| |

ExxonMobil Gets a New President, Rex Tillerson Successor?

ExxonMobil is an important energy company–one of the most important worldwide. ExxonMobil is the largest publicly-traded oil and gas company in the world (by market capitalization). It’s an American company. And it has a meaningful presence in the Marcellus/Utica region via its wholly-owned subsidiary XTO Energy, which it purchased in 2010 for $35 billion. ExxonMobil is the largest natural gas producer in the United States–and has been for years. So when a major change is made at the top of the company, it’s big news–for everyone. Last Friday ExxonMobil announced they have a new president. No, Rex Tillerson isn’t going anywhere (for now). Tillerson will remain as CEO of ExxonMobil. However, Darren Woods will take on the role of president. Woods was also appointed to the Board of Directors last week–meaning Woods (50 years old) is the obvious successor to Tillerson when Tillerson (63 years old) decides to retire. The succession plan is now in place. Here’s a bit more about Woods and where he comes from…
Continue reading

| | |

Former Fed Prosecutor Says NY AG Targeting Exxon “Tip of Iceberg”

MDN is privileged to receive great insights from many sources. We currently have over 30,000 unique monthly readers. Sometimes those readers send us unsolicited comments and news worth sharing, like this time. John Marti, a former federal prosecutor and U.S. Attorney for the District of Minnesota (now a partner with the international law firm Dorsey and Whitney) sent us his insights into the investigation being run by New York’s Attorney General Eric Schneiderman. Schneiderman, you may recall, is conducting a witch trial in an attempt to shake down Exxon Mobil for billions over the company’s previous statements about mythical global warming (see NY AG Targets/Accuses ExxonMobil of Lying about ‘Climate Change’ and NY AG Schneiderman Launches the Climate Witch Trials). Schneiderman is attempting to criminalize First Amendment free speech. Marti has some sage advice for fossil fuel companies. He warns that Schneiderman’s action is “the tip of the iceberg”–with more companies likely to end up in the crosshairs…
Continue reading

| | | | | | |

NY AG Targets/Accuses ExxonMobil of Lying about ‘Climate Change’

Eric-Schneiderman.jpg
Eric Schneiderman, NY AG

We’ve written before about the lawless Attorney General from New York–Eric T. Schneiderman. He attacks his own constituents like landowners in the state (see NY AG Schneiderman Files to Dismiss JLCNY Lawsuit Against Cuomo), threatened the Delaware River Basin Commission that he would sue them if they allowed fracking (see NY AG Schneiderman Threatens New DRBC Lawsuit over Fracking), and he regularly bullies oil and gas companies (see NY Attorney General Schneiderman Subpoenas Shale Drillers and More on NY AG Schneiderman’s Bullying of Anadarko & EOG Resources). Schneiderman has just performed a breathtaking act of chutzpah: He’s launched an investigation and subpoenaed ExxonMobil, the largest oil company in the United States (4th largest in the world), accusing them of making false statements about so-called man-made global warming. He’s saying they contribute to global warming and they’re lying about their role in it–that they’ve made false statements to the public that contradict what their own internal research has found. That is, he is using the same strategy used against tobacco companies 20 years ago…
Continue reading

|

Exxon: We DO Believe in Mythical Global Warming! We Do We Do!

I do believe in fairiesWe find it kind of funny, and kind of sad, that the mighty Exxon Mobil is reduced to groveling like they did yesterday in a press release in which they say, in essence, “We DO believe in global warming. We do we do we do!” Apparently the company was stung by criticism from from a couple of radical anti-fossil fuel rags–InsideClimate News and the Los Angeles Times–and by follow-on criticism from four communists, two in the United States Senate and two in the House of Representatives: Sen. Bernie Sanders (running for president), Sen. Sheldon Whitehouse, Rep. Ted Lieu and Rep. Mark DeSaulnier. What? Communists in our own government? No, we’re not mistaken nor are we using hyperbole. We’re using accurate language. Look up the definition of communism and tell us we’re wrong. Radical environmentalism is the new home of communism and these four politicians are disciples of that philosophy. Following mischaracterizations of Exxon’s true believer status by the anti-fossil fuel rags, the four commie pols piled on, so Exxon, the largest publicly traded oil & gas company in the world (so they claim), felt it had to defend it’s true-believer status in a press release, which is really kind of pathetic…
Continue reading

| | | | | | | | | |

Goldman: Cabot O&G, Range Resources Among Top Takeover Targets

bigger fish smaller fishWith all of this talk about CONSOL Energy and Noble Energy and mergers/acquisitions and workforce reductions, we came across an interesting story and analysis by SNL Financial summarizing a Goldman Sachs Global Investment Research report issued last Friday. The Goldman report evaluates 38 exploration and production (E&P) companies on their suitability and desirability as mergers and acquisitions candidates based on asset quality, potential upside returns to the buyer as oil and gas prices improve, and low break-even operations. That is, of all the E&Ps out there, which ones are most likely to be targeted for a takeover, and by whom? The surprising answer is that Cabot Oil & Gas and Range Resources, both huge Marcellus drillers, are among the takeover targets. And the super majors interested in doing the taking over? Exxon Mobil and Statoil…
Continue reading

| | | | |

Park Foundation Resolution Defeated by ExxonMobil Shareholders

happy dance - SnoopyIt’s not often (enough) that the odious and disgusting Park Foundation suffers a total defeat–so we do a happy dance when it happens. It happened yesterday at ExxonMobil’s annual meeting where shareholders handed the Park Foundation (of Ithaca, NY) a humiliating defeat of their resolution that Exxon compose a cockamamie report every year detailing the so-called “risks” involved with unconventional drilling. Apparently the self-loathing Park Foundation wants Exxon to become self-loathing too–to produce a report that essentially says they’re creeps destroying Mother Earth by fracking. Three-fourths of Exxon shareholders said “no thanks.” Shareholders also voted down an idiotic proposal by a group of Catholic priests from Milwaukee who have lost their first love (Jesus Christ) in favor of a new love (Global Warming) to put a global warming expert on the board of directors. Ah, excuse us Fathers, whatever happened to your vow of poverty? Seems the priests of Milwaukee now have more money than the Lord Himself and want to throw their weight around at shareholder meetings rather than save souls…
Continue reading

| | | | | | | | |

ExxonMobil Donates $47M to Higher Ed, Including Marcellus Region

ExxonMobil runs an incredibly generous program called the Educational Matching Gift Program under which they have just donated $47 million to ~900 colleges and universities across the United States. Here’s how it works: for every $1 ExxonMobil employees, retirees, directors and surviving spouses contribute to the Matching Gift Program, ExxonMobil matches it with $3. In Pennsylvania, the total pot donated to higher education was $3.8 million. In Ohio, it was $909,000. Virginia colleges are getting $1.3 million. New York State colleges and universities are getting a whopping $3.4 million–after New York State has screwed ExxonMobil royally (the company has lost millions of dollars in lease expirations when it couldn’t drill shale wells in the state because of Andrew Cuomo’s fracking ban). And yet, ExxonMobil gave money to the Empire State anyway, to some of the very schools who provide shelter and sponsor anti-drilling zealots. It shows the caliber of the people who run the company. One more: New Jersey, big users of oil and gas, but haters of pipelines and shale drilling, got $1.1 million…
Continue reading

| | | | | | | | |

List of World’s 21 Biggest Oil & Gas Companies

Over the past decade, from 2004 to 2014, something happened: the miracle of hydraulic fracturing. Because of fracking, the world now pumps more oil than it did a decade ago. During the past decade the price for a barrel of oil went sky high. Now, according to the popular narrative of the day, the price of oil has “collapsed” because we’re swimming in “too much oil.” Who woulda thunk? (Side note: the price for a barrel of West Texas Intermediate crude in 2004 was $41.50. Today? About $43. So much for a price “collapse”–it’s more like a “price maintenance.”) For a while some people, like the now thoroughly discredited Art Berman, peddled the “peak oil” theory–that the world was running out of oil and would soon be paying $200 a barrel or more (see Peak Oil Theorist Art Berman Says Shale Gas is Peaking Too). So much for those theories. A decade ago the world was pumping 64.1 million barrels of oil equivalent per day (boepd)–that is, oil and the energy equivalent in natural gas. Today? The world is pumping 80.4 million boepd. So who are the world’s 21 largest oil and gas producing companies? We have the list below…
Continue reading

| | |

Boone Pickens Predicts $6 Natgas, Exxon Will Buy Someone – Soon

Oil man T. Boone Pickens is 86 years old. He’s never had a problem with speaking his mind, but the older you get, the more plain-spoken (some would say blunt) you get. And so it is with Boone. He appeared yesterday on CNBC to talk about the outlook for natural gas prices and about “what it will take” for Exxon Mobil to increase its production numbers again. In vintage Boone style, he dropped a couple of bombs. One is that he believes we’ll see $6 natural gas prices once again–in his lifetime (and remember, he’s 86). The other is that Exxon will end up buying a “big independent”…
Continue reading

| | |

ExxonMobil to EPA: We Don’t Need New Methane Regulations

The oil and gas industry, including shale drillers, continue to wait on pins and needles for the jack boots of the federal Environmental Protection Agency (EPA) to come down on their necks with new “rules” (i.e. laws from the Executive Branch, never sanctioned by a vote in the Legislative Branch) on methane emissions that supposedly come from oil and gas drilling. The EPA is desperately trying to regulate that which Constitutionally belongs to the states to regulate: oil and gas drilling. The latest word from nameless/faceless “sources” at the EPA is that they will wait until “after the holidays” to release these onerous new rules. Meanwhile, ExxonMobil, on their Perspectives blog site, points out shale drilling has already led to some of the lowest methane emissions in decades. They say shale drilling is “delivering in spades” when it comes to reducing methane emissions–so why are new rules from the EPA needed at all? It’s a great question from the largest oil and gas company in the U.S….
Continue reading

