Comprehensive Energy Data Intelligence

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How Exxon and Chevron Are Building Larger Oil Reserves

As of the end of 2023, Exxon reported holding $31.54 billion in cash, with Chevron's reserves at $8.18 billion.

Exxon Mobil and Chevron strategically use their substantial profits to expand their market presence. In a series of aggressive acquisitions, they aim to secure their positions amid sustained oil demand. The U.S. energy sector has seen a flurry of activity with $250 billion in deals in 2023 alone, indicating a trend likely to continue.

This month, Exxon finalized its massive $60 billion acquisition of Pioneer Natural, approved by U.S. regulators, marking a significant increase in its production capabilities. By 2027, this acquisition is projected to elevate Exxon’s daily output to over 5 million barrels, positioning it as the leading producer in the Permian Basin, America’s most valued oilfield.

On the other hand, Chevron is making significant strides with its recent approval from Hess shareholders for a $53 billion merger. This deal not only increases Chevron's production capacity but also grants it access to the lucrative oil fields in Guyana, anticipated to contain over 11 billion barrels of oil and gas. Chevron's production is expected to exceed 4 million barrels daily by 2027.

Exxon holds a 45% stake in Guyana's Stabroek Block, partnering with Hess and China’s CNOOC.

Hess shareholders recently approved their merger with Chevron, though the deal still has several regulatory approvals to secure and faces a lengthy arbitration with Exxon. Despite the fluctuating market, U.S. oil giants like Chevron and Exxon continue to report strong profits, fueled by high energy prices in the wake of geopolitical events in Ukraine. While not reaching the record highs of 2022, their financial outcomes remain robust.

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How Grinch Almost Made Off with All Oil from Santa's TX-based Barrels

It's beginning to look a lot like Christmas, alright! And nowhere more so than in Texas, where oil rigs could pass off as giant metallic Christmas trees

2023 was quite a year for the oil and gas sector, with some big deals making the news. In the US, giants like ExxonMobil and Chevron grabbed headlines with their plans to acquire companies like Pioneer and Hess. Internationally, ADNOC wasn't left behind, expanding its reach as well. As we ring in the new year, let's recap the biggest oil and gas deals of 2023.

As world leaders gather at the COP29 climate summit, a surprising trend is emerging: some of the biggest oil companies are scaling back their renewable energy efforts. Why? The answer is simple—profits. Fossil fuels deliver higher returns than renewables, reshaping priorities across the energy industry.

The global oil market is full of potential but also fraught with challenges. Demand and production are climbing to impressive levels, yet prices remain surprisingly low. What’s driving these mixed signals, and what role does the U.S. play?

Shell overturned a landmark court order demanding it cut emissions by nearly half. Is this a victory for Big Oil or just a delay in the climate accountability movement?

2024 blog posts