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CEO of Exxon Mobil's compensation up 3 per cent to $28.1 million, mostly in stock awards

IRVING, Texas - The CEO of Exxon Mobil Corp. received compensation worth $28.1 million last year, a 3 per cent increase over the previous year, according to an Associated Press analysis of a company regulatory filing. Most of Rex W. Tillerson's compensation was in the form of stock awards, which the largest U.S. oil company valued at $21.3 million when they were granted. His overall compensation for 2013 was up from $27.2 million in 2012, under The AP's calculation.

New Madagascar president to meet Exxon on exploration

Madagascar's new president said Monday he will meet officials of oil giant Exxon Mobile to discuss oil exploration on the island nation. President Hery Rajaonarimampianina met UN Secretary General Ban Ki-Moon at the start of a trip that will also take him to Washington. He told reporters here he may also meet executives from other oil companies, as well as Exxon, while in New York. He said Exxon had already been working in Madagascar before the political crisis in his country, and that it wanted to resume exploration work now that the crisis was over.

Exxon Mobil plans to cut capital spending but expects rise in production on oil, other liquids

NEW YORK, N.Y. - Exxon Mobil Corp. says it will cut capital spending by 6 per cent this year and overall production will be flat. The shares fell nearly 3 per cent. The nation's biggest oil company said Wednesday that it will spend $39.8 billion on energy projects and other costs this year, down from $42.5 billion last year. Exxon said that barring acquisitions, annual spending will average less than $37 billion from 2015 to 2017.

US stocks mostly flat as Exxon leads Dow lower

A disappointing production forecast from oil giant ExxonMobil Wednesday pushed the Dow into negative territory on an otherwise flat day for US stocks. At the closing bell, the Dow Jones Industrial Average fell 31.53 (0.19 percent) to 16,364.35. The broad-based S&P 500 was barely changed, rising 0.05 of a point at 1,873.96. The tech-rich Nasdaq Composite Index added 6.00 (0.14 percent) to 4,357.97.

ExxonMobil trims production forecast following snags

ExxonMobil Wednesday cut its forecast for oil and gas production after a number of major projects hit snags in the ramp-up phase. The US oil giant now projects that petroleum output will hit 4.3 million barrels per day in 2017. While that is higher than the 4.0 million per day in 2013, it is well below the company's previous forecast of 4.8 million barrels per day in 2017. The company also said it would pump 4.0 million barrels in 2014, the same as last year. The updated forecast follows a string of recent travails that have hit production.

Exclusive: Duo tracks double-dipping in U.S. oil firms' toxic tank cleanup

By Mica Rosenberg BIRMINGHAM, Alabama (Reuters) - A pioneer in cleaning up toxic messes, Thomas Schruben long suspected major oil companies of being paid twice for dealing with leaks from underground fuel storage tanks - once from government funds and again, secretly, from insurance companies.

Chevron's weak production outlook spooks Wall Street

By Ernest Scheyder (Reuters) - Chevron Corp <CVX.N>, the second-largest U.S. oil company, said its quarterly profit dropped 32 percent and posted a modest production outlook for this year despite surging capital spending, sending shares down sharply on Friday. The stock recorded its biggest daily percent decline since October 2012, losing 3.2 percent to $112.70 in afternoon trading.

Conoco beats expectations as bigger oil rivals struggle

HOUSTON (Reuters) - Oil producer ConocoPhillips <COP.N> outshone larger competitors on Thursday with a quarterly profit that beat expectations as it moved to overcome the problems of high costs and lack of fresh reserves that have nagged at Exxon Mobil Corp <XOM.N> and Royal Dutch Shell <RDSa.L>. ConocoPhillips, the largest U.S. oil company without refining operations, said its profits were helped by the sale of its Algerian business and by higher crude oil production in North America.

ExxonMobil profits fall as oil, gas output dips

US oil giant ExxonMobil Thursday said fourth-quarter earnings sagged under a drop in oil and gas production and major declines in its international refining and chemical businesses. Driving the 1.8 percent decline in oil and gas output was a slower-than-expected ramp-up of the Kearl Canadian oilsands project and a months-long outage at the massive Kashagan field in Kazakstan due to pipeline problems, said Exxon vice president David Rosenthal.

Exxon Mobil profit falls 16 per cent to $8.35 billion, revenue misses Wall Street expectations

Exxon Mobil's fourth-quarter profit fell 16 per cent as the company produced slightly less oil and gas and its refining business weakened. Exxon has been criticized for failing to boost production, but the CEO says that new projects now in the works will produce profits and lift the business. Exxon Mobil Corp. said Thursday that fourth-quarter net income was $8.35 billion, or $1.91 per share, matching Wall Street's forecast. That compares with profit of $9.95 billion, or $2.20 per share, a year earlier.
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