News summaries from company press releases and from unaffiliated news agencies are provided below. The summaries are sorted by month and are further categorized as upstream news, downstream news, and business/finance news.
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• Upstream news:
• Downstream news:
- ExxonMobil and TonenGeneral Sekiyu K.K have entered into an agreement which will result in the restructuring of ExxonMobil’s holdings in Japan. Under the terms of the agreement, TonenGeneral Sekiyu will purchase ExxonMobil’s shares in ExxonMobil Yugen Kaisha, integrating ExxonMobil Yugen Kaisha’s marketing operations with its existing manufacturing operations. This will result in a single, integrated downstream business better positioned to meet Japan’s energy needs. The transaction is valued at approximately US $3.9 billion. The corporation anticipates the restructuring will be seamless for ExxonMobil Japan Group customers, dealers and business partners and expects existing agreements to remain unchanged. Current management will remain in place until closing, which will occur in mid-2012. At closing, ExxonMobil will remain TonenGeneral Sekiyu’s largest shareholder and anticipates continued participation on its Board of Directors, subject to shareholder approval of its nominees. TonenGeneral Sekiyu will have exclusive, long-term use of ExxonMobil’s existing brands for the sale of ExxonMobil products in Japan. ExxonMobil will provide ongoing technology support, including technical assistance from ExxonMobil Research and Engineering. ExxonMobil will also provide international crude, feedstock and fuels supply services, including international marine coverage services.
• Business/Finance news:
- The Board of Directors of Exxon Mobil Corporation (NYSE:XOM) declared a cash dividend of 47 cents per share on the Common Stock, payable on March 9, 2012 to shareholders of record of Common Stock at the close of business on February 10, 2012. This first quarter dividend is at the same level as the dividend paid in the fourth quarter of 2011.
- ExxonMobil will release its fourth quarter and full year 2011 earnings on Tuesday, January 31, 2012. A news release will be issued over Business Wire.
- ExxonMobil recorded strong results while investing at record levels to develop new supplies of energy that are critical to meeting growing world demand, and supporting economic recovery and growth. Fourth quarter earnings of $9.4 billion were up 2% from the fourth quarter of 2010.Full year 2011 earnings were $41.1 billion, up 35% from 2010, reflecting higher crude oil and natural gas realizations, improved refining and chemical margins, and gains on asset sales.Capital and exploration expenditures were a record $36.8 billion in 2011.Oil-equivalent production was up 1% from 2010.Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 4%.In 2011, the Corporation distributed $29 billion to shareholders through dividends and share purchases to reduce shares outstanding.
• Upstream news:
- ExxonMobil Upstream Research Company has awarded the first license for its patented steam injection system and production method to Baker Hughes to improve the efficiency of in-situ oil sands projects. Approximately 80 percent of Canada’s oil sands can be produced using in-situ technology, which involves the injection of steam to enable bitumen to be extracted through drilling versus surface mining. The ExxonMobil-patented technology provides more effective regulation and distribution of steam in long horizontal wells for in-situ oil sands production. The technology reduces the number of wells needed, lowers operating costs by reducing steam consumption and improves overall recovery from the field. The technology can be used in cyclic steam stimulation (CSS), steam-assisted gravity drainage (SAGD) and steam flood (SF) heavy oil production projects. The technology was developed by Imperial Oil Limited, an ExxonMobil Canadian affiliate, and applied at the Imperial Cold Lake oil sands project.
- ExxonMobil Upstream Research Company announced that it has awarded Weatherford International Ltd. the first global license for the company’s MazeFlo sand control screens for oil wells. MazeFlo is a patented technology developed by ExxonMobil to improve the reliability of wells completed in sand-prone reservoirs. MazeFlo technology uses redundant screens and a maze of compartments to provide a self-healing capability against sand entering the producing section of a well. Each compartment contains a primary screen, outer housing, flow baffles and a secondary screen. If a primary screen erodes, sand will flow into the affected compartment and accumulate on the secondary screen. Fluid continues to flow to adjacent compartments with undamaged primary screens and can be produced without active involvement from surface operators.
