• 40 mins Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 hours Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 4 hours $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 hours Venezuela Officially In Default
  • 8 hours Iran Prepares To Export LNG To Boost Trade Relations
  • 10 hours Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 16 hours Saudi Oil Minister: Markets Will Not Rebalance By March
  • 21 hours Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 1 day Rosneft Announces Completion Of World’s Longest Well
  • 1 day Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 1 day Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 1 day Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 1 day Santos Admits It Rejected $7.2B Takeover Bid
  • 2 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 2 days Africa’s Richest Woman Fired From Sonangol
  • 2 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 2 days Russian Hackers Target British Energy Industry
  • 2 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 2 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 2 days Lower Oil Prices Benefit European Refiners
  • 2 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 3 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 3 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 3 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 3 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 3 days OPEC To Recruit New Members To Fight Market Imbalance
  • 3 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 4 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 4 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 4 days GE Considers Selling Baker Hughes Assets
  • 4 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 4 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 4 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 4 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 4 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 7 days The Oil Rig Drilling 10 Miles Under The Sea
  • 7 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 7 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 7 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
  • 7 days Kenya Set To Give Local Communities Greater Share Of Oil Revenues
Oil Prices Nosedive On Bearish IEA Report

Oil Prices Nosedive On Bearish IEA Report

Oil prices are cratering after…

Exxon Shares up on Rosneft Deal

Exxon Shares up on Rosneft Deal

As ExxonMobil (XOM) predicts a 35% increase in global energy demand by 2040, the company’s shares have soared to a new 15-month high on a deal with Russia’s Rosneft and news of declining unemployment claims.

It’s been a stellar year for Exxon Mobil, with shares rising 1.6% to $100.81 in intra-day trading on 26 December, and increasing 16% over the course of this past year.

Exxon is now one of the cheapest Dow stocks and while its earnings and revenues dropped this year, it still managed to outperform the industry average.  

The rise in share prices was a response to Exxon’s 26 December announcement that it was forming a joint venture with Russian oil and gas giant Rosneft NK OAO to launch a pilot program to drill horizontal wells and revive old wells in Western Siberia.

Earlier this year, Exxon’s undervaluation, coupled with expected rises in oil prices, led Warren Buffet to purchase a $3.4 billion stake in the company.

In its annual outlook, Exxon said that more efficient, energy-saving programs and technologies, increased use of natural gas and other less-carbon intensive fuels, and continued development of advanced exploration and production technologies will support a 35% increase in global energy productivity by 2040.

Crude oil demand is expected to increase 25%, according to the outlook, led by increased commercial transportation activity, and will be met through technology advances that enable deepwater production and development of oil sands and tight oil.

The outlook also noted that unconventional gas now accounts for 40% of the world's resource base, and is expected to represent 65% of global gas production growth to 2040, led by North America, according to the Oil & Gas Journal.

Most of the projected demand growth will occur in developing nations, while industrialized nations focus on improving energy efficiency. 

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News