#oil

https://www.politico.com/news/2026/01/11/trump-inclined-to-keep-exxonmobil-out-of-venezuela-after-ceo-response-at-white-house-meeting-00721688

Trump's White House meeting of oil execs on Friday to discuss Venezuela just showed the massive difference between Exxon and Chevron. For starters, Chevron's CEO didn't bother showing up, which was an absolute disgrace. Second, when the press was admitted into the meeting, Exxon's Darren Woods articulated the Venezuela challenge clearly and articulately, while Chevron's inadequate proxy of Mark Nelson only wanted to thank the Trump administration, not present to the world what was needed.
It just further illustrated that Chevron's leadership is second rate compared to Exxon, who play chess while Chevron tries to learn how to play checkers.

In 2007 Chavez nationalized all heavy oil. Two of which were Petrozuata and Corocoro that were ConocoPhillips. Venezuela was ordered to pay CP, call it $9 billion for damages. Do you think with the recent US will run Venezuela, CP will be looking to get back in? Then they can hire me again?

World's largest oil reserves are for grabs. Any bets on Exxon?

Not looking good!

Wisdom of the crowd. 2026 looking like a hugely transformative and impactful year.
What does Chevron do well, poorly, and what risks lurk around the corner?

Someone posted a while ago that ExxonMobil might sell Imperial Oil, and another post stated that Imperial Oil might see Kearl.

Now here is the interesting fact: Kearl alone is 19% of ExxonMobil’s total proven reserve. I can bet, no one will dare sell Kearl. The stock price of ExxonMobil and Imperial Oil will just drop to the bottom. So, no one will dare sell Kearl

Here is the calculation from Copilot:

Here’s a refined breakdown of how much of ExxonMobil’s proved reserves come from Imperial Oil and specifically from the Kearl project:

🌍 1. ExxonMobil’s Total Proved Reserves
• At the end of 2023, ExxonMobil reported about 16.93 billion barrels of oil equivalent (boe) in proved reserves 1.

🛢️ 2. Reserves From Imperial Oil
Imperial Oil is approximately 69.6% owned by ExxonMobil 23. Its operated reserves (which include bitumen) are included in Exxon’s broader totals. Notably:
• Exxon’s total bitumen reserves are reported at 2.414 billion barrels 1.
• Since Imperial operates the Kearl and other bitumen assets, it's reasonable to attribute most of that bitumen figure back to Imperial.
Calculation: 2.414 B bbl / 16.93 B bbl ≈ 14.3%
So, roughly 14% of ExxonMobil’s total proved reserves originate from Imperial Oil.

⛏️ 3. Reserves From the Kearl Oil Sands Project
• The Kearl project holds about 4.6 billion barrels of reserves 45.
• Exxon’s effective share of Kearl is through Imperial’s 69.6% ownership; therefore:
• 4.6 B × 0.696 ≈ 3.2 B barrels attributable to Exxon.
• As a percentage of Exxon’s total proved reserves:
• 3.2 B / 16.93 B ≈ 18.9%
Thus, approximately 19% of ExxonMobil's reserves stem from the Kearl oil sands project.

BP sold a majority stake of Castrol to private equity. Do you think we'll make a similar move with Mobil 1?

Rumors have it that very few people took the VSP. Do anyone knows if there might be layoffs coming in early 2026 with the low oil price environment? What are you hearing from your end?

Oil futures are pointing to lower prices. COP will be struggling financially given the downward pricing direction. How do you think senior leadership will lead us through these challenging times?

By America Hernandez and Stephanie Kelly
October 7, 2025

SUMMARY

• Current payouts unsustainable with oil below $80 a barrel

• Crude oil prices expected to continue falling

• Companies under pressure to cut debt

• Reduced buybacks and job cuts announced

PARIS/LONDON, Oct 7 - The five biggest global oil majors are moving to cut costs, jobs and share buybacks as falling oil prices threaten to make shareholder payouts unsustainable without increasing debt, analysts said.

Chevron (CVX.N), ExxonMobil (XOM.N), BP (BP.L), Shell (SHEL.L), and TotalEnergies (TTEF.PA), have pledged high returns for the past decade to avert an investor exodus as fossil fuels lost their appeal.

But maintaining those generous payouts, which have topped $100 million annually since 2022, has increasingly been funded by debt as energy prices retreated from highs caused by sanctions and supply disruptions in the wake of Russia's invasion of Ukraine.

https://www.reuters.com/business/energy/oil-price-fall-turns-up-heat-big-oils-bloated-payouts-2025-10-07/

Oil producer Chevron is laying off more than 100 workers in North Dakota after acquiring Hess Corp., a greater impact than initially expected.

https://northdakotamonitor.com/2025/10/08/chevron-cutting-more-than-100-oil-industry-jobs-in-north-dakota-with-hess-merger/

By Michael Kern - Nov 24, 2025, 9:00 AM CST
JP Morgan predicts the international crude benchmark, Brent, could drop into the $30s per barrel by 2027 due to an overwhelming market oversupply.

