Energy Musings - May 26, 2024

Correction to our Energy Musings of May 24.

Correction

Hat tip to Matt Conlan, an old friend and competitor. He pointed out that we understated ExxonMobil’s production in our Energy Musings discussing lawfare against the international oil industry.

ExxonMobil’s worldwide oil production was 2.557 million barrels a day 1 mmb/d more than the North and South American production of 1.6 mmb/d we cited. Instead of the combined ExxonMobil and its recently acquired Pioneer Natural Resources output of 1.6% of world oil production, it would be closer to 3%. While higher, it does not alter the point made by the dissenting Federal Trade Commission commissioners who opposed the order banning Pioneer CEO Scott Sheffield from becoming a member of the combined company’s board of directors. Their point was that the new ExxonMobil lacked sufficient volumes to influence the global oil policies of OPEC+, so Sheffield’s past comments and communications with OPEC+ officials had no bearing on ExxonMobil’s future actions.