Wire
Treasury Secretary Bessent Urges Retailers to Lower Gas Prices as Crude Dips, Fox News Reports
Treasury Secretary Bessent Urges Retailers to Lower Gas Prices as Crude Dips, Fox News Reports
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Exxon Mobil Corporation
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317 stories mentioning Exxon Mobil CorporationUpdated 2d ago
Exxon featured as Australia's Woodside dismissed media speculation it intended to acquire the firm, while energy shares moved on US-Iran peace news.
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Commodities
QatarEnergy, ExxonMobil, Cyprus Declare Commerciality for 2 Gas Fields
QatarEnergy, ExxonMobil (XOM), and the Republic of Cyprus signed a commercial discovery declaration for the Glaucus and Pegasus gas fields in Block 10, offshore Cyprus, according to a statement on Tuesday.The signing will enable the parties to join forces on seeking regulatory approvals, QatarEnergy said, as the fields enter the next phase of their development.The companies and the government also signed a collaboration statement to further develop the natural gas resources in the block.Meanwhile, Cypriot Energy Minister Michael Damianos said he welcomed the consortium's interest in pursuing offshore exploration in Blocks 4 and 10A within the country's Exclusive Economic Zone.Price: $136.12, Change: $+0.08, Percent Change: +0.06%
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Equities
Sable Offshore Proposes Offerings of $100 Million in Common Stock, $300 Million in Convertible Notes
Sable Offshore (SOC) plans to start separate public sales of $100 million in common stock and $300 million in convertible senior notes maturing in 2031, the company said Tuesday.The company will grant underwriters a 30-day option to buy an additional $15 million in common stock and $45 million in notes to cover over-allotments, it said.Sable plans to use the net proceeds, alongside funds from a new secured lending arrangement, to settle its current senior secured term loan with Exxon Mobil (XOM) and for general corporate purposes, it said.Shares of Sable were down 38% in Tuesday premarket activity.
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Commodities
US Land Rig Count at 561; Oil, Gas Rigs Up, RBC Says
The US land rig count reached 561 for the week ended June 26, with oil rigs accounting for 428 and gas rigs totaling 125, RBC Capital Markets said on Saturday, citing Baker Hughes data.The US oil rig count increased by six from a week earlier and by 18 relative to the previous month, the report said, while the US gas rig count rose by three versus last week and by one from the prior month.The Permian Basin, which accounts for 60% of oil rigs in the Lower 48 and 46% of total US land rigs, saw a rig count increase of two week over week to 258, according to the report.Helmerich & Payne (HP), Patterson-UTI Energy (PTEN), and Nabors Industries (NBR) were the most active drillers in the region during the week, RBC said, while Exxon Mobil (XOM), Devon Energy (DVN), and Occidental Petroleum (OXY) were the most active operators.During the same period, Eagle Ford rig count was flat at 44, while Anadarko rig count decreased by one to 19. The number of rigs in Haynesville also remained unchanged at 55.Stocks of oilfield services under RBC coverage retreated 2.4% week over week, with CES Energy Solutions, Atlas Energy Solutions (AESI), and Calfrac Well Services as the top performers.On the other hand, the bottom performers were Trican Well Service, Precision Drilling (PDS), and Ensign Energy Services, according to the investment bank.RBC noted that prices for West Texas Intermediate and Brent both eased 8% week over week to $69 per barrel and $72/bbl, respectively.Henry Hub natural gas prices also saw a 0.1% moderation to $3.57 per thousand cubic feet, down 9.7% from a year earlier.
