Cohen Retires from ExxonMobil, McCarron to Takeover
Ken Cohen, vice president, Public and Government Affairs, Exxon Mobil Corporation, has announced his intention to retire effective Jan. 1, 2016, after more than 38 years of service. It is anticipated that the board of directors will elect Suzanne McCarron as vice president, Public and Government Affairs, Exxon Mobil Corporation. McCarron is currently general manager, Public and Government Affairs, and president, ExxonMobil Foundation, the primary philanthropic arm of the Exxon Mobil Corporation in the United States. The ExxonMobil Foundation is focused on creating economic opportunities for women, support for math and science education and efforts to combat malaria.
Jerry Wascom To Be Appointed President Of ExxonMobil Refining & Supply
The Board of Directors of Exxon Mobil Corporation is expected to appoint D.G. (Jerry) Wascom, president of ExxonMobil Refining & Supply Company and elect him a vice president of the corporation, effective Aug. 1, 2014. Wascom, 58, is currently director of refining for North America, ExxonMobil Refining & Supply Company. He began his career in 1979 as a refining engineer at Baton Rouge refinery in Louisiana for Exxon Company USA. He progressed through various engineering and supervisory positions at Exxon Company USA’s headquarters in Houston and later as technical manager and process manager at Baytown refinery in Texas. In 1996, he became senior environmental and safety advisor and later corporate planning consultant at Exxon Corporation in Dallas.
Exxon Announces Estimated 2Q 1999 Results
Exxon Corporation reported second quarter 1999 net income of $1.2 billion, down from $1.6 billion in the second quarter of 1998. Revenue for the second quarter of 1999 totaled $29.4 billion compared to $29.4 billion in the second quarter of 1998. Capital and exploration expenditures were $2.5 billion in the second quarter 1999 compared to $2.5 billion in last year's second quarter. According to the company, depressed refining margins and weaker natural gas prices drove the decline in earnings. Weaker chemical margins, lower copper and coal prices, and unfavorable foreign exchange effects also lowered earnings. With the improvement in oil prices…
Exxon Replaces Production for Fifth Consecutive Year
Exxon Corporation announced worldwide additions to its proved oil and gas reserves totaled 1.1 billion oil-equivalent barrels in 1998, replacing 106 percent of production. Exxon Chairman Lee Raymond said, "This year's strong performance is the fifth year in a row we've exceeded 100 percent replacement. Over the last 10 years, we've added nearly 11 billion oil-equivalent barrels to proved reserves, more than replacing reserves produced. Production totaled one billion oil-equivalent barrels in 1998, similar to 1997. Liquids production was 570 million barrels, and gas production exceeded 2.5 trillion cu. ft. for the third year in a row.
Conoco Strengthens its Gulf of Mexico Deepwater
Conoco announced an agreement with Exxon Corporation to exchange interest in 59 deepwater blocks in the Gulf of Mexico. Conoco acquired a 50-percent interest in 29 of Exxon's blocks, while Exxon acquired a 50-percent interest in 30 of Conoco's blocks. Conoco was the sole lessee of its 30 blocks and will retain a 50-percent interest in each. The acreage is in Green Canyon, Garden Banks, Walker Ridge and Keathley Canyon areas in the Gulf of Mexico. "The Gulf of Mexico continues to be one of the great growth opportunities for oil and gas in the U.S., and these newly acquired interests are perfectly aligned with our exploration strategy to focus on deepwater," said Rob McKee, Conoco executive vice-president, exploration production.
