(Seeking Alpha, 30.Apr.2021) — Exxon Mobil Corporation (NYSE:XOM) hosted its 1Q:021 results conference call on 30 April 2021. What follows is a transcript of the call between company executives and analysts. Company Participants Stephen Littleton – VP, IR and Secretary Darren Woods – Chairman and CEO Conference Call Participants Devin […]
Tag: ExxonMobil
Exxon Highlights Deepwater Ops In Guyana And Brazil
(Energy Analytics Institute, 30.Apr.2021) — ExxonMobil’s deepwater projects offshore Guyana and Brazil generate returns over 10% with an oil price below $35 per barrel, the company’s CEO Darren Woods told analyst during a conference call on 30 April 2020. In Guyana, the executive said the following: the 5th and 6th […]
Hess Finds Oil At Uaru-2, Offshore Guyana
(Hess, 27.Apr.2021) — Hess Corporation (NYSE: HES) today announced another oil discovery offshore Guyana at the Uaru-2 well on the Stabroek Block, which will add to the previously announced gross discovered recoverable resource estimate for the block of approximately 9 billion barrels of oil equivalent. Highlights: — Adds to previous […]
ExxonMobil Finds Oil At Uaru-2 Offshore Guyana
(ExxonMobil, 27.Apr.2021) — ExxonMobil made an oil discovery at the Uaru-2 well in the Stabroek Block offshore Guyana. Uaru-2 will add to the previously announced gross discovered recoverable resource estimate for the block, which is currently estimated to be approximately 9 billion oil-equivalent barrels. Drilling at Uaru-2 encountered approximately 120 […]
ExxonMobil Pleased With Uaru-2 Appraisal Well: Senior VP Michael Cousins Says
(Energy Analytics Institute, 27.Apr.2021) — ExxonMobil’s Senior Vice President Michael G. Cousins commented on the company’s 19th oil find offshore Guyana in the prolific Stabroek Block. “I’m thrilled to share the news that ExxonMobil has encountered more reservoirs in our Uaru-2 appraisal well offshore Guyana. This represents continued success on […]
Guyana Should Consider Oil Hedge Now
(Stabroek News, 26.Apr.2021) — December 20th marked the one-year anniversary of oil being lifted from Guyana’s ocean floor. Who has benefitted the most from our oil? Is it the people of Guyana or the oil companies? What follows is a letter to the editor about Guyana and consideration of implementing […]
Guyana Eyes Moves To Offset Oil Cuts
(Argus, 16.Apr.2021) — Guyana is considering unspecified economic measures to cushion the impact of repeated production cuts from US major ExxonMobil’s deepwater Stabroek block, the natural resources ministry said. Since it started oil production in December 2019 there have been repeated technical issues on the Liza Destiny floating production, storage […]
Guyana Oil Still At Peak Capacity: Hess
(S&P Global, 23.Mar.2021) — The ExxonMobil-operated Liza Phase 1 development offshore Guyana achieved its nameplate capacity output of 120,000 b/d in December and continues to produce at that rate, the top executive of Liza partner Hess Corp. said March 23. The partners at the Stabroek Block where Liza is located, […]
Bulletwood-1 Well Results, Jabillo-1 Ops Update: Guyana
(JHI, 16.Mar.2021) — Bulletwood-1, the first well in the Canje Block, was safely drilled in 2,846 meters (9,337 ft) of water by the Stena Carron drillship to its planned target depth of 6,690 meters (21,949 ft). Bulletwood-1 has confirmed our seismic interpretation of the geology and shown evidence of non-commercial […]
Total To Continue Suriname Exploration
(Argus, 10.Mar.2021) — Total and Apache Corp. will continue their oil exploration program offshore of Suriname after ceasing drilling in one key test well upon facing “substantial pressure increases,” but only after they had already struck oil at shallower depths. The Total and Apache joint venture is attempting to turn […]
Exxon’s Bulletwood-1 Finds Non-Commercial Volumes
(Westmount Energy, 4.Mar.2021) — Westmount Energy Limited, the AIM-quoted oil and gas investing company focused on the Guyana-Suriname Basin reports that, further to its announcement on 2 March 2021, it has received a shareholder communication from its investee company, JHI Associates Inc., which confirms that the first well on the […]
Exxon Vows To Lift Returns
(Bloomberg, 3.Mar.2021) — Exxon Mobil Corp. pledged to boost the S&P 500 Index’s third-largest dividend and end two years of cash burn by bringing on high-profit oil and chemical projects while trimming expenses. Exxon’s developments in Guyana and the U.S. Permian Basin will generate 10% returns even if crude dips […]
Guyana Cautious On 2021 Oil Output, Price
(Argus, 15.Feb.2021) — Guyana forecasts average crude production of 109,000 b/d in 2021, 46.7pc above last year but short of initial expectations because of a recurring technical glitch. The government is predicting a 4pc year-on-year increase in the Brent crude price to around $43.9/bl, finance minister Ashni Singh said on […]
Hess To Market Guyana Oil
(Reuters, 9.Feb.2021) — U.S. oil producer Hess Corp has been selected to market two Guyana crude oil shipments as the emerging oil power seeks a permanent partner to handle its share of a major offshore oil find, the country’s vice president said on Tuesday. The South American country has became […]
Taiwan To Open Office In Guyana
(Energy Analytics Institute, 3.Feb.2021) — Taiwan announced plans to establish an office in emerging petro-state Guyana, according to details revealed by the US Embassy in Guyana. “Deepening ties between Guyana and Taiwan will advance their shared goals of prosperity and security,” the US Embassy announced 3 February 2021 in an […]
Vaca Muerta Now Producing At Record Levels
(Rystad, 3.Feb.2021) — The oil production decline that the Covid-19 pandemic brought to Argentina’s Vaca Muerta formation now seems like a distant memory. The reserve’s oil output has not only rebounded to pre-pandemic levels but also reached a record high of 124,000 barrels per day (bpd) in December 2020, a […]
Exxon Mobil’s CEO Darren Woods On 4Q:20 Results
(Seeking Alpha, 2.Feb.2021) — Exxon Mobil Corporation 4Q:20 earnings conference call from 2 February 2021. Company Participants Stephen Littleton – Vice President, Investor Relations and Secretary Darren Woods – Chairman and Chief Executive Officer Conference Call Participants Doug Terreson – Evercore ISI Neil Mehta – Goldman Sachs Doug Leggate – […]
Exxon To Host 4Q:20 Earnings Call
(Energy Analytics Institute, 27.Jan.2021) — Irving, Texas-based oil giant Exxon announced details of its fourth quarter 2020 earnings call. Darren Woods, Chairman and Chief Executive Officer, and Stephen Littleton, Vice President and Secretary, will lead the discussion of the company’s fourth quarter 2020 financial and operating results via webcast with […]
Hess Updates On Ops In The US, Guyana And Malaysia
(Hess, 27.Jan.2021) — Hess Corporation provided operational highlights from the fourth quarter of 2020 and its operations in the US Bakken, the US Gulf of Mexico, offshore Guyana and Malaysia. Bakken (Onshore U.S.): Net production from the Bakken increased to 189,000 boepd from 174,000 boepd in the prior-year quarter. Net […]
Hess Reports 4Q:20 Net Loss
(Hess, 27.Jan.2021) — Hess Corporation reported a net loss of $97mn, or $0.32 per common share, in the fourth quarter of 2020, compared with a net loss of $222mn, or $0.73 per common share, in the fourth quarter of 2019. On an adjusted basis, the corporation reported a net loss […]
Bankers ‘Bombard’ Guyana With Financing Plans
(Reuters, 21.Jan.2020) — As the former British colony begins its first significant oil production this year, it is wary of avoiding the mistakes made in oil-dependent economies such as Angola, Nigeria and its economically collapsing neighbor Venezuela. Winston Jordan, an economist and career public servant, also cited Guyana’s own history […]
Exxon’s 4Q:20 Results Call
(Exxon, 20.Jan.2021) — Please join Darren Woods, Chairman and Chief Executive Officer, and Stephen Littleton, Vice President and Secretary, for a discussion of fourth quarter 2020 financial and operating results via webcast with slide presentation at 8:30 a.m. Central Time on Tuesday, 2 February 2021. Click here to join the […]
Exxon’s Hassa-1 Doesn’t Finds Hydrocarbons
(Energy Analytics Institute, 15.Jan.2021) — Texas-based ExxonMobil announced results of the Hassa-1 exploration well offshore Guyana in the Stabroek Block didn’t find hydrocarbons in the primary reservoir target. “The Hassa-1 exploration well in the Stabroek block did not encounter hydrocarbons in the primary target reservoirs,” an Exxon spokesperson told Energy […]
Global Witness Withdraws Guyana Report
(Global Witness, 11.Jan.2021) — The climate emergency is the greatest threat facing the world. If we are to prevent its worst impacts we all must act now. For Global Witness this has meant redirecting our efforts to fighting the main drivers of the climate crisis: deforestation, the extraction and burning […]
Exxon Spuds Bulletwood, Offshore Guyana
(Offshore Engineer, 5.Jan.2021) — U.S. oil major ExxonMobil has reportedly started drilling at the Bulletwood-1 well site on the Canje Block, offshore Guyana. The news was shared Tuesday by Westmount Energy, an indirect partner in the Canje Block. Westmount owns an indirect interest in the Canje Block as a result […]
Egypt Signs 9 New Deals For Oil And Gas Exploration
