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Feb 2, 2015

Exxon fourth-quarter profit tops estimate, share buyback slashed in half

By Anna Driver

(Reuters) – Exxon Mobil Corp said on Monday its quarterly profit fell 21 percent as weak oil prices took a toll, but results topped Wall Street expectations due to a tax adjustment and higher earnings from its chemicals business.

Shares of Exxon rose 1.2 percent to $88.46 in mid-day New York Stock Exchange trading.

Feb 2, 2015

Exxon 4th-qtr profit tops estimate, share buyback slashed in half

Feb 2 (Reuters) – Exxon Mobil Corp said on Monday
its quarterly profit fell 21 percent as weak oil prices took a
toll, but results topped Wall Street expectations due to a tax
adjustment and higher earnings from its chemicals business.

Shares of Exxon rose 1.2 percent to $88.46 in mid-day New
York Stock Exchange trading.

Jan 30, 2015

Exxon adds discrimination protections in U.S. for LGBT workers

HOUSTON, Jan 30 (Reuters) – Exxon Mobil Corp, the
world’s largest publicly traded oil company, has changed its
U.S. employment policies to prohibit discrimination based on
sexual orientation and gender identity as now required by
federal law.

Exxon spokesman Alan Jeffers said Friday the company’s board
approved the policy change at a meeting on Wednesday and noted
that the oil company “always updates its policies to comply with
the laws where we work.”

Jan 29, 2015

Conoco, Occidental and Shell cut 2015 budgets on crude slide

, Jan 29 (Reuters) – ConocoPhillips
and Occidental Petroleum Corp on Thursday
slashed exploration spending plans for this year, as the third-
and fourth-largest U.S. oil companies attempt to cope with a
steep slide in crude prices.

The cuts follow similar steps by rival Hess Corp
earlier this week while Royal Dutch Shell, Europe’s
largest oil company, said on Thursday it would reduce its
spending the next three years by $15 billion.

Jan 29, 2015

Conoco, Occidental slash 2015 budgets amid crude price collapse

HOUSTON, Jan 29 (Reuters) – ConocoPhillips and
Occidental Petroleum Corp on Thursday slashed
exploration spending plans for this year, as the third- and
fourth-largest U.S. oil companies attempt to cope with a steep
slide in crude prices.

Rising supplies of oil, from sources including North
American shale basins, and weakening demand have flooded global
markets with crude, sending prices plummeting almost 60 percent
since June. On Thursday, crude traded in New York at around $44
a barrel, much lower than many oil and gas projects require to
make money.

Jan 27, 2015

U.S. oil well shut-ins start as crude rout batters small producers

HOUSTON (Reuters) – Collapsing crude prices are confronting scores of smaller U.S. oil producers with the grim choice of either shutting older high-cost wells or burning through cash in the hope of riding out the downturn.

As oil prices fell by more than half over the last six months from more than $100 per barrel, the U.S. oil industry responded by slowing its blistering growth and dialing back expansion plans.

Jan 16, 2015

Harvest asks for arbitration against Venezuela after failed sales

By Marianna Parraga and Anna Driver

(Reuters) – Harvest Natural Resources Inc, a Texas
based oil and gas company, said on Friday it has filed an
arbitration request against Venezuela before a World Bank
tribunal to protect the value of its investment in the South
American country.

The request filed with the International Centre for
Settlement of Investment Disputes (ICSID) is seen as a last
resort for the Houston-based company, it said.

Dec 12, 2014

Pain looms for some US energy firms as banks reassess credit

HOUSTON, Dec 12 (Reuters) – Banks are responding to tumbling
crude prices by trimming the value of oil reserves tied to
credit lines, possibly causing a cash crunch for some
highly-leveraged U.S. exploration and production firms.

With U.S. crude production still rising and the oil cartel
OPEC showing no willingness to cut output to curb global
oversupply, there is little to suggest that prices will rebound
soon from a 40 percent slide since June.

Dec 8, 2014

Noble in $12.2 mln settlement with DOJ over Alaska drilling

HOUSTON (Reuters) – Drilling contractor Noble Corporation
PLC on Monday said it paid $12.2 million to settle felony
charges by the U.S. Department of Justice related to safety,
environmental and record keeping violations on vessels in Arctic
waters off Alaska in 2012.

During 2012, the Noble Discoverer drillship experienced
numerous problems with its main propulsion system, including its
main engine, resulting in engine shut-downs, equipment failures,
and unsafe conditions, according to prosecutors.

Nov 21, 2014

Oil companies’ new math makes them look bigger in Texas

HOUSTON, Nov 21 (Reuters) – Energy companies have long
touted to Wall Street investors the number of acres they lease
or own as a measure of how many oil and gas shale wells they can
potentially drill.

Now, in a twist that has surprised some oil and gas
analysts, several U.S. companies are looking deep into the earth
and measuring their acreage in three dimensions instead of two.

    • About Anna

      "I currently cover large U.S. oil and gas companies including Exxon Mobil and ConocoPhillips as part of the equities desk's Raw Materials Team. I am based in Houston, Texas."
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