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A federal judge in Texas on Wednesday said Exxon Mobil can sue to bar a climate change proposal from an activist investor, in a case that has raised concerns about its future effect on shareholder resolutions. U.S. District Judge Mark Pittman for the Northern District of Texas ruled that Exxon’s lawsuit can proceed against Boston-based Arjuna Capital, but dismissed the oil major’s claim against a second activist shareholder, Follow This, because the firm is based in the Netherlands. Exxon sued the two investors in January after they submitted a proposal to be tabled at the May 29 annual shareholder meeting...

The Venezuelan Navy illegally entered the waters of Guyana this weekend and forced a ship contracted by Exxon Mobil to conduct oil research in the area to vacate, The incident, which Guyanese authorities angrily denounced and vowed to bring to the attention of the United Nations, reignites a feud Venezuelan socialist dictator Nicolás Maduro began with the neighboring country in 2015, claiming as much as two-thirds of Guyana itself belonged to Venezuela. Guyana has repeatedly noted that Venezuela signed an agreement in 1899 on the territory in question and no disputes remain as to who owns that land. Exxon Mobil...

Former U.S. Ambassador to the United Nations Nikki Haley is claiming two former cabinet members tried to recruit her to help undermine the president. In a recent interview, Haley said former Secretary of State Rex Tillerson and former White House Chief of Staff John Kelly confronted her in a closed-door meeting to enlist her in opposing President Trump. Haley will detail the alleged meeting in her soon to be released memoir, “With All Due Respect.” She said Kelly and Tillerson “confided in me that when they resisted the president, they weren’t being insubordinate — they were trying to save the...

Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas. Including debt, Exxon is committing about $64.5 billion to the acquisition, leaving no doubt of the Texas energy company’s commitment to fossil fuels as energy prices surge. Pioneer shareholders will receive 2.32 shares of Exxon for each Pioneer share they own. Exxon purchased XTO Energy in 2009 for approximately $36 billion. In the late 1990s, the merger between Exxon and Mobil was valued around $80 billion. The deal...

Deal could be sealed in coming days, though it is still possible there won’t be one ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Exxon Mobil is closing in on a deal to buy Pioneer Natural Resources PXD a blockbuster takeover that could be worth roughly $60 billion and reshape the U.S. oil industry. A deal could be sealed as soon as in the coming days, though it is still possible there won’t be one, people familiar with the matter said. After posting a record profit in 2022, Exxon has been flush with cash and exploring options that would push it deeper into West Texas shale. An...

MAGNOLIA, Ark.—Slipping a handgun into his belt, the mayor of this small town hopped out of his 1995 Ford pickup and went in search of further evidence of a new energy boom. On the other side of freshly painted gate, Mayor Parnell Vann pointed out a squat blue spire of valves, bolts and pressure gauges attached to a long-dormant well—a telltale sign someone means to bring it back to life. On the thick-wooded back roads, crisscrossing fields where oil drillers gave up long ago, Vann found two more similar wells that day. These days, companies in the area aren’t looking...

Exxon Mobil (NYSE:XOM) is planning to build one of the world's largest lithium processing facilities in Arkansas, with a capacity to produce 75K-100K metric tons/year of lithium, The Wall Street Journal reported Thursday.At that scale, the plant's production would equate to ~15% of all finished lithium produced globally last year.The giant project could be built in stages, with modular trains constructed together or in separate locations near its future lithium production sites in south Arkansas, according to the report.Other companies including Standard Lithium (SLI) and Tetra Technologies (TTI) are planning to build capacity in the area.The Smackover formation, a geologic...

N'DJAMENA, March 23 (Reuters) - Chad has nationalized all the assets and rights including hydrocarbon permits and exploration and production authorisations that belonged to a subsidiary of Exxon Mobil (XOM.N), the Central African nation's energy and hydrocarbons ministry said in a statement on Thursday. Exxon Mobil said in December that it had closed the sale of its operations Chad and Cameroon to London-listed Savannah Energy (SAVES.L) in a $407 million deal, but the Chadian government contested the agreement, saying the final terms were different from what Exxon Mobil had presented. It warned that it may ask courts to block Savannah's...

The Biden administration is suing Exxon Mobil after several “nooses” were found between 2016 and 2020 in a Louisiana-based plant.According to the EEOC lawsuit (Fox News), the oil giant failed to take enough action in dealing with reports of nooses being found by black employees.In one January 2020 incident, a Black employee at the facility discovered a noose at his worksite and reported it to management. According to the lawsuit, the company was aware of three similar incidents at the facility in the last several years, with a fifth incident reportedly occurring in December 2020.The EEOC claims that the company...

RUSH: I had this story yesterday and I didn’t get to it. It’s a Bloomberg story based on an op-ed in the Wall Street Journal by James A. Baker and George Shultz. Now, these two guys date back to the Republican Reagan administration. They are considered Republican royalty. They are called even by the Drive-Bys, they have so much respect now, they’re called elder statesmen in the Republican Party. And according to the Drive-Bys, Democrats, the Republicans don’t have any statesmen, period, but these two guys have written an op-ed pushing a carbon tax. And they had a meeting with...