- Exxon Mobil Corporation (NYSE:XOM) announced that additions to its proved reserves in 2011 totaled 1.8 billion oil-equivalent barrels, replacing 107 percent of production. Excluding the impact of asset sales, reserves additions replaced 116 percent of production. The annual reporting of proved reserves is the product of the corporation’s long-standing, rigorous process that ensures consistency and management accountability in all reserves bookings. The corporation’s reserves additions in 2011 reflect new developments with significant funding commitments as well as revisions and extensions of existing fields resulting from drilling, studies and analysis of reservoir performance. Reserve additions from the Kearl Expansion Project in Canada totaled 1 billion oil-equivalent barrels. Proved additions were also made in a diverse range of countries including the United States, Nigeria, Norway, Indonesia and Malaysia. Asset sales in 2011 reduced proved reserves by 141 million oil-equivalent barrels. Liquid additions totaled 1.4 billion oil-equivalent barrels for a 166 percent replacement ratio and gas additions totaled 0.4 billion oil-equivalent barrels for a 49 percent replacement ratio. At year-end 2011, ExxonMobil's proved reserves base increased to 24.9 billion oil-equivalent barrels. The proved reserves base is split 49 percent liquids and 51 percent gas.
- Exxon Mobil Corporation (NYSE:XOM) announced the startup of production from the Usan field, offshore Nigeria. ExxonMobil subsidiary Esso E&P Nigeria (Offshore East) Limited has a 30 percent interest in the deepwater project. The Usan project has capacity to produce up to 180,000 barrels per day gross. The Usan field was discovered in 2002 in water depths of 2,400 feet approximately 62 miles from the coast. Production facilities include a floating production, storage and offloading vessel and ultimately 42 sub-sea wells. The operator is Total E&P Nigeria Limited.
• Downstream news:
• Business/Finance news:
- ExxonMobil Foundation announced a $500,000 grant to Teach For America to help improve math and science education for more than 25,000 students from low-income communities in Dallas, Houston, South Louisiana and Washington, D.C. The grant will enable Teach For America to recruit approximately 400 new math and science teachers from top colleges and provide intensive training and career development to enhance high-quality classroom instruction. These teachers will work in urban and rural school districts with significant numbers of students from low-income backgrounds.
- ExxonMobil Foundation announced that 30 North Texas nonprofit agencies will participate in the 2012 ExxonMobil Community Summer Jobs Program.
- ExxonMobil Foundation is collaborating with National Engineers Week for the ninth consecutive year to present “Introduce a Girl to Engineering,” where ExxonMobil employees will host students at 13 company locations across the country. The program seeks to promote curiosity among middle school students, and help shrink the gender gap in science, technology, engineering and math (STEM) fields. Fifty middle school girls were innovators for a day as they learned about the exciting aspects of engineering careers during the ninth annual “Introduce a Girl to Engineering” program at ExxonMobil headquarters on February 21, supported by ExxonMobil employees and the ExxonMobil Foundation. Girls from Dallas, Irving and Plano Independent School Districts took part in hands-on activities designed to showcase the fun and unique applications of science, technology, engineering and math (STEM) that help solve everyday problems. Through first-hand accounts, ExxonMobil employees demonstrated creative and collaborative aspects of engineering, and how engineers are responsible for many of the world’s most important innovations.
- The ExxonMobil Foundation announced a $250,000 grant to the Global Health Corps allowing the program to expand opportunities for young African professionals and to create the ExxonMobil Fellowships in Global Health. The grant will support eight fellows from Africa – each of whom is paired with a young professional from the United States – committed to making a difference in global health. The Global Health Corps will give preference to applicants interested in the fight against malaria. The Global Health Corps provides opportunities for young professionals from diverse backgrounds to work on the frontlines of global health issues in skills-based, year-long fellowships. Fellows are drawn from various occupations, including medicine, supply chain and procurement management, engineering and education. Assigned to a non-governmental organization in a developing country, the fellows apply their expertise to disease management and simultaneously gain first-hand experience with pressing global health issues.
