Key Developments: Exxon Mobil Corp (XOM.N)

XOM.N on New York Stock Exchange

6 Oct 2015
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Latest Key Developments (Source: Significant Developments)

U.S. fines Exxon Mobil Corp $2.63 mln for Arkansas oil pipeline leak - Reuters
Sunday, 4 Oct 2015 08:00pm EDT 

Exxon Mobil Corp:The U.S. pipeline safety office has fined Exxon Mobil Corp XOM.N $2.63 million for spilling crude oil in an Arkansas residential area in 2013, the regulator said on Thursday - Reuters.The Illinois-to-Texas, 20 inch (51 cm), Pegasus pipeline spilled about 3,190 barrels of oil in a neighborhood near the town of Mayflower. Regulators initially estimated the spill was about 5,000 barrels - Reuters.The case will be closed when the civil penalty is paid and terms of a compliance order are completed, the Pipeline and Hazardous Materials Safety Administration told Exxon in a letter sent on Thursday and published on the regulator's website - Reuters.  Full Article

NH court upholds $236 mln water pollution judgment against Exxon Mobil Corp - Reuters
Thursday, 1 Oct 2015 08:00pm EDT 

Exxon Mobil Corp:New Hampshire's top court on Friday upheld a $236 million judgment against Exxon Mobil Corp over groundwater contamination linked to gasoline additive MTBE - Reuters.The New Hampshire Supreme Court ruling affirms a 2013 jury decision that rejected Exxon's claims that contamination linked to the fuel additive was the fault of the local gas stations and storage facilities that spilled it - Reuters.New Hampshire's lawsuit against Exxon, which is headquartered in Irving, Texas, dates back to 2003. State officials say the $236.3 million judgment is the largest MTBE verdict since states and other agencies began making the claims for remediation and other damages - Reuters.A spokesman for Exxon said on Friday that the company is considering appealing the case to the U.S. Supreme Court - Reuters.According to New Hampshire officials, more than 600 wells in the southern part of the state are contaminated with MTBE - Reuters.New Hampshire has received $90 million in legal settlements with other gasoline suppliers over MTBE contamination. The state has yet to receive any compensation from Exxon - Reuters.  Full Article

PBF Energy to purchase the Torrance Refinery and Related Logistics Assets from ExxonMobil Corp ; sets up a new wholly-owned subsidiary
Wednesday, 30 Sep 2015 04:15pm EDT 

PBF Energy:Says its subsidiary has signed a definitive agreement to purchase the 155,000 barrel-per-day Torrance refinery, and related logistics assets, from ExxonMobil.Purchase price for the assets is $537.5 million, plus working capital to be valued at closing.PBF expects to finance the transaction with a combination of cash, debt and equity. The transaction is expected to be immediately accretive to earnings.Torrance transaction is expected to close in the second quarter of 2016, subject to customary closing conditions and regulatory approvals.Refinery will be restored to full working order prior to close.will set up a wholly-owned subsidiary, PBF Energy Western Region LLC, to hold all of the Torrance related assets.  Full Article

Dutch court ruled that gas producer Royal Dutch Shell PLC and Exxon Mobil Corp's NAM must compensate homeowners in quake zone - Reuters
Tuesday, 1 Sep 2015 08:00pm EDT 

Exxon Mobil Corp:A Dutch court ruled that gas producer NAM must compensate homeowners for falls in the value of their properties due to earthquakes linked to gas production at the Groningen field in the north of the Netherlands - Reuters.The ruling by the court in Assen could result in billions of euros of claims against Nederlandse Aardolie Maatschaapij (NAM), a joint venture between Shell and ExxonMobil - Reuters.The Dutch government has reduced production from the Groningen field, Europe's largest, twice this year after the country's Safety Board said gas companies and regulators had failed to take the danger from gas production-linked earthquakes seriously enough - Reuters.Vermeulen added that homeowners must claim their losses on a case-by-case basis, and that the average decline in home values attributable to their location in the earthquake zone alone appeared to be no more than "several" percent, with some suffering more and others none at all - Reuters.NAM has so far set aside 1.2 billion euros ($1.35 billion) for compensation for damage to buildings. Estimates of the cost of compensating homeowners for lost value and strengthening buildings in the affected region are far higher - Reuters.  Full Article

Exxon Mobil's XTO Energy well in North Dakota suffers blowout, leaks 550 barrels - Reuters
Sunday, 30 Aug 2015 08:00pm EDT 

Exxon Mobil Corp:A North Dakota oil well owned by Exxon Mobil's subsidiary XTO Energy blew out on Saturday, leaking more than 550 barrels (23,100 gallons) of crude, some of which left the wellpad and seeped into surrounding grasses - Reuters.The well, located in a rural area 25 miles southeast of Watford City, was being hydraulic fractured when its pressure control valves failed and it leaked the oil and about 110 barrels (4,620) of saltwater, according to state and company officials - Reuters.The company's emergency response responded to the leak, and local officials were notified. XTO said it has begun cleanup at the site - Reuters.  Full Article

Exxon Mobil Corp $225 mln pollution settlement with New Jersey is approved - Reuters
Monday, 24 Aug 2015 08:00pm EDT 

Exxon Mobil Corp:Exxon Mobil Corp's $225 million settlement with the administration of New Jersey Governor Chris Christie of a longstanding environmental pollution case won approval on Aug.25 from a state judge, over the objections of critics who called the accord a sellout - Reuters.Judge Michael Hogan of the State Superior Court called the accord a "reasonable compromise given the substantial litigation risks" for the state at trial and on appeal, although the payout was not even 3 percent of the $8.9 billion in damages sought.New Jersey wanted to hold Exxon responsible for decades of natural resources contamination stemming from its refinery operations in Bayonne and Linden, as well as other facilities, including more than 1,700 gas stations.It said this included damage that turned more than 1,500 acres of wetlands and marshes into toxic wastelands.Says The state has called Exxon's payout the second-largest for natural resources damages from a single company in U.S. history.Environmental critics and Democratic legislators have faulted Christie, a Republican running for U.S. president, for entering a lowball settlement rather than continuing to fight in court, where Hogan oversaw a trial that ran 66 days last year.Margaret Brown, a lawyer for the Natural Resources Defense Council, called the accord a "slap on the wrist" for Exxon, which made $32.5 billion of profit in 2014, that will do little to undo the damage.  Full Article

Exxon Mobil Corp signs agreements to increase position in Permian Basin
Thursday, 6 Aug 2015 11:00am EDT 

Exxon Mobil Corp:Has executed two agreements to obtain horizontal development rights in 48,000 acres in the core of the Midland Basin.Says two agreements include an acquisition and farm-in adjoining XTO's existing acreage position in Martin and Midland Counties, providing rights to all intervals within the basin.Says acreage will be operated by ExxonMobil's subsidiary XTO Energy Inc.  Full Article

Exxon Mobil Corp declares third quarter dividend
Wednesday, 29 Jul 2015 01:38pm EDT 

Exxon Mobil Corp:declared cash dividend of 73 cents per share on Common Stock, payable on Sept. 10, 2015 to shareholders of record of Common Stock at the close of business on Aug. 13, 2015.  Full Article

Exxon Mobil Corp's Beaumont, Texas, refinery workers to vote on contract - Reuters
Tuesday, 23 Jun 2015 08:00pm EDT 

Exxon Mobil Corp:Union-represented workers at Exxon Mobil Corp's Beaumont, Texas, refinery are scheduled to vote on June 25 on the latest contract offer from the company, a union official said - Reuters.Says the offer is for a six-year pact, two years longer than the current national agreement between the United Steelworkers union (USW), which represents the Beaumont workers, and U.S. refinery owners, said USW international representative Richard Landry.Says Exxon is seeking a longer pact to ensure there are no work stoppages during the five or more years needed to build a new, multibillion-dollar crude distillation unit that would increase the oil processing capacity of the 344,600 barrel-per-day (bpd) refinery to as much as 850,000 bpd.Says Workers at the Beaumont refinery have been working on a rolling 24-hour extension of their last contract, which expired on Jan. 31, when the USW's previous national agreement ended.Says to encourage workers to ratify the contract, Exxon is offering a $5,000 bonus to each worker if the contract is approved.Says the proposed pact also includes annual pay raises and other terms in the national agreement reached by the USW and U.S. refinery owners on March 12.Says Exxon will also backdate the first year's pay raise of 2.5 pct to May 15.  Full Article

Exxon Mobil Corp awards license to EON Reality for immersive 3d operator training simulator technology
Monday, 4 May 2015 10:00am EDT 

ExxonMobil Research Qatar:Says ExxonMobil has awarded global commercial license for immersive 3D operator training simulator technology to co-developer EON Reality Inc.Says it supports development of simulators that combine dynamic process training and fully functional 3D models.  Full Article

Exxon sells 2016 Upper Zakum crude at higher premium from yr ago - trade

SINGAPORE, Oct 5 - ExxonMobil has sold 2016 supplies of Upper Zakum crude to at least one buyer via a tender at a slightly higher premium than a year ago, trade sources said on Monday.

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