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
07/31/201409:53:25MARKET SNAPSHOT: U.S. Stocks: Dow Drops By Triple Digits
07/31/201409:49:05U.S. Hot Stocks: Hot Stocks to Watch
07/31/201409:16:22MARKET SNAPSHOT: U.S. Stocks: Futures Drop On Jobless Claims
07/31/201408:11:50MARKET SNAPSHOT: U.S. Stocks: Futures Drop As Investors Chew...
07/31/201406:24:53MARKET SNAPSHOT: U.S. Stocks: Futures Drop On Last Day Of July...
07/27/201406:18:09MARKET SNAPSHOT: What The M&A Surge Says About The Stock Market
07/25/201410:41:52Promising Outlook for Tanzania's Natural Gas Sector Says IMF
07/25/201408:40:33Rosneft Working on Sanctions Strategy
07/24/201402:24:17Statoil Gets Stake in Offshore Columbia Licence
07/18/201419:37:44Shell Confirms Employees Were on Malaysia Airlines Flight...
07/17/201402:13:01U.S. Escalates Sanctions on Russia Over Ukraine -- Update
07/11/201408:30:35North Sea Maintenance Means August Crude-Oil Loadings to Fall...
06/30/201409:00:06Exxon Mobil Confirms Small Oil Spill, Fire at Nigeria Operations
06/19/201407:22:23China to Move Citizens in Iraq
06/19/201404:20:15GDF Suez Backs Away from Australian Floating LNG Project
06/18/201406:15:17Statoil Finds Further 2-3 Trillion Cubic Feet of Gas Offshore...
06/16/201417:12:40Correction On Exxon CEO In Russia Story On Sunday
06/16/201416:22:37Despite Ukraine, Exxon's Tillerson to Appear With Rosneft's Sechin
06/11/201419:14:44Aubrey McClendon Launches His Post-Chesapeake Comeback
06/09/201406:56:05North Sea BFOE Crude-Oil Loading Programs to Rise 4.5% in July

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