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The oil company lost money in U.S. oil production, reporting a $538 million net loss in the fourth quarter as its regional production earnings fell by $2 billion.
Exxon Mobil Corp. believes the world’s energy demand will grow 25 percent by 2040 and that a third of its fuel will come from oil, even as natural gas outpaces coal to become the world’s No. 2 resource.
The U.S. Chemical Safety Board report called the incident a “serious near miss” and accused Irving-based Exxon Mobil of not properly following its safety procedures at the Torrance refinery near Los Angeles.
Blindsided by a brutal downturn, oil companies have scuttled plans for scores of costly energy projects.
Only two oil and gas companies — California-based Chevron Corp. and Houston-based Shell Oil Co. — scored perfect scores out of a record-breaking 407 businesses that received top “100” scores. A few power, utility and chemical companies also received perfect scores. Many energy companies scored low or outright refused to participate.
Apache Corp. shares climbed as much as 13 percent on Monday.
After installing its first large-capacity, operational wind turbine floating offshore in 2009, Statoil said the project costs have reduced by more than 60 percent.
Cheap energy prices helped to nearly double Exxon Mobil’s downstream profits, and its chemical business improved as well. The firm cut its capital and exploration spending by $2.2 billion as it continued to pare back drilling.
At 12:38 a.m. Thursday, the grid that manages nearly 90 percent of Texas’ electricity load hit 12,237.6 megawatts of wind generation — nearly 37 percent of the grid’s load at the time — besting the previous record 11,467 megawatts from wind set on Sept. 13, according to the Electricity Reliability Council of Texas that manages the grid. A megawatt powers about 500 typical Texas residences during periods of normal demand.
Shell has a 55 percent stake in Bonga and operates what it says were the first deposits to be developed in Nigeria’s deep waters in 2005.