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schrieb am 29.03.10 13:58:52
Walgreens, Exxon Mobil: Two Excellent Dividend Aristocrats 5
by: Avi Morris March 18, 2010 | about: WAG / XOM / XTO
In troubling times like these, companies with long track records of
dividend increases (S&P 500 Dividend Aristocrats) should be of
greater interest for investors. Two of the largest are Walgreens
(WAG) and Exxon Mobil Group (XOM).
Walgreens, 109 years old, owns the largest drugstore chain in the
US with more than 7600 drugstores selling $63 billion. WAG will add
another 300 stores from Duane Reade, the largest metro NYC chain
with 250 stores and $1.8 billion in sales, in 6 months. Walgreens
is America’s most convenient provider of consumer goods and
services, pharmacy, health and wellness services which allowed them
to fill over 18% of prescriptions in the US. WAG has paid dividends
quarterly since 1933 and this is the 35th consecutive year WAG has
increased its annual dividend.
The $2.3 billion of debt is rated single A and backed by $14.3
billion of equity. Their long term goal is for double digit EPS
growth and top-tier shareholder returns with a long term dividend
payout target of 30-35%. Analysts estimate EPS of $2.30 this year
(ending June 30) and $2.70 next year which should allow them to
raise the dividend to roughly 70¢ (versus 55¢ presently) within a
couple of years. The stock has had an excellent record of growth.
However, in the last decade it has flattened out, range-bound
between roughly 30 & 50. Today it's 34. The bland record in
good times is mitigated after holding up fairly well during the
recent market decline.
Exxon Mobil is the largest petroleum company in the world. It
descends from the Standard Oil founded by John D Rockefeller. In
1911, the Supreme Court ordered Standard Oil to be broken up into
34 companies. XOM combines the two largest, Standard Oil of New
Jersey and Standard Oil of New York (SOCONY Mobil). It has paid
annual dividends since the days of Rockefeller but just become a
Dividend Aristocrat two years ago.
Discussing their financial strength is not even worth the effort.
XOM is large enough to bail out a small country in trouble. Last
year their profits plunged to (only) $19+ billion after record
results in 2008. That compares with earnings of less than $15
billion by Dow stocks Microsoft (MSFT) and Wal-Mart (WMT). In 2009
Exxon Mobil purchased 277 million shares at a cost of almost $20
billion, reducing its shares by 5%.
Exxon Mobil is diversifying after announcing in Q4 2009 that it
will acquire XTO Energy (XTO) for $41 billion to enhance its
position in the development of unconventional resources. Exxon
Mobil and XTO will be combined to supply new affordable and
reliable energy resources to the global market.
Their stock has an outstanding growth record over the years but has
fallen from the $90s in 2007 to $67. It pulled back after the price
of oil plunged from $147 and then the stock has been fairly flat
during the market decline and rebound of 2008-9. EPS is expected to
bounce back from $4 last year to nearly $6 and around $7 next year.
The P/E ratio is modest and earnings can easily support a dividend
of $1.68 along with increases for many years.
While these companies have bland stock records in recent years,
they also performed well when the market sold off. They have low
P/Es and low dividend payout ratios, good for long term investors.
I think of these as risk averse ("limited" may be a better word)
kind of stocks. Other Dividend Aristocrats with similar risk
characteristics are also worthy of consideration.
schrieb am 29.03.10 16:40:56
Natural Gas Set to Gain as Exxon Bets $28.5 Billion (Update1)
March 29, 2010, 10:01 AM EDT
More From Businessweek
By Reg Curren
March 29 (Bloomberg) -- Exxon Mobil Corp. is making a $28.5 billion
bet on natural gas, this year’s worst-performing energy commodity,
just as hedge funds amass their biggest wager on prices
If history is a guide, the acquisition of XTO Energy Inc. may make
Irving, Texas-based Exxon the winner. Its purchase of Mobil Corp.,
announced in December 1998, came three weeks before crude bottomed
at $10.35 a barrel and then surged to $25 a year later. While
speculators have helped drive gas down 31 percent this year,
everyone from Goldman Sachs Group Inc. to ConocoPhillips says
prices are headed higher.
