Exxon Execs Keep Restricted Stock Awards

Oil & Gas

Articles about awards – of the bonus and contract varieties – commanded much of Rigzone downstream readers’ attention last week. Keep reading for a review of popular articles from the period, based on pageviews.

ExxonMobil Shelves 2020 Bonuses

Having sustained a string of quarterly losses, industry titan Exxon Mobil Corp. (NYSE: XOM) has suspended employee bonuses this year, Bloomberg reported this week. The news service stated the company revealed the decision in a regulatory filing. It also noted that several high-level company executives will still receive restricted stock awards that would have been worth $37.5 million in 2019, adding that XOM shares have fallen nearly 40 percent since then.

TechnipFMC Starts Work on Egypt Hydrocracking Complex

Earlier this year, TechnipFMC (NYSE: FTI) announced that it had won an engineering, procurement and construction (EPC) contract in Egypt valued at more than $1 billion. This past Monday, the firm stated that it has commenced work on the project. The EPC contract covers new process units such as a vacuum distillation unit, a diesel hydrocracking unit, a delayed coker unit, a distillate hydrotreating unit and a hydrogen production facility unit for Assiut National Oil Processing Co.

KBR Wins Gulf Coast LNG Project

Another recent EPC contract winner is KBR, Inc. (NYSE: KBR), which will serve as lead contractor for the first phase of a Venture Global LNG, Inc. project. The contract calls on KBR to integrate modularized liquefaction equipment at Venture Global’s Plaquemines LNG project site, located south of New Orleans along the Mississippi River. The facility would use equipment identical to that of Venture Global’s Calcasieu Pass LNG project, which is already well underway in southwestern Louisiana. A Venture Global executive has stated the Plaquemines project is nearing the early site works stage.

To contact the author, email mveazey@rigzone.com.

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