State-owned firms don't churn it out like Shell
New York Times Aug 19, 08 2:55 AM CDT
(Newser)
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A rapidly changing world order has left the giant oil companies all monied up with nowhere to drill, the New York Times reports. The Western oil giants' share of production has plummeted from over half in the 1970s to just 13% today. Production is falling as oil supplies remain in the hands of foreign state-owned firms which lack expertise.
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Earnings
Associated Press Jul 31, 08 9:14 AM CDT
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ExxonMobil reported the biggest quarterly profit in US history today, earning $11.68 billion or $2.22 a share as revenues rose 40% over the previous year. But those stratospheric numbers fell short of Wall Street’s estimates; analysts had expected crude prices, which have doubled over the past year, to power Exxon to a $2.52 per-share haul, and the company's stock fell in early trading. The figure topped Exxon’s own $11.66 billion record, posted in the fourth quarter of last year.
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Family wants independent chairman, climate change initiatives
Wall Street Journal May 24, 08 1:58 PM CDT
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Executives at Exxon are bracing for an onslaught from the Rockefeller family, whose patriarch founded the oil firm’s predecessor a century ago, the Wall Street Journal reports. Led by John D. Rockefeller’s great-granddaughter, the family wants Exxon to pursue renewable forms of energy and appoint an independent chairman.
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MARKETS
AIG, Citi, oil spook investors; even commodities look less safe in downturn
Bloomberg May 9, 08 3:28 PM CDT
(Newser)
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Stocks performed poorly today, battered by another new oil high and bad news from AIG and Citigroup, Bloomberg reports. The Dow lost 120.90 to end at 12,745.88, with a weekly loss of 2.4%. The S&P 500 shed 9.50 to 1,388.28, while the Nasdaq dropped 5.72 to settle at 2,445.52.
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Earnings
Rise smallest of the big three oil companies
Bloomberg May 1, 08 8:54 AM CDT
(Newser)
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Exxon Mobil’s profits jumped 17% in the first quarter, but still fell short of expectations, Bloomberg reports. Exxon’s number, which was held back by drops in productions and refinery profit margins, looks shabby compared to the world’s other two largest oil companies, which posted 25% and 63% gains respectively. “Exxon is having trouble raising production, and that's not a good sign,” said one money manager.
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Demand new chairman, green agenda
Wall Street Journal Apr 30, 08 3:39 AM CDT
(Newser)
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Exxon Mobil is facing a shareholder revolt by most of John D. Rockefeller's 300 descendants, who are pushing for the mammoth company to go greener, reports the Wall Street Journal . The Rockefellers are campaigning for Exxon to develop new energy technology, cut greenhouse gas emissions and appoint a new independent chairman. The revolt is opposed by Exxon senior management.
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Exxon Mobil repeats 2007 performance, finishes second
Fortune Magazine Apr 21, 08 4:07 PM CDT
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Wal-Mart nosed out Exxon Mobil for the second consecutive year to land atop the 2008 Fortune 500, with $37.7 billion in revenues, the magazine said today. In profits, the oil company far outstripped the megaretailer. Three of the top 5 on the list were oil companies, the AP reports. ChevronTexaco (No. 3) and GM (No. 4) swapped places, and ConocoPhillips again rounded out the top 5.
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Honchos place some blame at legislators' feet
Washington Post Apr 1, 08 5:21 PM CDT
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Top oil executives faced a panel of angry lawmakers on Capitol Hill today, as Congress fumed over the disparity between the companies’ hefty profits and soaring prices, the Washington Post reports. Said one rep, “I believe the laws of supply and demand when it comes to oil and gas are broken and completely malfunctioning.” Another congressman referenced April Fools’ Day, hoping that “soaring gas prices are just part of some elaborate hoax.”
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Supreme Court left deadlocked by recusals amid calls to divest
Bloomberg Mar 7, 08 7:35 PM CST
(Newser)
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The stock portfolios of Supreme Court justices have become a flash point this term, in which six cases could be affected by justices recusing themselves because they own financial stakes in companies involved. Chief Justice John Roberts, Justice Samuel Alito, and Justice Stephen Bryer have bowed out of cases involving Pfizer, Exxon and Cisco, respectively—apparently because of stock holdings, Bloomberg reports.
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Observers call current market 'hysteria' — and 'bubble'
Der Spiegel Feb 28, 08 5:54 PM CST
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Crude-oil prices have doubled in recent months, a development not linked to fundamental supply and demand—but rather, observers tell Der Spiegel , to rampant speculation among investors looking for a stable buck. The prospect of recession would typically drive prices down, but analysts say a decade-old oil investment rush by pension funds and big banks has made the market volatile and distorted.
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Veto threat as Republicans call it industry discrimination
Washington Post Feb 28, 08 5:36 AM CST
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Millions of dollars in tax breaks enjoyed by the top five oil companies would be rescinded under an $18 billion tax package which cleared the House of Representatives yesterday. The money saved would be plowed into creating alternative sustainable energy sources. It represents just a penny a gallon to the oil giants Exxon Mobil, Chevron, ConocoPhillips, BP and Shell.
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Supreme's justices appear to be split
in Valdez case
USA Today Feb 27, 08 8:52 PM CST
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Nearly 20 years after the Exxon Valdez spilled 11 million gallons of crude oil in Prince William Sound, the company asked the Supreme Court to reject a ruling that it pay $2.5 billion in punitive damages. Judges appeared split in today's arguments, USA Today reports, making a tie possible because Samuel Alito has recused himself. If that happens, the punitive damages stand. The court also could reduce the amount.
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