exxon mobil corp (XOM) Key Developments
Exxon Mobil Closes Oil Production at Its Heritage, Harmony and Hondo Offshore Oil Rigs
Jun 26 15
Exxon Mobil has shut down oil production at its Heritage, Harmony and Hondo offshore oil rigs located off the coast of Santa Barbara after the Plains All American accident shut off the flow of oil from the three rigs. The company had been shipping the oil off the platforms using trucks, as well as storing the oil at an onshore facility. But with storage space exhausted, and the company unable to obtain an emergency trucking proposal from Santa Barbara officials, the oil-giant has been forced to suspend operations.
BP Bids For US Penn Virginia
Jun 25 15
BP p.l.c. (LSE:BP.) has made a bid to acquire Penn Virginia Corporation (NYSE:PVA), it has emerged. BP has offered $8 a share for Penn Virginia, which drills for oil in Texas and elsewhere in the US, and has a market capitalization of about $319.2 million, according to people familiar with the matter. Penn is understood to have rejected the offer because it believes the terms offered undervalue the company, and is holding out for at least $10 a share. It is believed rivals to BP such as Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) may also be interested in buying Penn Virginia.
Exxon Mobil Corp. Halts Drilling After Spill Crippled Pipeline
Jun 23 15
The shutdown of a pipeline that spilled up to 101,000 gallons of crude on the Santa Barbara coast forced Exxon Mobil Corp. to halt operations at three offshore platforms because it couldn't deliver oil to refineries. The company temporarily ceased operations after Santa Barbara County rejected its emergency application to truck oil to refineries. The shutdown is not expected to have an impact on oil prices, but it does harm Exxon Mobil's bottom line even though production from the platforms is small compared to the company's overall output.
ExxonMobil, Korea Institute of Energy Technology Evaluation and Planning and Korea Gas Corporation to Collaborate on Research and Development
Jun 18 15
ExxonMobil signed a memorandum of understanding with the Korea Institute of Energy Technology Evaluation and Planning and the Korea Gas Corporation to hold discussions concerning natural gas technologies and new energy technologies. The agreement will focus on the natural gas value chain, including cryogenic materials, hydrogen production and fuel cell utilization, energy efficiency technologies and technologies associated with robotics and automation.
A Coalition of Environmental Groups Go to Court to Block Exxon Mobil Settlement
Jun 11 15
A coalition of environmental groups filed a motion to intervene in an effort to block a controversial $225 million pollution settlement between Gov. Chris Christie's administration and Exxon Mobil. The groups include the New Jersey Sierra Club, Clean Water Action, Delaware Riverkeeper, Environment New Jersey, NY/NJ Baykeeper, the Natural Resources Defense Council and New Jersey Audubon. The agreement, which has rankled environmentalists and some state lawmakers since it was leaked to the New York Times in February, would require the Texas oil giant to pay $225 million for contamination at two North Jersey refineries and industrial sites and gas stations around the state. Christie has defended the settlement as the large of its kind in state history, one that comes on top of ongoing remedial cleanups at the different sites. But critics have called on the judge to reject the proposed deal because at a trial last year, attorneys for the state claimed Exxon owed nearly $9 billion for decades of dumping, spills and leaks at the two refineries, known as Bayway and Bayonne. The environmental groups have also criticized the Department of Environmental Protection and the Attorney General's Office for not releasing more information on the 16 other facilities and hundreds of gas stations that were included in the settlement deal.