Latest news with #Esso
Auto Express
3 days ago
- Automotive
- Auto Express
You shouldn't assume supermarkets will offer the lowest petrol and diesel prices
For longer than most of us can remember, the financial rules of the refuelling game at forecourts have been fair and easy to understand. In the interests of genuine and much-needed consumer choice, it has gone a bit like this… Motorists watching the pennies have tended to shop at Sainsbury's, Morrisons, Asda and other supermarkets where own-brand fuel has been cheapest. Drivers less concerned about prices have used traditional forecourts, where oil giants such as Esso and Shell sell generally more expensive fuels. This is a textbook case of you pay your money and take your choice! I've long believed that such a consumer-friendly arrangement couldn't be simpler. Advertisement - Article continues below But for the first time ever, I'm starting to question it. No longer can I, or you, assume that supermarkets will offer the lowest pump prices. I hope I'm wrong, but I fear that the rules of engagement are changing, because in the hundreds of miles I've driven over the past week, I've bought fuel everywhere from traditional forecourts to supermarkets – and it's the latter that have got their prices horribly wrong as far as I, and my wallet, are concerned. Examples of outlets (in the same area) I bought from, or boycotted, within a 24-hour window last week: unleaded costing 131p per litre (£5.95 a gallon) on Esso forecourts (plural) and 132p (£6.00) at a nearby Shell garage. Yet just up the road, a Sainsbury's site demanded 135p (£6.14) and Morrisons and Asda outlets wanted 134p (£6.08). Skip advert Advertisement - Article continues below I fear it could be the end of an era. The business model that has hitherto operated on the basis that supermarkets should offer the cheapest fuel seems broken. Great shame, that. And before anyone argues that all this tight-fisted, penny-pinching stuff from me is unimportant in the great scheme of things, consider this: a private motorist driving 10,000 miles annually over 50 years – between the ages of 18 and 68 perhaps – will enjoy half a million miles, or thereabouts, behind the wheel. If he or she typically achieves around 40mpg and, at today's prices, pays £7 a gallon (154 ppl) instead of the sub-£6 gallon (131p) he/she could be paying, £250 will be wasted every year. Over five decades that equates to an overspend of £12,500 – the price of a decent used premium car. Get ripped off by being daft enough to stump up £8 per gallon (176ppl) in today's money and you'll needlessly overspend £500 annually or, over the course of that half-century driving life, about £25k. This is equivalent to buying a brand new Renault 5 (officially crowned The New Car World Champ 24/25) while still leaving enough change for an exotic holiday for a week or two. Crazy but true! Yet such massive savings really are achievable for drivers who bother to do their homework and find the lowest prices – while giving those priced highest the swerve they deserve! Do you usually fill up with supermarket fuel? Let us know in the comments section below... Find a car with the experts 2026 Land Rover Defender updates look subtle, but they fix one huge annoyance for owners 2026 Land Rover Defender updates look subtle, but they fix one huge annoyance for owners Land Rover has introduced new, larger white-painted steel wheels for models with big brakes, fixing one massive irritation with the previous generatio… Electric car drivers won't ever go back to petrol or diesel Electric car drivers won't ever go back to petrol or diesel Editor Paul Barker thinks the EV transition is coming whether we like it or not The MG HS just got hot! New 221bhp Hybrid+ model joins line-up The MG HS just got hot! New 221bhp Hybrid+ model joins line-up The Hybrid+ gives the MG HS another tool to take on the Dacia Bigster
Yahoo
6 days ago
- Business
- Yahoo
ExxonMobil Plans to Sell French Refining Assets to North Atlantic
Exxon Mobil Corporation XOM has entered into exclusive negotiations to divest its controlling interest in Esso Société Anonyme Française SA (Esso S.A.F.) and 100% of ExxonMobil Chemical France SAS ('EMCF') to North Atlantic France SAS. The deal includes the Gravenchon refinery and related assets, with the transaction expected to be closed in the fourth quarter of 2025, subject to regulatory approvals and final financial arrangements. Despite the sale, ExxonMobil will retain a significant commercial presence in France. Around 750 Esso-branded retail fuel stations will continue to operate under the Esso name, ensuring brand continuity for French consumers. Additionally, ExxonMobil will maintain its role in supplying finished lubricants, base stocks, synthetics, and other specialty products throughout the country. ExxonMobil considers France a key market and intends to maintain a strong commercial presence through the Esso brand while continuing to support its customers across the country. Approximately 1,350 employees affected by the transaction — excluding those already part of a previously announced redundancy plan — will remain employed under their current terms and conditions. This assurance provides continuity and stability to the workforce during the transition. The acquisition marks a milestone for North Atlantic, which views the deal as a strategic enhancement of its transatlantic operations. North Atlantic considers this development as a milestone in its growth strategy, aiming to establish Gravenchon as a central hub for France's energy and industrial sectors while expanding its transatlantic presence. The divestment is part of ExxonMobil's broader strategy to continually assess and optimize its global portfolio. While refining assets in France are changing hands, ExxonMobil reaffirmed its commitment to conducting safe, reliable operations and meeting all supply obligations during the transition. The transaction will undergo the standard consultation process with French employee representative bodies, as required by law. ExxonMobil's exit from certain French operations does not signal a broader retreat from Europe. The continent remains an important region for the company's energy and specialty product business. XOM currently carries a Zack Rank #4 (Sell). Investors interested in the energy sector may look at some better-ranked stocks like Subsea 7 S.A. SUBCY, Energy Transfer LP ET and RPC Inc. RES. Subsea 7 presently sports a Zacks Rank #1 (Strong Buy), while Energy Transfer and RPC carry a Zacks Rank #2 (Buy) each. You can see the complete list of today's Zacks #1 Rank stocks here. Subsea 7 helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore. The Zacks Consensus Estimate for SUBCY's 2025 EPS is pegged at $1.31. The company has a Value Score of A. Energy Transfer is poised to benefit from long-term fee-based commitments. It is also focused on expanding operations through organic and inorganic initiatives. The firm is looking for solutions to meet growing energy demands from additional demand centers through its pipeline network. Energy Transfer's systematic investments should boost its total fractionation capacity at Mont Belvieu and raise its top line. The Zacks Consensus Estimate for ET's 2025 EPS is pegged at $1.44. The company has a Value Score of A. RPC generates strong and stable revenues through a diverse range of oilfield services, including pressure pumping, coiled tubing and rental tools. The company is strongly committed to returning value to shareholders through consistent dividends and share buybacks. RPC's current dividend yield is higher than that of the composite stocks in the industry. Its new Tier IV dual-fuel fleet has boosted profits, with plans to further expand high-efficiency equipment to enhance operational capabilities. The Zacks Consensus Estimate for RES' 2025 EPS is pegged at 38 cents. The company has a Value Score of A. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Exxon Mobil Corporation (XOM) : Free Stock Analysis Report Energy Transfer LP (ET) : Free Stock Analysis Report RPC, Inc. (RES) : Free Stock Analysis Report Subsea 7 SA (SUBCY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 days ago
- Business
- Yahoo
Nigeria: TotalEnergies Divests its Non-Operated Interest in the Bonga Field
PARIS, May 29, 2025--(BUSINESS WIRE)-- TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) announces that its subsidiary TotalEnergies EP Nigeria (TEPNG) signed an agreement with Shell Nigeria Exploration and Production Company Ltd (SNEPCo) for the sale of its non-operated 12.5% interest in the OML118 Production Sharing Contract (PSC) for an amount of $ 510 million. OML118 PSC is operated by SNEPCo (55%), in partnership with Esso Exploration and Production Nigeria (20%), TotalEnergies EP Nigeria (12.5%), and Nigerian Agip Exploration (12.5%). Located deep offshore at 120 km south of the Niger Delta in Nigeria, it contains the Bonga field, which started production in 2005, as well as the Bonga North field, the development of which started in 2024. Production from the OML 118 PSC, which is mainly oil, represents approximately 11,000 boe/d in Company share in 2024. Completion of the transaction is subject to customary conditions, including regulatory approvals. "TotalEnergies continues to actively high-grade its Upstream portfolio, to focus on assets with low technical costs and low emissions, and to lower its cash breakeven" said Nicolas Terraz, President Exploration & Production at TotalEnergies. "In Nigeria, the Company is focusing on its operated gas and offshore oil assets and is currently progressing the development of Ubeta project, designed to sustain gas supply to Nigeria LNG." About TotalEnergies in Nigeria TotalEnergies has been present in Nigeria for more than 60 years and employs today more than 1,800 people across different business segments. Nigeria is one of the main contributing countries to TotalEnergies' hydrocarbon production with 209,000 boe/d produced in 2024. TotalEnergies also operates an extensive distribution network which includes about 540 service stations in the country. In all its operations, TotalEnergies is particularly attentive to the socio-economic development of the country and is committed to working with local communities. About TotalEnergies TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to providing as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations. X @TotalEnergies LinkedIn TotalEnergies Facebook TotalEnergies Instagram TotalEnergies Cautionary Note The terms "TotalEnergies", "TotalEnergies company" or "Company" in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies' financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC). TotalEnergies Media Relations: +33 (0)1 47 44 46 99 l presse@ l @TotalEnergiesPR Investor Relations: +33 (0)1 47 44 46 46 l ir@ View source version on Contacts TotalEnergies Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
RTÉ News
28-05-2025
- Business
- RTÉ News
ExxonMobil to sell French subsidiary Esso to Canadian energy group
Energy major ExxonMobil has entered into exclusive negotiations with the French unit of Canadian energy group North Atlantic to divest its majority-owned French subsidiary Esso, it said today. The sale is expected to take place in the last quarter of this year, at a price of €149.19 per Esso share before distributions, or €32.83 after distributions, Esso said in a statement. Those include an additional distribution of up to €63.36 per share ExxonMobil aims for Esso to make prior to completion of the transaction, Esso said. Exxon is currently the majority shareholder in Esso, with a 82.89% stake, which it plans to divest entirely. Following the acquisition, North Atlantic would make a mandatory takeover bid for the remaining shares of Esso on the same financial terms as the initial offer, Esso said. It said that the tender offer is expected to be filed in the first quarter of 2026.
Business Times
28-05-2025
- Business
- Business Times
Exxon enters talks to sell French business for 400 million euros
[LONDON] ExxonMobil entered exclusive talks to sell its entire 82.89 per cent stake in French unit Esso SAF, including a key refinery, to North Atlantic France SAS for about 400 million euros (S$584.2 million). If completed, the deal would significantly diminish Exxon's presence in France, after the company announced last year that it would shut down part of its petrochemical operations in the country. The moves highlight the challenges faced by Europe to keep energy-intensive industries running amid regulations to curb greenhouse gas emissions and international competition. The final acquisition price, which includes a significant amount of cash on Esso's balance sheet, will be determined by a number of different factors prior to the completion of negotiations, according to a statement from Exxon on Wednesday (May 28). Completion of the deal would be subject to obtaining regulatory authorisations and financing agreements, and is expected to occur during the last quarter of 2025. By acquiring the Gravenchon refinery in northern France, North Atlantic is planning to develop the Normandy site 'into a green energy hub, leveraging its infrastructure to accelerate the deployment of low-carbon fuels and renewable power,' according to a statement. Gravenchon is one of six oil refineries in France. Still, Exxon's crude-supply contracts for the refinery will remain and the Texas-based energy giant will maintain some staff in the country through a marketing and commercial center, the company said. The firm will market chemicals, finished lubricants, base stocks, synthetics and other specialty products, while the Esso brand will remain visible at 750 fuel stations. The company has been shrinking its European presence, as its longtime UK office south of London is due to shut in 2026. Exxon sold its Fos oil refinery in France last year to a consortium that includes Trafigura Group. Exxon has been trying to sell its stake in Miro, Germany's biggest oil-processing complex. The sale of Gravenchon leaves Exxon with plants in Antwerp and Rotterdam – Europe's oil-trading hub – as well as Fawley, the UK's biggest refinery. BLOOMBERG
