Gas, Exxon Mobil | featured news

Exxon says the energy renaissance in the U.S. will continue and predicts that North America will become a net exporter of oil and gas by the middle of the next decade. The oil and gas giant’s latest long-term energy outlook, released Tuesday, Dec. 11, 2012, says the rapid growth of production in the U.S., Canada along with improved energy efficiency will lead to more oil and gas being sent overseas.

Exxon Mobil Corp, the world's largest publicly traded oil company, posted lower-than-expected quarterly earnings on Thursday as its oil and gas output sagged and its chemicals business struggled.

Rex Tillerson, the boss of ExxonMobil admitted last week that the price of oil–based purely on supply and demand- should be in the $60 to $70 a barrel range. The reason it’s above $100 a barrel, Tillerson explained, is due to the oil majors using futures contracts to lock in current high prices, and speculation that is engineered by the high-frequency trading of quantitative hedge funds.

Exxon Mobil and Royal Dutch Shell Plc reported big jumps in first quarter earnings and beat forecasts, thanks to high oil prices and healthy refining margins.

Exxon Mobil Corp reported a better-than-expected 53 percent increase in quarterly profit, helped by a lower tax rate and a surge in natural gas production in the United States and Qatar.