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...Exxon is building a $10bn LNG terminal in Texas, expected online in 2025, but it has already secured the necessary permits Chevron CFO Pierre Breber said his company’s position was that energy policy should...
...A controlling 45 per cent stake happens to belong to Exxon. Exxon now claims that it has the first right to acquire the Hess stake in the project given a change of control....
...Exxon argues that its right to pre-empt the sale of the stake in Stabroek is baked into a joint operating agreement with Hess and Cnooc....
...Last year was Exxon’s second-most profitable on record, with profits of $36bn, only behind 2022....
...Exxon operates the Stabroek project and owns a 45 per cent stake in it....
...Exxon owns a 45 per cent stake in the Stabroek project, of which it is also the operator; Cnooc owns 25 per cent....
...No one has shared the language and for now, Exxon obviously disagrees. As Lex notes, there are big picture reasons why Exxon may want to be more generous than litigious here....
...Exxon’s chief financial officer Kathryn Mikells hailed a “great end to a great year”. Shares in Chevron were up 1.1 per cent in pre-market trading in New York, while Exxon rose 0.7 per cent....
...With this acquisition, Exxon enhances its flexibility for the future....
...Exxon has not set any scope 3 targets. Nowhere is the climate pressure higher than in California....
...Exxon said it had spent $1.2bn with 1,500 local suppliers since 2015....
...Exxon’s shares fell 2 per cent in early New York trading on Friday, while Chevron’s dropped 5.5 per cent....
...The deal will nonetheless bring Exxon and Chevron into closer competition, leaving both jointly controlling the Stabroek block off the coast of Guyana, in which Hess had a 30 per cent share and Exxon retains...
...Both Chevron and Exxon are using their shares as a currency, eschewing debt that has turned pricey....
...In contrast to Exxon, BP is targeting cuts in oil and gas production of 25 per cent by 2030....
...Citi has benefited from its ties to Exxon, with bankers Michael Jamieson and Claudio Sauer advising on the Pioneer deal and on Exxon’s $5bn acquisition earlier this year of oil company Denbury....
...Exxon’s deal with Pioneer, the Permian’s top producer, would put the combined group in the top spot....
...Oil megadeals usher in an age of energy uncertainty Dealmakers see Chevron-Hess tie-up as the start of oil ‘arms race’ The race to be last man standing in Big Oil ‘Jewel in the crown’: Chevron follows Exxon...
...This allows Exxon and Chevron to eschew pricey debt. That will not be the case for Oxy. Its offer consists of $9.1bn cash and $1.7bn of new shares. It will also be assuming $1.2bn of CrownRock’s debt....
...Chevron’s strengthened foothold in Guyana — where Exxon already retains a 45 per cent operating stake — comes just two weeks after Exxon’s Pioneer deal enabled it to more than double its output in the oil-rich...
...But several advisers cautioned that it would be too soon to say a victory would unleash a wave of similar campaigns, citing Engine No. 1’s success at Exxon....
...Brent Berg, president and chief executive of Rare Element Resources, a minerals company, will join Uranium Energy Corp, a North American uranium company, as senior vice-president of US operations....
...Sure, Exxon’s deal will create a production juggernaut 50 per cent bigger than Shell on Rystad Energy’s 2023 numbers and 75 per cent bigger than BP....
...Absorbing CrownRock’s 226,000 boe/d would solidify its position as the number two player in the basin after Pioneer combines with Exxon....
...Exxon made $11.4bn in profit in the first three months of the year, down 11 per cent from the final quarter of 2022....
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