ExxonMobil declares force majeure

HOUSTON – ExxonMobil (NYSE:XOM – news) on Friday announced it was joining ConocoPhillips (NYSE:COP – news) in declaring force majeure on its Alaska oil shipments and cutting supplies to customers as a result of pipeline problems at Prudhoe Bay.

“ExxonMobil regrets the inconvenience and will continue to work with its customers to supply alternative crudes,” a press release said. “The length and duration of the reduction are not known at present.”

The company declined to identify affected customers or to detail alternate supply plans. The press release said it would give updated information as soon as it could.

BP (BP.L) has said it has no plans to declare force majeure at Prudhoe Bay, where it is majority stakeholder and operator and has discovered pipeline corrosion on transmit lines that requires repair.

Reuters