Last week, ExxonMobil filed a lawsuit against the Department of the Interior in the Western District of Louisiana. The lawsuit alleges that DOI, through the Minerals Management Service (MMS), acted improperly in cancelling three leases owned by ExxonMobil and Statoil, its 50% partner. The leases are in a field designated “Julia”, which lies in 7,000 feet of water, some 200 miles off the Louisiana coast. | Read More »
ExxonMobil hits large Keathley Canyon discovery (Oil and Gas Journal, June 8, 2011). XOM announces the discovery of 700 million barrels equivalent (BOE) of oil and gas in 7,000 feet of water, 250 miles offshore Louisiana. Shell’s Cardamom to come online (Offshore247.com, June 9, 2011). Shell will bring on 50,000 barrels equivalent per day from its 140 million BOE discovery in 2,700 feet of water | Read More »
The other day, my boss made an interesting observation. Six months ago, ExxonMobil recorded annual net income of $40 billion. It was widely considered, even by some in these august pages, to be outrageous. Bear in mind, that profit was gained lawfully, and it was either be returned to shareholders (98.5% of which are you, me, and our retirement funds, and not XOM executives) as | Read More »
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