The combination of faster economic growth, demand for
cleaner-burning fuels and higher coal prices may spur demand from
factories, power plants and chemical makers, which account for 60
percent of gas consumption. Goldman Sachs, which cut its forecast
this month, projects a price of $6 per million British thermal
units in 12 months, up more than 50 percent from $3.90 on the New
York Mercantile Exchange today.
Demand will rebound with the economy, ConocoPhillips Chief
Executive Officer Jim Mulva told investors and analysts March 24 at
a conference in New York. “We see natural gas prices in the short
term somewhere in the neighborhood of around $5, but ultimately
longer term, we see it more in $6 to $8,” he said.
This year, the only Reuters/Jefferies CRB Index commodity that has
fallen more is sugar, down 37 percent. Speculators had sold a net
186,983 futures contracts worth about $7 billion in the week ended
March 16, based on Commodity Futures Trading Commission data and
April futures prices. Inventories rose 11 billion cubic feet to
1.626 trillion in the week ended March 19, 8 percent more than the
five-year average, according to the Energy Department.
The industry is setting up for a recovery, with the U.S. economy
forecast to grow 3 percent this year and next, according to 53
responses to a Bloomberg survey.
Since Exxon Mobil agreed to buy Fort Worth, Texas-based XTO on Dec.
14, Total SA in Paris, Tokyo’s Mitsui & Co. trading company and
U.S. coal miner Consol Energy Inc. in Canonsburg, Pennsylvania,
have purchased stakes in U.S. fields that contain shale gas.
Output from shale wells, in fields where rock formations are
fractured and injected with water, sand and chemicals to release
trapped gas, drove production gains last year. Advances in drilling
technology are cutting production costs. Shale purchases over the
past two years exceed $48.4 billion, according to data compiled by
XTO gets more than 20 percent of its production from the Barnett
shale deposit in Texas, the largest in the U.S. It’s also planning
to boost drilling in the Marcellus Shale, a formation in parts of
Pennsylvania, New York and West Virginia.
“It’s not a price play, obviously, because we never do that,” Exxon
CEO Rex Tillerson said in a conference call with investors and
analysts on Dec. 14, when the purchase was announced. “It’s an
efficiency play. And as you know, we believe you get a lot of
efficiency benefits out of scale.”
Houston-based ConocoPhillips, the third-largest U.S. oil company,
plans to accelerate development of the Eagle Ford shale formation
in Texas, Mulva said.
Gas prices in North America will probably stay in “the range of $4
to $8” per million Btu, Marvin Odum, president of U.S. operations
for The Hague-based Royal Dutch Shell Plc, said at a conference in
New Orleans on March 24.
For now, gas is disappointing investors. Futures prices peaked at
$15.78 per million Btu in December 2005 and rose as high as $13.694
in July 2008, before the recession caused prices to collapse to a
seven-year low of $2.409 in September 2009.
Competing With Coal
The price slide may have made the fuel competitive with coal for
U.S. electricity generators for the first time since September,
according to Cameron Horwitz, an analyst at SunTrust Robinson
Humphrey in Houston.
Coal costs for electricity producers, after factoring in variables
including the variety of coal, power-plant efficiency and storage,
may exceed $4.20 per million Btu, based on data compiled by
U.S. gas demand may rise as much as 12 percent over the next 10
years as President Barack Obama turns his attention to climate
change, Chris Goncalves, director of Washington-based Navigant
Consulting Inc., said in London on March 22.
Gas is the least-polluting fossil fuel, producing about half the
carbon dioxide of coal when burned, according to the Energy
U.S. gas production reached 26.3 trillion cubic feet in 2009, up
2.2 percent from the previous year, while industrial demand slumped
7.7 percent in the recession, Energy Department data show.
