With the potential approval of ExxonMobil’s $1.28 Billion asset sale to Seplat, Nigeria anticipates increased oil production.
There are indications that the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, the regulator of Nigeria’s upstream oil sector, is not responsible for the alleged delay in granting consent to the sale of $1.3 billion of ExxonMobil’s 40 percent stake in Mobil Producing Nigeria Unlimited, MPNU’s assets, to Seplat Energy Plc.
The latest trading session saw Exxon Mobil (XOM) ending at $121.18, denoting a +0.52% adjustment from its last day’s close. The stock’s performance was ahead of the S&P 500’s daily gain of 0.15%. Meanwhile, the Dow lost 0.02%, and the Nasdaq, a tech-heavy index, added 0.32%.
Goldman Sachs analyst Neil Mehta notes Exxon Mobil’s projections, indicating higher-than-expected earnings.
Implied EPS for the quarter estimates at ~$2.15 vs. consensus closer to $2.06, showcasing positive outlook.
-Exxon Mobil Corp XOM.N on Tuesday gave a dire warning about the outlook of Australia’s domestic gas supply, joining other gas producers in calling for policy stability and more investment in the sector.
Gasoline may face a dwindling future if everybody starts driving electric cars. But the oil and gas industry has a backup plan for keeping its fortunes alive — the lucrative chemicals that can be made from petroleum.
Exxon Mobil Corp. has outlined its intention to proceed with the drilling of two exploration wells offshore Guyana within the current year, despite the proximity of these drilling sites to a region that is subject to dispute with Venezuela. The oil conglomerate is poised to conduct drilling operations west of the Liza field, an area already yielding oil, and situated closer to the border shared with Venezuela. Notably, Exxon Mobil asserts that the ongoing territorial dispute does not impede its plans for exploration and drilling activities in the region.
It is the end of an era for Big Oil in California, as the most populous U.S. state divorces itself from fossil fuels in its fight against climate change.
Bluebell Capital Partners criticized BP’s plan to reduce oil and gas production by 25% by 2030, labeling it an “irrational strategy”.
The investor group urged BP to cut funding for bioenergy, hydrogen, and renewable projects, claiming the company has “no right to win” in these markets.
Despite pressure, BP’s new leadership, under Murray Auchincloss, plans to continue with the existing renewable energy strategy.
The oil and gas industry is undergoing its biggest-ever consolidation, according to Enverus.
Upstream merger and acquisition activity hit $144 billion in the fourth quarter alone and $190 billion for 2023, both setting records.
Bids from Exxon Mobil, Chevron, and Occidental Petroleum were among the key deals fueling the record.