Exxon is the latest large oil company to oppose the idea of curtailing oil output, calling the free market “the most efficient means of sorting out the extreme supply and demand imbalances we are now experiencing,” in a letter from Staale Gjervik, president of Exxon’s shale division to state regulators. Chevron Corp and Occidental Petroleum have also opposed a coordinated pullback in Texas oil production.
The state’s Railroad Commission, which has the authority to mandate production curbs in the state, will consider next week a proposal to require larger oil producers to cut output by 20% beginning May 1. The state’s two other commissioners took to Twitter last week to distance themselves from Sitton, saying they had not yet made up their minds. Passage requires two of three to agree on curbs, which would be the first by the state in nearly 50 years.
Imagine that... Maybe they need a strongly worded text from the CDNEnergyCentre ... Hahahaha, who am I kidding?! Their job is to harass Albertans.
Must add carbon to atmosphere
Wait to see the oil price drop.
'Texas oil producers have been hurt ....' . by plunging oil prices . In other words the $14.7 billion profit just wasn't enough.
Exxon Mobil opposes Texan energy regulators' mandating any oil production cuts in face of plunging energy prices.
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Last but not least: Exxon chops spending by 30%Exxon Mobil Corp on Tuesday throttled back a multi-year investment spree in shale, LNG and deep water oil production and will cut planned capital spending this year by $10 billion as the coronavirus pandemic saps energy demand and oil prices. R, a bottle of water will have move value and cost then fuel by month end at this pace. Such chopping will be having Cascading-Effect unbelievably! Hopefully chopping executive salaries as part of this effort.
Source: Reuters - 🏆 2. / 97 Read more »
Exxon cuts capital spending by 30%, but CEO says it's 'committed to maintaining' dividendExxon is cutting its capital spending by 30% as the coronavirus pandemic continues to hammer oil prices. Or at least attempt to The object of the dividend manipulation as far as I am concerned would be to keep the PE Ratio within 15 to 20 times earnings This is what pisses me off, those 'cuts' were employees or their pay. All so he can profit.
Source: CNBC - 🏆 12. / 72 Read more »
Occidental Petroleum opposes possible Texas oil curtailments: letterOccidental Petroleum Corp said on Thursday that it opposes Texas oil and gas regulators imposing production limits. Is this Rush Limbaugh's new logo?
Source: Reuters - 🏆 2. / 97 Read more »
Exxon cuts capital spending by 30%, but CEO says it's 'committed to maintaining' dividendExxon is cutting its capital spending by 30% as the coronavirus pandemic continues to hammer oil prices. Or at least attempt to The object of the dividend manipulation as far as I am concerned would be to keep the PE Ratio within 15 to 20 times earnings This is what pisses me off, those 'cuts' were employees or their pay. All so he can profit.
Source: CNBC - 🏆 12. / 72 Read more »
OPEC+ likely to agree to cut production if U.S. joins effort: sourcesMajor oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, aimed at coping with the disastrous effect of the coronavirus on fuel demand, three OPEC+ sources told Reuters on Monday.
Source: Reuters - 🏆 2. / 97 Read more »
Oil futures higher on production cut hopes as inventory build limits gainsCrude prices edged up on Wednesday, buoyed by hopes that OPEC and its allies will strike a production cut agreement, but surging U.S. crude inventories muted the gains. The cartel and its allies? Hopefully the crooked Saudi regime will be bankrupted. The oil Mafia.
Source: Reuters - 🏆 2. / 97 Read more »