•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    ExxonMobil starts production on record number of projects

    Exxon Mobil Corp.

    Exxon Mobil Corp. (NYSE:XOM) expects to start production on a record 10 major projects in 2014, adding new capacity of approximately 300,000 net oil equivalent barrels per day and contributing to profitable production growth, said Rex W. Tillerson, chairman and CEO.

    “These projects exemplify our focus on maintaining a diversified portfolio and highlight our ability to grow profitable volumes,” Tillerson said at the company’s annual investment analyst meeting at the New York Stock Exchange. “We are adding new volumes that improve our profitability mix with higher liquids and liquids linked natural gas volumes. We’re also driving increased unit profitability through better fiscal terms and reducing low-margin barrel production.”

    ExxonMobil’s capital spending will decline to $39.8 billion this year from a peak of $42.5 billion in 2013, Tillerson said. Excluding potential acquisitions, capital expenditures are expected to average less than $37 billion per year from 2015 to 2017.

    “We have financial flexibility to pursue potential strategic opportunities and maintain a disciplined and selective approach to capital that ensures any new investment will contribute to robust cash flow growth,” Tillerson said.

    A liquefied natural gas project in Papua New Guinea and the largest offshore oil and gas platform in Russia are among significant projects scheduled for startup this year. Others include a heavy oil expansion project in Canada and deepwater projects in the Gulf of Mexico.

    ExxonMobil anticipates additional project startups in the next few years in several countries, including Australia, Indonesia, Canada, Nigeria, and the US. All of these projects are expected to add about 1 million net oil equivalent barrels per day by 2017. In North America, ExxonMobil’s near-term production outlook is made up of significant high-margin, low-risk liquids growth. The company’s production outlook also reflects strategic choices made to improve unit profitability while maintaining disciplined capital allocation.

    Tillerson noted that the company’s resource and geographic diversity across the portfolio enables ExxonMobil to mitigate risks in a dynamic market environment and to maximize profitability through changing business cycles. The company is pursuing more than 120 projects to develop about 24 billion oil equivalent barrels of oil and natural gas.

    ExxonMobil’s Downstream and Chemical businesses are focused on strengthening the portfolio and delivering sustained financial performance across the business cycle. Midstream investments in North America will expand ExxonMobil’s logistics capabilities to transport crude oil and finished products. Other advantaged projects will increase production of high-value products.

    “In the Downstream and Chemical segments, we are diversifying feedstocks through our flexible and integrated system, continuously pursuing operating efficiencies and maximizing sales of higher-margin lubes, diesel and chemical products,” Tillerson said.

    In 2013, ExxonMobil added proved oil and gas reserves totaling 1.6 billion oil-equivalent barrels, including a 153% replacement ratio for crude oil and other liquids. At year-end 2013, proved reserves totaled 25.2 billion oil equivalent barrels, comprising 53% liquids and 47% natural gas.

     

     

     

    Most Popular

    Related Articles

    ExxonMobil signs two agreements to increase position in Permian Basin

    08/06/2015

    Exxon Mobil Corp. has executed two agreements to obtain horizontal development rights in 48,000 acres in the core of the Midland Basin.


    Nevis Capital plans to acquire oil and gas operating company

    07/15/2015 Nevis Capital Corp. has entered into a letter of intent agreement to acquire a privately held Texas based oil and gas operating company, PanAmerican Operating Inc., which operates in three states, ...

    Hilcorp acquires Exxon Mobil subsidiary’s Alaska assets

    07/08/2015 Hilcorp Energy has agreed to buy the Cook Inlet assets of an Exxon Mobil subsidiary, according to the Alaska Dispatch News, which says the transaction includes two offshore platforms from XTO Energ...

    ExxonMobil sells share of Chalmette Refining in Louisiana

    06/19/2015

    ExxonMobil has reached an agreement with PBF Energy Inc. for the sale and purchase of its 50% interest in Chalmette Refining LLC in Chalmette, Louisiana.

    Seadrill Partners acquires West Polaris drillship for $540 million

    06/18/2015 Seadrill Ltd. has entered into an agreement with Seadrill Operating LP, the 58%-owned subsidiary of Seadrill Partners LLC, pursuant to which Seadrill Operating will acquire all of the shares of Sea...

    Guyana-Venezuela oil dispute heats up

    06/10/2015 The discovery of what may be significant oil deposits off the northern coast of South America has reignited a border controversy between Guyana and Venezuela, its neighbor to the west, according to...

    More Oil & Gas Financial Articles

    ExxonMobil signs two agreements to increase position in Permian Basin

    Thu, Aug 6, 2015

    Exxon Mobil Corp. has executed two agreements to obtain horizontal development rights in 48,000 acres in the core of the Midland Basin.


    Nevis Capital plans to acquire oil and gas operating company

    Wed, Jul 15, 2015

    Nevis Capital Corp. has entered into a letter of intent agreement to acquire a privately held Texas based oil and gas operating company, PanAmerican Operating Inc., which operates in three states, currently concentrating on projects in Texas.

    Hilcorp acquires Exxon Mobil subsidiary’s Alaska assets

    Wed, Jul 8, 2015

    Hilcorp Energy has agreed to buy the Cook Inlet assets of an Exxon Mobil subsidiary, according to the Alaska Dispatch News, which says the transaction includes two offshore platforms from XTO Energy, along with a tank facility and offices in Nikiski, Alaska, on the Kenai Peninsula.

    ExxonMobil sells share of Chalmette Refining in Louisiana

    Fri, Jun 19, 2015

    ExxonMobil has reached an agreement with PBF Energy Inc. for the sale and purchase of its 50% interest in Chalmette Refining LLC in Chalmette, Louisiana.

    Seadrill Partners acquires West Polaris drillship for $540 million

    Thu, Jun 18, 2015

    Seadrill Ltd. has entered into an agreement with Seadrill Operating LP, the 58%-owned subsidiary of Seadrill Partners LLC, pursuant to which Seadrill Operating will acquire all of the shares of Seadrill Polaris Ltd., the entity that owns and operates the West Polaris ultra-deepwater drillship from Seadrill. The West Polaris acquisition is expected to close within seven days.

    OGFJ photo of the day


    Click to view slideshow

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