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MarketScreener Homepage  >  Equities  >  Nyse  >  Exxon Mobil Corporation    XOM

EXXON MOBIL CORPORATION (XOM)
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Exxon Mobil : could push Guyana past Mexico, Venezuela in oil output

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12/07/2018 | 11:52am CET

The small South American nation of Guyana could become the continent`s second-largest oil producer thanks to the offshore discoveries made by Exxon Mobil, according to a new report.

With a partner in New York-based Hess Corp., Exxon Mobil is focusing on offshore Guyana perhaps more than anywhere else in the world outside of West Texas` booming Permian Basin.

A new report from the research firm Wood Mackenzie calls Exxon Mobil`s Guyana exploits one of the one of the most impressive exploration campaigns in recent times.

With a population of only about 750,000 people, Guyana is located next to the Venezuela, a previous oil power now in a deep decline from geopolitical and financial instability.

The report comes just after Exxon Mobil increased its reserve estimates offshore of Guyana by 25 percent after making a 10th discovery in the region. Exxon is continuing to explore in what`s called the deepwater Stabroek block.

"With 17 prospects still to drill, Stabroek is writing Guyana`s future," stated Luiz Hayum, a Latin American research analyst at Wood Mackenzie, arguing that Guyana could jump past all Latin American and South American countries except Brazil.

"If Venezuela and Mexico fail to address production declines, Guyana could quickly surpass them to number two," Hayum said.

Exxon Mobil said its new Pluma-1 well discovery coupled with increased projections from other findings have hiked their reserve estimate from 4 billion barrels of oil equivalent up to 5 billion.

The first oil production of 120,000 barrels a day is expected to come online in early 2020 through the Liza Phase 1 development. Liza Phase 2 is expected to start up by mid-2022.

(c) 2018 Bakhtar News Agency. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
EXXON MOBIL CORPORATION -1.42% 76.54 Delayed Quote.-8.49%
HESS CORPORATION -2.13% 51.49 Delayed Quote.8.47%
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Financials ($)
Sales 2018 321 B
EBIT 2018 32 022 M
Net income 2018 20 554 M
Debt 2018 33 135 M
Yield 2018 4,16%
P/E ratio 2018 16,16
P/E ratio 2019 13,45
EV / Sales 2018 1,13x
EV / Sales 2019 1,04x
Capitalization 329 B
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Mean consensus HOLD
Number of Analysts 23
Average target price 89,1 $
Spread / Average Target 15%
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Darren W. Woods Chairman, President & Chief Executive Officer
Andrew P. Swiger Chief Financial Officer & Senior VP
Samuel J. Palmisano Independent Director
Steven S. Reinemund Independent Director
Kenneth C. Frazier Independent Director
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