If anyone's got an incentive to show how popular gasoline will be for ever and ever, it's ExxonMobil, right? While the oil giant does see 90 percent of all the world's transportation still running on petroleum-based fuels in 2040, it also sees alternatives to gasoline making pretty serious inroads by that time, at least in the passenger car arena.
Oil behemoths BP and ConocoPhillips have scrapped plans to build a $35 billion pipeline to move natural gas from Alaska to the Lower 48. BP and ConocoPhillips claim that the decision to abandon the massive natural gas pipeline project was driven by weak customer demand.
Let them drill, says the U.S. Department of the Interior. On Monday, regulators approved Shell's offshore plan that calls for the drilling of three exploratory wells in the Gulf of Mexico. Then, on Tuesday, Exxon Mobil was granted approval to drill in the deep waters of the Gulf, marking the fourth deepwater permit issued since the disastrous BP oil spill.
Money talks, but how can we know what it's saying? Exxon Mobil is investing $600 million into a 5- to 6-year algae biofuel project with biotech company Synthetic Genomics. The biofuel will be made from "sunlight, water and waste carbon dioxide by photosynthetic pond scum," writes the New York Times. After the first $600 million is used and if the technology appears to be working, billions more could follow in order to get the produciton process ready for commercial application. The goal is to pr
If you had gobs and gobs of money, would you spend some on an electric car? What if your core business was selling people oil and gasoline? That's what ExxonMobil is all about, but the company is backing the electric car sharing program AltCar that uses a new EV called the Maya 300. News has been available on this unusual partnership with Electrovaya for a long while, but more details should be announced tomorrow when Electrovaya opens up about the car. Electrovaya has been signing deals and wor
If you know what the acronym VMT stands for, then this story probably won't come as much of a surprise. VMT stands for vehicle-miles traveled, and Americans drove their VMT numbers way, way down last year. VMT is just one way to measure demand for oil, and the decrease in VMT plus the rise of fuel-efficient vehicles - and fuel-free electric cars - means that the oil industry is gearing up for something new: the end of the oil slurping era. You don't need to take my word for it, the industry-frie
It's almost expected now that each quarter Exxon Mobil will produce a new record profit. Last quarter, though, as the largest publicly traded oil company in the world saw its profits decline by 27 percent, that didn't happen. Don't feel too bad for the company, though, as even in a down market, the oil giant still took in $84.7 billion, which was enough to set a new record for profit over the entire year of 2008 at $45.2 billion. Record high fuel prices from the second and third quarters of last
Another year, another record profit statement from Exxon Mobil, the world's largest publicly traded oil company. The specific mind-numbingly large figure is $45.2 billion, which translates to $8.69 per share. While this figure handily beats the previous record of $40.6 billion that had been set by Exxon Mobil in 2007, these huge profits were recorded mostly in the second and third quarters of 2008 when fuel prices were at record levels in much of the world. Fourth quarter earnings fell by 27%, t
Another quarter passes, another record profit is set by Exxon Mobil. It's a bit of a broken record by now... literally. If you have a weak stomach, perhaps you should quit reading here. For the rest of us, here are the gory details: Total net profit comes in at a staggering $14.83 billion, besting its previous record (which was just set last quarter) of 11.68 billion. That income equals $1,865.69 per second, in case you cared. Total revenue taken in was $137.7 billion, which equates to a lot of
First, let's get the hard data out of the way: Exxon's $11.68 billion of profit last quarter was the highest ever recorded by any company, topping it's own previous record from the last quarter of '07. For those who like to keep track of such things, that is nearly $90,000 a minute; $1,500 every second. That's a lot of dough, for sure, but it is actually not as high as some investors were expecting, causing a bit of a sell-off this morning following the earnings announcement. It seems that some
With gas prices as high as they are, it might seem hard to believe that some gas companies aren't profitable, but apparently Exxon Mobil isn't doing as well as they might wish. The company just announced that it will be selling off its gas stations for financial reasons. We suspect that the industry keeps itself shrouded in mystery to protect its profit at times, but Exxon Mobil, Chevron and ConocoPhillips, to name a few, have all stated that certain nebulous factors in the supply, demand and re
General Motors has fallen once again on the Fortune 500 list of America's top-grossers. The General had once stood strong atop the rankings, having fallen from the top spot in 2001 at which time Wal-Mart took over. For the last few years, Exxon-Mobil and the big box retailer have battled for the first two positions on the list with GM claiming third place. This year, soaring demands for energy have allowed Chevron to nudge past GM on its way to a third place finish. General Motors, at number fou
While the amount of energy the world demands every year is tremendous, the cost of finding and purchasing that energy is just as staggering. According to this article, ExxonMobil plans to spend between $25 and $35 billion every year for the foreseeable future in search of more oil. Even as established oil reserves dry up, the company is finding more oil through their new operations than they have been losing from closing their old ones. With $40.6 billion dollars in profits last year, the compan
The National Science Teachers Association was offered 50,000 free copies of the Al Gore documentary An Inconvenient Truth for classroom use. The group however decided to decline the offer because they didn't want to upset Exxon\Mobil. The oil company is a major financial supporter of the organization and decided it wasn't worth the risk of upsetting a contributor. The NSTA said they didn't want to offer any political endorsement of the film and saw little benefit to the group or it's members in
At a conference today in Vienna sponsored by the Organization of Petroleum Exporting Countries, Abdallah S. Jum'ah, president and CEO of the state-owned Saudi Arabian Oil Company (Aramco), proclaimed that the world has only consumed about 18 percent of its total crude oil supply. He said that with a 4.5 trillion barrel global potential, there is enough to maintain current consumption levels for 140 years.