| | | |

Exxon “Shale is Worth the Risks” Report for Shareholders

For years now environmental activists/wackos have been “demanding” that companies like ExxonMobil and Chevron disclose the “risks” involved with shale drilling (see this 2011 MDN article: Exxon Mobil, Chevron Face Shareholder Questions about Environmental Impact of Hydraulic Fracturing at Annual Meetings). A number of left-leaning pressure groups continuously attempt to get big investors to dump their shares in fossil fuel companies, sometimes succeeding (see United Church of Christ Votes to Divest from Fossil Fuel Companies). The pressure has become intense. Earlier this year, the mafia-like New York State Comptroller, Thomas DiNapoli, who happens to be the sole person in charge of the enormous New York State Common Retirement Fund, brought his considerable pressure to bear. DiNapoli threatened to dump the fund’s $1.02 BILLION worth of Exxon Mobil stock unless the company writes up a report on the potential hazards of unconventional drilling (see Exxon Mobil Shaken Down by NYS Comptroller Thomas DiNapoli). Exxon complied and has just released their report (full copy below)…
Continue reading

| | | | | | |

Exxon Mobil Shaken Down by NYS Comptroller Thomas DiNapoli

GoodFellasThe Comptroller of the State of New York, Thomas DiNapoli, is the sole person in charge of The New York State Common Retirement Fund–a fund with $160 billion in it. DiNapoli, or rather the NYS Common Retirement Fund, owns $1.02 billion of Exxon Mobil stock. Unfortunately, DiNapoli is an anti-drilling bully (see our list of MDN articles here). When someone like DiNapoli has you by the short hairs and is pulling, you ask him how high he wants you to jump. That’s what’s happening to Exxon Mobil.

DiNapoli is forcing Exxon Mobil to write a cockamamie report on the so-called hazards of fracking, to be released this September on the Exxon website. So what if the report shows there are no (or very few) actual hazards in fracking? Yeah, right. They don’t call people like Tommy DiNapoli a goodfella for nuttin’. Exxon is getting shaken down by a bullying investor that holds a lot of stock. And not just any investor–but a government official to boot. It’s sleazy, it’s disgusting, and it’s New York politics. What do you think Exxon’s report on fracking will say?…
Continue reading

| | | | | |

Rogue Obama EPA Goes on Methane Witch Hunt

The recent Climate Action Plan to cut methane emissions emitted by the White House last week contains this ominous bullet point: “EPA will assess several potentially significant sources of methane and other emissions from the oil and gas sector. EPA will solicit input from independent experts through a series of technical white papers, and in the fall of 2014, EPA will determine how best to pursue further methane reductions from these sources.”(1) The good news is that the overbearing, out-of-control actions by the Obama EPA will only apply to drilling on federal lands. The bad news is that they will try to bully individual states to adopt the same new onerous regulations, thereby making federal regulations de facto in many locations.

Will the EPA methane witch hunt affect the Marcellus and Utica region? Too early to tell whether PA, OH and WV will cave to Obama EPA pressure. Here’s an analysis of how onerous new regulations may affect several drillers with major operations in the Marcellus…
Continue reading

| | |

ExxonMobil Annual Energy Report: NatGas Fastest Growing Fuel

Understanding the global energy picture is helpful so we know where the shale energy piece “fits” in that picture. Each year ExxonMobil prepares an annual energy outlook. Yesterday they released the 2014 ExxonMobil Outlook for Energy: A View to 2040 report (full copy embedded below). Some interesting tidbits from the report: ExxonMobil says global energy demand will be 35% higher in 2040 than it was in 2010. Not surprisingly, they figure 60% of the world’s energy needs for the foreseeable future (until 2040) will be met by oil and natural gas, although renewables continue to grow.

Something else they note of great interest to MDN readers: “Natural gas will continue to be the fastest-growing major fuel source as demand increases by about 65 percent. Natural gas is projected to account for more than one quarter of all global energy needs by 2040 and it is expected to overtake coal as the largest source of electricity.” Here’s ExxonMobil’s press release announcing some of the key findings in this year’s report, followed by a full copy of the report:
Continue reading

| | | | | | |

XTO’s New NGL Recovery Plant in Butler County, PA Now Online

under the radarFlying under the radar for more than year, XTO Energy (the Marcellus/Utica Shale subsidiary of Exxon Mobil) announced yesterday their natural gas liquids (NGL) recovery plant in Butler County, PA is now up and running. The plant will process wet gas coming from the the southwestern portion of PA, separating NGLs from methane. Although not referenced in the XTO announcement (see below), the recovered NGLs will be fractionated (further separated) and marketed by MarkWest (see MarkWest Signs Deal with XTO to Process NGLs in PA).

The announcement from XTO that their new NGL recovery plant is now up and running:
Continue reading

| | | | | | | | | | | |

Who’s a Member of the Marcellus “1 Bcf/d” Club?

1 bcfd club At the end of an article about EQT, Seeking Alpha blogger and energy analyst Richard Zeits includes a short list of companies who either already belong, or soon will join, the “1 billion cubic feet per day club” of Marcellus Shale gas production.

So far only one driller has achieved 1 Bcf/d of Marcellus production (quick, which one is it?). EQT will likely join the club in 2014. Who else is on the short list to join them? Read on to find out…

Continue reading