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Commodities
US Refining Capacity Falls in 2025 After Major Plant Closures, EIA Says
US refinery capacity fell in 2025 as the permanent closure of two major plants outweighed marginal efficiency gains across the industry, Energy Information Administration strategists said in a note on Monday.EIA analysts said operable atmospheric distillation capacity totaled 18.2 million barrels per calendar day as of Jan. 1. The figure represents a decline of more than 250,000 b/cd, or about 1%, compared with the same period a year earlier, the analysts said.The contraction leaves the US with 130 operable refineries, two fewer than in 2025.The EIA said the decline was driven by the shutdown of two refineries in 2025, including a 263,776-b/d facility in Houston operated by LyondellBasell (LYB) and a 138,700-b/d refinery in Los Angeles owned by Phillips 66 (PSX).Combined, the two closures removed about 400,000 b/d of capacity from the market.However, the agency said incremental capacity expansions and process improvements at existing refineries partially offset the reduction. The EIA identified 130 operable refineries in the US as of Jan. 1, down from 132 a year earlier.The closure of the Phillips 66 Los Angeles facility represented a 5% reduction in refining capacity on the US West Coast, within the Petroleum Administration for Defense District 5.The EIA said that while Valero Energy's (VLO) 145,000-b/d Benicia refinery in California remained operational as of Jan. 1, the facility has since ceased refining operations and was removed from the agency's monthly capacity estimates beginning in March 2026.The closure of the LyondellBasell refinery, by contrast, represented a smaller proportional impact on the US Gulf Coast refining system, accounting for about 3% of capacity in PADD 3, where refining output exceeds regional fuel demand.Overall Gulf Coast refining capacity declined by less than 2% in 2025 after accounting for capacity additions elsewhere in the region, the EIA said.The agency said that the three largest US refiners, Marathon Petroleum (MPC), Valero Energy and Exxon Mobil (XOM), each reported calendar-day capacity increases of less than 1% compared with 2025, reflecting what it described as small-scale operational improvements rather than major expansion projects.Phillips 66 recorded an overall decline in capacity following the closure of its Los Angeles facility.Meanwhile, Chevron (CVX) overtook PBF Energy (PBF) to become the fifth-largest US refiner after posting modest capacity gains.Motiva Enterprises' Port Arthur refinery in Texas retained its position as the largest US refinery by calendar-day capacity at 656,000 b/d, while Marathon Petroleum's Galveston Bay refinery remained the country's largest on a stream-day basis, with a capacity of 678,000 barrels per stream day.Price: $177.06, Change: $+5.41, Percent Change: +3.15%
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Equities
Morgan Stanley Adjusts Price Target on Exxon Mobil to $168 From $171, Maintains Overweight Rating
Exxon Mobil (XOM) has an average rating of overweight and mean price target of $170.57, according to analysts polled by FactSet.Price: $136.29, Change: $-1.26, Percent Change: -0.92%
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Oil & Energy
Trump Says Iran Talks Progressing, Calls Hormuz Fees Unacceptable
US President Donald Trump said Wednesday negotiations with Iran are advancing and warned that any fees on vessels transiting the Strait of Hormuz would be "unacceptable."Trump made the remarks speaking alongside Nato Secretary General Mark Rutte at the White House."We're doing great in our negotiations with Iran," Trump said, expressing confidence in ongoing talks with Tehran and dismissing suggestions that recent political developments could affect the discussions.Asked whether he would support an agreement that imposed fees on vessels using the Strait of Hormuz, Trump said, "It would be unacceptable," arguing that similar charges could encourage other countries to follow suit.Discussing the Iran conflict, Trump said the US did not receive the level of support it expected from allies, adding that while the US did not need help, it would have been "nice" if partners had offered assistance.Trump also credited Turkish President Recep Tayyip Erdogan and Chinese President Xi Jinping for staying out of the Iran conflict. He said both leaders honored his requests to avoid involvement, helping prevent a broader regional escalation.Trump said he has directed the Department of Justice to examine fuel pricing practices at major energy companies alleging price gouging by oil firms. He noted that retail gasoline prices have not fallen in line with declines in crude oil markets.He pointed to several energy majors including Exxon Mobil (XOM), Chevron (CVX), Shell (SHEL), BP (BP), among others. "... the gasoline or the oil prices have come down so much, and we are not seeing anything at the pump by comparison," Trump said.Trump said, "...we should be, in my opinion, at $2.25 right now at the pump, and we're higher than that, and we are doing a big investigation on it."He alleged that the companies are "possibly gouging," and warned, "I hope they're not. Otherwise, they're going to be in big trouble."The US President said about 19 million barrels of oil moved through global markets the previous day, describing the volume as "a flood" and citing it as evidence of strong supply conditions.Turning to UK energy policy, Trump urged British leaders to expand North Sea oil development and argued the country is failing to capitalize on a major resource opportunity. "You have the greatest oil field in the world, one of them, it's called the North Sea oil," Trump said.
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Sectors
Sector Update: Energy Stocks Rise Late Afternoon
Energy stocks rose late Tuesday afternoon with the NYSE Energy Sector Index increasing 0.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.The Philadelphia Oil Service Sector Index eased 0.1%, and the Dow Jones US Utilities Index gained 0.9%.West Texas Intermediate crude oil fell 0.7% to $73.31 a barrel, and global benchmark Brent declined 1% to $77.13 a barrel. Henry Hub natural gas futures dropped 3.2% to $3.15 per 1 million BTU.In corporate news, the US Supreme Court reversed and remanded rulings by lower courts, reviving Exxon Mobil's (XOM) lawsuit seeking more than $1 billion in damages from Cuban government-owned companies over assets confiscated after Fidel Castro seized of power in 1959. Exxon shares rose 1.2%.Petrobras (PBR) signed a memorandum of understanding with Petroleos Mexicanos to cooperate in areas of exploration and production, and industrial processes. Petrobras shares were little changed.Walmart (WMT) will buy nuclear power from Constellation Energy (CEG) under a long-term agreement split into two 15-year terms. Constellation shares fell 1.6%.Energy Fuels (UUUU) agreed to acquire Germany-based magnetics manufacturer Vacuumschmelze and related entities, collectively known as VAC, from private equity firm Ara Partners in a deal with an equity value of $1.9 billion. Energy Fuels shares fell 3.9%.
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Sectors
Sector Update: Energy Stocks Higher Tuesday Afternoon
Energy stocks rose Tuesday afternoon, with the NYSE Energy Sector Index increasing 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.The Philadelphia Oil Service Sector Index was rising 0.4%, and the Dow Jones US Utilities Index was up 0.7%.Front-month West Texas Intermediate crude oil decreased 0.8% to $73.23 a barrel, and the global benchmark Brent crude contract fell 1% to $77.13 a barrel. Henry Hub natural gas futures dropped 3% to $3.16 per 1 million BTU.In sector news, the Strait of Hormuz will remain open "with no further naval blockade," and Iran has agreed to the "highest level nuclear inspections," Al Jazeera cited US President Donald Trump as saying. Tehran has no plans to allow international inspections of its nuclear facilities, the Middle East news agency cited Iran's Foreign Affairs Ministry spokesman Esmaeil Baghaei as saying.Separately, the Trump administration is expected to announce a new deal Tuesday through which the Department of Energy will make available low-interest loans amounting to $17.5 billion for utilities to finance equipment orders for Westinghouse Electric's flagship nuclear reactor, The Wall Street Journal reported, citing the Energy Department and comments from Energy Secretary Chris Wright.The US and Qatar have warned that the EU could face higher gas prices and supply shortages unless it changes planned methane emissions rules, the Financial Times reported Tuesday, citing a draft letter seen by it.In corporate news, the US Supreme Court on Tuesday reversed and remanded rulings by lower courts, reviving Exxon Mobil's (XOM) lawsuit seeking more than $1 billion in damages from Cuban government-owned companies over assets confiscated following Fidel Castro's seizure of power in 1959. Exxon shares rose 1.2%.Walmart (WMT) will buy nuclear power from Constellation Energy (CEG) under a long-term agreement split into two 15-year terms, the companies said Tuesday. Constellation shares were shedding 0.2%.Energy Fuels (UUUU) said Tuesday it agreed to acquire Germany-based magnetics manufacturer Vacuumschmelze and related entities, collectively known as VAC, from private equity firm Ara Partners in a deal with an equity value of about $1.9 billion. Energy Fuels shares were down 2%.
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Sectors
Sector Update: Energy
Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index increasing 0.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.9%.The Philadelphia Oil Service Sector Index was rising 0.5%, and the Dow Jones US Utilities Index was up 0.7%.Front-month West Texas Intermediate crude oil decreased 0.8% to $73.26 a barrel, and the global benchmark Brent crude contract fell 1% to $77.15 a barrel. Henry Hub natural gas futures dropped 3.3% to $3.15 per 1 million BTU.In corporate news, the US Supreme Court on Tuesday reversed and remanded rulings by lower courts, reviving Exxon Mobil's (XOM) lawsuit seeking more than $1 billion in damages from Cuban government-owned companies over assets confiscated following Fidel Castro's seizure of power in 1959. Exxon shares rose 1.2%.
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Wire
Top Midday Stories: Energy Department to Provide $17.5 Billion in Loans for Nuclear Reactors; Oracle Shrank Workforce by 13% in Fiscal 2026
The Nasdaq Composite and S&P 500 Index were down in late-morning trading Tuesday, while the Dow Jones Industrial Average was roughly flat, as chip-related shares tumbled.The Trump administration is expected to announce a new deal Tuesday through which the Department of Energy will make available low-interest loans amounting to $17.5 billion for utilities to finance equipment orders for Westinghouse Electric's flagship nuclear reactor, The Wall Street Journal reported, citing the DOE and Energy Secretary Chris Wright. The loans are intended to accelerate the construction of 10 reactors in the US, and five loans will be available for projects with two reactors each, the report said, citing the DOE.In company news, Oracle's (ORCL) total workforce fell by about 21,000 employees, or 13%, in fiscal 2026 to 141,000 as of May 31, Reuters reported Monday. Oracle shares were down 3.5% around midday.SpaceX (SPCX) is set to launch the first mission of its Starfall program on Tuesday, sending a reusable capsule into orbit that can be recovered on Earth, Bloomberg reported Tuesday. The capsule will launch aboard a Falcon 9 from Florida and is expected to splash down off the West Coast of the US, the report said. SpaceX shares were up 2.4%.Carnival (CCL) reported fiscal Q2 adjusted earnings Tuesday of $0.41 per diluted share, up from $0.35 a year earlier and above the FactSet consensus analyst estimate of $0.34. Fiscal Q2 revenue was $6.66 billion, up from $6.33 billion a year ago but below the FactSet consensus of $6.69 billion. For fiscal Q3, the company said it expects adjusted EPS of about $1.35, below the FactSet consensus of $1.42. For fiscal 2026, Carnival expects adjusted diluted EPS of about $2.22, up from its previous guidance of $2.21 but below the FactSet consensus of $2.23. Carnival shares were down 6.0%.The US Supreme Court on Tuesday reversed and remanded ruling by lower courts, reviving Exxon Mobil's (XOM) lawsuit seeking more than $1 billion in damages from Cuban government-owned companies over assets confiscated following Fidel Castro's seizure of power in 1959. Separately, the Supreme Court sided with Cisco Systems (CSCO), reversing a federal appeals court ruling that had allowed claims that the company aided human-rights abuses in China to proceed. Exxon shares were up 1.2%, while Cisco shares down 1.2%.Amazon (AMZN) must bargain with warehouse workers at a California delivery facility after a US labor board judge ruled that the tech giant violated federal labor law by refusing to recognize the Teamsters union after it secured majority support among employees in 2024, Bloomberg reported Tuesday. Separately, Amazon and competing retailers are expected to generated record US online sales of $26.3 billion during the four-day Prime Day event starting Tuesday, representing a 9% increase from last year's event, Bloomberg reported Monday, citing Adobe (ADBE) data. Amazon shares were up 0.3%.Price: $157.67, Change: $+3.07, Percent Change: +1.98%
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Wire
Exxon Mobil's Cuba Assets Lawsuit Revived by Supreme Court
The US Supreme Court on Tuesday reversed and remanded rulings by lower courts, reviving Exxon Mobil's (XOM) lawsuit seeking more than $1 billion in damages from Cuban government-owned companies over assets confiscated following Fidel Castro's seizure of power in 1959."The Helms-Burton Act itself abrogates the sovereign immunity of Cuban agencies and instrumentalities; plaintiffs who sue Cuban agencies or instrumentalities under the Act need not also satisfy one of [the Foreign Sovereign Immunities Act's] enumerated exceptions to foreign sovereign immunity," the court said in its ruling.Exxon Mobil did not immediately reply to a request for comment from.Price: $139.19, Change: $+0.72, Percent Change: +0.52%
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Wire
Exxon Mobil's Cuba Assets Lawsuit Revived by Supreme Court
The US Supreme Court on Tuesday reversed and remanded rulings by lower courts, reviving Exxon Mobil's (XOM) lawsuit seeking more than $1 billion in damages from Cuban government-owned companies over assets confiscated following Fidel Castro's seizure of power in 1959.The US Supreme Court on Tuesday reversed and remanded lower-court rulings, reviving Exxon Mobil's (XOM) lawsuit against Cuban state-owned companies over assets confiscated following Fidel Castro's rise to power."The Helms-Burton Act itself abrogates the sovereign immunity of Cuban agencies and instrumentalities; plaintiffs who sue Cuban agencies or instrumentalities under the Act need not also satisfy one of [the Foreign Sovereign Immunities Act's] enumerated exceptions to foreign sovereign immunity," the court said in its ruling.Exxon Mobil did not immediately reply to a request for comment from.Price: $138.90, Change: $+0.43, Percent Change: +0.31%
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Wire
Exxon Mobil's More-Than-$1 Billion Suit Over Cuban Seizures Revived by Supreme Court
Exxon Mobil's More-Than-$1 Billion Suit Over Cuban Seizures Revived by Supreme Court
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Commodities
US Rig Activity Holds Steady as Private Operators Expand Market Share, RBC Says
US drilling activity remained largely stable last week as operators maintained activity levels across major shale basins, RBC Capital Markets said in a Friday note.The Baker Hughes (BKR) US land rig count increased by one rig to 551. Rigs drilling for oil rose by one to 423, while rigs targeting natural gas also increased by one to 122, according to RBC.The Permian Basin held steady at 256 rigs, representing 61% of Lower 48 oil rigs and 46% of total US land rigs. Exxon (XOM) led operators with 34 rigs, followed by Devon (DVN) with 21 and Occidental (OXY) with 20.Private companies accounted for 43% of active Permian rigs, up from 42% a year earlier. Helmerich & Payne (HP) remained the leading contractor with 90 rigs, while Patterson-UTI (PTEN) and Nabors (NBR) operated 31 and 29 rigs, respectively.Eagle Ford activity remained unchanged at 44 rigs. ConocoPhillips (COP) operated seven rigs and EOG Resources (EOG) ran six, while private operators increased their share of active rigs to 45% from 42% a year ago.The Anadarko Basin added one rig over the week to reach 20. Continental remained the largest operator with eight rigs, followed by Mewbourne with seven, while private companies controlled 92% of active rigs.Haynesville drilling activity held steady at 55 rigs. Apex led operators with 13 rigs and Adamas followed with six, while private operators expanded their share to 73% from 66% a year earlier.Helmerich & Payne operated 11 rigs in Haynesville, ahead of ICD with nine, Precision Drilling (PDS) with eight and TG Natural Resources with six.Across the US market, private operators accounted for 57% of active rigs, up from 55% a year earlier. The six largest drilling contractors controlled 72% of active rigs nationwide.Oilfield services stocks fell 9.2% over the week as West Texas Intermediate crude dropped 13.1%. EFX-CA gained 1.6%, while SLB (SLB) and Nabors declined 14.1% and 14.6%, respectively, RBC said.
