XOM stock was trading at $107.22 as of 11:36 AM EDT.
In the Stabroek block off the coast of Guyana, Exxon Mobil ( NYSE:XOM ) reported Wednesday that it had discovered two more resources at the Sailfin-1 and Yarrow-1 wells, bringing the total number of discoveries made there since 2015 to more than 30.
The Yarrow-1 well was dug in 3,560 feet of water and discovered 75 feet of hydrocarbon-bearing sandstone, whereas the Sailfin-1 well encountered 312 feet of hydrocarbon-bearing sandstone. Since its first two sanctioned offshore Guyana projects, Liza Phase 1 and Liza Phase 2, are currently producing above design capacity and averaged nearly 360K bbl/day of oil on average in Q3, Exxon ( NYSE:XOM ) claimed it has accelerated development and production offshore Guyana at a rate that “far exceeds the industry average.”
Both a third project, Payara, and a fourth project, Yellowtail, are anticipated to begin in 2025.
The Stabroek block is operated by Exxon ( NYSE:XOM ), which owns a 45% interest. Partners Hess (HES) and Cnooc (OTCPK:CEOHF) each hold a 30% and a 25% interest in the block, respectively. Recent trading has seen intraday highs for Exxon Mobil ( NYSE:XOM ) shares.
XOM stock outlook
Exxon Mobil Corporation’s ( NYSE:XOM ) share price has increased by 61% over the past year, outpacing the market drop of almost 22%. (not including dividends). By our standards, that was an excellent performance! In the long run,...
Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube