Petroleum industry
Efforts to enlist ExxonMobil and other Western oil majors for the $2.4bn Baku-Ceyhan pipeline have fallen flat, with reps from Chevron and Shell offering noncommittal responses to recent presentations in Washington and Paris. Azerbaijan and Turkey, backed by the US, are seeking support for the project, which aims to
Petroleum
The ExxonMobil-led Sakhalin I consortium is embroiled in a dispute with the Sakhalin authorities over the project's 2001 financing plan, a long-running issue that has hindered the project's progress. The disagreement centers on the best route for transporting oil from the Russian far east project, with
Petroleum
Exxon Mobil, the No. 1 US oil company, has taken a major step forward in its bid to participate in Saudi Arabia's ambitious energy investment scheme by signing a letter of intent. This follows the recent moves by European oil giants Royal Dutch/Shell and BP, who have
Petroleum industry
Saudi Arabia's foreign minister Prince Saud al-Faisal released a letter in early December, designating three core areas of upstream gas investment and providing a rough time frame for the next phases of the opening. The Saudi response offers the first formal and concrete list of actual projects and
Exxon Mobil Corp.
Sen. Mike DeWine (R-Ohio), chairman of the Senate Judiciary Committee's antitrust panel, has expressed concerns over the proposed $80 billion merger between Exxon Corp. and Mobil Corp. and the recent news has prompted him to ask the Federal Trade Commission (FTC) to delay and reconsider a decision on
Exxon Mobil Corp.
Retail gasoline prices in the United States, the state of Georgia, and metro Atlanta have been declining, with no expected significant impact from the proposed merger between Exxon and Mobil. According to the Energy Department, the national average price for regular unleaded gasoline has reached a low of 97.4
Petroleum industry
A significant study by A. T. Kearney challenges the widely held notion that large-scale mergers are a key to creating shareholder wealth. The management consulting firm analyzed 115 multibillion-dollar mergers worldwide between 1993 and 1996, revealing a bleak picture of merger success. Despite the expectation of increased shareholder value, the
Petroleum industry
A flurry of high-stakes merger and acquisition announcements dominated the global business landscape last week, with multiple billion-dollar deals making headlines. Among the most significant were America Online's acquisition of Netscape Communications for $4.2 billion, creating a new contender to Microsoft's dominance. Meanwhile, AMP escaped
Petroleum
Exxon, despite selling its half interest in the proposed Crandon mine to Rio Algom, will retain a 2.5 percent royalty interest in future mine profits. This deal, finalized last week, involves Exxon receiving $17.5 million upfront, an additional $5 million if the mine begins operation, and the royalty
Petroleum
Wisconsin politicians are engaged in a heated exchange over campaign finance reform and a proposed mine sale. U.S. Rep. Mark Neumann challenged U.S. Sen. Russ Feingold to limit campaign spending to $1 per eligible voter in Wisconsin, claiming that Feingold's support for campaign finance reform should
Petroleum industry
The federal court ruling against Exxon Corporation for the Valdez oil spill has had a minimal impact on the company's stock, with shares closing trading Monday at $59.87, down only 38 cents from Friday's close. Analysts predict that the $5 billion punitive damages award may
Petroleum industry
A federal jury has handed down a verdict of $5 billion in punitive damages against Exxon Corporation for the devastating oil spill that occurred in 1989. The decision, while at the lower end of the damages sought, is a significant blow to the oil giant, which had argued that it
