ExxonMobil recognizes Tenaris as its 2024 Supplier of the Year for outstanding global performance and high standards.
Quiver AI Summary
ExxonMobil has recognized Tenaris as its 2024 Supplier of the Year due to the company's exceptional performance and alignment with ExxonMobil’s standards and values. According to Rebecca Vest, ExxonMobil's Vice President of Procurement, Tenaris has shown consistent superior performance across various regions, effectively meeting the company's business needs. Tenaris Chairman and CEO Paolo Rocca highlighted the company's commitment to building strong business relationships and delivering value through engineering solutions and services. Tenaris supplies ExxonMobil with OCTG solutions and supports its global drilling projects. The Supplier of the Year award considers factors like competitiveness, service quality, and performance across safety and sustainability. Tenaris is a leading manufacturer of steel pipe products and services for the energy sector, with revenues of $14.9 billion in 2023.
Potential Positives
- Tenaris has been recognized as ExxonMobil's 2024 Supplier of the Year, highlighting its superior performance and alignment with ExxonMobil's values and expectations.
- The award underscores Tenaris's commitment to high standards in safety, quality, reliability, and overall performance across various global operations.
- This acknowledgment reinforces Tenaris's reputation as a trusted partner in the oil and gas industry, potentially bolstering future business opportunities with ExxonMobil and other clients.
Potential Negatives
- Receiving an award as Supplier of the Year from ExxonMobil may highlight dependencies on a single client, raising concerns about Tenaris's vulnerability to changes in ExxonMobil's procurement strategy.
- The need to emphasize high standards and value delivery may indicate prior performance issues that led to the recognition, reflecting potential past shortcomings in their service.
- The press release does not provide information on Tenaris's efforts related to sustainability or environmental impact, which could be a significant concern for stakeholders increasingly focused on corporate responsibility.
FAQ
What award did Tenaris receive from ExxonMobil?
Tenaris was named ExxonMobil's 2024 Supplier of the Year for its exceptional performance and high standards.
What are Tenaris's main services for ExxonMobil?
Tenaris provides OCTG solutions and services through its Rig Direct® mill-to-well model for ExxonMobil's US upstream operations.
How does ExxonMobil select its Supplier of the Year?
ExxonMobil considers attributes like competitiveness, service quality, sustainability, and safety performance when selecting its Supplier of the Year.
What commitment does Tenaris emphasize with this award?
Tenaris emphasizes its commitment to being the supplier of choice and building strong business relationships beyond just products and services.
What was Tenaris's revenue in 2023?
Tenaris achieved revenues of US $14.9 billion in 2023, showcasing its strong presence in the energy industry.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$TS Hedge Fund Activity
We have seen 95 institutional investors add shares of $TS stock to their portfolio, and 159 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ORBIS ALLAN GRAY LTD removed 5,581,059 shares (-75.8%) from their portfolio in Q3 2024
- BALYASNY ASSET MANAGEMENT L.P. added 2,036,609 shares (+inf%) to their portfolio in Q3 2024
- WELLINGTON MANAGEMENT GROUP LLP added 1,660,300 shares (+187.4%) to their portfolio in Q3 2024
- MILLENNIUM MANAGEMENT LLC added 1,633,604 shares (+403.3%) to their portfolio in Q3 2024
- SIR CAPITAL MANAGEMENT, L.P. added 1,113,382 shares (+351.0%) to their portfolio in Q3 2024
- SOURCEROCK GROUP LLC removed 880,616 shares (-28.9%) from their portfolio in Q3 2024
- MARSHALL WACE, LLP removed 714,161 shares (-100.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
HOUSTON, Dec. 16, 2024 (GLOBE NEWSWIRE) -- ExxonMobil has named Tenaris its 2024 Supplier of the Year, recognizing the company’s performance, competitiveness and high standards as consistent with ExxonMobil’s values and expectations.
“Over the past year, Tenaris has consistently demonstrated superior performance globally across ExxonMobil including Guyana and Permian region, and effectively met our business needs with high standards,” said ExxonMobil Vice President of Procurement, Rebecca Vest, in the letter informing Tenaris of the award. “Your company has continued to demonstrate a strong commitment towards delivering valuable outcomes across ExxonMobil.”
“We aim to be the supplier of choice, and this distinction reaffirms our commitment to serve beyond products and services, but in precisely executing all the pieces in between to build strong, trusted business relationships , ” said Paolo Rocca, Tenaris Chairman and CEO. “I applaud the dedication of our team to engineer solutions and develop services that add value and deliver on the shared goals for high standards in safety, quality, reliability and overall performance.”
Tenaris is a long-term supplier to ExxonMobil, currently serving its US upstream operations with OCTG solutions and services including Tenaris’s Rig Direct® mill-to-well model. Tenaris also supports ExxonMobil in drilling projects around the world, onshore and offshore, and in deepwater exploration.
ExxonMobil considers various attributes for the award, such as competitiveness, service quality, delivery commitments, sustainability, and performance across safety, security, health and environment.
For more information about Tenaris, please follow us on Facebook , X , LinkedIn , and Instagram .
Tenaris is a leading global manufacturer and supplier of steel pipe products and related services for the world’s energy industry and other industrial applications. Our customers include most of the world’s leading oil and gas companies and our revenues amounted to US $14.9 billion in 2023. Employing around 29,000 people worldwide, we operate an integrated network of steel pipe manufacturing, research, finishing and service facilities with industrial operations in the Americas, Europe, the Middle East, Asia and Africa and a direct presence in most major oil and gas markets.
Media contact:
Stefania Argento
Tenaris Media Relations Director
ph. +39 02 99250926
mobile +39 335 5476223
e-mail:
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8abc3226-cc66-44c6-a31e-997ffc7fcbf3