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...Kathy Mikells, chief financial officer of ExxonMobil, also criticised the decision, saying it could damage efforts to wean countries off coal....
...Exxon reported first-quarter net profit of $8.2bn, which was down 28 per cent from $11.4bn on the same period last year because of lower gas prices and refining margins....
...Her moves come against the backdrop of a strategic push by the US and Australia to build critical minerals supply and refining capacity to reduce dependence on China, which accounts for about 60 per cent...
...The disclosures relate to its oil production and refining operations there, where the company can trace its history back more than 140 years....
...ExxonMobil remains on the hunt for deals even after unveiling its biggest transaction this century, the company said on Friday, as it and rival Chevron reported profits that fell short of Wall Street expectations...
...The next four crude cargoes will be supplied by the state-owned oil company the Nigerian National Petroleum Corporation (NNPC) in “two to three weeks” and ExxonMobil will supply the last of the initial six...
...ExxonMobil profits fell a more-than-expected 28 per cent on weaker gas prices and refining margins as the oil major highlighted “troubling” events in the Middle East and Russia....
...Partners and the former head of shareholder activism at Engine No. 1 In the past month, two megadeals have been launched in the oil and gas industry: the announced acquisition of Pioneer Natural Resources by ExxonMobil...
...Refining creates higher-value lithium hydroxide, a chemical compound used in EV batteries. Western Australia now has two refineries, with a third due to be opened by SQM and Wesfarmers next year....
...“If we don’t have an orderly transition, supply won’t match demand.”...
...Wirth, who has a degree in chemical engineering from the University of Colorado, led the company’s refining business before becoming CEO, where tight margins mean “you have to watch every penny”....
...Recall Kazakh miner Eurasian Natural Resources Corp, a one time-FTSE 100 member with ghastly governance, which ultimately delisted. Of course, Air Astana is a different company....
...“Oil and natural gas are projected to remain essential parts of the energy supply mix in coming decades across a broad range of transition scenarios....
...ExxonMobil, Chevron, Shell, TotalEnergies, Equinor and Eni each reported drops in second-quarter earnings this week of about 50 per cent compared with the record levels set in the same period last year....
...China controls 63 per cent of global lithium refining, 70 per cent of nickel processing and 65 per cent of graphite mining, according to Benchmark Mineral Intelligence, an information provider....
...The action follows a sweeping new law passed last week by California state legislators that would force major polluters to calculate and disclose carbon emissions tied to supply and use of their products...
...The company has committed to building a new hydrogen production facility in a major refining and petrochemical hub outside Houston, Texas....
...and secure supply for the decades ahead....
...The rush to secure reserves of hydrocarbons — the chief components of petroleum and natural gas — has been underscored by blockbuster takeover deals by US oil industry supermajors ExxonMobil and Chevron...
...Profits at ExxonMobil and Chevron fell from record highs in the first quarter, but still beat Wall Street forecasts even as a slowing economy began to hit energy markets....
...These tensions were on display in the past week as ExxonMobil and Chevron reported net profits that over the past two quarters added up to the biggest in their histories....
...But as shown by the tight market for jet fuel, relief will be short-lived as “underinvestment, shale constraints and Opec discipline ensure supply does not meet demand”, Goldman says....
...Many rivals have slowed investment in oil supply as they seek to reduce their emissions....
...Exxon and Chevron have responded by arguing that they are increasing spending on new supply to help meet surging demand....
...US supermajors ExxonMobil and Chevron raked in nearly $31bn in combined net income during the third quarter. That is more than twice what they brought in a year ago....
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