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ExxonMobil and BHP Billiton Planning Australian Exodus
Per media reports, U.S. energy giant ExxonMobil Corp. (XOM - Free Report) and Anglo-Australian multinational BHP Billiton Ltd. (BHP - Free Report) are contemplating disposing a number of depleting oil and natural gas fields in Australia. The list includes Kingfish oil field in Bass Strait. Found in the mid-1960s, is the largest oil field ever discovered in Australia. The duo has been working together in an equally owned joint venture in the Gippsland basin in Australia since 1960.
Exxon and BHP Billiton are planning to dispose 13 fields, licences, and associated systems in the region. In addition to Kingfish, the fields to be sold include Blackback, Cobia, Dolphin, Flounder, Fortescue, Halibut, Mackerel, Perch, Seahorse and Tarwhine.
Bass Strait fields have produced more than 4 billion bbl of oil and 8 tcf of gas since production started in 1965. The region was Australia’s mainstay in oil production till the nineties. But currently, the region is mainly a gas producer.
The two companies will retain ownership of the remaining offshore fields and the onshore facilities at Longford. These include the new $4.5-billion Kipper-Tuna-Turrum development, which has an estimated 1.6 bcf of gas and 140 million bbl of liquids.
EXXON MOBIL CRP Price
EXXON MOBIL CRP Price | EXXON MOBIL CRP Quote
ExxonMobil is one of the world’s best-run integrated oil companies given its track record of superior returns on capital employed. The energy giant has long been a core holding for investors seeking a defensive name with continued dividend growth. The company is also fairly active in its investment programs.
Zacks Rank & Stocks to Consider
ExxonMobil currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are Braskem S.A. (BAK - Free Report) and North Atlantic Drilling Limited . Both these stocks sport a Zacks Rank #1 (Strong Buy).
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