Exxon posted a second quarter profit of $11.68 billion. This was the largest in U.S. history, but still fell short of analyst expectations.
Despite year-on-year earnings rising 17% in the 1st quarter, profits did not meet Wall Street expectations, causing shares to plummet.
Exxon and Malaysian national oil company, Petronas, sign a 25-year production sharing contract - good news for Exxon, as the company has invested $15bn over the past 40 years in the country, and sees daily natural gas production in the country of a tremendous 1.2 bcf.
Exxon announces it will spend $1.3 billion to begin drilling in the Point Thompson field of the Alaskan North Slope. 200 MMCfe/d are expected to eventually be produced from the reserve.
Exxon agrees to supply Rancher Energy with 70 million standard cubic feet of CO2 per day for 10 years, as Rancher uses CO2 injection techniques to extract oil and gas from the Rocky Mountains. Environmentalists everywhere cringe.
The collapsing value of the US dollar in September led to increasing oil prices, and increased the dollar value of Exxon Mobil's proven oil reserves.
The Democrat-led House approved an energy bill that would reduce $16 billion in tax breaks given to the oil and gas industry, shifting the money into programs to boost biofuels such as ethanol as well as other renewable energy programs. One key item is a requirement for electric utilities to produce 15% of their power from wind, solar, or other renewable sources by 2020.
From Reuters: "A sharp rise in crude oil prices after the government reported a surprise decline in U.S gasoline supplies last week lifted shares of Exxon Mobil Corp. and other energy companies. Exxon was up 2 percent at $83.48."
The lawsuit over the leases for the Alaskan field was thrown out by the Anchorage Supreme Court. The court decided Exxon took too long to develop the field which they discovered about 40 years earlier.
Global Partners LP acquired three refined product terminals in New York and Vermont from Exxon Mobil. Global acquired these facilities for $101.5 million.
ExxonMobil's subsidiary Exxon Neftegas (ENL) completes drilling of the Z-11 well in Sakhalin Island near Eastern Russia. The Z-11 sets a new world record for dpeth (over 7 miles deep). This reaffirmation of Exxon's tech superiority inspires an increase in shareholder confidence.
When Exxon announced that it would abandon construction of an ultra-clean fuel processing plant in Qatar due to rising steel and energy costs, it set off a landslide of concerns about the future of US oil companies (see peak oil). Despite the promise of high oil prices, the increasing difficulty and expense of oil extraction is threatening companies like Exxon. Skittish shareholders begin a mass exodus towards lower-risk stocks.
Exxon Mobil filed a legal appeal to the Supreme Court in Anchorage, Alaska to keep the leases for Point Thomson field. The loss of these leases might disrupt plans for a pipeline.
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