Tag: ExxonMobil

Ellison Faces Scrutiny for Use of San Francisco Firm on Lawsuit Against Energy Companies

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Keith Ellison

A trio of Republican lawmakers are asking Attorney General Keith Ellison to provide the public with more details on his office’s contract with a San Francisco-based law firm hired to aid in an ongoing climate change-related lawsuit against three major oil companies.

Sens. Mark Koran and Andrew Mathews, and Rep. Jim Nash sent Ellison a detailed letter last week that claims the law firm, Sher Edling, LLP, has received more than $13 million from special interest organizations outside of Minnesota to help fund its climate litigation efforts, including the one ongoing in Minnesota. And they want Ellison to provide the public with “a complete accounting of who is providing financial support for Sher Edling’s work on the Minnesota case.

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America’s Largest Oil Company Pays Nearly $60 Billion for Pioneer Natural Resources

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ExxonMobil announced Wednesday that it has acquired Pioneer Natural Resources in a major deal in the oil and gas industry.

America’s largest oil company is merging with Pioneer, which controls a strong portfolio of assets in the oil- and gas-rich Permian Basin of Texas and New Mexico, in an all-stock transaction valued at about $59.5 billion, Exxon announced. The deal could draw antitrust scrutiny from the Biden administration, which has already demonstrated its distaste for long-term fossil fuel development, according to Axios.

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Commentary: Energy Companies Are Finally Backtracking on Their Absurd Green Goals

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Is the public finally waking up to the inherent absurdities taking place in the energy space in the U.S. and across the Western world in recent years? Recent votes taken on ESG and climate change-related shareholder initiatives at major oil company annual board meetings indicate that may well be the case.

Though it has received scant attention across the legacy news media in general, the Financial Times reported recently that such shareholder initiatives were overwhelmingly rejected by shareholders of both ExxonMobil and Chevron, with most receiving less than 10 percent support. Similar initiatives in the previous few years would typically generate support in the 30-40 percent range, with a handful even gaining majority support.

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Big Oil Makes Big Bucks as Pump Prices Stay High

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ExxonMobil’s quarterly fuel profits could reach as high as $4.4 billion in the second quarter as major refiners were set to collectively make $14 billion in profits, The Wall Street Journal reported.

Overall, ExxonMobil is projecting $18 billion in profit this quarter, its highest profit margin in 25 years. The projections come as average fuel prices remain elevated throughout the country, averaging well over $4 per gallon and up as much as $1.50 from this time last year, according to AAA data.

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ExxonMobil Joins Other Big Oil Companies in Withdrawing from Russia

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U.S. Big Oil corporation ExxonMobil joined multiple other multinational energy firms in announcing that it would distance itself from Russian business ventures Tuesday.

The American energy giant announced that it would begin the process of exiting the Sakhalin-1 drilling project, a major oil and gas development located off the far east coast of Russia. The Houston-based corporation currently owns a 30% stake in the offshore oil drilling project, Barron’s reported.

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Oil Hits 11-Year High as Big Oil Dumps Russia, White House Mulls Energy Sanctions

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The price of crude oil touched its highest level in nearly 11 years on Wednesday amid the ongoing Ukraine crisis which has roiled energy markets.

The WTI index, the U.S. benchmark index, surged to $112.09 per barrel, its highest level since May 2011, early Wednesday before receding near $108 per barrel, marketplace data showed. The global Brent crude benchmark approached $114 per barrel then dropped below $111 a barrel.

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Largest U.S. Oil Producer Vows Net Zero Emissions by 2050

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ExxonMobil, the largest American producer of crude oil, outlined its plan Tuesday to achieve net zero carbon emissions by 2050, improving upon previous goals.

The major oil producer identified more than 150 “potential steps” that will help it achieve net zero emissions on its operations within 30 years, the company announced. ExxonMobil will increase investments in carbon capture and storage technology, hydrogen and biofuels, and bio-based plastic waste streams.

“ExxonMobil is committed to playing a leading role in the energy transition, and Advancing Climate Solutions articulates our deliberate approach to helping society reach a lower-emissions future,” ExxonMobil Chairman and CEO Darren Woods said in a statement.

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