Stockpiles hit a record 3.837 trillion cubic feet at the end of
“The ability to get more natural gas supply on line is going to
mitigate upward price pressure even as the economy recovers,” said
Jason Schenker, president of Prestige Economics LLC, an Austin,
Texas-based energy consultant who expects gas futures to average
about $4.85 per million Btu in 2010. “It’s possible we could move
lower from current price levels over the next couple of
Liquefied natural gas may also damp gains as imports rise 45
percent in 2010 to about 1.8 billion cubic feet per day, according
to Energy Department estimates.
The number of gas drilling rigs working in the U.S. may be about to
level off, said Chad Friess, an analyst with UBS Securities in
Calgary. There were 941 rigs working in the U.S. last week, an
increase of 42 percent from a seven-year low in July, according to
Baker Hughes Inc.
“The U.S. rig count may be approaching a plateau, given resilient
gas production and receding prices,” he said in a March 4
Speculators and consumers of the fuel may be setting themselves up
for a price shock by underestimating the strength of the U.S.
economy and ignoring the 2.21 trillion cubic feet of gas sucked
from storage this past winter, when demand peaked, said Tom Orr,
the research director at Weeden & Co., a brokerage in
“A lot of economically sensitive companies are moving up now, like
DuPont and Dow,” Orr said. “I wouldn’t short gas here because
you’re going to work through some of the oversupply as the economy
continues to recover.”
On Jan. 26, DuPont Co., the third-biggest U.S. chemical maker,
reported profit that topped analyst estimates on increased orders
for automotive plastics and electronics materials. Dow Chemical Co.
shares have more than tripled in the past year.
“When Exxon bought Mobil in the ‘90s you saw a spate of big boys
getting bigger,” said Scott Hanold, an analyst at RBC Capital
Markets in Minneapolis. The XTO purchase signals a $6.50 long-term
average price for natural gas, Hanold said.
“You’re probably near the bottom,” he said. “Prices are depressed
because of the near-term glut of gas. While it’s pretty bearish
now, you will see it improve.”
--With assistance from Mario Parker and Joe Carroll in Chicago,
Edward Klump in Houston, Jim Polson, Moming Zhou and Jack Kaskey in
New York and Ben Farey in London. Editors: Bill Banker, Dan Stets
schrieb am 10.04.10 09:40:51
Antwort auf Beitrag Nr.:
39.237.972 von R-BgO am 29.03.10
ich bin langfristig investiert.Exxon übersteht
auch die Orkane.
...und der Dollar stärkt sich vielleicht weiter--
Dividende wird auch steigen und inflationangemessen sowieso
schrieb am 12.04.10 08:32:21
Is Exxon Mobil the Berkshire Hathaway of the Oil Patch?
by: Pitbull Trading April 12, 2010 | about: UNG / USO / XOM /
I believe that ExxonMobil Corp. (XOM) shares currently trade at a
fair value, and going forward they are well positioned to maintain
positive growth and steady profits. Exxon is not an exciting stock,
nor is it really a growth stock, or a high-dividend paying stock;
essentially nothing about Exxon makes investors get excited and
want to pile money into the company. But Exxon does have redeeming
features: the management have been a good steward of capital
throughout the years, they return value to their investors with
dividends and share buybacks consistently, they have raised their
dividend steadily over the years, they are committed to maintaining
a conservative attitude on strategic acquisitions and capital
expenditures, and they are not a volatile stock.
I would almost go so far as to say that Exxon is the Berkshire
Hathaway of the oil patch. They are not flashy, and don't chase the
quick buck; rather they stay committed to a time-proven strategy
that focuses on a good return on investment and creating highly
predictable cashflows for a long period of time.
This is not to say that Exxon is perfect for everyone. I think
young investors with a long investment horizon could probably do
better with something besides an integrated major, and even look
into some of the E&P guys or some strictly non-conventional
resource plays. For many of the older folks out there, I think XOM
is a great value at its current price. It offers a safe yield that
will steadily increase over time, and a price that really does not
fluctuate significantly with the broader market's gyrations. This
is perfect for an investor looking for a stock with low volatility,
but that has the ability to match inflation and still kick back
cash to the shareholders. Exxon is not completely dull however,
they have many smaller side-businesses that are focusing on
developing technologies and future possibilities. Chemicals,
bio-fuels, and new techniques for extracting non-conventional oil
and gas assets, etc.
