Exxon Stock News

The $1.3bn planned deal between Seplat Energy Plc, a major energy company in Nigeria, and US-based ExxonMobil looks set to put the Petroleum Industry Act, which seeks to attract new oil and gas investments, to the test. While approving a steering committee to supervise the implementation of the PIA last year, President Muhammadu Buhari said Nigeria had lost $50 billion worth of investments in the petroleum industry since 2011 due to the absence of a new law. The United States Energy Information Administration estimated that Nigeria lost over $15 billion annually due to the delay in the passage of the Petroleum Industry Bill, which was first introduced in the National Assembly in 2008. Seplat announced on Friday that it had entered into a sale and purchase agreement to acquire the entire share capital of Mobil Producing Nigeria Limited (MPNU), the shallow-water business of ExxonMobil in Nigeria, for $1.28 billion. BusinessDay gathered that Seplat Energy and ExxonMobil had submitted their application for ministerial consent for the deal.

Russia is the world’s second largest oil exporter, but its exports are under a de facto ban after it invaded Ukraine. Exxon and Chevron say they plan to increase production, but it could take time and experts warn high prices may persist.andquot; Subscribe to NBC News:

Exxon Mobil''s (XOM) exit from Russia will impact company-wide earnings and oil production by 1%-2%, CFO Kathryn Mikells told analysts on Wednesday, as reported by Reuters."Of any stat…

Rich Russians Scramble To Buy Luxury Goods As Ruble Plunges; Burberry ''Pauses'' All Shipments Wealthy Russians are scrambling to buy luxury goods to preserve their wealth, as worldwide sanctions in response to the invasion of Ukraine has sent the Ruble plunging in recent days. According to Bulgari SpA CEO Jean-Christophe Babin, sales in Russian stores has risen in the last few days after international financial sanctions sharply restricted the movement of cash, Bloomberg reports. "I n the short term it has probably boosted the business ," he said in an interview with the outlet, describing the company''s jewelry as a "safe investment." "How long it will last it is difficult to say, because indeed with the SWIFT measures, fully implemented, it might make it difficult if not impossible to export to Russia ," Babin added, referring to Russia''s ouster from the SWIFT financial-messaging system. And while many consumer brands ranging from Apple to Nike, and several energy giants such as BP, Shell and Exxon have announced a pullout from Russia , luxury brands have thus far attempted to continue operating in the country with the exception of Burberry - which has now ''paused'' all shipments to Russia.

Ukraine’s second biggest city, Kharkiv, suffered heavy bombardment on Wednesday, March 2, as Russia’s week-long invasion was denounced by the United Nations in a historic vote and dozens of countries referred Moscow to be probed for potential war crimes. The biggest attack on a European state since 1945 has caused over 870,000 people to flee, a barrage of sanctions against Russia, and stoked fears of wider conflict in the West unthought-of for decades. The incursion has yet to overthrow the government in Kyiv but thousands are thought to have died or been injured and it could cause another deep hit to the global economy still emerging from the coronavirus pandemic. The bombing of Kharkiv, a city of 1.5 million people in eastern Ukraine, has left its center a wasteland of ruined buildings and debris. “The Russian ‘liberators’ have come,” one Ukrainian volunteer lamented sarcastically, as he and three others strained to carry the dead body of a man wrapped in a bedsheet out of the ruins on a main square.

KYIV/KHARKIV, (Ukraine): Ukrainians said on Wednesday they were battling on in the port of Kherson, the first sizeable city Russia claimed to have seized, while air strikes and bombardment caused further devastation in other cities, especially Kharkiv in the east. Russia’s week-old invasion has yet to achieve its aim of overthrowing Ukraine’s government but has sent more than 870,000 people fleeing to neighbouring countries and jolted the global economy as governments and companies line up to isolate Moscow. “The Russian ‘liberators’ have come,” one Ukrainian volunteer lamented sarcastically, as he and three others strained to carry the dead body of a man wrapped in a bedsheet out of the ruins on a main square. At least 25 people have been killed by shelling and air strikes in Kharkiv in the past 24 hours, authorities said. After an air strike on Wednesday, the roof of a police building in central Kharkiv collapsed in flames. ‘THEY JUST WANT TO DESTROY’ Pavel Dorogoy, 36, a photographer who lives near the city centre, said Russian forces had also targeted the city council building, which was empty at the time, a telephone exchange and a television tower on the edge of Kharkiv. “Most people hid in the basements for most of the day today and last night …

Rosneft stock is back in focus today after Exxon Mobil announced it was beginning the process of exiting its operations in Russia.

In the latest trading session, 20.15 million Exxon Mobil Corporation (NYSE:XOM) shares changed hands as the company’s beta touched 1.15. With the company’s most recent per share price at $80.17 changing hands around $1.0 or 1.26% at last look, the market valuation stands at $326.39B. XOM’s current price is a discount, trading about -3.63% off … Exxon Mobil Corporation (NYSE: XOM): Don’t Ditch XOM Stock In 2022 Read More »

The company’s assets in Russia were valued at just over $4 billion, according to Exxon Mobil’s most recent annual report.

Companies are the latest US giants to drop operations in Russia; ExxonMobil to pull out of offshore oilfield, Apple to halt all sales, Boeing won''t service jets

Exxon Mobil Corp''s decision to leave Russia and discontinue oil and gas operations will hit earnings, oil production "any stat you chose" between 1% and 2%, its finance chief said on Wednesday

KYIV/KHARKIV: Ukrainians said on Wednesday they were battling on in the port of Kherson, the first sizeable city Russia claimed to have seized, while air strikes and bombardment caused further devastation in other cities, especially Kharkiv in the east. Russia''s week-old invasion has yet to achieve its aim of overthrowing Ukraine''s government but has sent more than 870,000 people fleeing to neighbouring countries and jolted the global economy as governments and companies line up to isolate Moscow. The United Nations General Assembly voted overwhelmingly on Wednesday to deplore the invasion "in the strongest terms". It demanded that Russia withdraw its forces in a resolution backed by 141 of the assembly''s 193 members. Bombing of Kharkiv, a city of 1.5 million people has left its centre a wasteland of ruined buildings and debris. "The Russian ''liberators'' have come," one Ukrainian volunteer lamented sarcastically, as he and three others strained to carry the dead body of a man wrapped in a bedsheet out of the ruins on a main square.

Analysts said they were hoping to hear more on allocations of cash from high prices to shareholder returns and details on the financial fallout from Exxon Mobil’s Russia exit.

WTI crude oil prices have surged to 11-year highs above $108 per barrel in March in the wake of the Russian invasion of Ukraine. The geopolitical instability has rattled financial markets, but the energy sector is soaring. On Wednesday, OPEC and its partners agreed to stick to a previous plan to increase oil output slowly in April, suggesting elevated oil prices may be here to stay for the time being. Oil prices are good news for many companies within the energy sector because it boosts their margins and increases their profitability. Here are six of the next energy stocks to buy and hold for the long-term, according to Bank of America. Exxon Mobil Corp (NYSE: XOM ) Exxon Mobil is the largest U.S. oil company. Analyst Doug Leggate says Exxon has come a long way from where it was six months ago, when some analysts were calling for a dividend cut. Leggate says Exxon can cover its capex and dividends at a crude oil price of $41/bbl, and he believes Exxon''s break-even oil price will be $10 below that level by 2028.