Goldman Sachs forecasts the U.S. benchmark WTI Crude will average $53 per barrel in 2026 amid a 2 million bpd surplus and advises investors to short oil right now.

The oil market is expected to rebalance in 2027 after the current large supply wave, including output from OPEC+ and non-OPEC producers in the Americas, works through the system.

The international crude benchmark, Brent, could dip to the $30s per barrel handle by 2027 as oversupply could overwhelm the market, according to a JP Morgan forecast posted by users on X.

Brent Crude prices have dropped by 14% year to date, and traded relatively stable at $62.59 per barrel early on Monday, as the oil market awaits news from the renewed negotiations on peace in Ukraine.

The U.S. and Ukraine held on Sunday in Geneva what the two sides described as “highly productive” talks and agreed to continue intensive work on a “refined” peace plan, which the U.S. first proposed last week.

Despite the fears of a glut, analysts and investment banks don’t see oil prices moving down to $40 or below, even as oil is set to decline in the near term with strong supply from OPEC+ and the non-OPEC producers in the Americas.

Peace in Ukraine could also weigh on energy prices as some sanctions and restrictions on Russia could be eased, analysts say.

Oil prices are set to further drop into next year from current levels amid a large surplus on the market, with the U.S. benchmark WTI Crude expected to average $53 per barrel in 2026, according to Goldman Sachs.

The investment bank’s call for next year is that oil prices are on track for further declines and investors should short oil right now, Daan Struyven, co-head of global commodities research at Goldman Sachs, told CNBC last week.

The surplus next year will be 2 million bpd on average, Goldman reckons, but notes that 2026 will be the last year of the current big supply wave hitting the market.

The oil market is set to rebalance in 2027 as 2026 will see “the last big oil supply wave the market has to work through,” Goldman’s Struyven added.

https://oilprice.com/Energy/Oil-Prices/JP-Morgan-Says-Oil-Prices-Could-Plunge-Into-30s-by-2027.html

🪓

"...ConocoPhillips is seeking to drill four exploration wells near its giant Willow discovery this winter, the plans show, marking its return to aggressive exploration in Alaska as construction at Willow progresses with first oil expected in 2029.

The work comes despite the company’s decision this year to cut its workforce globally, including in Alaska, amid low oil prices.

This winter’s program in Alaska illustrates ConocoPhillips’ commitment to the state...."

https://www.adn.com/business-economy/energy/2025/11/11/feds-release-conocophillips-big-winter-exploration-plans-in-alaska-as-critics-denounce-short-comment-period/

MEG is closing soon. What’s next.

It is hard to believe that Alaska has much potential left due to high operating expenses.

EVs in America make up 10 percent of new car sales. In 15 years what does our industry look like? Will they get rid of Galveston bay?

Does FOX News know math?
US produces 13 millions bbl. per year, while Saudi and Russia produce 24 millions combined. How comes the news title showing 13 > 24?

Been following the latest crude oil forecasts and noticing some mixed signals — demand projections softening in parts of Asia, geopolitical risk premiums fluctuating, and inventories looking tighter than expected. Some analysts are projecting a short-term dip before potential recovery next year.

For those closer to planning or market intelligence: How are you interpreting these signals for the next 6–12 months?
How much does short-term crude price movement realistically influence workforce planning at your org, versus broader strategic priorities?

Oil producers go to battle over mineral rights in Arkansas’ Smackover formation

Jamie Smyth in El Dorado, Arkansas

Published
Apr 23 2025

ExxonMobil has defeated an attempt by rival Occidental Petroleum to contest its production rights on one of the largest lithium deposits in the US, as oil companies fight for a foothold in the critical minerals business.

The regulatory battle in Arkansas between two of the largest US oil companies comes as the Trump administration rushes to boost domestic extraction and processing of critical minerals to break American industry’s reliance on Chinese supplies.

Lithium, a crucial ingredient in high-powered batteries used in the electric vehicle and defence industries, is a priority for Washington as Chinese companies process almost two-thirds of the world’s lithium supplies.

Exxon, Equinor and Occidental are among companies racing to develop lithium extraction and processing facilities in the Smackover, a geological formation stretching across Arkansas, Texas, Louisiana, Mississippi, Alabama and Florida.          

A US Geological Survey study published in October estimated there was between 5mn and 19mn tonnes of lithium reserves in underwater brines in the south-west Arkansas portion of the Smackover. If commercially recoverable, this would meet the projected 2030 global demand for lithium in car batteries nine times over, it said.

