Exxon faces $800MM earnings hit from Texas freeze worldoil.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from worldoil.com Daily Mail and Mail on Sunday newspapers.
by Bloomberg
|Thursday, April 01, 2021
Exxon Mobil Corp. expects first-quarter earnings to be reduced by as much as $800 million.
(Bloomberg) Exxon Mobil Corp. expects first-quarter earnings to be reduced by as much as $800 million due to the deep freeze that plunged Texas into darkness last month.
Even so, the oil giant probably returned to profit after four straight losses. Rebounding oil and natural gas prices increased earnings by as much as $2.7 billion while improved refining and chemical margins added up to $1.1 billion, the Irving, Texas-based company said Wednesday in a filing.
The Arctic blast in Texas wreaked havoc on gas and power markets, minting winners and losers among energy suppliers. Electricity retailers including Just Energy Group Inc. and Griddy Energy LLC declared bankruptcy, while oil producer California Resources Corp. said its gas trading business generated a profit as a result of the storm.
Exxon Open to Partnering With Venture Funds on Carbon Capture bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Exxonâs CEO sees golden opportunities in carbon capture By Kevin Crowley and Alix Steel on 3/4/2021
HOUSTON (Bloomberg) Exxon Mobil Corp. sees money-making opportunities in carbon offsets and partnerships with venture funds to finance carbon capture, Chief Executive Officer Darren Woods said in a Bloomberg TV interview on Thursday.
Exxon Mobil CEO Darren Woods
âWeâre seeing tech funds, venture funds investing in this space looking for opportunities to invest in carbon reduction,â Woods said. âThis I think is an opportunity for our Low Carbon Solutions business.â
Providing more detail on Exxonâs recently-announced efforts to commercialize low-carbon technologies, Woods stressed that partnering with outside investors would be a key objective of the new division. It would also mean Exxon would not need to fund large projects solely with its own cash.
Exxon to hold output at 20-Year low to address debt, emissions bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.