Exxon News Updates

ExxonMobil held talks with Venezuela about re-entering the country as the Texas oil giant explores whether to follow U.S. rivals back to the South American nation.

Chevron and ConocoPhillips cut capital expenditure in the Lower 48 by 10% in the first six months of the year while Occidental Petroleum cut spending in the Permian Basin by 20% in that period.

As the conflict has dragged on, high oil prices have driven up the cost of gasoline, jet fuel and diesel, which has led to higher shipping costs.

Exxon Mobil and Chevron exceeded profit expectations as higher oil and natural gas prices outweighed production outages from the Iran war. 

BP, long the laggard among oil supermajors, is emerging as the sector’s top stock during the Iran war as it reaps “exceptional” trading profits.

Exxon, which also said first-quarter earnings from its energy-products division would be lower, is among the first of the supermajors to disclose the war’s impact.

Global exports from the project are now expected to start in the second quarter of this year.

If Exxon’s move happens, corporate governance matters such as company bylaws, fiduciary duties of directors and shareholder voting rights would be shifted to comply with Texan law.

The court agreed to take up a case from Boulder, Colo., among a series of lawsuits alleging the companies deceived the public about how fossil fuels contribute to climate change.

The U.S. is backing Exxon and Chevron as they negotiate in Venezuela, Iraq, Libya, Algeria, Azerbaijan and Kazakhstan, according to public announcements and people familiar with the talks.