Exxon Stock News

Watch Video President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter. SEE MORE: Russian Invasion Reorders West''s Calculations On Cost Of War The move follows pleas by Ukrainian President Volodymyr Zelenskyy to U.S. and Western officials to cut off the imports, which had been a glaring omission in the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector. President Biden was set to announce the move as soon as Tuesday, the person said, speaking on condition of anonymity to discuss the matter before his remarks. The White House said the president would announce “actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.” The U.S. will be acting alone, but in close consultation with European allies, who are more dependent on Russian energy supplies.

LAGOS – Apparently worried by unending inquiries by its happy investors and stakeholders who barely a week ago welcomed its share deal with ExxonMobil, Seplat Energy on Monday March 7 said no event of cancellation of the transaction has occurred. Nigeria’s corporate and business world, especially the oil and gas industry, was literally lit and […]

Shares of Chevron Corp. rose 0.3% in premarket trading Tuesday into record territory, to put them on track for the longest win streak in 3 1/2 years. The rally comes as oil prices continue their surge to the highest levels in more than a decade as Russia''s invasion of Ukraine and talk of a ban of Russian oil sparks fear of supply shortages. The oil giant''s stock has soared 20.2% over the past seven sessions, and has closed at a record price in each of those sessions. A gain on Tuesday would mark the longest win streak since the nine-day stretch that ended Sept. 25, 2017. Rival Exxon Mobil Corp.''s stock tacked on 0.4% in premarket trading, putting it on track for an eighth-straight gain. That would be the longest win streak since the nine-day streak that ended Jan. 14, 2021. Chevron shares have run up 36.8% over the past three months, enough to make it the biggest gainer among Dow Jones Industrial Average components over that time. Exxon Mobil''s stock has hiked up 39.5% over the past three months, while the Dow has slipped 8.2%.

The Nigerian National Petroleum Corporation ( NNPC ) is seeking to scuttle Seplat Energy Plc’s deal for the purchase of ExxonMobil shallow water assets worth about $1.2bn on the basis that it has the right of first refusal, but the bigger question is, under which company’s management will Nigeria’s interests be most protected? NNPC is preparing to meet the management of Exxon Mobil Corporation on March 17, 2022, after notifying the oil major of plans to exercise a Right of Pre-emption on ExxonMobil’s planned sale of its entire asset in Nigeria’s onshore and shallow waters. Between Seplat Energy, Nigeria’s largest listed Oil & Gas firm by market value and NNPC through its subsidiary, the Nigerian Petroleum Development Company (NPDC), opinions are divided about who is best fit to get optimal value for Nigeria from Exxonmobil assets. “Seplat is a trusted name in the oil and gas business because of its past antecedents and also it’s listed on the London Stock Exchange which makes it bankable unlike a state-owned oil firm whose ability to honour contractual agreements is based on political dealings,” Kelvin Atafiri who runs Cavazanni Human Capital Limited, an investment firm exposed to the oil and gas sector said.

Seplat Energy Plc has denied media reports that the Nigerian National Petroleum Corporation (NNPC) Limited has blocked the proposed purchase of ExxonMobil shares worth $1.583 billion. Naija News reports that ExxonMobil had announced that SEPLAT Energy has agreed to purchase its complete shares in Mobil Producing Nigeria Unlimited (MPNU), subject to regulatory approval. Also, Seplat Energy Plc on […] This article was originally published on Nigeria News

Contrary to claims that the Nigerian National Petroleum Company Limited (NNPC) has exercised a right of pre-emption under the NNPC/Mobil Producing Nigeria Unlimited (MPNU) Joint Operating Agreement The post Seplat affirms validityof ExxonMobil transaction appeared first on The Guardian Nigeria News - Nigeria and World News .

Energy Stocks Have Huge Upside As They Catch Up With Oil With energy stocks the only green sector in today''s broad market rout as war in Ukraine dominates markets… .... on a historic basis the group still has a long way to go before catching up with the broader market, which has benefited from outsized gains in tech according to Bloomberg''s Felice Marantz who notes that since 1990, tech stocks have well outpaced any other sector, followed by consumer discretionary stocks and then health care. The energy index, on the other hand, has significantly lagged the broader S&P 500. But the base case for investing in long-shunned oil companies may be shifting: oil just had its biggest daily swing ever, surging to ~$140 before retreating, after the U.S. said it was considering a ban on Russian crude imports. Meanwhile, confirming the emerging global supply shock Shell is now limiting sales of heating oil to some wholesalers in Germany, in a bid to ensure it can continue to meet contractual obligations.

Nearly 600 union refinery workers began returning to work on Monday at Exxon Mobil Corp’s Beaumont, Texas, refinery for the first time after the end of a 10-month company lockout, a United Steelworkers (USW) official said.

Politico report: the companies warned not to expect new supplies overnight Exxon Mobil and Chevron are both boosting oil production at the mammoth Permian Basin field in West Texas and New Mexico strategies that both oil majors laid out last year but that have taken on new

Seplat Energy issued a press statement debunking widely-circulated media reports about the cancelati…

The move was part of the Biden administration’s approval for such releases authorized in November 2021 as part of a larger effort to boost the U.S. fuel supply, the Energy Department says.

Seplat Energy says it has not cancelled its Exxonmobil deal. The company made the clarification in a press release Monday. “Seplat Energy wishes to clarify that the Sale and Purchase Agreement (SPA), earlier announced February 25, 2022, deals with the acquisition of the entire share capital of MPNU’s shareholders, Mobil Development Nigeria Inc. and Mobil Exploration Nigeria Inc., being entities of Exxon Mobil Corporation registered in Delaware (ExxonMobil),” the press release read. “The company has become aware of newspaper and social media reports that the Nigerian National Petroleum Company Limited (NNPC) has exercised a right of pre-emption under the NNPC/Mobil Producing Nigeria Unlimited (MPNU) Joint Operating Agreement (JOA).” A pre-emption right, right of pre-emption, or first option to buy is a contractual right to acquire certain property newly coming into existence before it can be offered to any other person or entity. Earlier in March, it was reported that while Seplat Energy Plc, a major energy company in Nigeria, has agreed to buy the shallow-water assets of ExxonMobil in the country, the crucial green light from the Nigerian National Petroleum Company Limited (NNPC) could come at a heavy cost.

NEW YORK , March 7, 2022 /PRNewswire/ -- InvestorsObserver issues critical PriceWatch Alerts for XOM, KR, ARCH, V, and CHK. … Full story available on Benzinga.com

Monday''s top analyst upgrades and downgrades included Broadcom, Costco Wholesale, DraftKings, Exxon Mobil, Foot Locker, Marvell Technology, Nvidia, Payoneer Global, Philip Morris International, Pure Storage, Rivian Automotive, SoFi Technologies, Splunk and Tilray Brands.

Heading into a new trading week, oil and gas stocks are seeing high interest from retail investors amid the escalation in the Russia-Ukraine conflict. Stocks such as Occidental Petroleum Corp. (NYSE: OXY ), United States Oil Fund LP (NYSE: USO ), iPath Pure Beat Crude Oil ETN (NYSE: OIL ) and Exxon Mobil Corp. (NYSE: XOM ) are among the ten most discussed stocks on Reddit’s WallStreetBets forum as at press time early … Full story available on Benzinga.com