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ExxonMobil adds 2.7B barrels oil equivalent to reserves; replaces 183% of 2017 production

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billion oil-equivalent barrels of proved oil and gas reserves in 2017, replacing 183% of production. billion oil-equivalent barrels at year-end 2017. During 2017, proved additions at Upper Zakum in Abu Dhabi totaled more than 800 million barrels of crude oil. Exxon Mobil Corporation added 2.7 Resource Base.

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ExxonMobil evaluating significant near-term capital and operating expense reductions; COVID-19

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ExxonMobil is looking to reduce spending significantly as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases. Woods said that ExxonMobil has faced numerous market downturns throughout its long history and has experience operating in a sustained low-price environment. million net acres.

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RAND reports suggest US DoD use less petroleum fuel to deal with high prices, not count on alternatives

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However, the US military can play an important role in promoting stability in major oil producing regions and by helping protect the flow of energy through major transit corridors and on the high seas, the reports suggest. Earlier post.).

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ExxonMobil seeking to boost growth, continue work on lower-emissions technologies including biofuels and carbon capture

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ExxonMobil expects to increase annual earnings potential by more than 140% and double potential annual cash flow from operations by 2025 from 2017 adjusted earnings, assuming a 2017 oil price of $60 per barrel adjusted for inflation and based on 2017 margins. billion barrels of discovered recoverable resource.

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GE study finds 5% of worlds natural gas production wasted per year by flaring

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Worldwide, billions of cubic meters (bcm) of natural gas are wasted annually, typically as a by-product of oil extraction. Depending on region, these may include power generation; gas re-injection (for enhanced oil recovery, gathering and processing); pipeline development and distributed energy solutions. Advance local solutions.

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Glencore to pay >$1.1B to resolve government’s investigation into bribery and commodity and price manipulation

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pled guilty in the District of Connecticut to a commodity price manipulation conspiracy. billion to resolve the government’s investigations into bribery and commodity and price manipulation. The Commodity Price Manipulation Case. operated a global commodity trading business, which included trading in fuel oil.