U.S. Headed For Energy Self-Sufficiency – Exxon CEO – Video

Significant Oil Production Growth Expected For 2-3 Years

Exxon Mobil’s CEO Rex Tillerson believes the U.S. will be self sufficient and energy secure by 2020. The country is the largest natural gas producer in the world and is producing oil at rates not seen since the 1980s.

Production of crude oil is expected to continue growing over the next few years and Tillerson thinks it’s “realistic” that the U.S. will be secure in energy by the end of the decade. Watch more below: [Read more…]

Largest Refineries in the U.S. Benefit From Eagle Ford Crude

Local Supply Increases Margins - Margins That Were Missing Much of the Past Few Years

In about a month’s time, Motiva Enterprises’ Port Arthur refinery will become the largest in the U.S., with 600,000 barrels per day of crude refining capacity. ┬áThe facility will surpass ExxonMobil’s Baytown refinery that has a capacity of approximately 560,000 barrels per day. Both will benefit from growing U.S. crude supplies. [Read more…]

Exxon – Rosneft Trade Artic Oil for Eagle Ford Interest?

ExxonMobil agrees to enter a partnership with the Russian oil & gas giant Rosneft in the Artic and Black Sea in exchange for a development carry and the potential to participate in Exxon’s tight oil assets in Texas. Is it the Eagle Ford? Exxon has been tight lipped when it comes to the Eagle Ford and this might be the first indication that the company has a material position in the play. XTO was leasing in South Texas when the company was acquired by Exxon in 2010. XTO had built a significant producing position through the acquisition of Dominino Resource’s South Texas properties not long before it was acquired itself. The assets were largely producing and acreage was held by production. That luxury is likely the reason we have not seen Exxon add as many rigs in South Texas as other operators.

I’ll update this post as more details emerge. [Read more…]