Energy, Exxon Mobil | featured news

Exxon Mobil said CEO Rex Tillerson's total compensation rose 15% last year to $40.2 million.

Exxon Mobil briefly overtook Apple as the largest U.S. publicly traded company by market value on Friday as shares of the technology giant continued to fall.

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.

Exxon Mobil Corp. earned less money in the first quarter as costs rose and the Irving oil giant produced less oil and natural gas. Net income dropped to $9.45 billion, or $2 a share, from $10.65 billion, or $2.14 a share, a year ago. Still, revenue rose to $124.05 billion from $114 billion last year.

A big shift is happening in Big Oil: An American giant now ranks behind a Chinese upstart. Exxon Mobil is no longer the world's biggest publicly traded producer of oil. For the first time, that distinction belongs to a 13-year-old Chinese company called PetroChina. The Beijing company was created by the Chinese government to secure more oil for that nation's booming economy.

Cleanup along the oil-fouled Yellowstone River could be tested as rising waters make it harder for Exxon to get to areas damaged by the crude spilled from a company pipeline.

A Baltimore County jury has ordered Exxon Mobil to pay more than $1.5 billion in damages involving an underground gasoline leak at a rural Maryland gasoline station.

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.