ExxonMobil Announces Plan to Divest “Certain” N.A. Dry Gas Assets

Yesterday ExxonMobil released the outlines of its development plan for the next five years. We previously alerted you that Exxon was looking to write down (impair) up to $30 billion of its assets, including (potentially) its assets in the Marcellus/Utica (see ExxonMobil Deciding Fate of XTO Asset Value in 4Q). Indeed it has happened, albeit not quite as bad as expected. Exxon says the impairments, which include assets in the M-U, will be on the order of $17-$20 billion. Exxon is also considering a sale of those impaired assets.
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ExxonMobil Deciding Fate of XTO Asset Value in 4Q

Last week ExxonMobil issued its third-quarter 2020 update. The company announced it is currently reviewing and making a decision about whether or not to write down (impair) the value of its North American dry gas assets–i.e. XTO Energy. If it writes down the value XTO assets, it will take a huge write-down in value (assets currently on the books at a value of $25-$30 billion).

NOTE: MDN revised this post on 11/9/20 to reflect new information. See an extended explanation below.
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Potential Exxon Interest in Building M-U Cracker Plant Goes Cold

Last year MDN shared with you the rumor that Exxon Mobil was sniffing around Pennsylvania, investigating the prospect of building a multi-billion dollar ethane cracker like the Shell cracker being built near Pittsburgh. Those rumors went on for a while and even included evaluation of the Philadelphia area, not just Pittsburgh. Last week Exxon said unequivocally they have no active plans for such a facility in the Keystone State. Bummer.
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Marcellus Companies $tep Up to Help During COVID-19 Crisis

Companies in the Marcellus/Utica shale industry have stepped up and given money, and in some cases retooled manufacturing operations, in order to help communities, first responders and medical professionals respond to the COVID-19 coronavirus pandemic. Companies like ExxonMobil, Range Resources, Cabot Oil & Gas, EQT, Alta Resources, Chevron, Greylock Energy, Olympus Energy, Penn E&R, Southwestern Energy and others. We are gratified and proud of the industry where we hang our hat.
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NY AG Gives Up on Trying to Shake Down Exxon After Court Decision

As we reported in December, New York Attorney General Tish James and her highly-paid associates were thoroughly, completely, 100% humiliated in court when their case against Exxon Mobil accusing the company of screwing shareholders by keeping secret knowledge they are toasting Mom Earth, is itself toast (see Judge Finds Exxon Not Guilty in Fraud Case – NY AG Humiliated). Exxon is being sued by other states, including Massachusetts, for the same thing. Those cases are also close to collapse. The good news is that Tish has had enough humiliation–she won’t appeal the Exxon case to a higher court. That is, NY has lost, Exxon has won. There is still justice in the wacky world of New York State–who knew?
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Judge Finds Exxon Not Guilty in Fraud Case – NY AG Humiliated

As it turns out, Exxon didn’t know. You may recall the hue and cry from radical anti-fossil fuelers that #ExxonKnew–knew they were toasting mom earth by extracting and encouraging the burning of oil and natural gas. The New Attorney General’s office launched an investigation, and then a lawsuit, charging the same thing. The NY AG claimed Exxon had defrauded shareholders by covering up knowledge of global warming. The first lawsuit to go to trial against Exxon for causing global warming was in NY, where the AG (Letitia “Tish” James) headed up a disaster of a lawsuit. She (and her office) was thoroughly and completely humiliated by a NY judge who said she never proved anything. Her team’s performance was worse than that of a first-year law student.
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ExxonMobil Considers Philadelphia Area for Ethane Cracker Plant

MDN previously reported on the rumor that ExxonMobil is sniffing around southwestern Pennsylvania looking for a site to build a multi-billion dollar ethane cracker plant (see Exxon Mobil Sniffing Around SWPA to Build Second Cracker Plant). We then told you Exxon is not only looking in Beaver County (where Shell is building its cracker) but also in nearby Washington and Greene counties too (see Exxon Widens Search to Build SWPA Cracker Plant to Other Counties). But what’s this? We now read about another rumor–that Exxon is also considering southeast PA, the Philadelphia area!
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NY AG’s Prosecution of ExxonMobil Falls Apart – Case Dismissed?

New York’s Attorney General has viciously gone after ExxonMobil in state court hoping to prove the company knew, for years, that burning its oil and gas would lead to so-called man-made global warming and eventually kill the planet. And, says the AG, Exxon covered it up from investors because someday their stock will be worthless when everyone finds out, and they don’t want investors to know about it just yet. The AG is trying to prove the company has engaged in securities fraud–and that case is collapsing, near to having all charges dismissed.
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Exxon Widens Search to Build SWPA Cracker Plant to Other Counties

Pittsburgh Business Times ace reporter Paul Gough has done it again–breaking big news related to ExxonMobil and their very active search to locate a site in the Pittsburgh region to build a gigantic ethane cracker plant. This time Paul’s sources are telling him Exxon has widened their search. A few weeks ago we told you Exxon was looking for potential locations in Beaver County, PA, near where Shell is building their $8 billion cracker plant (see Exxon Mobil Sniffing Around SWPA to Build Second Cracker Plant). Paul learned the search has widened to at least two other southwest PA counties.
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NY AG Case Against Exxon “Knowing” About Global Warming Collapsing

New York’s Attorney General has viciously gone after ExxonMobil in state court hoping to prove the company knew, for years, that burning its oil and gas would lead to so-called man-made global warming and eventually kill the planet. And, says the vicious AG, Exxon covered it up from investors because someday their stock will be worthless when everyone finds out, and they don’t want investors to know about it just yet. The AG is trying to prove the company has engaged in securities fraud.
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Exxon Mobil Sniffing Around SWPA to Build Second Cracker Plant

Leave it to ace reporter Paul Gough from the Pittsburgh Business Times to unearth some earth-shattering news–that ExxonMobil is actively looking at locations in Beaver County, Pennsylvania to potentially build a second multi-billion dollar cracker plant. Shell is already well along in building the region’s first ethane cracker–in Monaca (Beaver County). Will lightning strike twice for the good citizens of Beaver County? Maybe!
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Top Energy CEOs Skate on Thin Ice by Turning Against Shareholders

If Jeff Bezos (Amazon CEO) and Tim Cook (Apple CEO) jump off a cliff, should you, as CEO of an energy company, jump off too? The CEOs of ExxonMobil, Chevron, Marathon Petroleum and several other big oil and gas companies have just answered that question in the affirmative. Splat. Perhaps they were caught up in the euphoria of the moment. Perhaps they were shamed. (A new disorder for the DSM V: “CEO shaming.”) For whatever reason, a group of CEOs from some of the largest U.S. companies now say the people who buy their company’s stock and fund them via infusions of investment capital are no longer the #1 priority for their companies. We wonder what investors in those companies think. Have they had a change of heart? “Here, take my money and pee it away with no returns. Please! I don’t need this money any more.” Hey Jeff and Tim, we have a bridge in Brooklyn we’d like to sell ya…
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M-U Companies Dominate Top 10 NatGas Producers in 2019

Quick: Which company which recently had a board and upper management shakeup and focuses exclusively on Marcellus/Utica drilling is the #1 natural gas producer in the United States? That’s right, EQT. In a list of the top 40 natgas producers in the U.S. (full list below), it’s striking to note that eight of the top 10 are focused exclusively or primarily on the M-U.
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ExxonMobil “Investing” $100M in Gov’t Research to Lower Emissions

ExxonMobil recently signed an agreement with the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) and National Energy Technology Laboratory (NETL) to help fund both operations to the tune of $100 million over the next 10 years, looking to bring biofuels and carbon capture and storage to commercial scale across the transportation, power generation and industrial sectors. That is, to bring to market new tech that lowers carbon dioxide emissions. All in the name of stopping non-existent, man-made global warming.
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Exxon Building New Gulf Coast LNG Export Plant, M-U to Feed

Last week ExxonMobil and Qatar Petroleum announced a final investment decision (FID) to build Golden Pass LNG terminal, on the Texas side of the Sabine-Neches Waterway. That’s a stone’s throw from Cheneire Energy’s Sabine Pass LNG terminal on the Louisiana side of the waterway. Marcellus/Utica gas flows to the Cheniere facility. Will it also flow to Exxon’s when it’s built?
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