Tag: XTO

ExxonMobil, the world’s largest private sector oil company by market capitalisation, has beaten analysts’ expectations with a 46 per cent rise in earnings per share to $1.85 for the fourth quarter of 2010, helped by the rise in prices for oil and petrochemicals.

Analysts polled by Reuters, the news agency, had on average predicted earnings of $1.63 per share.

Exxon said the results reflected “improving economic conditions [that] support higher commodity prices,” with modest growth in the US and Europe but stronger growth in the developing world.

Sheila McNulty

The majors have a history of selling what they believe are their “cast offs” to the small, independent oil and gas producers because they see little value in them. When they all left the US for global markets, writing the US off as “mature” back in the 1970s, the independents picked up the pieces and carried on.

Not only did many continue to make a profit over the years, but they came up with new technology and expertise that cracked the code to making shale gas and now shale oil economic. The US is now a virtual boom town for energy resources.

So it is interesting to see that the majors, now back in the US and rushing to pick up shale assets from the independents, are selling their conventional assets in both the US and Canada.

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