Energy companies have seen extremely dismal performance in the past year. The oil price decline of over 50% has forced companies to record the worst financial results since the global recession in 2008.
The major oil player, Exxon Mobil Corp (NYSE:XOM) is expanding into the highest oil producing area in all of the US. With the expansion in to Texas, Exxon is also readjusting the structures of its shale acquisitions.
Exxon Mobil Corporation's (NYSE:XOM) subsidiary, Exxon Mobil Pipeline Company, said on Thursday that it has received a fine notice of $2.63 million from the Federal Pipeline and Hazardous Materials Safety Administration (PHMSA).
Oil prices bounced back in Asia on Thursday as investors weighed a rise in US crude inventories and production against a forecast by Organization of the Petroleum Exporting Countries' chief of rising demand.