Latest news with #ExxonMobil
Yahoo
7 hours ago
- Business
- Yahoo
North Atlantic in talks to acquire second-largest oil refinery in France
A Newfoundland and Labrador-based company that's been on a steady trajectory of growth is poised to make a significant expansion into Europe, as North Atlantic Refining Limited aims to become a global player in the conventional and renewable energy sectors. North Atlantic, as it's known, made international business headlines on Wednesday with news that it's in talks with oil giant ExxonMobil to purchase the Port-Jerome-Gravenchon oil refinery in northern France. The facility is the second-largest oil refinery in France at roughly 230,000 barrels of crude per day, and is one the largest integrated chemical complexes in Western Europe. And there's already a connection with Newfoundland and Labrador because the facility refines crude from the offshore, and North Atlantic routinely purchases fuels from the refinery to supply its gas stations in the province. "It's a fantastic foothold for us in terms of our plans for expansion into Europe," Ted Lomond, North Atlantic's president and CEO, told CBC News during an interview from Paris. ExxonMobil has accepted North Atlantic's offer to acquire its 83 per cent stake in Esso Société Anonyme Française SA and 100 per cent of ExxonMobil Chemical France SAS. The deal comes with a price tag of nearly $700 million Cdn and is expected to close in the fourth quarter of 2025. Lomond is now in talks with union and government officials in France. "We need to work with them and make sure that they're comfortable with us as a player," Lomond explained, adding that the company plans to retain the current workforce. "Our goal is to have a global energy company headquartered in Newfoundland and Labrador." North Atlantic has created a new division called North Atlantic France to manage the refinery, with Lomond serving as president. This is not new territory for North Atlantic. The company owned and operated the Come By Chance oil refinery in Placentia Bay, which peaked at 130,000 barrels per day prior to its closure in early 2020. The refinery has since been converted into a renewable fuels facility by its new owners, but is currently idled because of challenging market conditions. North Atlantic operates a logistics hub at the Port of Come By Chance, where it imports roughly 60 per cent of the gasoline, diesel and jet fuel supply for the province. The company has also expanded its chain of Orange Stores into Nova Scotia and Prince Edward Island, recently established a trucking company and is proposing to establish a multi-billion-dollar wind-to-hydrogen facility in Come By Chance and Sunnyside. The company currently employs 360 workers. Lomond said the company will explore the possibility of using renewable energy from Newfoundland to energize the refinery in France, and use the site as a "launching point" to distribute green hydrogen throughout Europe. A news release from the company said "North Atlantic aims to develop Gravenchon into a green energy hub, leveraging its infrastructure to accelerate the deployment of low-carbon fuels and renewable power." Lomond said the province will benefit in other ways from the deal. For example, he said North Atlantic currently buys fuels on the spot market, but as the owner of a refinery, he said the company will have a secure supply of fuels for the province. He added that some "functions" of the facility may also be performed in the province, which could mean additional jobs in Newfoundland and Labrador. Download our free CBC News app to sign up for push alerts for CBC Newfoundland and Labrador. Click here to visit our landing page.
CBC
7 hours ago
- Business
- CBC
North Atlantic in talks to acquire second-largest oil refinery in France
A Newfoundland and Labrador-based company that's been on a steady trajectory of growth is poised to make a significant expansion into Europe, as North Atlantic Refining Limited aims to become a global player in the conventional and renewable energy sectors. North Atlantic, as it's known, made international business headlines on Wednesday with news that it's in talks with oil giant ExxonMobil to purchase the Port-Jerome-Gravenchon oil refinery in northern France. The facility is the second-largest oil refinery in France at roughly 230,000 barrels of crude per day, and is one the largest integrated chemical complexes in Western Europe. And there's already a connection with Newfoundland and Labrador because the facility refines crude from the offshore, and North Atlantic routinely purchases fuels from the refinery to supply its gas stations in the province. "It's a fantastic foothold for us in terms of our plans for expansion into Europe," Ted Lomond, North Atlantic's president and CEO, told CBC News during an interview from Paris. ExxonMobil has accepted North Atlantic's offer to acquire its 83 per cent stake in Esso Société Anonyme Française SA and 100 per cent of ExxonMobil Chemical France SAS. The deal comes with a price tag of nearly $700 million Cdn and is expected to close in the fourth quarter of 2025. Lomond is now in talks with union and government officials in France. "We need to work with them and make sure that they're comfortable with us as a player," Lomond explained, adding that the company plans to retain the current workforce. "Our goal is to have a global energy company headquartered in Newfoundland and Labrador." North Atlantic has created a new division called North Atlantic France to manage the refinery, with Lomond serving as president. This is not new territory for North Atlantic. The company owned and operated the Come By Chance oil refinery in Placentia Bay, which peaked at 130,000 barrels per day prior to its closure in early 2020. The refinery has since been converted into a renewable fuels facility by its new owners, but is currently idled because of challenging market conditions. North Atlantic operates a logistics hub at the Port of Come By Chance, where it imports roughly 60 per cent of the gasoline, diesel and jet fuel supply for the province. The company has also expanded its chain of Orange Stores into Nova Scotia and Prince Edward Island, recently established a trucking company and is proposing to establish a multi-billion-dollar wind-to- hydrogen facility in Come By Chance and Sunnyside. The company currently employs 360 workers. Lomond said the company will explore the possibility of using renewable energy from Newfoundland to energize the refinery in France, and use the site as a "launching point" to distribute green hydrogen throughout Europe. A news release from the company said "North Atlantic aims to develop Gravenchon into a green energy hub, leveraging its infrastructure to accelerate the deployment of low-carbon fuels and renewable power." Lomond said the province will benefit in other ways from the deal. For example, he said North Atlantic currently buys fuels on the spot market, but as the owner of a refinery, he said the company will have a secure supply of fuels for the province. He added that some "functions" of the facility may also be performed in the province, which could mean additional jobs in Newfoundland and Labrador.
Bloomberg
10 hours ago
- Business
- Bloomberg
Exxon to Keep Investing in Growth Even at $50-a-Barrel Oil
Exxon Mobil Corp. will keep its capital allocation plans intact even if oil declines toward $50 a barrel, Chief Executive Officer Darren Woods said. Late last year, the Texas oil giant stress-tested its business at 'more punitive scenarios' than the current environment and brought the results to the board, Woods said at Exxon's annual meeting Wednesday. The result is that the company will continue investing in new projects and returning cash to shareholders even if oil declines from the current $65 a barrel.
Yahoo
10 hours ago
- Business
- Yahoo
Is Exxon (XOM) a Buy as Wall Street Analysts Look Optimistic?
When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important? Let's take a look at what these Wall Street heavyweights have to say about Exxon Mobil (XOM) before we discuss the reliability of brokerage recommendations and how to use them to your advantage. Exxon currently has an average brokerage recommendation (ABR) of 1.85, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 26 brokerage firms. An ABR of 1.85 approximates between Strong Buy and Buy. Of the 26 recommendations that derive the current ABR, 16 are Strong Buy, representing 61.5% of all recommendations. Check price target & stock forecast for Exxon here>>>While the ABR calls for buying Exxon, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential. Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations. This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements. With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near -term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision. In spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures. Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5. It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them. On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks. There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices. In terms of earnings estimate revisions for Exxon, the Zacks Consensus Estimate for the current year has declined 7.1% over the past month to $6.14. Analysts' growing pessimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates lower, could be a legitimate reason for the stock to plunge in the near term. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #4 (Sell) for Exxon. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> Therefore, it could be wise to take the Buy-equivalent ABR for Exxon with a grain of salt. 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 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
Zawya
11 hours ago
- Business
- Zawya
Seplat Energy Chief Executive Officer (CEO) Joins African Energy Week (AEW) 2025 as Nigeria Accelerates Gas-Driven Growth
Roger Brown, CEO of Nigerian independent oil and gas company Seplat Energy, has been confirmed as a speaker at African Energy Week (AEW): Invest in African Energies 2025, taking place from September 29 to October 3 in Cape Town. His participation underscores Nigeria's gas-led strategy to drive industrialization, boost power generation and attract investment across the energy value chain. In recent years, Seplat Energy has solidified its position as a key enabler of Nigeria's just energy transition, advancing low-carbon oil and gas developments that unlock value for local communities. The company recently announced plans to revive over 400 idle oil wells across 11 blocks, is advancing the $650 million ANOH Gas Processing Plant – slated to produce 300 million cubic feet per day – and has ramped up output through its $1.28 billion acquisition of energy major ExxonMobil's local subsidiary Mobil Producing Nigeria Unlimited. The deal, which received federal approval in 2024, effectively tripled Seplat Energy's production volume and secured major stakes in prolific onshore and shallow water assets. Marking a significant step forward in Nigeria's oil and gas sector, Seplat Energy's acquisition of Mobile Producing Nigeria Unlimited in 2024 saw the company gain a 40% interest in four oil mining leases and associated infrastructure, including the Qua Iboe oil terminal. Additionally, Seplat Energy assumed at 51% stake in the Bonny River natural gas liquids recovery plant. These strategic additions are expected to significantly enhance Seplat Energy's production capacity and operational capabilities, solidifying its role as a major player in Nigeria's upstream sector. In Q1, 2025, Seplat Energy reported a 350% year-on-year revenue increase to $809.3 million, fueled by higher hydrocarbon volumes and robust gas sales. The company is currently producing over 131,000 barrels of oil equivalent per day and has maintained over 11 million man-hours without a lost-time injury, demonstrating its operational excellence and safety culture. Seplat Energy's financial strength and strategic positioning have also enabled generous shareholder returns, including a 28% dividend increase for Q1, 2025. As Nigeria pursues a future powered by natural gas and homegrown innovation, Brown's participation at AEW: Invest in African Energies 2025 is expected to showcase emerging opportunities for independence energy companies in West Africa. During the event, Brown is expected to explore how the country is leveraging its vast reserves – over 200 trillion cubic feet – to secure energy for its population and position itself as a gas powerhouse in Africa. 'Seplat Energy's expansion of its gas portfolio, infrastructure investments and acquisition strategy serve as a blueprint for sustainable, inclusive growth, The company's aggressive investment and development strategy is expected to unlock significant value for Nigeria, as the country seeks to unlock the true potential of its oil and gas reserves,' states Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. Distributed by APO Group on behalf of African Energy Chamber.
