World Oil and Gas Council Names ExxonMobil 2018 Large Cap Company of the Year and Explorer of the Year
20.12.2018 | Business Wire
ExxonMobil said today that it has been named 2018 Large Cap Company of the Year and Explorer of the Year by the World Oil and Gas Council in recognition of excellence and innovation in the global energy industry.
Brad Corson, president of ExxonMobil Upstream Ventures, accepted the award for Large Cap Company of the Year. Corson said, “We are honored to be recognized as an industry leader and are confident that the growth strategy we are currently implementing will drive long-term shareholder value and industry-leading returns. This award is a reflection of the dedication of our employees and their daily commitment to excellence.”
During the year, ExxonMobil announced a number of discoveries, acquisitions and other activities around the world. The company’s industry-leading portfolio underpins aggressive growth plans. These opportunities span all of the corporation’s business lines and represent the most attractive investment portfolio since the Exxon and Mobil merger.
ExxonMobil was also the recipient of the Explorer of the Year award for the second year in a row.
“We appreciate the Council’s recognition of our efforts to add the highest quality resources to our development portfolio as well as continuing to build on our leading acreage position,” said Steve Greenlee, president of ExxonMobil Exploration Company. “Particularly encouraging this year was our drilling success in Guyana as well as capture of a large number of quality drilling opportunities in Brazil.”
Important activities during the year include:
Upstream
- Building quickly on its acquisition of companies owned by the Bass family of Fort Worth, the company has significantly accelerated operations and now has 42 rigs operating in the Permian Basin, more than any other in the industry and has announced plans to triple production by 2025. Even with this rapid expansion, the company announced targets to reduce flaring and methane emissions.
- Only months after ExxonMobil’s entry into Mozambique’s offshore Area 4 block, Mozambique Rovuma Venture submitted the development plan for the first phase of the Rovuma LNG project, which will produce, liquefy and market natural gas from the Mamba fields.
- In Brazil, the company completed the purchase of interest in the BM-S-8 block offshore Brazil, which contains part of the more than 2-billion-barrel, pre-salt Carcara oil field. In addition, ExxonMobil expanded its deepwater portfolio in the country to approximately 2.3 million net acres.
- Five discoveries were announced in Guyana in 2018 – Ranger-1, Pacora-1, Longtail-1, Hammerhead-1 and Pluma-1 – where the company has discovered more than 5 billion oil-equivalent barrels of recoverable resource through 10 discoveries since 2015.
Downstream
- In October, the company started operations of a new unit at its Antwerp refinery in Belgium to convert heavy, higher-sulfur residual oils into high-value transportation fuels.
- ExxonMobil announced the startup of a new unit at its Beaumont, Texas, refinery to increase production of ultra-low sulfur fuels.
- ExxonMobil opened the first Mobil-branded service stations in Mexico, and acquired one of Indonesia’s largest manufacturers and marketers of motorcycle lubricants.
Chemical
- ExxonMobil started operations at its new ethane cracker in Baytown, Texas as well as at its integrated manufacturing complex in Singapore where it produces butyl and resins.
- The company also officially formed its Gulf Coast Growth Ventures JV with SABIC and commenced work on the project for a 1.8-million-ton ethane cracker currently planned for construction in San Patricio County, Texas.
About ExxonMobil
ExxonMobil, the largest publicly traded international energy company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil.
Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, capacities and outcomes; company growth plans and future shareholder returns; production volume growth; and flaring and methane emission reductions could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments, including changes in environmental or tax laws and obtaining necessary government approvals; reservoir performance; the outcome of future exploration and development efforts; technical or operating factors; the outcome of future commercial negotiations; the actions of competitors; and other factors discussed in the referenced announcements and under the heading “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com. References to resources, recoverable resources, oil equivalent barrels, and similar terms in this release include quantities that are not yet classified as proved reserves under SEC definitions but that are expected ultimately to be produced and moved into the proved reserve category.
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