Foreign media reported on April 11 that Europe has overcapacity in refining, and giant Exxon Mobil is considering closing the Slagen refinery in Norway. According to ExxonMobil, this refinery in southeastern Norway was built in 1961 and processes North Sea crude oil with a daily output of 116,000 barrels. Exports account for about 60% of its output.
Exxon Mobil expects its first-quarter earnings to fall by $800 million (approximately RMB 5.2 billion), mainly due to the extremely cold weather in Texas in March. caused by weather. Even so, the U.S. oil giant may have returned to profitability after four consecutive losses. The Irving, Texas-based publicly traded oil company said in a filing that a rebound in oil and natural gas prices boosted its profits by $2.7 billion, while its refining and chemicals operations increased profits by $1.1 billion.
March’s arctic storm in Texas wreaked havoc on U.S. natural gas and electricity markets, creating winners and losers among energy providers. Electricity retailers including Just Energy Group Inc. and Griddy Energy Inc. declared bankruptcy, while oil producer California Resources Corp. said its natural gas trading business generated profits due to the impact of the cold hurricane.
Exxon Mobil Corp. has been forced to close or reduce operations at large Gulf Coast refineries and petrochemical plants, but a March 31 filing showed profits at its oil and gas production facilities. also significantly reduced.
ExxonMobil suffered its first annual loss in 40 years last year, and Chief Executive Darren Woods is trying to repair relations with investors and maintain capital spending and production. at near 20-year lows to maximize cash flow and protect its $15 billion annual dividend.
Exxon Mobil will announce its first quarter results of this year in 4 to 5 weeks, and will reorganize its board of directors proposed by an activist investor before the end of May and a shareholder vote on proposals to change strategy. ExxonMobil appointed three new directors this year to better equip its board as the energy transition progresses.
ExxonMobil is reportedly considering selling its Advanced Elastomer Systems unit (AES), which could be worth around $800 million including debt. AES is best known for its Santoprene thermoplastic vulcanizates (TPVs), elastomeric polymers used in automotive, industrial and consumer products.
The sale of the unit will bring in funds that will allow ExxonMobil to slowly pay down its massive debt. The company had total debt of $45.5 billion as of the end of December. Sources said Exxon Mobil has hired investment bank Morgan Stanley to help it find potential buyers interested in AES, including private equity firms. </p