Saltwerx and other producers in the Smackover intend to use direct lithium extraction technology, a process in which lithium is pulled out of brine while leaving other dissolved compounds behind.

There are still questions over whether the technology can be a commercial success when compared to hard rock lithium mining and evaporation ponds, a low-cost technique used in Latin America.

This week Saltwerx, an Exxon subsidiary, was granted the right to establish a 56,000-acre lithium production unit by regulators over the objections of Occidental, which argued it owned minerals rights in the area and had plans to produce lithium.

An Exxon spokesperson said the decision could help unlock the domestic lithium industry, support jobs and strengthen American energy security.

“Attempts to delay progress could jeopardise economic growth for Arkansas and undermine US efforts to reduce dependence on foreign critical minerals,” she said.

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.
https://www.ft.com/content/7b229e31-692a-4342-8973-3147f6063a99

Saltwerx intends to begin producing lithium in 2028. It forecasts that it can generate $27mn in annual profit from producing 165,000 barrels of lithium brine per day, according to a regulatory filing.      

An Occidental spokesman said the company routinely participated in hearings with state regulators to develop operating agreements that ensured the responsible and fair development of resources for all interest owners.

The commission also approved an application by SWA Lithium, a joint venture between Standard Lithium and Equinor, to establish a rival production unit in south-west Arkansas. Last week the Trump administration selected it as one of 10 critical minerals projects that it would prioritise.

https://www.ft.com/content/7b229e31-692a-4342-8973-3147f6063a99

https://www.google.com/amp/s/boereport.com/2025/10/24/global-energy-layoffs-deepen-in-2025-as-crude-prices-weaken-ma-deals-surge/amp/

The article didn't have cons numbers but we have them now "ConocoPhillips to lay off Canada employees in November, company memo shows
Layoffs part of plan to cut global workforce by 25%"

CEP is somehow taking longer than spinning off an entire downstream company (announced on July 14 2011, completed on May 1, 2012). What an efficient company COP has become!

One more

Considering joining

Exit North Sea ASAP…who in the he-l will buy 3 Billion dollars worth of liability that is now producing less than 12,000 bopd…

Return the assets to BP for abandonment. Bankrupt the company in 2026 and keep the good pieces…. Just like Fieldwood did to Apache…

Heard that there was a last minute upstream communications yesterday afternoon.

Any idea what is that about?

So I am leaving CVX soon but have some great info and would be able to testify for another company who was hurt with the MARs pipeline contamination. Since I am not leaving with a package and will not have to sign anything to leave or get my pension why wouldn’t I reach out to the people who were damaged by CVX. How should I play this out? Oh by the way CVX cheated me out of over $50K of overtime pay so I am not real happy with that outcome either.

This is from 2007-2008 period when Calgary’s job market was hot. Lots of young engineers were quitting Imperial Oil. Imperial was desperate to retain its people. Salary bumps across the board were in double digits (and not the lower double digits).

I remember attending Engineering VP Eddy Lui’s town hall meeting for the engineers and geoscientists. Eddy was explaining how Imperial Oil had a d-mbbell shaped demography curve - lots of people in their very early careers, lots of people at the end of there career, and almost no-one in the mid-career in the company. The reason for this demography was Imperial’s decision to lay off and not hire anyone in the early and mid 90s. Eddy said, “Never again Imperial will make such a mistake!”. In his words, Imperial will hire engineers at a steady pace irrespective of the company’s situation. Eddy and upper management were worried about the future of the company. When the seniors retire, they would leave a vacuum in the company.

Let’s come to the present now. Some of the folks who attended that session are at the top of the company now. I am telling you, you folks will have to repeat Eddy’s comment when no one will come to Imperial Oil when the market recovers. You will be saying, “Never again Imperial will make such a mistake!”.

This is from 2007-2008 period when Calgary’s job market was hot. Lots of young engineers were quitting Imperial Oil. Imperial was desperate to retain its people. Salary bumps across the board were in double digits (and not the lower double digits).

I remember attending Engineering VP Eddy Lui’s town hall meeting for the engineers and geoscientists. Eddy was explaining how Imperial Oil had a d-mbbell shaped demography curve - lots of people in their very early careers, lots of people at the end of there career, and almost no-one in the mid-career in the company. The reason for this demography was Imperial’s decision to lay off and not hire anyone in the early and mid 90s. Eddy said, “Never again Imperial will make such a mistake!”. In his words, Imperial will hire engineers at a steady pace irrespective of the company’s situation. Eddy and upper management were worried about the future of the company. When the seniors retire, they would leave a vacuum in the company.

