NEW YORK — A big shift is happening in Big Oil: An American giant now ranks behind a Chinese upstart. Exxon Mobil is no longer the world’s biggest publicly traded producer of oil. For the first time, that distinction belongs to a 13-year-old Chinese company called PetroChina.
For the week ended December 12, Exxon Mobil Corporation (NYSE:XOM)stock plummeted 7.5% as West Texas Intermediate futures on the United States Oil Fund LP (ETF) (NYSEARCA:USO) fell below the $58 per barrel mark, for first time since May 2009. The oil giant closed the week with a market capitalization of $366.7 billion.
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WASHINGTON – The United States and Europe kicked off a joint effort on Tuesday intended to curb Russia’s long-term ability to develop new oil resources, taking aim at the Kremlin’s premier source of wealth and power in retaliation for its intervention in Ukraine.
The last month was quite disturbing for major oil producers as the oil price continued to tumble and affected their profits negatively. The crude oil companies are planning to cut down supply to stabilize the international market.
North America's oil and gas production boom will allow the continent to become a net energy exporter by 2025, according to the U.S. edition of Exxon's annual forecast. But this assumes expanded production in Canada's controversial oil sands. Many argue that their development environmentally hazardous.
Exxon Mobil Corp.’s plans to develop a US$14-billion underwater oil field off Newfoundland’s coast allows the world’s biggest energy company to hedge against discounted crude from Canada’s oil sands.
“The better pricing is definitely an issue,” Brian Youngberg, an analyst at Edward Jones & Co. said by phone from St. Louis on Jan. 4. “While things could change in the time it takes to finish the project, it’s a great way for Exxon to hedge their pricing.”
Exxon Mobil (NYSE:XOM) is a leading independent oil and gas exploration and production company in the world and competes with other major oil companies like Anadarko (NYSE: APC) BP (NYSE:BP), Chevron (NYSE:CVX