Ongoing Production Updates, Legal Outcomes, New Business Ventures, and Cash
Tender Offers - Analyst Notes on ExxonMobil, Chevron, BP, Encana, and Murphy
Editor Note: For more information about this release, please scroll to bottom.
NEW YORK, March 10, 2014
NEW YORK, March 10, 2014 /PRNewswire/ --
Today, Analysts Review released its analysts' notes regarding Exxon Mobil
Corporation (NYSE: XOM), Chevron Corporation (NYSE: CVX), BP plc (NYSE: BP),
Encana Corporation (NYSE: ECA), and Murphy Oil Corporation (NYSE: MUR).
Private wealth members receive these notes ahead of publication. To reserve
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Exxon Mobil Corporation Analyst Notes
On March 5, 2014, Exxon Mobil Corporation's (ExxonMobil) Chairman and CEO Rex
W. Tillerson announced that the Company expects to start production at 10
major projects in 2014, adding new capacity of approximately 300,000 net oil
equivalent barrels per day and contributing to profitable production growth.
"We are adding new volumes that improve our profitability mix with higher
liquids and liquids linked natural gas volumes. We're also driving increased
unit profitability through better fiscal terms and reducing low-margin barrel
production," said Tillerson. The Company also stated that it expects capital
spending for 2014 to decline to $39.8 billion, from $42.5 billion in 2013.
Also, from 2015 to 2017, the Company projects capital expenditures to average
less than $37.0 million, excluding potential acquisitions. The full analyst
notes on Exxon Mobil Corporation are available to download free of charge at:
Chevron Corporation Analyst Notes
On March 4, 2014, Chevron Corporation (Chevron) announced that the US District
Court for the Southern District of New York has ruled that the $9.5 billion
judgment against the Company in Ecuador was a product of fraud and
racketeering activity, therefore finding it unenforceable. Providing more
details, Chevron stated that the ruling found Steven Donziger, the lead
American lawyer behind the Ecuadorian lawsuit, guilty of violating the federal
Racketeer Influenced and Corrupt Organizations Act (RICO) in obtaining the
Ecuadorian judgment and in trying to cover up his and his associates' crimes.
Chevron noted that the ruling prohibits Donziger and his associates from
seeking enforcement of the Ecuadorian judgment in the US and further prohibits
them from profiting from their illegal acts. The full analyst notes on Chevron
Corporation are available to download free of charge at:
BP plc Analyst Notes
On March 4, 2014, BP plc (BP) announced that it intends to establish a
separate business to manage its onshore oil and gas assets in the US Lower 48.
In response to the unique characteristics of the US Lower 48 onshore and gas
business environment, the Company's new business will operate separately from
the rest of BP, and is designed to adapt to the rapidly changing and
hyper-competitive energy landscape in the region. The Company expects the
decision to help unlock the significant value associated with its extensive
resource position in the US Lower 48 onshore. "Participating in the US Lower
48 onshore is key to our upstream strategy because we believe the region will
remain at the forefront of innovation and drive global learning in
unconventional resources," said Lamar McKay, Upstream Chief Executive at BP.
The full analyst notes on BP plc are available to download free of charge at:
Encana Corporation Analyst Notes
On February 28, 2014, Encana Corporation (Encana) announced that its
subsidiary, Encana Acquisition ULC (Encana Acquisition), has commenced a cash
tender offer for any and all of the outstanding $1.0 billion 5.80% Notes due
May 1, 2014 issued by Encana Holdings Finance Corp. (Encana Holdings Finance).
The Company informed that the tender offer will expire on March 28, 2014 at
10:00 a.m., New York City time, unless extended by the Purchaser. The full
analyst notes on Encana Corporation are available to download free of charge
Murphy Oil Corporation Analyst Notes
On March 3, 2014, Murphy Oil Corporation (Murphy Oil) announced that first oil
production from the Siakap North-Petai (SNP) development offshore Malaysia
begun on February 27, 2014. The Company informed that initial operations
started with production from four oil wells, and that the peak gross
production from the field is expected to reach 35,000 barrels of oil per day
in mid-2014. "We are pleased to achieve first oil at the Siakap North-Petai
development. This field, along with our other oil developments offshore
Malaysia and Dalmatian in the Gulf of Mexico, are all key components of our
2014 production growth profile," said Roger Jenkins, President and CEO of
Murphy Oil. The full analyst notes on Murphy Oil Corporation are available to
download free of charge at:
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