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.
Recently I told you about a new technology sweeping America’s shale fields.
It’s the next game changer – in a long line of game-changers – that will help boost U.S. oil for decades.
While mainstream analysts and folks on Main Street overlook these game changers and the sheer size of American energy, you and I will have a font row seat to some once in a lifetime profit opportunities.
The current downturn in the global energy industry has forced oil companies to think out-of-the-box and search for alternatives. With oil trading at $55 per barrel, Exxon Mobil Corporation (NYSE:XOM) is putting its faith in US shale plays to spur company growth going forward. Shale fields in Texas, Oklahoma, and North Dakota are to be the source behind the company’s upcoming overseas projects.
Imperial Oil Ltd., a Canadian affiliate of Exxon Mobil Corp., said profit in the third quarter sank even after it boosted production as oil stuck near six-year lows.
Net income fell to $479 million, or 56 cents a share, from $936 million, or $1.10, a year earlier, the Calgary-based company said Friday in a statement.
Exxon Mobil Corporation (NYSE:XOM) and Royal Dutch Shell plc (ADR) (NYSE:RDS.A) are better positioned to face the rout in oil price because of their current stage in the capital spending cycle, and their ability to make spending cuts without significantly stunting production growth.
“It means a lot of wealth for them, so they are going to spend a lot of money on an issue that’s fairly narrow in the minds of most Americans”
Exxon Mobil Corp. and Dow Chemical Co., big-dollar lobbying allies on many issues in Washington, are on opposite sides of a high-stakes fight over how much of rising U.S. natural gas supplies should be sold overseas.
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.