ExxonMobil’s $1.28 billion asset sale to Seplat Energy in Nigeria is on the verge of approval, with President Bola Ahmed Tinubu affirming the government’s commitment to free enterprise and streamlined regulatory processes. The deal, which faced initial challenges from the state oil company NNPC, signals a positive shift for Nigeria’s upstream petroleum sector and potentially unlocks significant investments from ExxonMobil in the country’s deep-water operations.
ExxonMobil has announced a significant $10 billion investment in Nigeria’s deep-water oil operations, focusing on developing its Owo project. This investment comes despite plans to divest onshore assets and aims to increase production by 50,000 barrels per day. The move has been met with positive responses from Nigerian officials, who see it as a sign of a more investment-friendly environment.
Chevron Corporation’s $53 billion acquisition of Hess Corporation is on track to receive regulatory approval, potentially this week. Despite an arbitration claim from ExxonMobil, the deal is expected to close sooner than anticipated, boosting CVX and HES shares.
California Attorney General Rob Bonta filed a lawsuit against ExxonMobil, accusing the oil giant of deceiving the public about plastic recycling. The lawsuit alleges that ExxonMobil falsely promoted all plastics as recyclable, contributing to plastic pollution. The lawsuit seeks unspecified damages and is the first attempt by a U.S. government official to hold an oil and gas company accountable for misleading claims about plastics.
ExxonMobil and Mitsubishi Corporation have signed an agreement to collaborate on a massive low-carbon hydrogen and ammonia production facility in Baytown, Texas. This project aims to produce clean energy sources for various industries and reduce greenhouse gas emissions.
ExxonMobil has partnered with Abu Dhabi National Oil Company (ADNOC) to build a world-scale low-carbon hydrogen and ammonia production facility in Baytown, Texas. This project, expected to be operational in 2029, will produce enough hydrogen to power millions of homes and signifies ExxonMobil’s commitment to reducing emissions and meeting the growing demand for low-carbon fuels.
ExxonMobil is reportedly planning to sell conventional oil assets in the Permian Basin, valued at $1 billion, as it shifts its focus to expanding shale production following its acquisition of Pioneer Natural Resources. The move aligns with the company’s strategy to optimize its portfolio and focus on growth in its core shale operations.
ExxonMobil’s stock price has repeatedly encountered resistance at the $119.75 level, indicating a significant concentration of sellers. This article explains the concept of resistance levels, how they influence stock price movements, and why ExxonMobil’s stock may face another sell-off if it approaches this level again.
