Exxon's (XOM) Key Resource is Getting Scarce
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January 4, 2013 12:05 PM EST
Exxon Mobil Corporation (NYSE: XOM) will develop the Hebron oil field offshore the Canadian province of Newfoundland and Labrador using a gravity-based structure that will recover more than 700 million barrels of oil, an increase versus earlier estimates.
Capital cost for the project, which is expected to begin oil production around the end of 2017, is estimated at $14 billion. The platform is being designed for daily production of 150,000 barrels of oil.
Hebron is one of several large-scale oil developments that ExxonMobil... More
November 7, 2012 9:36 AM EST
Exxon Mobil (NYSE: XOM) shares are ticking lower Wednesday following reports its exiting a major oil project.
According to Reuters, the energy giant said it will be... More
November 1, 2012 10:10 AM EDT
Don't fret, Exxon Mobil (NYSE: XOM) investors, the company will still report near-record profits for 2012.
Exxon reported lower year-over-year net income for its third quarter today as revs also slipped lower. According to the Company, revs fell 7.7 percent to $115.71 billion, from $125.33 billion in the same period last year. Sales in the second quarter were $124.05 billion.
Net income fell over 7 percent to $9.57 billion, or $2.09 per share. Last... More
September 20, 2012 8:33 AM EDT
Denbury Resources Inc. (NYSE: DNR) ("Denbury" or the "Company") announced that it has entered into an agreement to sell its Bakken assets in North Dakota and Montana to Exxon Mobil Corporation and its wholly owned subsidiary XTO Energy Inc. (NYSE: XOM). Denbury will receive $1.6 billion in cash, subject to closing adjustments, and ExxonMobil's operating interests in Webster Field in Texas and Hartzog Draw Field in Wyoming, both of which are ideal candidates for carbon dioxide ("CO2") flooding and close to Denbury's existing or planned CO2 pipelines. In addition, Denbury has agreed in principle... More
