ExxonMobil said today it made a new oil discovery offshore Guyana at the Yellowtail-1 well, marking the 13th discovery on the Stabroek Block. The discovery adds to the previously announced estimated recoverable resource of approximately 5.5 billion oil-equivalent barrels on the Stabroek Block. Yellowtail-1 is the fifth discovery in the Turbot area, which ExxonMobil expects to become a major development hub. “Similar [...]
ExxonMobil has increased holdings in Argentina after its subsidiary ExxonMobil Argentina Offshore Investments B.V. and an affiliate of Qatar Petroleum won three exploration blocks during Argentina’s first offshore bid round. The award adds approximately 2.6 million net acres to its existing holdings in Argentina, which includes the onshore Vaca Muerta unconventional oil play and a business support center in Buenos [...]
ExxonMobil said today that it has made a final investment decision on a multi-billion dollar expansion of its integrated manufacturing complex in Singapore to convert fuel oil and other bottom-of-the-barrel crude products into higher-value lube base stocks and distillates. The expansion project is part of the company’s plan to further enhance the competitiveness of the Singapore facility, which includes the [...]
ExxonMobil said today that it is providing $300,000 to aid agencies to support disaster relief and recovery efforts in Mozambique following Cyclone Idai, which made landfall on March 14. Of this amount, $250,000 will be contributed to the American Red Cross for ongoing rescue efforts and for food, shelter and comfort for the storm’s victims. ExxonMobil’s affiliate ExxonMobil Moçambique Limitada will [...]
ExxonMobil said today that it will provide about $5 million in grants to support local and global organizations dedicated to empowering women economically. The announcement, made in association with International Women’s Day and the company’s Women’s Economic Opportunity Initiative, underscores ExxonMobil’s support for efforts to advance women economically, encourage and assist women entrepreneurs [...]
ExxonMobil said today that it will sponsor a Smithsonian Institution traveling exhibition showcasing the history of The Green Book, a guide for African-American travelers in the segregated United States of the mid-20th century. ExxonMobil predecessor Standard Oil Company of New Jersey was the only major retail distributor of The Green Book through its network of Esso stations, which welcomed African-American travelers and [...]
ExxonMobil today said it has updated its growth plans and expects annual earnings potential to increase by more than 140 percent by 2025 from 2017 adjusted earnings, assuming an oil price of $60 per barrel and based on 2017 margins. “Given the success we experienced last year and the progress we’re making on our plans, we have even greater confidence in our ability to grow value for our shareholders,&rdquo [...]
ExxonMobil said today it has revised its Permian Basin growth plans to produce more than 1 million oil-equivalent barrels per day by as early as 2024 – an increase of nearly 80 percent and a significant acceleration of value. The size of the company’s resource base in the Permian is approximately 10 billion oil-equivalent barrels and is likely to grow further as analysis and development activities continue [...]
Exxon Mobil Corporation said today that John Verity, president of ExxonMobil Chemical Company, has elected to retire after 38 years of Service. The board of directors appointed Karen McKee, senior vice president for basic chemicals, integration and growth, to be president of ExxonMobil Chemical Company, effective April 1, 2019. Verity, 60, joined Exxon Chemical in 1980 and held sales, marketing and strategic planning [...]
ExxonMobil said today that it will fund the construction of a new polypropylene production unit in Baton Rouge that will expand production capacity along the Gulf Coast by up to 450,000 tons per year. Construction will begin in 2019 and startup is anticipated by 2021. The project is expected to create up to 600 jobs during construction and 65 permanent jobs once completed. “Growth in feedstock supply along with the [...]
ExxonMobil today said it has made a natural gas discovery offshore Cyprus in the Eastern Mediterranean at the Glaucus-1 well. The well, located in Block 10, encountered a gas-bearing reservoir of approximately 436 feet . The well was safely drilled to 13,780 feet depth in 6,769 feet of water. Based on preliminary interpretation of the well data, the discovery could represent an in-place natural gas resource of [...]
Exxon Mobil Corporation said today it added 4.5 billion oil-equivalent barrels of proved oil and gas reserves in 2018, replacing 313 percent of the year’s production. ExxonMobil's proved reserves totaled 24.3 billion oil-equivalent barrels at year-end 2018. Liquids represented 64 percent of the reserves, up from 57 percent in 2017. “We continue to add high-value, attractive assets to our portfolio that have [...]
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