- L.J. (Lucille) Cavanaugh, vice president, Human Resources, Exxon Mobil Corporation (NYSE:XOM), has announced her intention to retire effective April 1, 2012, with more than 34 years of service. It is anticipated that the board of directors will elect M. (Malcolm) Farrant, as vice president, Human Resources, Exxon Mobil Corporation, effective April 1, 2012. Mr. Farrant is currently executive assistant to the chairman, Exxon Mobil Corporation.
- Exxon Mobil Corporation (NYSE:XOM) announced the election of Henrietta H. Fore to its board of directors. Ms. Fore is chairman and chief executive officer of Holsman International, an investment and management company. With Ms. Fore’s election, the ExxonMobil board stands at 12 directors, 11 of whom are non-employee directors.
• Upstream news:
- 1 Exxon Mobil Corporation (NYSE:XOM) plans to invest approximately $185 billion over the next five years to develop new supplies of energy to meet expected growth in demand, Chairman and CEO Rex W. Tillerson said in a presentation at the New York Stock Exchange. Tillerson said that even with significant efficiency gains, ExxonMobil expects global energy demand to increase by 30 percent by 2040, compared to 2010 levels. Demand for electricity will make natural gas the fastest growing major energy source and oil and natural gas are expected to meet 60 percent of energy needs over the next three decades. To help meet that demand, ExxonMobil is anticipating an investment profile of approximately $37 billion per year through the year 2016.
- ExxonMobil Upstream Research Company (URC) announced the licensing of its award-winning Multi-Zone Stimulation Technology (MZSTSM) well treatment process to a subsidiary of Weatherford International Ltd. The MZST process can be used to rapidly and reliably stimulate multiple zones in a single operation, yielding improved well economics. The MZST process can be particularly beneficial for hydraulic fracturing operations in tight gas, shale gas and coal bed methane wells that target multiple reservoir zones, thick reservoir sections or long reservoir intervals where multiple stimulation treatments are required.
• Downstream news:
- Speedpass customer appreciation days are back! To express appreciation to customers, ExxonMobil is repeating a favorite promotion of 15 cents per gallon rebate of gas purchased with a registered Speedpass account. Customers may register their Speedpass accounts at Speedpass.com/save to earn discounts for a 60-day period when they use their Speedpass devices on fuel purchases at participating Exxon and Mobil stations. Customers will receive their savings, on up to 100 gallons of gas, in the form of rebates on the credit or check card accounts linked to their Speedpass devices. Customers must register their Speedpass accounts online by May 31, 2012 in order to take advantage of the savings. Customers who do not have a Speedpass are invited to enroll and register online at speedpass.com. Registration and enrollment are free.
- ExxonMobil, ConocoPhillips, BP and TransCanada, through its participation in the Alaska Pipeline Project, announced that they are working together on the next generation of resource development in Alaska. The four companies have agreed on a work plan aimed at commercializing North Slope natural gas resources within an Alaska Gasline Inducement Act (AGIA) framework. Because of a rapidly evolving global market, large-scale liquefied natural gas (LNG) exports from south-central Alaska will be assessed as an alternative to a natural gas pipeline through Alberta.-
• Business/Finance news:
- On the eve of International Women’s Day, the ExxonMobil Foundation and the United Nations Foundation announced a collaboration to identify the most effective global investments that promote economic opportunities for women. The initiative will provide a roadmap for action by identifying various interventions countries can implement in different stages of economic development and for differing types of women’s economic participation. The initiative is led by internationally recognized gender and social development expert Dr. Mayra Buvinic and will identify and evaluate practical and applicable program interventions. Prior to joining the research project, Buvinic served for six years as director of gender and development at the World Bank. She was also founding member and president of the International Center for Research on Women from 1978 to 1996 and chief of the social development division at the Inter-American Development Bank from 1997 to 2004.
