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Tom Sanzillo
Director of Financial Analysis Tom Sanzillo has 30 years of experience in public and private finance, including as a first deputy comptroller of New York State, where he held oversight over a $156 billion pension fund and $200 billion in municipal bond programs.
Tide of red ink shows little sign of ebbing any time soon for shale-focused regional gas producers
December 3, 2020 (IEEFA)—Even after cutting their capital expenditures (capex) by more than one-third from the previous year, nine shale-focused gas producers in Appalachia spent a half-billion dollars more during the third quarter on drilling and building projects than they earned from selling oil and gas. Capex investments during the third quarter were the lowest […]
After Tanager misstep, oil giant needs to answer important questions
Various reports have surfaced that ExxonMobil’s exploration of the Tanager-1 drilling in the Kaieteur Block has discovered reserves that are not commercially viable. Exploratory wells at the Tanager site will be plugged and abandoned. The Kaieteur Block is being developed under a contract with the government of Guyana and a consortium of investors led by […]
Cash results disappoint, raising questions about dividends
ExxonMobil today posted third quarter cash results that were significantly worse than those of its four peers, Shell, Total, BP and Chevron. These disappointing results challenge the company’s repeated claims that the fundamentals of the oil and gas industry have not changed. “ExxonMobil needs a business model that manages decline, generates stable profits and contributes […]
Profits, cash and shareholder return slip compared with rivals using company’s own performance metrics
October 28, 2020 (IEEFA) — A close look at ExxonMobil’s financial performance metrics compared with its peers reveals significant slippage during Chairman & CEO Darren Woods’s tenure (2017-2019) even before the coronavirus pandemic, according to a briefing note released today by the Institute for Energy Economics and Financial Analysis (IEEFA). IEEFA analysts found that the […]
Large changes in global oil markets and faltering oil companies like ExxonMobil mean smaller revenues and hard choices
October 27, 2020 (IEEFA) — A multibillion-dollar partnership between the republic of Guyana and a consortium led by some of the world’s largest oil and gas companies will not yield enough cash over the next five years for Guyana to close deficits, support new spending and build a Sovereign Wealth Fund. Beyond five years, the […]
No fundamental shift is taking place in global energy markets, according to company reports
In April, when announcing its first-quarter financial performance, including its first quarterly loss in decades, CEO Darren Woods, said: “The long-term fundamentals that drive our business have not changed.” In July, when it announced its even more dismal second-quarter financial results, management confirmed its view that “the fundamentals have not changed.” The market sees it […]
Industry problems hit before the pandemic, were made worse by it and will persist even after the economy improves
October 20, 2020 (IEEFA) — After years of benefitting from record oil and gas revenues, global markets are signaling the beginning of the end of New Mexico’s financial reliance on fossil fuels. Leases, royalty payments and taxes from the oil and gas industry have directly accounted for as much as 30 percent of the state’s […]
Company’s own metrics reveal slippage compared with oil major peers
October 15, 2020 – An analysis released today by the Institute for Energy Economics and Financial Analysis (IEEFA) reveals lagging performance by ExxonMobil under the leadership of Chairman & CEO Darren Woods. IEEFA analysts detail how the company racked up deeper or more rapid declines based on three critical financial metrics it has long used […]
Multiple issues in contract likely to contribute to failure of safe, reliable and resilient grid
October 12, 2020 (IEEFA) ‒ A major contract signed with the LUMA Energy consortium may prevent Puerto Rico from building a safe, reliable and resilient electrical system, according to a new report from the Institute for Energy Economics and Financial Analysis. The deal to operate the island’s grid came in the wake of a series […]
Múltiples problemas en el contrato que pueden contribuir al fracaso de una red segura, confiable y resiliente
12 de octubre de 2020 (IEEFA) – Un importante contrato firmado con el consorcio LUMA Energy puede impedir que Puerto Rico construya un sistema eléctrico seguro, confiable y resiliente, según un nuevo informe del Instituto de Economía Energética y Análisis Financiero. El acuerdo para operar la red de la isla se produjo a raíz de […]
IEEFA U.S.: Appalachian frackers report $504M in negative free cash flow despite capex slashing
Tide of red ink shows little sign of ebbing any time soon for shale-focused regional gas producers
December 3, 2020 (IEEFA)—Even after cutting their capital expenditures (capex) by more than one-third from the previous year, nine shale-focused gas producers in Appalachia spent a half-billion dollars more during the third quarter on drilling and building projects than they earned from selling oil and gas. Capex investments during the third quarter were the lowest […]