ADVFN - Advanced Financial Network.
HOME» NYSE » E » XOM Stock Price » XOM Stock News

Exxon Mobil Share News

 Exxon Mobil Corp. Stock Price
XOM Stock Price
 Exxon Mobil Corp. Stock Chart
XOM Stock Chart
 Exxon Mobil Corp. Stock News
XOM Stock News
 Exxon Mobil Corp. Company Information
XOM Company Information
 Exxon Mobil Corp. Stock Trades
XOM Stock Trades

Exxon Executive: Switching US Drilling Rigs To Oil Areas, Away From Gas

By Isabel Ordonez Of DOW JONES NEWSWIRES HOUSTON -(Dow Jones)- Exxon Mobil Corp. (XOM) said Thursday it is reducing the number of rigs drilling for shale gas in the U.S. and switching them to oil-rich areas such as North Dakota's Bakken Shale and West Texas's Permian Basin. Exxon Mobil, the world's largest publicly traded oil company, also continues to acquire properties in shale oil areas in the U.S., the company said. "We have continued to shift [rigs] to the liquids rich plays...focusing on the Bakken, the Permian," said David Rosenthal, Exxon Mobil's vice president of investors relations. We have "continued to acquire liquids rich acreage at attractive prices and shift our rig fleet over to those areas while minimizing the incremental exposure to dry gas wells." The remarks are a reversal for Exxon Mobil, which despite low natural gas prices, had continued to drill for shale gas in recently acquired properties in areas such as Pennsylvania's Marcellus Shale. Exxon's change in drilling focus follows similar moves by other energy producers that have seen cash flows and earnings hit by depressed natural gas prices, which have been trading at their lowest point in a decade at around $2 per million British thermal units. Exxon posted Thursday an 11% drop in earnings on lower oil-and-gas production and a drop in chemical profits that more than offset the benefits of high crude prices and improved refining results. The company's production dropped 5%, with natural gas production falling 3.3%. The average price at which Exxon sold its natural-gas production in the first quarter was $2.74 per thousand cubic feet, down 20% from the same period a year earlier. --By Isabel Ordonez, Dow Jones Newswires; 713-547-9207; isabel.ordonez@dowjones.com

Stock News for Exxon Mobil (XOM)
DateTimeHeadline
05/03/201607:50:00Norway Oil Fund Backs Exxon Climate Stress Tests
04/30/201603:03:00Exxon Swoons, but Investors Cheer -- WSJ
04/29/201619:27:00Investors Optimistic About Oil-Company Stocks After Earnings...
04/29/201615:29:00Investors Optimistic About Oil-Company Stocks After Earnings...
04/29/201611:57:00Oil and Gas Stocks See Shares Rise After Reporting Results
04/29/201610:02:00Exxon Mobil Posts Smallest Profit Since 1999 Merger--2nd Update
04/29/201609:50:00Chevron Reports Wider-Than-Expected Loss
04/29/201609:12:00Exxon Mobil Posts Smallest Profit Since 1999 Merger--Update
04/29/201609:10:00Exxon Mobil Profits Plunge 63%
04/29/201609:00:00Exxon Mobil Profits Plunge 63%
04/29/201608:02:14Current Report Filing (8-k)
04/29/201608:00:00ExxonMobil Earns $1.8 Billion in First Quarter of 2016
04/29/201603:02:00Ahead of the Tape: Exxon Still Has Fuel in Its Tank -- WSJ
04/28/201614:40:00EU High Court Rules Against Businesses on Carbon Credits
04/28/201608:08:00Corporate Social Responsibility Related News Releases and Story...
04/27/201622:00:00Suncor Buys Out Murphy Oil Stake in Canada's Syncrude Oil Sands...
04/27/201617:40:00Exxon Mobil Boosts Its Dividend Slightly
04/27/201603:03:00Exxon Loses Its Triple-A Rating -- WSJ
04/26/201618:38:00Oil Companies' Bet on Kurdistan Turns Sour
04/26/201613:10:00S&P Strips Exxon of Triple-A Credit Rating

Exxon Mobil and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad