Exxon Mobil call volume above normal and directionally bullish » 10:4507/0607/06/20
Bullish option flow…
Bullish option flow detected in Exxon Mobil with 31,958 calls trading, 1.3x expected, and implied vol increasing over 1 point to 43.25%. 7/10 weekly 46 calls and Jul-20 46 calls are the most active options, with total volume in those strikes near 16,100 contracts. The Put/Call Ratio is 0.29. Earnings are expected on July 31st.
Exxon Mobil renews collaboration with Princeton Energy Center » 08:1107/0207/02/20
ExxonMobil and Princeton…
ExxonMobil and Princeton University's Andlinger Center for Energy and the Environment have renewed their collaboration to research lower-emission technologies and energy solutions. ExxonMobil said in a release, "The new, five-year agreement builds on ExxonMobil's participation in Princeton's E-filliates Partnership, which began in 2015. E-filliates is a corporate membership program administered by the Andlinger Center and aims to help accelerate research, development and deployment of energy and environmental technologies through academia and industry partnerships. ExxonMobil is the world-leader in carbon capture, sequestering more carbon in the last 20 years than any other company. Princeton University is advancing this technology with new research to better understand how stored CO2 flows within rocks and interacts with minerals, improving the understanding of underground storage capacity. Future CO2 storage projects can be more optimally planned and operated to achieve net emissions reductions."
Second coronavirus wave, Libya return spook U.S. oil majors » 15:1607/0107/01/20
BP, COP, TOT, XOM, CVX, RDS.A, PSX
Oil prices began to slip…
Oil prices began to slip Wednesday amid increases in COVID-19 cases and the possible return of Libyan oil production, which has been extremely low since the beginning of 2020. "Attempts to push prices higher are capped by growing concerns about the second cycle of the coronavirus or the inability to contain the current one," Tamas Varga of oil brokerage PVM said, according to a story from BusinessDay. BULLISH EIA REPORT: Total products supplied over the last four-week period ending June 26 averaged 17.6M barrels a day, down by 15.6% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.2M barrels a day, down by 15% from the same period last year. Distillate fuel product supplied averaged 3.5M barrels a day more than the past four weeks, down by 13.1% from the same period last year. Jet fuel product supplied was down 60% compared with the same four-week period last year. EXXON, PEERS FACES CLIMATE PRESSURE: According to a Bloomberg story, U.S. oil majors like Exxon Mobil (XOM) and Chevron (CVX) "are coming under increasing pressure from climate-conscious investors to disclose their long-term forecasts for crude prices as the COVID-19 pandemic injects fresh uncertainty into the demand outlook for fossil fuels." PRICE ACTION: Shares of BP (BP), Chevron, ConocoPhillips (COP), Exxon Mobil, Royal Dutch Shell (RDS.A), Total (TOT), and Phillips 66 PSX) are under pressure in late-day trading.
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Exxon Mobil preparing job cuts across U.S. offices, Bloomberg reports » 14:0206/2606/26/20
Exxon Mobil is preparing…
Exxon Mobil is preparing to cut jobs in the U.S. as it seeks a more efficient organizational structure, Bloomberg reports, citing people familiar with the matter. Between 5% and 10% and of the company's U.S.-based employees who are subject to performance evaluations could end up leaving this year after their assessments, sources tell Bloomberg. The cuts are expected to be performance based and not characterized as layoffs, Bloomberg adds. Exxon, in a statement, said there's no specific target to reduce headcount.
Minnesota AG sues ExxonMobil, Koch Industries over climate change deception » 18:3906/2406/24/20
Minnesota Attorney General Keith Ellison has filed a lawsuit in Ramsey County on behalf of the State and its residents to stop deceptive practices related to climate change and to hold ExxonMobil Corp., the American Petroleum Institute, and three Koch Industries entities accountable for perpetuating fraud against Minnesotans. The lawsuit includes claims for fraud, failure to warn, and multiple separate violations of Minnesota Statutes that prohibit consumer fraud, deceptive trade practices, and false statements in advertising. In addition to an injunction barring further violation of these laws, the complaint seeks restitution for the harms Minnesotans have suffered, and asks the Court to require defendants to fund a corrective public education campaign on the issue of climate change. The complaint asks the court to require these companies to use wrongfully-obtained profits to help Minnesota pay for the devastating consequences of climate change. Attorney General Ellison is asking for these companies to disgorge profits and to "fund a corrective public education campaign in Minnesota relating to the issue of climate change, administered and controlled by an independent third party," and that defendants "disclose, disseminate, and publish all research previously conducted directly or indirectly . . . that relates to the issue of climate change."
ClearSign Combustion receives purchase order from Exxon Mobil » 16:1106/1506/15/20
ClearSign Technologies (CLIR) has received a purchase order from ExxonMobil (XOM) to fabricate and install the company's ClearSign Core process burners at its Baytown, Texas refinery. The test will comprise a multi-burner process heater and burners incorporating the breakthrough ClearSign Core NOx reduction technology. This order is the final step in the process to showcase ClearSign Core's superior NOx emissions technology. The installation order follows the previously announced engineering order and qualification program that ClearSign performed at its state-of-the-art Seattle R&D facility. That testing was an evaluation over a broad range of typical conditions, including variations in fuel heating values, turndown, and excess air.
Exxon Mobil may be impacted by Papua New Guinea legislation, Reuters says » 12:1206/1106/11/20
Lawmakers from Papua New…
Lawmakers from Papua New Guinea have passed legislation that would increase benefits to the county from its natural resources, wrote Sonali Paul of Reuters. Companies with planned projects in the oil, gas and mining developments, like Exxon Mobil (XOM) and Barrick Gold (GOLD) may be impacted, noted the Reuters story. "Prime Minister James Marape came to power a year ago on a platform to lift the country out of poverty by getting a bigger share of wealth from the country's energy and minerals. His government this week secured an emergency loan from the International Monetary Fund," added the Reuters story. Reference Link
Exxon Mobil prepares to resume sale of British North Sea assets, Reuters reports » 12:0006/1106/11/20
Exxon Mobil is getting…
Exxon Mobil is getting ready to resume the sale of British North Sea assets following weaker oil prices and months of delay due to the coronavirus pandemic, Reuters' Ron Bousso and Shadia Nasralla report, citing industry and banking sources. The sales process is expected to raise less than previously expected after a 40% decrease in oil prices since January and the company has held discussions in recent weeks with several potential North Sea buyers to assess interest in the portfolio. Reference Link
Exxon Mobil reviving plans to sell British North Sea assets, Reuters reports 11:4806/1106/11/20
Exxon Mobil downgraded to Hold from Buy at Standpoint Research » 12:4606/0906/09/20
Standpoint Research analyst Ronnie Moas downgraded Exxon Mobil to Hold from Buy citing valuation.