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An unprecedented fight over who should sit on the board of Exxon Mobil Corp. is turning into a referendum on CEO Darren Woods.
(Bloomberg) An unprecedented fight over who should sit on the board of Exxon Mobil Corp. is turning into a referendum on Chief Executive Officer Darren Woods as a decades-long struggle by climate campaigners comes to a head.
Activist investor Engine No. 1 LLC wants to replace one-third of Exxon’s board in an effort to force the Western world’s largest oil explorer to embrace a transition away from fossil fuels and end a decade of what it calls “value destruction.” Shareholders are set to gather virtually for their annual meeting on May 26.
A record number of FPSO vessel licenses are set to expire in 2022, according to Westwood Global Energy Group.
A record number of floating production, storage, and offloading (FPSO) vessel licenses are set to expire in 2022, according to a new analysis from Westwood Global Energy Group.
The market research and consultancy firm’s recent Global Floating Production Systems (FPS) report finds that as many as 30 FPSO units could become available by the end of 2022 as their leases expire – a potential tenfold increase compared to the average of approximately three expirations since 2015. Westwood noted that its FPS report finds that 14 additional units would become available next year under a scenario where no contract extensions are taken on current leased FPSOs.
Subsea 7 revealed on Monday that it has been awarded a very large contract by Petrobras for the development of the Mero-3 field offshore Brazil.
Subsea 7 revealed on Monday that it has been awarded a “very large” contract by Petrobras for the development of the Mero-3 field offshore Brazil.
The company defines a very large contract as being worth between $500 million and $750 million. The contract scope includes engineering, fabrication, installation, and pre-commissioning of 49 miles of rigid risers and flowlines for the steel lazy wave production system, 37 miles of flexible service lines, and 31 miles of umbilicals and associated infrastructure, as well as the installation of FPSO mooring lines and hook-up.
A Texas trade group contends IEA s net-zero carbon emissions roadmap confirms the world will continue to rely on oil and gas.
Last week the International Energy Agency (IEA) issued a report outlining how to achieve a net-zero emissions energy system by 2050. The report, among other things, calls for immediately ending fossil fuel investments and envisions no sales of internal combustion engine-powered passenger cars by 2035. Two informed oil and gas market-watchers late last week offered Rigzone
Texans for Natural Gas (TNG), a Texas Independent Producers and Royalty Owners Association (TIPRO)-managed education campaign, has conducted its own assessment of the IEA “net-zero pathway” and contends the report confirms that the world will continue to rely on oil and gas.
The deal is the latest sign that USA drillers are getting increasingly acquisitive.
(Bloomberg) Cabot Oil & Gas Corp. and Cimarex Energy Co. agreed to merge, forming a new Houston-based shale driller with a value of about $17 billion.
The deal is the latest sign that U.S. drillers are getting increasingly acquisitive as a sustained rise in oil prices brightens the outlook for energy demand. The volume of shale deals has doubled to more than $10 billion this year compared with the same period in 2020, according to data compiled by Bloomberg.
Cimarex investors will receive 4.0146 shares of Cabot common stock for each share of Cimarex common stock owned, according to a statement from the companies on Monday. The deal will give Cabot shareholders about 49.5% of the combined entity, with Cimarex shareholders holding the rest, on a fully diluted basis.