Below are some notes I found interesting from their most recent
As you are aware, on December 14, 2009, ExxonMobil and XTO Energy
(XTO) announced an agreement bringing together two organizations
with highly complementary skills and capabilities. XTO has
assembled a substantial high quality, unconventional natural gas
and oil resource base in the U.S. They also have extensive
technical capabilities and operating experience in unconventional
These qualities, combined with ExxonMobil''s global unconventional
gas portfolio, world class research and technology capabilities,
industry-leading project management and operational skills and
financial capacity will create a premier global unconventional
Turning to our unconventional gas opportunities, during 2009,
ExxonMobil increased its position in the Marcellus shale gas play
through the formation of a 50/50 joint venture with Pennsylvania
General Energy. The joint venture holds approximately 290,000 gross
acres in the play and we are encouraged by the drilling results and
production rates achieved so far. Including this capture, our total
global unconventional gas acreage now stands at over 5.5 million
During the quarter, the second phase of the Al Khaleej Gas projects
started up in Qatar. AKG Phase II has the capacity to supply 1.25
billion cubic feet of natural gas per day to meet Qatar''s growing
domestic demand. Combined with Phase I, which has been operating
since 2005, AKG Phase II has increased the project's total gas
supply capacity to 2 billion cubic feet of natural gas per day.
Including AKG Phase II, Qatargas 2, Trains 4 and 5 and RasGas Train
6 in Qatar, the South Hook LNG receiving terminal in the U.K., the
Adriatic LNG terminal in Italy, Piceance Phase I in the U.S. and
Tyrihans in Norway, ExxonMobil completed eight major product
start-ups in 2009. These projects are forecast to provide a
combined net production of nearly 400,000 oil equivalent barrels
per day in 2010.
The final Qatar LNG train, RasGas Train 7, is completing
commissioning. Gas is now flowing into the facility and we
anticipate first LNG in the coming weeks. This will be the fourth
7.8 million tons per year train brought online by our joint
ventures with Qatar Petroleum. Including this train, we will
participate in approximately 62 million tons per year of LNG
capacity in Qatar.
In December, ExxonMobil and our co-venture partners agreed to
proceed with the Papua New Guinea LNG project. The project is an
integrated development that includes gas production and processing
facilities, onshore and offshore pipelines and liquefaction
facilities with the capacity to produce 6.6 million tons of LNG per
Another feature that is attractive about Exxon is their commitment
to not overpaying for assets. When do they go out and make huge
natural gas purchases? When natural gas is at multi-year lows of
course. Prudent management of company assets and capital is key to
long-term value creation, something Warren Buffett knows quite
well. Take a look at his comments on the Kraft (KFT) and Cadbury
tie up as an example. I for one do not accuse Exxon of overpaying
for XTO. On the contrary, it is a calculated move to snatch up huge
long-lived assets in an energy hungry world at very fair prices. I
have no doubt that Exxon will leverage the synergies of both
companies' technological expertise and resources to pay back their
purchase with interest.
Overall, Exxon represents a good value for investors looking for a
safe place to park their money. Exxon has proven throughout the
years that they are very conservative with the allocation of
shareholder money, and will err on the side of caution when it
comes to deploying that capital. This may prevent them from being
first to the newest and greatest thing, but with their size and
cash position (10+ bln), they can afford to wait and act when
necessary. In addition, a consistently increasing dividend along
with vast underlying oil and natural gas assets offer a nice hedge
against possible future inflation.
schrieb am 19.05.10 07:02:47
schrieb am 02.06.10 21:56:12
ByGlenn Williams, RealMoney Contributor , On Wednesday June 2,
2010, 2:15 pm EDT
There's a lot of smart money in the Marcellus Shale belt in search
of natural gas. Some big names with heavy coffers are involved:
Shell, Total, Exxon Mobil, National Fuel Gas, Atlas Energy, and so
many others. Recently, there was a suggestion that these companies
are betting that natural gas will be used, "somewhere, anywhere,"
but not in the U.S., which will become a net exporter of the
I agree this is a lot of smart money. I also agree these companies
believe a lot of natural gas will be consumed. But, there is no
chance the U.S. will become a net exporter of natural gas anytime
soon. I believe the smart money is betting that all the Marcellus
Shale natural gas will be used domestically.
The U.S. has been a net importer of natural gas for the past 30
years, according to the Energy Information Administration. Over the
past two (recession) years, we have been a net importer at an
average rate of 235 billion cubic feet per month. Earlier this
year, as the domestic natural-gas process touched historic lows,
the EIA reported that the U.S. continued to import natural gas from
Canada, Mexico, Egypt, Nigeria, Qatar, Trinidad, and Yemen.
If multinational investments are an indicator of market trends,
then there is consensus that growing volumes of natural gas will be
consumed in the U.S. According to the Federal Energy Regulatory
Commission, dozens of companies are each betting billions of
dollars that there will never be enough natural gas production in
the U.S. They back up their bets with costly plans to build, own,
and operate up to 40 liquid-natural-gas import facilities.
It is more than plans. Ten LNG off-loading, regasification, and
storage facilities, many new or expanded, are already operating on
the East Coast. These represent tens of billions in capital
expenditures and huge bets by individual players. Like the
Marcellus play, there is a lot of smart money on net imports. These
facilities are owned, or partially owned, by companies such as
Sempra Energy, Dominion Resources, El Paso, GDF Suez SA, Southern
Union, Cheniere Energy, Dow Chemical, RWE AG and Repsol YPF .
These LNG facilities are large, modern, and efficient. Many, have 3
to 16.8 Bcf storage tanks, send-out capacities of 0.5 to 4.0
Bcf/day, and are connected to a major pipeline hub that provides
access to large parts of the U.S. natural-gas markets. Some of the
newer offshore terminals, like Northeast Gateway and the Gulf
Gateway Deepwater Port are 10 to 120 miles off the coast and have a
send-out capacity of 0.5 to 0.6 Bcf/day.
Joining the existing fleet is Exxon, which is building additional
LNG import facilities, including 2.0 Bcf/day capacity in Sabine,
Texas, and planning a 1.2 Bcf/d floating facility 20 miles off the
New Jersey coast. El Paso is adding 0.9 Bcf/day on Elba Island,
Georgia, and building a 1.5 Bcf/day in Mississippi.
That's a lot of multinationals using independent analysis to make
similar multibillion-dollar bets. Not one of them decided to build
an export facility. There isn't a single export facility anywhere
in the lower 48 states, and there are no applications before the
FERC to build one. There isn't a single penny to back up the notion
that the U.S. will become a net exporter of natural gas.
If this massive investment in LNG isn't enough to kill the
argument, consider why they are making this bet and what it would
take for the U.S. to export Marcellus Shale gas. First, neither the
Canadians nor the Mexicans are interested in U.S. natural gas --
they have plenty of their own and are shipping their surplus to the
U.S. The Asian market is out of reach for Marcellus and is better
served by Alaska, Mexico, Peru, and Russia. Only Ireland, the U.K.,
and Europe offer practical markets for U.S. shale gas, but only if
the price is right.
And the price is not right; Marcellus Shale natural gas isn't
competitive internationally. Methane from most oil-producing
regions is a byproduct. In the Middle East, wet gas is often flared
off. In these areas, the LNG production costs approach zero. It is
hard to compete against zero.
Worse, unlike the Middle East variety, Marcellus Shale natural gas
isn't a byproduct. It is expensive to extract, and approximately
30% of its value is lost when liquefied, transported, and
regasified. There is no economic argument that positions Marcellus
Shale natural gas favorably against LNG from oil-producing regions,
since cost-leading Middle East oil producers can undercut U.S.
prices anytime they want.
The massive investments in the Marcellus Shale and LNG-receiving
terminals suggest the multinationals are betting on the Pickens
Plan; they believe the U.S. is migrating to a natural-gas economy.
