ExxonMobil's decision to spend on the upgrade at its Baton Rouge chemical facility comes amid a surge in demand for microchips, driven by the rise of artificial intelligence.
XOM divests its stakes in three development licenses onshore Thailand to Australia-based Horizon Oil. Horizon will own a 60% stake in the E5 block and a 7.5% stake in blocks E5N and EU1.
Exxon Mobil said on Wednesday it will spend $100 million to upgrade its Baton Rouge, Louisiana, chemical plant to produce a highly pure form of isopropyl alcohol that is used in the tech industry to clean and process microchips.
ExxonMobil (XOM 0.64%) is the 800-pound gorilla in the oil patch. The energy giant currently has a market cap of more than $500 billion.
In the most recent trading session, Exxon Mobil (XOM) closed at $115.80, indicating a +0.26% shift from the previous trading day.
Even well-run companies are destined to struggle, eventually. There's no way around it, since markets change over time.
Exxon Mobil Corporation stock has remained resilient amid the market selloff that battered the tech sector leaders recently. XOM's focus on profitable production growth underscores why energy skeptics have not been able to appreciate its business model. It has a well-diversified business, while ramping up growth CapEx into its upstream opportunities to drive earnings further.
New Wave Offshore Energy is expected to provide risk management services and safety supervision for XOM's giant Whiptail project in the Starbroek Block offshore Guyana.
XOM questions Colonial Pipeline's plan to cut gasoline grades, claiming it would hurt fuel supply efficiency and increase costs for shippers.
ExxonMobil filed a protest notice on Wednesday asking regulators to block Colonial Pipeline's proposed changes in fuel shipping terms, citing potential harm to shippers and consumers, a filing showed.
XOM and Woodside take a final investment decision on the $221M Turrum project, expected to help avert Australia's looming gas shortfall.
XOM revolutionizes oil exploration with 4D seismic tech and its Discovery 6 supercomputer, slashing processing time from months to weeks and optimizing resource recovery.