Leaked Study Shows Exxon, Partners Overspent by $138 Billion

(Bloomberg) — Oil and natural gas projects that Exxon Mobil Corp. invested in between 1998 and 2017 ended up costing $138 billion more than early-stage estimates, potentially due to mismanagement by operators and poor planning, according to an internal analysis seen by Bloomberg. The 2020 study, reviewing 110 projects in which Exxon took a stake over two decades, suggested two … Read more

Oil Set for Fourth Weekly Loss With Rate Hikes Darkening Outlook

West Texas Intermediate was steady near $84 a barrel, and down almost 2% for the week. The Federal Reserve gave its clearest signal yet that it’s willing to tolerate a US recession as the necessary trade-off for regaining control of inflation, while the UK, Norway and South Africa also followed with hikes.