How A Former Enron Exec Lured ExxonMobil To Bet $150 Million On A Longshot Biofuel [Forbes]
Exxon Mobil Corporation (XOM)
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Source: Forbes
Now Exxon is suing. It was May 2020, and despite the encroaching wave of Covid-19 pandemic lockdowns, Richard Palmer, founder and chairman of Global Clean Energy Holdings was thrilled with his new acquisition. Palmer's prize was a rusting, 90-year-old refinery in Bakersfield, California that GCEH was buying for $40 million cash. The seller, Israeli energy conglomerate Delek Holdings, had bought the 500-acre pile of pipes, tanks and distillation towers a decade earlier from the bankruptcy estate of the Flying J truckstop company. Dissuaded by tough California carbon regulations, Delek had hardly touched it. So what did Palmer and GCEH, a publicly traded microcap company, have in mind? To help lead the low-carbon revolution, he says. Ever since he left Enron two decades earlier, Palmer had been striving to build a biofuels business — one vertically integrated and optimized "from seed to fuel." Despite missteps, here he was closing on a big piece of the puzzle, a refinery. His visio
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- Oil prices tumble to seven-week lows on surprise build in U.S. crude stocks [Seeking Alpha]Seeking Alpha
- Exxon Mobil reaches agreement with FTC, poised to close $60 billion Pioneer deal [MSNBC.com]MSNBC.com
- FTC Will Approve Exxon's $60 Billion Merger With Pioneer—With One Caveat [Forbes]Forbes
- Exxon Mobil reaches agreement with FTC, poised to close $60 billion Pioneer deal [CNBC]CNBC
- Exxon Mobil: ~12% Mid-Term EPS Growth Justifies Premium Valuation [Seeking Alpha]Seeking Alpha
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