Exxon remains confident it will prevail in the case over the field’s ownership at the International Chamber of Commerce, Neil Chapman, Exxon’s senior vice president, said at the Bernstein Strategic Decisions Conference in New York on Thursday. But there will be “no change for us” if Exxon loses, he said.
Late last year, the Texas oil giant stress-tested its business at “more punitive scenarios” than the current environment and brought the results to the board, Woods said at Exxon’s annual meeting Wednesday. The result is that the company will continue investing in new projects and returning cash to shareholders even if oil declines from the current $65 a barrel.
Abu Dhabi National Oil Co. will work with Exxon to boost capacity at the offshore Upper Zakum field, the UAE company said in a statement Friday. The site, where Japan’s Inpex Corp. is also a partner, currently can produce more than 1 million bpd. ADNOC didn’t specify the new target.
The producer aims to reach oil output of 2.4 million barrels a day after dropping to less than half of that level in 2022. Nigeria has taken measures to reduce vandalism and improve regulations, as oil majors have divested from onshore and shallow water fields due to security concerns. Local independent companies are expected to raise output as assets are transferred from recent sales.
The investment, expected within the next two years, will focus on reviving production in the Usan field and is in addition to funding earmarked for planned developments in Owowo and Erha, the Nigerian Upstream Petroleum Regulatory Commission said in a statement Tuesday, citing a visit by Shane Harris, Exxon’s managing director in Nigeria.
Exxon Mobil Corp. outlined plans to increase natural gas production from oil-focused Guyana and is considering options to export the fuel to global markets, country manager Alistair Routledge said Wednesday.
Exxon Mobil Corp. outlined plans to increase natural gas production from oil-focused Guyana and is considering options to export the fuel to global markets, country manager Alistair Routledge said Wednesday.
U.S. upstream earnings in 2024 were $6.426 billion and non-U.S. upstream earnings last year were $18.964 billion, the release highlighted. In 2023, U.S. upstream earnings came in at $4.202 billion and non-U.S. upstream earnings were $17.106 billion, the results statement pointed out.
The Permian in West Texas and southeastern New Mexico continues to be the most prolific oil and gas producing basin in the United States, accounting for most of the output at the biggest public onshore producers and representing the bulk of oil and gas production at the top 50 producers.
Exxon accused Bonta, the Sierra Group and others of making “false accusations” about its advanced recycling process. Exxon said in a suit filed in federal court in Texas Monday that the process works and the claims have damaged its relationship with customers.