Let’s come to the present now. Some of the folks who attended that session are at the top of the company now. I am telling you, you folks will have to repeat Eddy’s comment when no one will come to Imperial Oil when the market recovers. You will be saying, “Never again Imperial will make such a mistake!”.

Hey everyone, what’s the latest on the Sarnia situation?
It seems discussions between management and research staff are still ongoing. There’s talk that some employees might be offered relocation options — possibly to Edmonton or other sites — instead of full severance packages.

The overall timeline also appears to be shifting, with the move now expected sometime in Q1 next year. It also sounds like some Houston teams are on hold with equipment transfers until there’s more clarity.

Does anyone have confirmed updates or insight into where things currently stand?

Oil opening in 58.00 range and Oxy stock in 41.00 range. Hopefully, we have a lot of our oil hedged much higher.

By Georgina McCartney

HOUSTON (Reuters) -Oil prices fell on Tuesday as investors considered a smaller than expected increase to OPEC+ output in November against signs of a potential supply glut.

Brent crude futures were down 18 cents, or 0.27%, to $65.29 a barrel at 11:47 a.m. EDT (1547 GMT). U.S. West Texas Intermediate crude was down 13 cents, or 0.21%, to $61.56.

Both contracts settled more than 1% up in the previous session after the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers, together known as OPEC+, decided to increase collective oil production by 137,000 barrels per day, starting in November.

Market sentiment remains subdued, in particular after Saudi Arabia opted to keep the official selling price of its flagship crude to Asia unchanged, defying analyst expectations for an increase, StoneX analyst Alex Hodes said in a note on Tuesday.

The move was in contrast to market expectations for a more aggressive increase, a sign that the group remains cautious in light of predictions for a global supply surplus in the fourth quarter as well as next year, said ING analysts.

On the demand side, India's fuel demand rose by 7% year on year in September, according to data from the Petroleum Planning and Analysis Cell of the Oil Ministry.

On the supply side, JPMorgan said global oil inventories, including crude stored on water, have risen every week in September, adding 123 million barrels during the month.

China, meanwhile, is building oil reserve sites at a rapid clip as part of a campaign to boost stockpiles, according to public data, traders and industry experts.

Geopolitical factors have kept a floor under prices, with conflict between Russia and Ukraine affecting energy assets and creating uncertainty over Russian crude supply.

Russia's Kirishi oil refinery halted its most productive distillation unit after a drone attack and subsequent fire on October 4, with recovery likely to take about a month, two industry sources said on Monday.

Investors are also awaiting U.S. oil stocks data, due later on Tuesday from the American Petroleum Institute.

"Right now the market is locked in a sideways pattern, waiting to see what happens with inventories," said Phil Flynn, a senior analyst at Price Futures Group.

(Reporting by Georgina McCartney in Houston, Enes Tunagur and Robert Harvey in London, Anjana Anil in Bengaluru and Siyi Liu in SingaporeEditing by Kim Coghill, Clarence Fernandez, David Goodman, Rod Nickel)

https://www.msn.com/en-us/money/markets/oil-slips-on-opec-output-hike-supply-glut-fears/

Looks like a massive fire at ES refinery. Hope everyone is safe.

In case people haven't noticed; this has been standard operating procedure for Imperial Oil Ltd. over the last at least 10 years, and for sure since their restructuring at FAP. Do more with less and if you buy-in we may allow you into our cliché (as they smile) and stick around to do double the work until the next time the knives come out.

Sad.......... Imperial Oil do better! When will the notification come out that Exxon has purchased the remaining 30.4% share of IOL, and then sells off the last of Imperials unwanted assets! To be continued............

Story by Katherine Hamilton

Imperial Oil plans to reduce its workforce by 20% by the end of 2027.

The job cuts, along with broader restructuring efforts, are expected to save $150 million a year by 2028, the Canadian oil company said Monday.

Imperial had 5,100 regular employees at the end of 2024, according to its annual report.

The other restructuring efforts include working more closely with its major shareholder, ExxonMobil, to drive productivity improvements, including higher production, reduced downtime, lower unit operating costs and better project planning. Imperial also said it plans to further consolidate activities to its operating sites.

The Calgary, Alberta, company expects a one-time restructuring charge of $330 million before taxes in the third quarter. Its 2025 guidance is unchanged.

https://www.msn.com/en-us/money/markets/imperial-oil-to-cut-20-of-workforce-in-next-two-years

Shell needs to lose some fat to survive. It should follow ExxonMobil owned (69.6% owned by ExxonMobil) Imperial Oil, and reduce workforce by 20%. On top of that send people to the plants, away from the relaxed life in the big cities.

Rankin is a hollow shell of what it once was.