Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

EXXON MOBIL CORPORATION

(XOM)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Global oil players flock to Houston as OPEC, U.S. shale tensions ease

03/04/2018 | 10:20pm EST
FILE PHOTO: Offshore oil platform is seen in Huntington Beach

HOUSTON (Reuters) - The oil industry's biggest names gather this week at CERAWeek, the largest energy industry get-together in the Americas, at a time when U.S. shale production is booming, global demand is rising and crude prices are at a sweet spot for both big U.S. producers and OPEC.

Last year's decision by the Organization of the Petroleum Exporting Countries to restrain output has drained the global glut that occupied much of the conversation at 2017's gathering. With oil prices <LCOc1> up about 15 percent since oil ministers and top executives convened here last year, fears have receded for a slugfest of OPEC vs. U.S. shale.

Rising prices have U.S. shale producers pumping more, sending total U.S. output to an all-time record above 10 million barrels per day. This year, the United States could surpass Russia as the world's largest oil producer.

OPEC, meanwhile, has shown no signs of moving to produce more, with output from members at a 10-month low. The cartel's leaders have even expressed interest in keeping some production curbs in place through 2019.

Oil ministers and their advisers will use the conference to put shale under a microscope, said Dan Yergin, vice chairman of conference organizer IHS Markit and a Pulitzer Prize-winning oil historian.

"OPEC is still really struggling to understand: 'What is this new oil business called shale?'" said Yergin. "This conference is a field trip for OPEC to a different reality in oil."

They have scheduled dinners with shale executives and financiers for the second time in two years, underscoring the maturation of a relationship between big petrostates and a once-upstart industry that weathered OPEC's best efforts to bury it under a supply glut from 2014 to 2016.

Shale has emerged stronger from that period with the Permian Basin, the largest U.S. oilfield, now producing nearly 3 million barrels of oil per day, triple that of 2009. Presentations will look at shale's rising role in global markets and the potential for future North American production and export growth.

"The Permian is just now coming into its own," said Randy Foutch, chief executive officer of shale producer Laredo Petroleum Inc, which plans to boost output 10 percent this year. "We no longer have to find oil and gas. We've found it, and will pump it."

OPEC says it wants to encourage moderation by shale companies as well as its own members. Shale firms often use hedges, or financial contracts that lock in a price for future production, to guarantee profits. These contracts protect them should prices slip.

"We all should look with responsibility to the market in order to keep the balance in the market as much as we can so as not to harm investors," said Ali Nazar, Iraq's national representative to OPEC.

OPEC views shale as a monolith rather than a collection of independent companies, and hopes executives will say they will keep U.S. output under 10 million barrels per day. But the organization also recognizes shale producers would be violating U.S. antitrust law if they agreed to collective pricing or output pacts, one OPEC source told Reuters.

The U.S. Energy Information Administration said on Tuesday it expects domestic oil production to surpass 11 million barrels per day late this year.

ELECTRIC CARS & BIG DATA

Global oil industry players are also concerned about threats from renewable energy technologies and rapid changes to the automobile industry. Majors including BP Plc have forecast that gasoline use will decline as electric vehicle usage grows.

General Motors Co Chief Executive Officer Mary Barra, in her first visit to the oil conference, is expected to detail plans by the largest U.S. automaker to launch 20 new electric vehicles by 2023.

Exxon Mobil Corp (>> Exxon Mobil Corporation) and others have said they expect rising petrochemical and aviation fuel demand to offset a drop in demand for liquid fuels such as gasoline.

The oil industry is also funding research into big-data, cloud computing and applying new technology to its operations to cut costs and boost production. In a sign of that convergence, the head of Alphabet Inc Google Cloud division also will attend the conference.

"The U.S. shale industry has turned out to be amazingly innovative and it's like open-source software, with everyone experimenting and learning from one another," said Yergin.

