ExxonMobil warns of lower profits amid overhaul of energy trading and oil and LNG expansion projects
ExxonMobil Corp., the largest US oil company and leading LNG producer and a partner of Qatar, said changes in natural gas prices would impact its second-quarter Upstream earnings by $1.8 billion to $2.2 billion compared with the first quarter even as the company was also overhauling trading activities and embarking on oil projects in Guyana and LNG expansion.
US forecasts high natural gas prices on winter demand and LNG exports as New England power bills surge
The US Government forecasts a rise in natural gas prices as a result of both higher winter demand and rising LNG exports while the Freeport LNG plant was seen ramping-up in the coming months to reach full capacity by March 2023 after going on stream later.
Energy and LNG majors Chevron and ExxonMobil both focus spending on Permian Basin assets as priority
US major Chevron Corp., a key operator of LNG export plants in Australia and Africa, has reduced its capital and exploratory spending program to $15 billion, at the lower end of earlier guidance of up to $17Bln, while ExxonMobil Corp. has also modified its six-year investment plan.