(Arab News, 3.Jan.2021) — The Egyptian Ministry of Petroleum and Mineral Resources has signed nine new petroleum agreements to search for petroleum and natural gas in the Mediterranean and the Red Sea with six major international and Egyptian companies. Egyptian Minister of Petroleum Tarek El-Molla said that the ministry reached […]
Guyana Gets Fourth Oil Lift
(Stabroek News, 28.Dec.2020) — At a price of close to US$49.50 per barrel of oil, Guyana has received its fourth one million barrels of oil scheduled for this year and will get its first lift for 2021 in February next year, Vice President Bharrat Jagdeo yesterday confirmed. It would mean […]
ExxonMobil Hits Guyana Oil Output Goal
(Argus, 21.Dec.2020) — ExxonMobil reached targeted crude production of 120,000 b/d at the Liza 1 well on Guyana’s deepwater Stabroek block, a milestone that had been delayed by an earlier re-injection glitch and equipment delays. The target was achieved a year after start-up of the Liza Destiny floating production, storage […]
Gov’t Worked With Exxon For Maximum Production
(DPI, 20.Dec.2020) — The government of Guyana says it welcomes the announcement by US oil and gas company ExxonMobil that it has reached maximum production of 120,000 barrels of oil per day (b/d) – a success to which it has contributed. Minister of Natural Resources Hon. Vickram Bharrat said the […]
ExxonMobil Reveals Emission Reduction Plans
(Exxon, 14.Dec.2020) — ExxonMobil plans further reductions in greenhouse gas emissions over the next five years to support the goals of the Paris Agreement and anticipates meeting year-end 2020 reductions. — Greenhouse gas plans consistent with goals of Paris Agreement — Sets 2025 greenhouse gas emission reduction plan: intensity of […]
Exxon And Petronas Find Oil Offshore Suriname
(Exxon, 11.Dec.2020) — ExxonMobil and Petronas have discovered hydrocarbons at the Sloanea-1 exploration well on Block 52 offshore Suriname, adding to ExxonMobil’s extensive finds in the Guyana-Suriname basin. The well was drilled by operator Petronas, and the discovery is being evaluated to determine its resource potential.“Our first discovery in Suriname […]
Bright Future For Suriname And Guyana
(Petroleum Economist, 2.Dec.2020) — Crumbling oil prices and volatile energy demand have tipped Latin America into a sharp recession, exacerbated by one of the world’s worst Covid-19 mortality rates. But in Suriname and Guyana, at least, there are reasons to be cheerful. Although both countries face stark economic challenges, they […]
ExxonMobil To Reduce Staff Levels In Canada
(Exxon, 25.Nov.2020) — As part of an ongoing global review to identify cost efficiencies and improve long-term competitiveness, staffing levels will be reduced at ExxonMobil’s Canadian affiliates. It is anticipated that up to 300 positions will be impacted by the end of 2021 across the company’s affiliates in Canada, which […]
Elliott Management Invests In Guyana Oil Explorer
(Reuters, 24.Nov.2020) — Activist hedge fund Elliott Management Corp has invested at least $30 million in Cataleya Energy, a small firm focused on oil exploration in Guyana, the world’s newest oil and gas hot spot, two people familiar with the matter said. The deal reflects rising interest in Guyana, a […]
Exxon’s To Plug Tanager-1 Well Offshore Guyana
(Westmount, 17.Nov.2020) — Westmount Energy Ltd., further to the announcement by Ratio Petroleum Energy Limited Partnership dated today, that the Tanager-1 well, offshore Guyana, has been reported as an oil discovery which is currently considered to be non-commercial as a stand-alone development. The Tanager-1 exploration well is the deepest well […]
Colombia Bid Round To Investigate Fracking Projects
(Reuters, 11.Nov.2020) — Colombia will hold a second bidding round to potentially grant contracts to companies interested in exploring non-conventional oil and gas deposits, using techniques like fracking, the National Hydrocarbons Agency (ANH) said. Majority state-owned oil company Ecopetrol, Exxonmobil, and Drummond already have contracts for investigative projects and may […]
ANH Readies For Second Pilot Project Round
(Energy Analytics Institute, 10.Nov.2020) — Colombia’s National Hydrocarbons Agency will conduct a second round for the award of Special Research Project Contracts (CEPI by its Spanish acronym). “The purpose of the projects is to be able to acquire sufficient scientific information to make decisions on the technical use of hydraulic […]
Equinor Awards Bacalhau Drilling Contracts
