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
12/17/201420:41:07KKR Stumbles on Shale Deal
12/15/201417:10:18Tax Disputes Flair as Africa Fights 'Secret' Oil Deals
12/12/201400:26:52Fall in Oil Prices Threatens Africa's Economic Growth
12/11/201413:03:11U.S. Stocks Rally on Robust Retail Sales
12/09/201415:54:02MARKET SNAPSHOT: The S&P 500 Recorded Its Biggest Drop In Nearly...
12/05/201404:08:44Cheap Oil Primes Pumps for Round of Energy Mergers -- Update
12/04/201423:13:33Cheap Oil Primes Pumps for Round of Energy Mergers
12/03/201423:42:09MARKET SNAPSHOT: S&P 500, Dow Register Record Closes
12/03/201423:22:42MARKET SNAPSHOT: U.S. Stocks Lifted By Gains In Energy Companies
12/02/201418:28:34Chadian Crude Oil Export in 2014 Up on Year, Report Says
12/01/201419:50:16Oil Search Bids for Talisman's Papua New Guinea Assets -- 2nd...
12/01/201419:29:00Oil Search Bids for Talisman's Papua New Guinea Assets -- Update
12/01/201414:25:24U.S. Stocks Trade Lower
12/01/201404:43:14Siem Offshore Receives Contract Cancellations
11/30/201421:40:08Even After Selloff, Energy Stocks Find Few Buyers
11/28/201415:27:42MARKET SNAPSHOT: Stocks End Mixed; OPEC Sinks Energy Sector
11/28/201415:26:16OPEC Move Roils Markets
11/28/201415:25:31MARKET SNAPSHOT: U.S. Stocks: OPEC Sinks Energy Sector, Airlines...
11/28/201415:14:57MARKET SNAPSHOT: U.S. Stocks Mixed; Energy Sector Slammed, Airlines...
11/28/201414:49:02MARKET SNAPSHOT: U.S. Stocks: Energy Sector Slammed After OPEC...

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 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad