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Exxon Mobil has doubled its daily output in Bakken shale

BY ANGEL GONZALEZ 

HOUSTON--Exxon Mobil Corp. is producing about 32,000 bbl of oil equivalent from the Bakken Shale, doubling its output from when it entered the area, an executive said Thursday.

"We have moved into a development phase" in the shale located in North Dakota, Montana and Canada, Exxon Vice President of investor relations David Rosenthal said in an earnings call.

Mr. Rosenthal said that the Texas oil giant' s oil and gas production is "slightly ahead of plan," benefiting from the early start-up of off-shore oil operations in West Africa.

The executive added that chemicals in the second quarter saw weak demand in Europe, which led to a decrease in earnings of about $100 million versus the same period last year.

Despite economic uncertainty in Europe, the U.S. and China, which has put downward pressure on oil prices, Exxon Mobil isn' t changing its approach to share buybacks, although it will closely watch the evolution of the world economy, Mr. Rosenthal said. The company will buy $5 billion of its own shares during the third quarter.

Exxon Mobil withdrew from Poland after two wells it drilled and completed there failed to yield a commercial flow of hydrocarbons. But "I wouldn' t draw any conclusions in any one country or across Europe," Mr. Rosenthal said, as the process of tapping unconventional oil and gas fields there is in early stages.

The company is still active in Germany, where it has faced permitting issues but now is working with regulators to restart exploration, after a study dismissed concerns about unconventional exploration there, Mr. Rosenthal said.

Exxon is considering options to export liquefied natural gas from the U.S. and Canada, he added.

In Canada, the company' s Kearl oilsands project will have "probably a December start-up," he said.

Dow Jones Newswires

07/26/2012

 

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