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ExxonMobil (XOM) Plans to Develop Sixth Oil Project in Guyana
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Exxon Mobil Corporation (XOM - Free Report) and partners aim to invest $12.93 billion to develop Whiptail, the sixth offshore oil project in Guyana.
ExxonMobil expects the project’s floating production platform to start operating in 2027. Whiptail will increase the ExxonMobil-led consortium’s oil production in Guyana to more than 1.2 million barrels of oil per day (bopd).
ExxonMobil considers deepwater Guyana as a major growth driver. The company is committed to contributing to Guyana’s energy future and creating opportunities for the nation’s growth.
Guyana is one of the hottest sources of oil and gas, with about 11 billion barrels discovered so far. At present, ExxonMobil and partners produce 400,000 bopd from two vessels. The companies could develop up to 10 offshore projects.
ExxonMobil and partners’ operations have generated $2.8 billion in direct revenues for Guyana and created some 4,400 employment opportunities for the South American people.
Whiptail is identical to ExxonMobil’s Uaru field development, the fifth project in the Stabroek block. Earlier this year, ExxonMobil and partners agreed to spend $12.7 billion on Uaru, which has a production capacity of 250,000 bopd.
The project does not plan to produce natural gas as studies have indicated that any decrease in injected gas would result in a decline in oil recovery. ExxonMobil and partners aim to drill up to 72 wells as part of the drilling plan, which runs from late 2024 to mid-2030.
ExxonMobil made multiple world-class oil discoveries at the Stabroek Block, offshore Guyana. Production commenced in 2019 and ExxonMobil now controls the overall production in the nation. The discoveries have turned Guyana into an emerging oil power. The company evaluates a wide range of global exploration opportunities, focusing on investments in advantaged assets.
Price Performance
Shares of ExxonMobil have underperformed the industry in the past three months. The stock has gained 0.5% compared with the industry’s 1.3% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
ExxonMobil currently carries a Zack Rank #2 (Buy).
USA Compression Partners is one of the largest independent natural gas compression services providers across the United States in terms of fleet horsepower.
USA Compression Partners has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for USAC’s 2023 and 2024 earnings per share is pegged at 30 cents and 55 cents, respectively.
Seadrill is a market-leading international driller with strong exposure in key strategic basins like the U.S. Gulf of Mexico, Brazil and Angola.
Seadrill has witnessed upward earnings estimate revision for 2023 in the past 60 days. The consensus estimate for SDRL’s 2023 and 2024 earnings per share is pegged at $3.16 and $4.01, respectively.
Global Partners is a leading operator of gasoline stations and convenience stores. Over the past 30 days, GLP has witnessed upward earnings estimate revisions for 2023 and 2024, respectively.
The Zacks Consensus Estimate for Global Partners’ 2023 and 2024 earnings per share is pegged at $3.46 and $3.69, respectively. GLP currently has a Style Score of A for Value and Growth.
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ExxonMobil (XOM) Plans to Develop Sixth Oil Project in Guyana
Exxon Mobil Corporation (XOM - Free Report) and partners aim to invest $12.93 billion to develop Whiptail, the sixth offshore oil project in Guyana.
ExxonMobil expects the project’s floating production platform to start operating in 2027. Whiptail will increase the ExxonMobil-led consortium’s oil production in Guyana to more than 1.2 million barrels of oil per day (bopd).
ExxonMobil considers deepwater Guyana as a major growth driver. The company is committed to contributing to Guyana’s energy future and creating opportunities for the nation’s growth.
Guyana is one of the hottest sources of oil and gas, with about 11 billion barrels discovered so far. At present, ExxonMobil and partners produce 400,000 bopd from two vessels. The companies could develop up to 10 offshore projects.
ExxonMobil and partners’ operations have generated $2.8 billion in direct revenues for Guyana and created some 4,400 employment opportunities for the South American people.
Whiptail is identical to ExxonMobil’s Uaru field development, the fifth project in the Stabroek block. Earlier this year, ExxonMobil and partners agreed to spend $12.7 billion on Uaru, which has a production capacity of 250,000 bopd.
The project does not plan to produce natural gas as studies have indicated that any decrease in injected gas would result in a decline in oil recovery. ExxonMobil and partners aim to drill up to 72 wells as part of the drilling plan, which runs from late 2024 to mid-2030.
ExxonMobil made multiple world-class oil discoveries at the Stabroek Block, offshore Guyana. Production commenced in 2019 and ExxonMobil now controls the overall production in the nation. The discoveries have turned Guyana into an emerging oil power. The company evaluates a wide range of global exploration opportunities, focusing on investments in advantaged assets.
Price Performance
Shares of ExxonMobil have underperformed the industry in the past three months. The stock has gained 0.5% compared with the industry’s 1.3% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
ExxonMobil currently carries a Zack Rank #2 (Buy).
Some other top-ranked players in the energy sector are USA Compression Partners, LP (USAC - Free Report) and Seadrill Limited (SDRL - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy), and Global Partners (GLP - Free Report) , carrying a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
USA Compression Partners is one of the largest independent natural gas compression services providers across the United States in terms of fleet horsepower.
USA Compression Partners has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for USAC’s 2023 and 2024 earnings per share is pegged at 30 cents and 55 cents, respectively.
Seadrill is a market-leading international driller with strong exposure in key strategic basins like the U.S. Gulf of Mexico, Brazil and Angola.
Seadrill has witnessed upward earnings estimate revision for 2023 in the past 60 days. The consensus estimate for SDRL’s 2023 and 2024 earnings per share is pegged at $3.16 and $4.01, respectively.
Global Partners is a leading operator of gasoline stations and convenience stores. Over the past 30 days, GLP has witnessed upward earnings estimate revisions for 2023 and 2024, respectively.
The Zacks Consensus Estimate for Global Partners’ 2023 and 2024 earnings per share is pegged at $3.46 and $3.69, respectively. GLP currently has a Style Score of A for Value and Growth.