Key Developments: Exxon Mobil Corp (XOM.N)

XOM.N on New York Stock Exchange

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4 Mar 2015
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Latest Key Developments (Source: Significant Developments)

Exxon Mobil Corp Shuts Some US Gulf Production On Storm Threat-Reuters
Thursday, 3 Oct 2013 01:42pm EDT 

Reuters reported that Exxon Mobil Corp was shutting a small amount of its Gulf of Mexico oil production and evacuating some workers from offshore facilities as Tropical Storm Karen approached. Exxon was shutting about 1,000 barrels per day of gross liquids production and evacuating workers not essential to oil and gas output from facilities in the storm's path.  Full Article

New Guinea Energy Ltd Announces Sale Of Interest In Ppl 269 To Exxon Mobil Corp's Esso PNG Robin Limited Not To Proceed
Tuesday, 27 Aug 2013 06:00pm EDT 

New Guinea Energy Ltd announced that with reference to the announcements of July 26, 2013, regarding the proposed sale of its 50% participating interest in Petroleum Prospecting Licence (PPL) 269 to Esso PNG Robin Limited (Esso), a subsidiary of Exxon Mobil Corporation (Sale Agreement). Esso has advised NGE that it has been unable to reach alignment on a number of confidential commercial matters (which have not been disclosed to NGE) with the other joint venturers in PPL 269 and that Esso will not be proceeding with the Sale Agreement. As the sale of NGE’s interest in PPL 269 to Esso will not be proceeding, consistent with NGE’s strategy of monetising gas assets to focus on exploration for oil in Papua New Guinea, NGE intends to re-engage with other parties who have approached NGE in connection with the possible acquisition of NGE’s interest in PPL 269. NGE will keep the market informed of any developments.  Full Article

Exxon Mobil Corp To Sell Over Half Of Iraq Oilfield Stake To PetroChina Co Ltd, Pertamina-Reuters
Friday, 23 Aug 2013 06:12am EDT 

Reuters reported that Exxon Mobil Corp is selling over half of 60% holding in Iraq's West Qurna-1 oilfield project to China's energy firm PetroChina and Indonesia's Pertamina. Exxon Mobil is the operator of the giant oilfield and last year had offered to sell entire stake after a dispute with Baghdad over contracts it signed with autonomous Kurdistan, deals which the central government rejects as illegal.  Full Article

Exxon Mobil Corp Declares Third Quarter Dividend
Wednesday, 31 Jul 2013 01:52pm EDT 

Exxon Mobil Corp announced that it has declared a cash dividend of $0.63 per share on the Common Stock, payable on September 10, 2013 to shareholders of record of Common Stock at the close of business on August 13, 2013.  Full Article

New Guinea Energy Ltd To Sell Interest In PPL 269 To Exxon Mobil Corporation's Esso PNG Robin Limited
Thursday, 25 Jul 2013 11:43pm EDT 

New Guinea Energy Ltd announced that wholly owned subsidiary, Kirkland Limited (Kirkland) has signed an agreement with Esso PNG Robin Limited (Esso), a subsidiary of Exxon Mobil Corporation, regarding the proposed sale of 50% participating interest in Petroleum Prospecting Licence (PPL) 269 to Esso for a total consideration of USD40 million cash (Sale Agreement). Certain rights and obligations under the Sale Agreement do not become binding until a number of initial conditions precedent are satisfied over a period of 20 business days commencing from July 26, 2013. Esso is permitted to have discussions with the Operator of PPL269 during this period, and has an absolute discretion to determine whether it is prepared to proceed with the acquisition of Kirkland’s participating interest in PPL 269 or not. The initial conditions precedent are Esso giving Kirkland a notice that Esso wishes to proceed with the transaction; Kirkland obtaining the consent of the holder of the convertible bonds in NGE; and NGE providing a parent company guarantee to Esso. If the initial conditions precedent are met, Esso will be required to pay a USD4 million deposit to Kirkland. If the initial conditions precedent are not satisfied or waived, the sale of Kirkland’s participating interest in PPL269 to Esso will not proceed.  Full Article

Exxon Mobil Corp Says L.A. CDU Shutdown To Affect Output-Reuters
Thursday, 20 Jun 2013 05:04pm EDT 

Reuters reported that Exxon Mobil Corp said it has shut down the sole crude distillation unit at its 149,500 barrel per day (bpd) Los Angeles-area refinery in Torrance, California, a move that would affect refinery output. Exxon said the crude unit was shut by June 19, 2013.  Full Article

Arkansas And Federal Officials Sue Exxon Mobil Corp Over March Pipeline Oil Spill-DJ
Thursday, 13 Jun 2013 12:35pm EDT 

Dow Jones reported that Arkansas and federal officials filed a lawsuit against Exxon Mobil Corp for allegedly violating pollution laws following the March rupture of an oil pipeline in the state. The suit, filed in federal court in Arkansas, alleges that the March 29 rupture of the Pegasus pipeline near Mayflower, Ark., led to violations of the Arkansas Water and Air Pollution Control Act, the state Hazardous Waste Management Act and the federal Clean Water Act. The suit also accuses the Company of operating a storage facility for the recovered oil without a permit. The pipeline ruptured next to a residential subdivision, spilling an estimated 5,000 barrels of Canadian crude through yards and streets into a small creek, wetlands and a nearby recreational lake. Twenty-two homes were evacuated. The alleged state law violations are subject to civil fines ranging from $10,000 to $25,000 per day, while the federal Clean Water Act violations carry fines up to $4,300 per barrel of oil spilled.  Full Article

Rosneft and Exxon Mobil Corp Finalize Arctic Research Center and Technology Sharing Agreements
Tuesday, 11 Jun 2013 07:19pm EDT 

Rosneft and Exxon Mobil Corp announced that it has signed final agreements establishing a joint Arctic Research Center (ARC) in Russia and an over-arching technology sharing agreement to support the companies` joint ventures worldwide. Formally named the Arctic Research and Design Center for Continental Shelf Development, the ARC will provide the Rosneft and ExxonMobil joint ventures a full range of research, development and technical services, with near-term focus on the Kara Sea. Initial activities include work in the areas of safety and environmental protection; ice, metocean and geotechnical surveys; sea ice management; development of design criteria; and the evaluation and design of development concepts. The ARC will build on current best practices of Rosneft and ExxonMobil to develop technologies that are environmentally safe, and more effective and efficient.  Full Article

Exxon Mobil Corp In Talks With Turkish Petroleum Corp To Buy Stake In Black Sea Block-DJ
Tuesday, 11 Jun 2013 11:33am EDT 

Dow Jones reported that Exxon Mobil Corp is in talks with Turkish state-owned energy company TPAO to buy a stake in a Black Sea block on the Ukraine and Romania side, the acting head of TPAO said.  Full Article

Exxon Mobil Corp Launches New Ethylene Plant in Singapore-DJ
Thursday, 30 May 2013 04:01am EDT 

Dow Jones reported that Exxon Mobil Corp has launched operations at a new ethylene cracker in Singapore that will serve a growing Asian market for petrochemical products, the Company said Thursday. It includes two new polyethylene plants, a polypropylene plant, a metallocene elastomers unit, an oxo-alcohol unit and an aromatics expansion, which began operations late last year. The Company didn't give any financial details.  Full Article

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Exxon may delay spending after 2017 if down market persists

NEW YORK - Exxon Mobil Corp, the world's largest publicly traded oil company, said on Wednesday its output would rise slowly through 2017 and it may delay some investments thereafter if crude prices stay low.

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