- ExxonMobil and its employees and retirees in North Texas raised more than $1.6 million for Dallas/Fort Worth-area charitable organizations during the inaugural Employees’ Favorite Charities Campaign. Nonprofit organizations benefiting from the campaign offer a wide range of social and educational services to residents in Collin, Dallas, Denton and Tarrant Counties. Employees and retirees contributed to 219 charities with more than half qualifying for a matching corporate contribution because of their focus on providing health and human services. As a result, 127 local non-profit organizations received contributions from Exxon Mobil Corporation in addition to the individual contributions made by employees and retirees.
- Two hundred grade-school teachers from across the United States have been selected to participate in the 2012 national Mickelson ExxonMobil Teachers Academy, an innovative professional development program designed to enhance math and science teaching skills. This year’s national academy will be held at Liberty Science Center in Jersey City, New Jersey. The successful educators, who teach grades three, four and five, were chosen from more than 1,000 applications through the www.sendmyteacher.com website. Selection was based on teacher qualifications, dedication to inspiring students at an early age and overall commitment to enhancing the teaching profession. A panel of educators from the National Council of Teachers of Mathematics and the National Science Teachers Association selected the participants.
• Upstream news:
- Rosneft and ExxonMobil signed agreements to implement a long-term Strategic Cooperation Agreement concluded in August 2011 to jointly explore for and develop oil and natural gas in Russia and to share technology and expertise. The agreements were signed by Rosneft President Eduard Khudainatov; Rex W. Tillerson, chairman and chief executive officer of Exxon Mobil Corporation (NYSE:XOM); Stephen M. Greenlee, president of ExxonMobil Exploration Company; and Neil W. Duffin, president of ExxonMobil Development Company, in the presence of Russian Prime Minister Vladimir Putin and Deputy Prime Minister Igor Sechin. The agreements signed today form joint ventures to manage an exploration program in the Kara Sea and Black Sea. They also set the terms for investments to be made by the partners in Russian offshore projects. The initial cost of preliminary exploration is estimated at over US $3.2 billion.
• Downstream news:
- Cleanup operations were continuing at the site of a spill of crude oil on remote rural property near Torbert LA, ExxonMobil Pipeline Company said. The oil from the North Line crude pipeline was contained in the immediate area and recovery efforts began on Sunday. Crews used vacuum trucks to recover the oil. Additional resources will be available as necessary. There were no injuries. Air quality monitoring was conducted in the impacted area and confirmed no danger to the public. Additional air monitoring will continue.
• Business/Finance news:
- ExxonMobil and its employees are donating $40 million to higher education institutions across the country as part of the ExxonMobil Foundation’s 2011 Educational Matching Gift Program. ExxonMobil employees, retirees, directors and surviving spouses contributed $12 million, which was matched with $28 million in unrestricted grants from the ExxonMobil Foundation. The program matches donor pledges 3:1 up to $7,500 to qualified colleges and universities in the United States, along with the American Indian College Fund, Hispanic Scholarship Fund and the United Negro College Fund. Since the Educational Matching Gift Program began in 1962, more than $477 million has been donated to American institutions of higher learning.
- ExxonMobil and its employees are donating $8.8 million to higher education institutions across Texas as part of the ExxonMobil Foundation’s 2011 Educational Matching Gift Program. ExxonMobil employees, retirees, directors and surviving spouses contributed $2.6 million, which was matched with $6.2 million in unrestricted grants from the ExxonMobil Foundation.
- On the eve of World Malaria Day, the ExxonMobil Foundation announced more than $10 million in grants to fight malaria, bringing its total commitment to more than $110 million since 2000. The funding will support lifesaving programs and proven, scalable methods for preventing and treating malaria through leading organizations including Malaria No More, Africare, the United Nations Foundation, USAID, The Harvard Malaria Initiative, Jhpiego, Population Service International, UNICEF and the Medicines for Malaria Venture. ExxonMobil Foundation-supported programs have reached more than 66 million people, primarily in sub-Saharan Africa where the disease is most prevalent. Global and local programs supported by ExxonMobil have provided more than 13 million bed nets, administered 1.7 million treatment doses and helped deliver 878,000 rapid diagnostic kits in affected areas. Over the last decade, malaria mortality rates have fallen by more than 25 percent globally thanks to malaria prevention and control measures.