It may not be overnight, but the U.S. will need all the natural gas
it can get and it will be forced to pay top dollar.
The only people who don't seem to appreciate the trend are the
Americans, some of whom argue that the Obama administration "hates
natural gas." These critics believe the U.S. isn't pushing hard
enough to accelerate consumption. The evidence suggests otherwise;
all of a sudden, it is virtually impossible to build new coal-power
plants. The only practical choice for utilities to build
base-loaded power plants is to use natural-gas as fuel.
Nevertheless, the "hate natural gas" drum beat continues.
What the Obama administration should be concerned about is
over-dependence on a single fuel and on natural gas. If the U.S.
relies too much on natural gas and the Marcellus field fails -- and
it can easily fail -- then the U.S. will find itself facing a new
OPEC situation with the same unfriendly faces. Only this time, it
will be natural gas.
Don't believe it? Last year at the Gas Exporting Countries Forum,
14 natural-gas-rich nations, including Russia, Iran, and Qatar,
Algeria, Indonesia, Libya, and Venezuela, attempted to form a new
cartel called "gas OPEC." It isn't a threat to the U.S. now, but it
could be later; particularly if we are as hapless with Marcellus as
we have been with oil in the Gulf.
schrieb am 07.06.10 18:15:02
Exxon Eyes China Gas
By: Zacks Equity Research
June 07, 2010 | Comments: 0
ExxonMobil Corp. (XOM - Analyst Report) is in advanced talks with
Chinese national oil firms for several upstream partnerships. The
resources in question include unconventional properties both inside
and outside of China.
Exxon said that the company is encouraged by China's recent gas
price increase and is moving towards a more market-based pricing.
Effective from June 1, China announced a 25% hike in benchmark
onshore gas prices. China believes natural gas is the most
efficient way to reduce its carbon footprint, and it is planning to
increase its share of natural gas in its energy needs pie to 10% by
2020 from the current 3%.
While oil, natural gas and coal will continue to meet most of the
world's needs, Exxon emphasizes on natural gas as a major source of
energy in its program, reflecting its abundance, versatility and
economic advantages as an efficient and clean-burning fuel. Exxon
anticipates a 55% increase in global natural gas demand by 2030,
driven primarily by the power-generation sector.
Despite the challenging business environment, Exxon's businesses
have been delivering strong performances. It remains focused on its
business plan, a robust exploration program, record capital
investment and a persistent focus on operational excellence.
Though Exxon has been providing assistance in response to the oil
spill in the Gulf of Mexico (GoM), it is concerned about the
uncertainties and costs associated with the future deepwater GoM
drilling scenario. However, we believe that Exxon’s business will
be least hampered as the company has very little exposure in the
schrieb am 18.07.10 16:15:44
schrieb am 19.07.10 18:26:46
Habe heute mal aufgestockt; aktuell 3% Div.Rendite:
ExxonMobil Announces Multi-Year Supply Agreement With
* ExxonMobil is the exclusive supplier for 33 Caterpillar®
* Long-term cooperative research enables development of advanced
* Lubricants offer highest performance while lowering operating
costs for Caterpillar customers
As part of a multi-year agreement, ExxonMobil will manufacture and
supply Caterpillar® branded lubricants to Caterpillar factories and
dealers worldwide. With this agreement, ExxonMobil continues as the
exclusive worldwide supplier for 33 Caterpillar® lubricants used in
engines, transmissions, hydraulics and final drives.
Since 1987, when ExxonMobil began supplying private label
lubricants to Caterpillar, the two companies have worked together
on world-class product research. That research has resulted in the
creation of lubricant technologies that work as a system with the
machine and engine to provide the highest performance, while
lowering the operating costs for Caterpillar customers. In
addition, they provide sustainability-related benefits through
extended oil drain intervals and protection of engine emission
"Through ongoing cooperative research, our teams have designed and
produced lubricants that meet Caterpillar's high performance
standards," said Jim Hennessy, vice president of sales for
ExxonMobil Lubricants&Specialties. "It's a rigorous process:
before these lubricants are manufactured, the products and
performance specifications are tested and approved by Caterpillar.
