Exxon Stock News

A file photo of engineers working on an energy facility. Seplat Energy Offshore Limited has entered into an agreement to acquire the entire share capital of the Nigerian unit of Exxon Mobil Corporation – Mobil Producing Nigeria Unlimited (MPNU). The former’s Chief Financial Officer, Emeka Onwuka, who announced this in a statement on Friday, however, said the completion of the transaction was subject to ministerial consent and other required regulatory approvals. According to him, the company – the Nigerian subsidiary of Seplat Energy Plc, entered into a sale and purchase agreement for a purchase price of $1,283 million-plus up to $300 million contingent consideration, subject to the lockbox, working capital, and other adjustments at closing relative to the effective date. “The transaction encompasses the acquisition of the entire offshore shallow water business of ExxonMobil in Nigeria, which is an established, high-quality operation with a highly skilled local operating team and a track record of safe operations, producing 95 kboepd (W.I.) in 2020 (92% liquids),” Onwuka said.

IRVING, Texas: Exxon Mobil Corporation has said that its global workforce fell by 9,000 people in 2021 due to a major cost cutting program caused by the effects of the COVID-19 pandemic on energy demand and prices. After suffering historic losses in 2020, Exxon, the largest U.S. oil producer, has been restructuring, selling assets and slashing costs to boost shareholder returns, which have helped it register its

The multinational holds 40 per cent in the partnership through MPNU and NNPC the remainder. The post BREAKING: Seplat strikes deal to acquire Exxon Mobil’s Nigerian unit appeared first on Premium Times Nigeria .

Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange has bought the entire offshore shallow water business of ExxonMobil in Nigeria at the cost $1.2billion. The completion of the transaction is subject to Ministerial Consent and other required regulatory approvals but the transaction took effect January 2022. The company said it has entered into an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil Corporation, The Transaction agreement also includes potential additional contingent consideration of up to $300 million in total, payable over the period 1 January 2022 to 31 December 2026, and contingent upon average Brent crude oil prices exceeding $70 per barrel and subject to MPNU’s average working interest production exceeding sixty thousand barrels per day (60kboepd) (joint venture -150 kboepd) in such calendar year. Using its subsidiary, Seplat Energy Offshore Limited, Seplat entered into a Sale and Purchase Agreement to acquire the entire share capital of MPNU for a purchase price of $1,283 million plus up to $300 million contingent consideration, subject to lockbox, working capital and other adjustments at closing relative to the effective date, the company said.

In recent trading session, Exxon Mobil Corporation (NYSE:XOM) saw 14.36 million shares changing hands at last check today with its beta currently measuring 1.15. Company’s recent per share price level of $76.42 trading at -$0.35 or -0.46% at last check today assigns it a market valuation of $328.67B. That most recent trading price of XOM’s … Exxon Mobil Corporation (NYSE:XOM) Currently -8.71% Below Its 52-Week High, But There May Be A Surprise Downside Read More »

The high dividend yield is attractive, but not necessarily safe.

Exxon Mobil Corporation (NYSE: XOM ) gapped up almost 3% higher on Thursday morning but immediately ran into a group of sellers, which dropped the stock down 1.6% at press time. Brent crude oil prices jumped 8.99% to over $105 a barrel at 5 a.m. EST, after Russian troops began a full-scale invasion of Ukraine overnight. Russia’s aggression against its neighbor will be met with harsh sanctions from the west and because Russia is a top oil producer the sanctions are likely to stiffen the global energy supply. The rise in crude prices will also affect domestic prices and contribute further to the global rising inflation crisis. Crude oil prices may continue to surge until the market can digest the extent of the economic consequences of this war. If that happens, Exxon Mobil is likely to follow but first, the stock needs to complete its consolidation pattern. See Also: Exxon Mobil Outperforming Apple? How Energy Sector … Full story available on Benzinga.com

Russia Offers Record Discount For Its Oil As Buyers Pause, Struggle To Finance Three buyers of Russian crude oil have been unable to open letters of credit from Western banks to cover their purchases, four Reuters trading sources said on Thursday following the Russian attack on Ukraine. As Julianne Geiger writes at OilPrice.com, banks are understandably hesitant to extend credit for purchases of Russian crude, given the current situation between Russia, Ukraine, and the West. A letter of credit is a letter issued by banks that guarantees a buyer’s payment to a seller will be received on time and for the correct amount. However, banks may find such a definitive guarantee hard to stand by after Russia arrived in Ukraine cities by land and sea early on Thursday morning in what Russian President Vladimir Putin referred to as a “special military operation.” Missile fire was reported near the city of Kiyv, and Russia has landed in port cities such as Odesa. Crude oil prices have shot up as a result, with Brent crude spiking to more than $104 per barrel.

https://www.investing.com/analysis/exxons-gains-fueled-by-inflation-ukraine-but-how-much-still-left-in-the-tank-200618636

The West is promising "massive" sanctions on Moscow in response to Russia''s invasion of Ukraine. Any action on energy could

Thursday''s top analyst upgrades and downgrades included Caesars Entertainment, Chevron, Exact Sciences, Exxon Mobil, Gap, Ginkgo Bioworks, Home Depot, New York Mortgage Trust, Novavax, NOV and SoFi Technologies.

Picture credit: Red Dot on Unsplash This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice. Different types of businesses, organizations, and institutions have vehicle fleets and, unless they are electric, the vehicles all have one thing in common: they need fuel. As the number of U.S. gas stations declines and on-demand services rise, there is reportedly a growing demand for fuel to be brought to the vehicle rather than the vehicle operator seeking out the fuel. Big oil players such as Exxon Mobil Corp. (NYSE: XOM ) and Shell plc (NYSE: SHEL ) have invested in on-demand fuel delivery through the Yoshi and TapUp ventures, respectively. Meanwhile, one Florida company is focusing first on its home state by offering on-demand fuel delivery … Full story available on Benzinga.com

Global Stocks, Futures Crash; Nasdaq In Bear Market, Oil Soars Above $105 On Russia Attack U.S. stock index futures crashed along with global markets on Thursday as Russia’s assault on Ukraine sent investors fleeing risky assets, while the tech-heavy Nasdaq was set to open in a bear market. Contracts on the Nasdaq 100 were down 2.9% by 7 a.m. in New York, having dropped as much as 3.6% earlier and signaling that the underlying gauge was poised to fall 20% from its November record high for the first time since the pandemic; the S&P 500 was down 2.23% or 98 points to, 4,214, while Dow futures lost 2.3%. The flight to safety saw the 10-year Treasury yield tumble 14 basis points to under 1.9%. Gold hit the highest since September 2020, while the dollar also spiked higher. The Nasdaq was set to open in a bear market, with NQ futures down more than 20% from its all time highs just two months ago… ... while the VIX spiked higher, and was last just around 37, up almost 10 points on the day.

As the ongoing dispute between Russia and Ukraine advanced into explosions in major cities of the latter in the early hours of today (Thursday, February 24, 2022), western companies are poised to be negatively impacted, threatening the world economy. Journalists, according to multiple reports, heard explosions in Ukrainian cities -Kyiv and the eastern port city of Mariupol, shortly after Putin announced an operation to “demilitarise” the country. The dispute, which would eventually trigger sanctions from the United States (US) against Russia as promised, would see multinationals like Exxon Mobil, and Shell, struggling with their operations. Continue reading World Economy Threatened As Explosions Rock Ukrainian Cities at BizWatchNigeria.Ng.