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FG- Imo: :Regulatory Oversight of The State Electricity Market Is Now Underr ISERC

By Favour Ifeoluwa & Akinola Ajibade  The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in
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Exxon Mobil records $56b profit in 2022



By Favour Ajibade


Exxon Mobil Corporation posted $56 billion profit in 2002, a record described as historic high in the Western Oil Industry.

The United States based oil and gas firm,  in a statement yesterday (Tuesday) noted that it took home about  $6.3 million per hour  in the previous year. 

With head office based in Irving, Texas United States, the firm's results far exceeded the then-record $45.2 billion net profit it reported in 2008, when oil hit $142 per barrel, 30% above last year’s average price. Deep cost cuts during the pandemic helped supercharge last year’s earnings. 

“Overall earnings and cashflow were up pretty significantly year on year,” Exxon Chief Financial Officer Kathryn Mikells told Reuters. “So that came really from a combination of strong markets, strong throughput, strong production, and really good cost control.”

Exxon said it incurred a $1.3 billion hit to its fourth-quarter earnings from a European Union windfall tax that began in the final quarter and from asset impairments. The company is suing the EU, arguing that the levy exceeds its legal authority.

Excluding charges, profit for the full year was $59.1 billion. Production was up by about 100,000 barrels of oil and gas per day over a year ago to 3.8 million bpd. Adjusted per share profit of $3.40 beat consensus  of $3.29 per share, according to Refinitiv data.

Shares were down 1.5% in pre-market trading to $111.88.

WINDFALL TAXES

The results may set up another confrontation with the White House. President Joe Biden’s administration on Friday blasted oil firms for pouring cash into shareholder payouts rather than production.

Exxon boasted that its cash flow from operations soared to $76.8 billion last year, up from $48.1 billion in 2021.

Windfall profit taxes are “unlawful and bad policy,” countered Mikells. Slapping new taxes on oil earnings “has the opposite effect of what you are trying to achieve,” she said, adding that it would discourage new oil and gas production.

Exxon posted $14 billion in fourth-quarter profit excluding charges, 60% more than the same period last year but down almost 25% from the previous quarter as oil prices eased and some operations suffered from cold-weather-related outages.

Exxon’s spending on new oil and gas projects bounced back last year to $22.7 billion, up 37% from the prior year. The company increased outlays on discoveries in Guyana, in the top U.S. shale field, and on fuel refining and chemicals.

“The counter-cyclical investments we made before and during the pandemic provided the energy and products people needed as economies began recovering,” Exxon Chief Executive Officer Darren Woods said in a statement.

Its results come ahead of what are expected to be strong earnings from Shell plc on Thursday and from BP plc and TotalEnergies next week.

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