in Pennsylvania and adjacent states.
Exxon bought XTO Energy last year, making it the largest gas producer in the US, he report said.
Energy shares are higher in late-session trading as crude futures surge over 2% during the session only to pare back some gains. The July contract finished over $100 a barrel. Light, sweet crude oil for July delivery finished up 1.7% to $100.74 a barrel. OPEC did not reach an agreement on crude oil production as six countries opposed a Saudi Arabia-led coalition to raise output. In late-session energy news, (NYSE:PBR) Petroleo Brasileiro said it expects to triple crude oil production over the next 10 years as it develops recently discovered offshore oil fields. Meanwhile, Exxon Mobil (NYSE:XOM) shares are higher after the company said this morning that it made three deepwater discoveries in the Gulf of Mexico. The discoveries have a combined estimated reserves of 700 million barrels of oil equivalent.
- Exxon Mobil announces three discoveries in deepwater Gulf of Mexico
Jun 8, 2011
Exxon Mobil (NYSE:XOM) announced two major oil discoveries and a gas discovery in the deepwater Gulf of Mexico after drilling the company's first post-moratorium deepwater exploration well. Steve Greenlee, president of ExxonMobil Exploration Company said, "We estimate a recoverable resource of more than 700 million barrels of oil equivalent combined in our Keathley Canyon blocks. This is one of the largest discoveries in the Gulf of Mexico in the last decade. More than 85 percent of the resource is oil with additional upside potential."
- Exxon Mobil Gains 1.1%; Makes Progress Resolving Dispute with Nigeria
May 25, 2011
Exxon Mobil (XOM) shares are higher on a Reuters report that the oil major and the Nigerian government are moving closer to resolving a dispute over oil licensing renewals.
The report said the renewals concern fields that produce over 500,000 barrels of oil per day.
ADRs of Statoil ASA (STO) are down as Bloomberg reports that the oil producer--the largest in Norway--is looking at selling a portion of its 28.5% stake in Norwegian gas-pipeline network Gassled to free up capital.
Already, Exxon Mobil (XOM) agreed last year to sell its 9.43% stake in the network to Njord Gas Infrastructure.
Shares of Halliburton (HAL) are down as the company said it has been awarded a contract by Exxon Mobil (XOM) Iraq Limited to provide drilling services for 15 wells in the West Qurna oil field located in Southern Iraq.
Halliburton will provide a range of well construction services utilizing three drilling rigs to safely deliver the wells, the company said in a statement.
Halliburton shares are down 2.35%, or $1.12, to $47.02.
