Entries in ExxonMobil (4)


Report: Natural Gas to Top Coal as World's No. 2 Energy Source

Robert Nickelsberg/Getty Images(NEW YORK) -- Natural gas looks set to replace coal as the world's second biggest energy source by 2025.  The forecast comes from oil giant ExxonMobil in its latest energy report. 

Oil and Gas Journal reports demand for gas will grow by 65 percent by 2040, and 20 percent of global production will be in North America.  

According to ExxonMobil's 2013 outlook, "electricity demand will account for more than half the global energy demand increase over the next few decades, with gas, nuclear, and renewable energy meeting more power generation demand as coal and oil meet less," the Journal says.

Copyright 2012 ABC News Radio


Ruptured ExxonMobil Pipeline Spills Oil into Yellowstone River

ExxonMobil(BILLINGS, Mont.) -- A ruptured ExxonMobil Pipeline Company (EMPCo) pipeline reportedly sent oil gushing into the Yellowstone River on Saturday.

Company officials say early Saturday morning it was discovered that an “undetermined amount” of crude oil was released into the river from an EMPCo pipeline.

“EMPCo deeply regrets this release and is working hard with local emergency authorities to mitigate the impacts of this release on the surrounding communities and to the environment,” the company said in a press release.

The company said the 12-inch crude pipeline that broke runs from Silver Tip, Mont. to Billings, Mont., and the ruptured line has since been shut down. However, officials could not say what caused the spill.

“At this early stage, we have no information on the cause of the incident, and we are working to determine the amount of oil released,” the company said in its press release.

“We recognize the seriousness of this incident and are working hard to address it. Our principal focus is on protecting the safety and health of the public and our employees. We will, of course, also begin a thorough investigation of the cause of this unfortunate event.”

EMPCo says it has notified the appropriate state and federal authorities, and has also set up a claims number (1-888-382-0043) to assist anyone who might have been affected by the oil spill.

Copyright 2011 ABC News Radio


Fortune 500 Had Great Year, Still Aren't Hiring

Justin Sullivan/Getty Images(NEW YORK) -- "It was the best of times, it was the worst of times…" The famous opening to Charles Dickens' A Tale of Two Cities would have been an apt headline for this year's Fortune 500.

"It's the best of times for American big business. Profits were up over 80 percent for America's 500 largest companies," said Andy Serwer, Fortune's managing editor. The Fortune 500 ranks the top U.S. public companies as measured by gross revenue. That's the third-biggest jump since the magazine started keeping track. "Business is picking up again, and they're minting money right now."

How? That was the "worst of times" part.

"Big business is making a lot of money right now by making employees work that much harder," said Serwer.

To put it in economic terms, employees' productivity has grown. It had to when more work fell to fewer workers: unemployment remains high, at 8.8 percent.

The top of the list was studded with oil companies. After number-one Wal-Mart, the next three were ExxonMobil, Chevron and ConocoPhillips, whose profit was up 133 percent over the previous year.

"Oil companies make a lot of money...selling gasoline to Americans, and we can't get enough of it," said Serwer.

Given the current spike in oil prices, reflected in $4-per-gallon prices at the gas pump, oil companies could do even better on next year's list, Serwer said.

Apple, whose iPhone and iPad grew ever more popular last year, was up 21 places, to 35. Its profits were up 145 percent.

Homebuilders, after being shut out of last year's list due to the mortgage crisis, have crept back on, with two companies on the list.

General Motors was number eight, and AIG was 17. Both were huge beneficiaries of U.S. taxpayer bailouts. Even if many Americans are feeling like characters in another Dickens work, "Oliver Twist," asking for "more" work, at least they can say they made the Fortune 500.

Copyright 2011 ABC News Radio


Fortune 500 List 2011: Which Company Will Be No. 1?

KAREN BLEIER/AFP/Getty Images(NEW YORK) -- The 2011 Fortune 500 list, which names the most profitable companies in the country, will be announced Wednesday night on ABC’s Nightline.

With last year's list boasting heavyweights such as Wal-Mart, ExxonMobil, General Electric and AT&T, ABC News' John Berman reported that the Fortune 500 companies tripled their earnings in 2009. Did they improve on that in 2010?

"It's just a staggering amount of money that big companies made in 2009 versus 2008 -- $330 billion more than the year before. It's just an unprecedented gain," said Andy Serwer at the time. Serwer is the managing editor of Fortune magazine, which compiles an annual list of top public companies as measured by gross revenue.

Last year's champion was Walmart, pushing the once top seeded ExxonMobil to the number two slot.

"Walmart had a good year and maybe that's not surprising," Serwer said, "People really look for value during tough economic times."

Even still, the oil company didn't make out too shabby. Exxon was able to rake in more than $284 billion in profits last year.

So who will reign supreme on this year's Fortune 500 list? Tune into ABC's Nightline Wednesday at 11:35 p.m. ET to see the results.

Copyright 2011 ABC News Radio

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