Russian oil selling at $79/barrel in Asia on Monday, well above price cap
By: Reuters - Russia's ESPO oil blend from the Far Eastern port of Kozmino was selling for around $79 a barrel in Asian markets on Monday - almost a third higher than the price cap imposed on Russian oil by the G7 and European Union - according to Refinitiv data and estimates from industry sources.
Russia exports up to 65 million tons of ESPO Blend oil per year via the Eastern Siberia-Pacific Ocean (ESPO) pipeline, including up to 35 million tons through the port of Kozmino.
Exxon Mobil Corp is raising the annual base salaries of its top boss and other executives for next year, the largest U.S. oil company said on Monday.
Exxon Mobil's compensation committee approved an increase in the annual salary of Chief Executive Officer Darren Woods to $1.88 million from $1.70 million this year, according to a filing.
Kathryn Mikells, who became the company's chief financial officer in August last year, will receive a base pay of $1.22 million in 2023.
The company also raised the salaries of its senior vice presidents, effective Jan. 1, 2023.
Base salaries, however, represent less than 10% of total pay, with stock awards and bonuses making up a bigger share of what Exxon's executives pocket every year.
The Houston-based oil major paid Woods a total compensation of $23.6 million in 2021 and $15.6 million in 2020.
The pay hikes come barely a month after the oil major posted record quarterly profits as sanctions on Russia sent crude and gas prices soaring to dizzying heights this year.
(Bloomberg) -The short supply of labor in the US oil patch has plagued exploration and production companies...
(Bloomberg) -The short supply of labor in the US oil patch has plagued exploration and production companies all year, and the tightness continues.
While the sector’s unemployment rate jumped to 3.1% in November from 0.8% in the prior month on an unadjusted basis, it’s still well below the long-term average, according to a Labor Department report released Friday. A year ago, the jobless rate was 8.6% as many workers were sidelined due to the pandemic stalling output amid very weak oil demand.
Oil companies routinely cite their inability to find enough workers to drill new wells. The number of workers employed in US oil and gas jobs totaled 135,700 in November,climbing modestly for a third straight month, but still down from this year’s peak in July.
U.S. energy firms this week left the number of oil and natural gas rigs operating unchanged for the first time since June, energy services firm Baker Hughes Co said in its closely followed report on Friday.
The total U.S. oil and gas rig count, an early indicator of future output, remained unchanged at 784 in the week to Dec. 2.
That puts the total rig count up 215, or 38%, over this time last year.
U.S. oil rigs held at 627 and gas rigs were at 155.
Benchmark U.S. crude oil for January delivery fell $1.24 to $79.98 a barrel Friday. Brent crude for February deliveryfell $1.31 to $85.57 a barrel.
Wholesale gasolinefor January delivery fell 6 cents to $2.28 a gallon. January heating oil fell 9 cents to $3.17 a gallon. January natural gas fell 46 cents to $6.28 per 1,000 cubic feet.
