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Stock Market & Financial Investment News

News Breaks
March 5, 2014
09:05 EDTXOMExxon Mobil to start production of new oil, gas projects in FY14
Exxon Mobil expects to start production at 10 major projects in FY14, adding new capacity of approximately 300K net oil equivalent barrels per day and contributing to profitable production growth. ExxonMobil’s capital spending will decline to $39.8B this year from a peak of $42.5B in FY13. Excluding potential acquisitions, CapEx is expected to average less than $37B per year from FY15-FY17. A liquefied natural gas project in Papua New Guinea and the largest offshore oil and gas platform in Russia are among significant projects scheduled for startup this year. Others include a heavy oil expansion project in Canada and deepwater projects in the Gulf of Mexico. ExxonMobil anticipates additional project startups in the next few years in several countries, including Australia, Indonesia, Canada, Nigeria and the U.S. All of these projects are expected to add about 1M net oil equivalent barrels per day by FY17. In North America, ExxonMobil’s near-term production outlook is made up of significant high-margin, low-risk liquids growth. The company’s production outlook also reflects strategic choices made to improve unit profitability while maintaining disciplined capital allocation.
News For XOM From The Last 14 Days
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July 30, 2014
07:43 EDTXOMWEX Inc. sees FY14 adjusted EPS $4.84-$4.99, consensus $4.87
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July 28, 2014
07:14 EDTXOMExxon mulls broadening Texas plant into largest in country, Reuters says
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July 25, 2014
10:02 EDTXOMOn The Fly: Analyst Downgrade Summary
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05:41 EDTXOMExxon Mobil downgraded to Underweight from Equal Weight at Barclays
Barclays downgraded its rating on Exxon Mobil (XOM) shares to Underweight from Neutral citing a lack of near-term production growth and the high oil price environment. The firm sees limited upside in shares, but did raise its price target to $105 from $100. Shares of the oil giant closed yesterday up 3c to $104.28.
July 21, 2014
13:36 EDTXOMExxon Mobil files export application for Alaska LNG project
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July 17, 2014
07:31 EDTXOMWEX signs definitive purchase agreement regarding Exxon's Esso Card program
WEX Inc. (WEX) announced the execution of the definitive purchase and sale agreement relating to the previously announced proposed acquisition of ExxonMobil’s (XOM) European commercial fuel card, or Esso Card, program through a majority owned joint venture, WEX Europe Services Limited. In addition, all necessary regulatory approvals have been received and the employee information and consultation processes have been cleared. The transaction is on track and is expected to close in late 2014 or early 2015. “The purchase of the Esso Card portfolio remains an important element to building our on-the-ground presence in the European market, and enhances WEX’s long-term growth profile. Our efforts to advance this transaction remain on track and position us to create a substantial and profitable European footprint,” said Melissa Smith, WEX’s president and CEO.

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