(Equinor, 10.Nov.2020) — Equinor has, on behalf of the partners ExxonMobil and Petrogal Brasil, awarded Baker Hughes, Halliburton and Schlumberger contracts for drilling and well services on the Bacalhau field in Brazil. The total value of the three contracts is estimated at $455mn. The contracts have a firm period of […]
Hess CEO Eyes 10 FPSOs In The Stabroek Block
(Energy Analytics Institute, 29.Oct.2020) — Hess Corporation CEO John Hess announced estimated resources offshore Guyana in the Stabroek Block were approximately 9 billion barrels of oil equivalent, and potentially requiring 10 floating production storage and offloading (FPSO) units to develop them. “Incorporating the current assessment of additional volumes from the […]
Guyana, ExxonMobil Negotiating Gas Price
(Argus, 29.Oct.2020) — Guyana is negotiating a gas price with ExxonMobil for a gas-to-power project to be commissioned at the end of 2023, government officials said this week. The US major would supply the gas from the deepwater Stabroek block where it started crude production at the Liza field in […]
Fact Box: History Of Esso Trading Name
(Energy Analytics Institute, 24.Oct.2020) — Esso is a trading name for Irving, Texas-based ExxonMobil and its related companies. The company started off as Standard Oil of New Jersey following the breakup of Standard Oil. In 1972, the name was largely replaced in the US by the Exxon brand after the […]
Payara Development More Expensive Than Liza Phase 2
(Energy Analytics Institute, 1.Oct.2020) — The recently sanctioned Payara development located offshore Guyana in the Stabroek Block will demand a hefty $9bn development cost due to requiring more drill centers and wells than the Liza Phase 2 development, which implies lower per well productivity. ExxonMobil, operator of the Stabroek Block, […]
ExxonMobil To Proceed With Payara Development
(Exxon, 30.Sep.2020) — ExxonMobil made its final investment decision to proceed with the Payara field offshore development in Guyana after receiving government approvals. Payara is the third project in the Stabroek Block and is expected to produce up to 220,000 barrels of oil per day after startup in 2024, using […]
Exxon Eyes 10 Drill Centers For The Payara Development
(Energy Analytics Institute, 30.Sep.2020) — Exxon announced the Final Investment Decision (FID) was made to proceed with development offshore Guyana of the Payara field. The decision was taking by the US-based operator after receiving necessary government approvals. The Payara development is the third for the company and its partners Hess […]
Fines Delay ExxonMobil License In Guyana
(Argus, 25.Sep.2020) — Guyana is preparing to fine ExxonMobil over natural gas flaring and untreated water dumping at its offshore Stabroek block. Discussions over the level of fines have delayed approval of the company’s 220,000 b/d Payara project, natural resources minister Vickram Bharrat said. But Bharrat said an agreement on […]
Exxon Downsizes As Wall Street Worries About Dividend
(Reuters, 7.Sep.2020) — Ill-timed bets on rising demand have Exxon Mobil Corp facing a shortfall of about $48 billion through 2021, according to a Reuters tally and Wall Street estimates, a situation that will require the top U.S. oil company to make deep cuts to its staff and projects. Wall […]
Hess To Participate In Barclays CEO Conference
(Hess Corp., 4.Sep.2020 — Hess announced that John Hess, Chief Executive Officer, will present at the Barclays CEO Energy-Power Conference in New York on 9 September 2020 at 8:25 a.m. ET. A live audio webcast and a replay of the presentation will be accessible via Hess Corporation’s website. Hess Corporation […]
Stena Inks Deal For Tullow Suriname Well
(Energy Analytics Institute, 1.Sep.2020) — Stena Drilling inked a new contract with Tullow Suriname BV for the Stena Forth drillship to drill one well offshore Suriname in Block-47. Block 47 forms part of the Guyana-Suriname Basin and is located approximately 260 kilometers north of the Suriname coast. The Stena Forth […]
Can Guyana Salvage Its Much-Hyped Oil Boom?
(Oilprice.com, 25.Aug.2020) — The deeply impoverished South American country of Guyana in recent years was heralded as the hottest new oil boom in the Americas. A series of large offshore oil discoveries by integrated global energy major ExxonMobil catapulted Guyana into the spotlight. Earlier this year Exxon made its 16th […]
Guyana Re-launches Search For Co. To Market Oil
(Reuters, 24.Aug.2020) — Guyana has re-launched a search for a company to market the government’s share of the crude produced at the offshore Liza project, operated by Exxon Mobil Corp, according to a notice published in the South American country’s newspapers. President Irfaan Ali’s government scrapped a previous, similar process […]