As part of our global relationship, a dedicated ExxonMobil support
team provides technical and marketing training to Cat dealers and
ExxonMobil and Caterpillar are already developing the next
generation of lubricants and exploring technologies that will
further help reduce emissions as well as extend component life.
schrieb am 20.07.10 15:04:29
Nigeria: New Oil Finds Getting More Challenging, Says Exxonmobil
19 July 2010
Equating supply to meet rising energy demand particularly in the
industrialised nations and Asia is becoming increasingly
challenging, Rex Tillerson, the Chairman and Chief Executive,
ExxonMobil Corporation has said.
Mr Tillerson, who spoke in the corporation's 2009 Corporate
Citizenship Report, recently made available to journalists, noted
that the implications for the rising demand will be significant for
In the case of Nigeria, where the Federal Government is seeking
greater take from oil and gas resources, which constitute the bulk
of its revenue earnings amid strong resistance from multinational
operators, part of the challenge for ExxonMobil will also include
reducing flaring through continued investment in
Mr Mark Ward, the Lead Country Manager, ExxonMobil Affiliates,
Nigeria (Esso Exploration and Production Company Limited; Mobil
Producing Nigeria Unlimited; and Mobil Oil Nigeria Plc), in his
remarks affirmed ExxonMobil's commitment to Nigeria for the long
He said that despite the global economic downturn, compounded by
Nigeria's peculiar security and policy-related issues, which
contributed in changing the scope and structure of the oil and gas
business in Nigeria, ExxonMobil was able to overcome these
challenges and even made "tremendous progress in many areas"
particularly with regard to production levels.
For instance, in 2009, ExxonMobil's net production averaged at
391,000 barrels per day, while the corporation has already produced
about 950,000 barrels in the first half of 2010, due to a
combination of factors including production restrictions by the
Organisation of the Petroleum Exporting Countries (OPEC).
Furthermore, ExxonMobil notes that government's support, through
the long term renewal of its oil leases under joint venture
operations with the Nigerian National Petroleum Corporation (NNPC),
will sustain its oil and gas investments in the country.
ExxonMobil chief executive, Mr. Tillerson, who spoke on, rising to
the Sustainability Challenge, said, "Meeting the challenge of
sustainability requires that we effectively address complex
environmental, economic, and social issues of our time, while
delivering on our primary responsibility - finding and providing
the reliable supplies of energy needed by future generations for
progress and development."
He highlighted some of the operational issues further compounded by
global economic downturn to include:
* How operators can develop the vast potential of unconventional
resources or operate in areas like the arctic without compromising
safety or the environment - the recent oil spill in the Gulf of
Mexico by BP is a case at hand.
* What are the legitimate roles and boundaries between government,
the private sector and civil society, particularly in developing
countries such as Nigeria undergoing targeted economic reforms.
* Addressing the risks of climate change, while also ensuring that
policy proposals focused on finding lasting solutions and not short
term expedience or political acceptability.
While seeing "many opportunities for economic growth, improved
living standards, and exciting new energy technologies," for its
Outlook for Energy, the ExxonMobil Report equally foresees
"tremendous challenges, and how to meet the world's growing energy
needs to support and expand prosperity while reducing the impacts
of energy use on the environment."
The report said, "Fundamentally, our energy future is about people
and how they use energy to foster economic development and human
progress." it added that meeting future demand, say by 2030, will
push up global energy demand by almost 35 percent from the 2005
"This expansion will result in increased demand for energy in all
major end-use sectors - transportation, power generation,
industrial and residential/commercial," the report added.
Accordingly, ExxonMobil, the world's biggest oil company by asset
base noted that meeting the demand will not be easy, as this will
require "an integrated set of solutions that include improving
efficiency, expanding supplies of all economical energy sources,
including renewables; and mitigating emissions through a variety of
approaches, "which it said will require trillions of dollars in
long term investments and constant technological innovation.
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