$BKR$COP$DVN$HP$NBR$OXY$PDS$PTEN$SLB$XOM
Wire
Exxon Mobil Says Texas Redomiciliation to Become Effective July 1
Exxon Mobil (XOM) said Monday its redomiciliation from New Jersey to Texas is expected to become effective on July 1.Under the change, a new entity called ExxonMobil Holdings will become the publicly traded parent company, replacing Exxon Mobil Corp. of New Jersey.Shares will continue trading on the New York Stock Exchange under the ticker symbol "XOM," and shareholders are not required to take any action, the company said.Price: $137.20, Change: $-0.61, Percent Change: -0.44%
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Sectors
Sector Update: Energy Stocks Lower Wednesday Afternoon
Energy stocks declined Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.9%.The Philadelphia Oil Service Sector Index fell 1.4%, and the Dow Jones US Utilities Index was down 0.7%.Front-month West Texas Intermediate crude oil increased 0.4% to $76.38 a barrel, and the global benchmark Brent crude contract added 0.3% to $79.18 a barrel. Henry Hub natural gas futures fell 2.9% to $3.15 per 1 million BTU.In sector news, the US, Iran and mediators are in talks over holding the signing of the memorandum of understanding remotely as early as Wednesday, instead of in-person on Friday, Axios reported. A diplomat from one of the mediating countries told Axios that discussions to speed up the deal are intended to reopen the Strait of Hormuz sooner, since the parties agreed that the strait's opening and the lifting of the US blockade would only take effect after the formal signing scheduled for Friday.Separately, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 17.2 million barrels in the week ended June 12 following a decrease of 15.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 8.3 million barrels after a 7.2-million-barrel decline in the previous week, a larger drop than the 3-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, Exxon Mobil (XOM) has a preliminary deal to supply liquefied natural gas to South Africa, Bloomberg reported. Exxon shares were down 0.7%.Western Midstream Partners (WES) said the second produced-water treatment pilot facility in its joint industry project has begun operations in Reeves County, Texas, in the Permian Basin. Its shares declined 0.7%.ConocoPhillips (COP) confirmed that it has signed a development agreement with Syria's new government, after an earlier Financial Times report said the company was poised to become the first major US oil and gas producer to do so. ConocoPhillips shares were shedding 0.4%.
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Sectors
Sector Update: Energy
Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.5%.The Philadelphia Oil Service Sector Index fell 1.3%, and the Dow Jones US Utilities Index was down 0.4%.Front-month West Texas Intermediate crude oil increased 0.9% to $76.72 a barrel, and the global benchmark Brent crude contract added 0.7% to $79.50 a barrel. Henry Hub natural gas futures fell 2.3% to $3.17 per 1 million BTU.In corporate news, Exxon Mobil (XOM) has a preliminary deal to supply liquefied natural gas to South Africa, Bloomberg reported. Exxon shares were down 0.2%.
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Equities
Western Midstream Says Second Produced-Water Facility Starts Operations in Permian Basin
Western Midstream Partners (WES) said Wednesday that the second produced-water treatment pilot facility in its joint industry project has begun operations in Reeves County, Texas in the Permian Basin.The other members of the project include Chevron (CVX), ExxonMobil (XOM), ConocoPhillips (COP), and Devon Energy (DVN).The company said it expects the facility to receive 2,000 barrels per day of produced water and produce approximately 1,000 barrels per day of reclaimed freshwater."Through our multi-barrier treatment approach, we are transforming that stream into highly treated reclaimed freshwater suitable for industrial cooling and irrigation applications," Western Midstream CEO Oscar Brown said in a statement.
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Oil & Energy
Update: Exxon Mobil to Supply LNG to South Africa's Planned Gas Import Terminal
(Updates with confirmation of deal by Zululand Energy Terminal)The Zululand Energy Terminal in South Africa has signed a Heads of Agreement to buy liquefied natural gas from ExxonMobil South Africa LNG (XOM), ZET said in a statement on Wednesday, confirming an earlier Bloomberg report of such a deal.The forthcoming LNG terminal at Richards Bay will become a key entry point for LNG imports to the country and support its transition to a more secure and diversified energy mix, the statement said.Bloomberg noted that the gas would be used by state utility Eskom holdings at a planned 3 gigawatt gas-fired power plant as the country seeks to move away from coal, currently used to produce 80% of its electricity.ZET noted that South Africa is headed towards a significant shortage of gas by 2030 as domestic resources decline, presenting risks for power generation, industry and economicgrowth.Neither the statement nor the Bloomberg article, based on sources with knowledge of the plans, mentioned an agreed volume of supply.The Bloomberg article noted that the deal advances ExxonMobil's goal of doubling its LNG supply to above 40 million tons a year by 2030.ZET said the terminal was being developed as a joint venture between Vopak Terminal Durban and Transnet Pipelines and will be South Africa's first LNG import facility, with storage, regasification and distribution all made possible.
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