TOKYO -- The Japanese government has decided to remain involved in the formerly Exxon-led Sakhalin-1 oil and gas project in Russia, Nikkei has learned, as it seeks a stable supply of energy despite international sanctions on Moscow over its invasion of Ukraine. ExxonMobil, which held a 30% stake in Sakhalin-1, announced in March that it would withdraw from the project. Russia has set up a new company to take over the project under a presidential decree that has in effect forced investors to choose sides. Japan's Ministry of Economy, Trade and Industry is a stakeholder in Tokyo-based Sakhalin Oil and...

The world’s largest oil companies continue to reap rewards from sustained high commodity prices as Exxon Mobil Corp. XOM 0.38% increase; reported almost $20 billion in profit, its most lucrative quarter ever, while rival Chevron Corp. CVX 0.46%increase; green up pointing triangle reported just a slight dip from the record haul it set in the prior quarter. Exxon’s third-quarter earnings climbed about 10% from the previous quarter, which also set a profit record at the time. It said investments over the past five years were yielding rewards, including spending following the onset of the pandemic when many peers pulled back....

Some of the Democrats who have been spiking the ball in the end zone after the passage of the so-called “Inflation Reduction Act” probably didn’t read all of the finer details in the bill. They’ve been celebrating its passage along with Joe Biden as the “biggest climate legislation” to ever be passed. They have also been grudgingly thanking West Virginia Democrat Joe Manchin for getting the bill over the finish line. But it turns out that Manchin snuck in a few items that haven’t drawn many headlines yet and the climate warriors aren’t going to be very happy about them....

The Biden administration will be terribly vexed to learn that the one company it hates the most, Exxon (we are confident the sentiment is mutual) reported record Q2 earnings (largely thanks to Biden's SPR release which has proven to be a risk-free arb black gold mine for the company) which smashed expectations and also reiterated guidance while maintaining its generous $30 billion buyback program. The biggest North American oil explorer followed European giants Shell Plc and TotalEnergies, as well as US peer Chevron in disclosing unprecedented results. Here are the Q2 details for the company which is reaping the rewards...

President Joe Biden said Exxon made 'more money than God last year' as he attacked oil companies for not 'drilling' or paying taxes while gas prices are breaking records in a speech Thursday where he continued to blame 'Putin's price hike' on 41-year high inflation. Biden spoke at the Port of Los Angeles just hours after a report was released showing annual inflation in the US has jumped 8.6 percent, blowing past expectations and dashing any hopes that consumer price increases had peaked. 'Today's inflation report confirms what Americans already know — Putin's price hike is hitting America hard,' he...

Oil and gas giant Exxon Mobil will not allow the traditional LGBTQ rights flag to be flown outside its offices during Pride month in June, a move the company said is not meant to "diminish" its diversity commitment. Updated company guidance, which was seen by Bloomberg News, bans "external position flags" such as those used for gay pride or Black Lives Matter occasions. In a statement shared with Newsweek, Tracey Gunnlaugsson, vice president of human resources at Exxon Mobil, said the "updated flag protocol is intended to clarify the use of the ExxonMobil branded company flag and not intended to...

The discussions are taking place as part of a review of the oil company's five-year spending plan, on which the board is set to vote at the end of this month, the people said. It isn’t clear whether the board will make a final call on the Mozambique or Vietnam projects during the current review, according to the people. As part of the review, Exxon is analyzing the expected carbon emissions from each project and how they would affect the company’s ability to meet pledges to reduce emissions, people familiar with the matter said. The annual projected emissions from the...

Aug 6 (Reuters) - Exxon Mobil Corp (XOM.N) was suspended from advocacy group Climate Leadership Council (CLC) that looks to make policies to address climate change, the CLC said on Friday. Exxon was a founding member of the group .... The non-profit organization World Resources Institute (WRI), a CLC member, said Exxon was not aligned with the council's push to put a price on carbon as a key response to the climate crisis. "We welcome CLC's separation from Exxon," the institute's CEO, Ani Dasgupta, said in a note, while calling on companies to support a price on carbon in any...

Democrats in Congress want to tax Exxon, Chevron and a handful of other major oil and gas companies, saying the biggest climate polluters should pay for the floods, wildfires and other disasters that scientists have linked to the burning of fossil fuels. The draft legislation from Senator Chris Van Hollen of Maryland directs the Treasury Department and the Environmental Protection Agency to identify the companies that released the most greenhouse gases into the atmosphere from 2000 to 2019 and assess a fee based on the amounts they emitted. That could generate an estimated $500 billion over the next decade, according...

Late last year, when the fate of the reflation trade and the price of oil was still unclear, Exxon made the only decision that it could in order to preserve its dividend: it announced that it would cut 14,000 jobs worldwide by 2022, or about 20% of its workforce, and it would extend reductions well beyond that original time frame. The cost savings would go to fund the one thing the once world’s largest corporation was best known for – its generous dividend, which at one point last year yielded about 10% (it has since shrunk to 5.6%). Fast forward...