Exxon Mobil is suing the European Union, arguing that it has exceeded its legal authority...
It was removed from the Dow Jones industrial average after more than 90 years on the coveted blue-chip index. In contrast, this year has been Exxon’s best.
The company has benefited from large refining margins as refineries closed amid the pandemic and the capacity to produce fuels and chemicals shrank. "We haven’t seen this type of environment in decades, if ever," Andy Lipow, president of Lipow Oil Associates, told the Chronicle in October."The oil and natural gas markets have been rallying after Russia's invasion of the Ukraine at the same time refining has been doing particularly well as the pandemic shut down capacity."
Exxon has been one of the largest investors in European refining over the last decade, according to Bloomberg, allocating more than $3 billion to large refining projects. The EU's tax could check Exxon's future European investments, a company spokeswoman told Bloomberg."Whether we invest here primarily depends on how attractive and globally competitive Europe will be," Casey Norton said.
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