(Reporting by Ernest Scheyder; additional reporting by Ahmad Ghaddar in Berlin and Rania El Gamal in Dubai; Editing by Gary McWilliams and David Gregorio)

By Ernest Scheyder


ę Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 3.37% 2667.02 Delayed Quote.-7.94%
BAKER HUGHES COMPANY -0.51% 27.16 Delayed Quote.12.88%
BEST INC. -1.55% 0.653 Delayed Quote.-23.31%
BP PLC -1.26% 387.55 Delayed Quote.16.63%
CHEVRON CORPORATION -3.52% 130.61 Delayed Quote.11.30%
CONOCOPHILLIPS -0.49% 89.22 Delayed Quote.23.61%
EDISON INTERNATIONAL 0.85% 62.02 Delayed Quote.-9.89%
EMERSON ELECTRIC CO. 0.09% 90.71 Delayed Quote.-2.43%
EXXON MOBIL CORPORATION 0.21% 75.28 Delayed Quote.23.03%
GENERAL ELECTRIC COMPANY 2.45% 92.1 Delayed Quote.-2.51%
GENERAL MOTORS COMPANY -2.35% 50.24 Delayed Quote.-14.31%
JUST GROUP PLC -2.99% 86.05 Delayed Quote.2.93%
KINDER MORGAN, INC. -0.06% 17.2 Delayed Quote.8.45%
LAREDO PETROLEUM, INC. 2.92% 69.13 Delayed Quote.14.97%
MEMBERS CO., LTD. -1.32% 1939 Delayed Quote.-19.81%
NEXT PLC 2.13% 7586 Delayed Quote.-7.07%
OCCIDENTAL PETROLEUM CORPORATION 0.83% 37.57 Delayed Quote.29.60%
PETROBRAS -3.96% 32.54 Delayed Quote.14.34%
PIONEER NATURAL RESOURCES COMPANY 0.71% 215.37 Delayed Quote.18.41%
PLAINS ALL AMERICAN PIPELINE, L.P. 1.23% 10.68 Delayed Quote.14.35%
SCHLUMBERGER LIMITED 2.11% 39.68 Delayed Quote.32.49%
SIEMENS AG -1.54% 138.34 Delayed Quote.-9.39%
TELLURIAN INC. 2.63% 2.34 Delayed Quote.-24.03%
TOTALENERGIES SE -0.97% 51.24 Real-time Quote.14.81%
WILL GROUP, INC. 2.54% 1209 Delayed Quote.-15.81%
WISDOMTREE CLOUD COMPUTING UCITS ETF - ACC - USD -0.34% 40.585 Delayed Quote.-21.65%
All news about EXXON MOBIL CORPORATION
01/28Analysis-Biden gets climate win with court loss on Gulf of Mexico oil leases
RE
01/28S&P 500 Posts 0.8% Weekly Gain, Marking First Positive Week of 2022, Thanks to Friday J..
MT
01/28Exxon, union discussing proposal to end lockout at Texas refinery -union official
RE
01/28Exxon, union discussing proposal to end lockout at Texas refinery -union official
RE
01/28ExxonMobil Appoints Jennifer Driscoll as Vice President of Investor Relations; Stephen ..
BU
01/28Thinking about trading options or stock in Intel Corp, Exxon Mobil, Western Digital, Co..
PR
01/28U.S. judge annuls Gulf of Mexico oil auction over climate impact
RE
01/27U.S. judge annuls Gulf of Mexico oil auction over climate impact
RE
01/27Court Asks ExxonMobil to Subject Self to Local Laws While Operating in Nigeria
AQ
01/26Exxon Mobil Corporation Declares First Quarter Dividend
BU
More news
Analyst Recommendations on EXXON MOBIL CORPORATION
More recommendations
Financials (USD)
Sales 2021 280 B - -
Net income 2021 22 587 M - -
Net Debt 2021 46 828 M - -
P/E ratio 2021 14,4x
Yield 2021 4,64%
Capitalization 319 B 319 B -
EV / Sales 2021 1,30x
EV / Sales 2022 1,14x
Nbr of Employees 72 000
Free-Float 52,7%
Chart EXXON MOBIL CORPORATION
Duration : Period :
Exxon Mobil Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends EXXON MOBIL CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 28
Last Close Price 75,28 $
Average target price 75,31 $
Spread / Average Target 0,04%
EPS Revisions
Managers and Directors
Darren W. Woods Chairman & Chief Executive Officer
Kathryn A. Mikells Chief Financial Officer & Senior Vice President
Vijay Swarup Vice President-Research & Engineering
Kenneth C. Frazier Lead Independent Director
Ursula M. Burns Independent Director
Sector and Competitors
1st jan.Capi. (M$)
EXXON MOBIL CORPORATION23.03%318 703
CHEVRON CORPORATION11.30%251 775
RELIANCE INDUSTRIES LTD-1.36%197 927
BP PLC16.63%101 353
CHINA PETROLEUM & CHEMICAL CORPORATION11.85%76 236
MARATHON PETROLEUM CORPORATION12.21%44 199