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Exxon Mobil May Acquire Interest in Mozambique Gas Project
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As per media reports, Exxon Mobil Corporation (XOM - Free Report) is contemplating acquiring a stake in a large Mozambique natural gas development project from Anadarko Petroleum Corporation and Eni SpA (E - Free Report) . News agency Bloomberg reported that if the the gas deal is sealed, it would reap huge benefits for the poverty-stricken African nation. In Apr 2016, it was disclosed that the African country had a hidden debt of approximately $1.4 billion. As a direct offshoot this resulted in the cessation of financial support from the World Bank and other donors.
Exxon’s gas deal could solve the problem to a large extent. This is evident as a single stake of Anadarko’s Area 1 in the Rovuma Basin off the north coast could generate capital gains tax to the tune of $1.3 billion. Media sources are abuzz with speculation that Exxon is eyeing the Eni-owned Area 4. The region is a top choice for energy playes as evident the 20% stake purchase by China National Petroleum Corp. for $4.2 billion a couple of years ago.
ExxonMobil is the world’s best run integrated oil company in terms of high return on capital employed. As the largest publicly traded oil company, ExxonMobil has long been a core holding for investors seeking defensive as well as continued dividend growth.
Exxon’s strength lies in its balanced operations, strong financial flexibility and continuous efficiency and cost control. The company’s efforts to build an unconventional resource portfolio both in North America and overseas reflect its aim to increase production through higher exposure to large energy resources with a long reserve life and low field declines.
Despite the plunge in natural gas prices, Exxon expects unconventional gas to play a dominant role in future supplies owing to the rapid decline in conventional production. The company possesses more than 8 million unconventional acres in North America. Currently, ExxonMobil carries a Zacks Rank #3 (Hold). A better-ranked stock from the broader energy sector is CVR Refining, LP sporting a Zacks Rank #1 (Strong Buy).
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Exxon Mobil May Acquire Interest in Mozambique Gas Project
As per media reports, Exxon Mobil Corporation (XOM - Free Report) is contemplating acquiring a stake in a large Mozambique natural gas development project from Anadarko Petroleum Corporation and Eni SpA (E - Free Report) . News agency Bloomberg reported that if the the gas deal is sealed, it would reap huge benefits for the poverty-stricken African nation. In Apr 2016, it was disclosed that the African country had a hidden debt of approximately $1.4 billion. As a direct offshoot this resulted in the cessation of financial support from the World Bank and other donors.
Exxon’s gas deal could solve the problem to a large extent. This is evident as a single stake of Anadarko’s Area 1 in the Rovuma Basin off the north coast could generate capital gains tax to the tune of $1.3 billion. Media sources are abuzz with speculation that Exxon is eyeing the Eni-owned Area 4. The region is a top choice for energy playes as evident the 20% stake purchase by China National Petroleum Corp. for $4.2 billion a couple of years ago.
ExxonMobil is the world’s best run integrated oil company in terms of high return on capital employed. As the largest publicly traded oil company, ExxonMobil has long been a core holding for investors seeking defensive as well as continued dividend growth.
EXXON MOBIL CRP Price
EXXON MOBIL CRP Price | EXXON MOBIL CRP Quote
Exxon’s strength lies in its balanced operations, strong financial flexibility and continuous efficiency and cost control. The company’s efforts to build an unconventional resource portfolio both in North America and overseas reflect its aim to increase production through higher exposure to large energy resources with a long reserve life and low field declines.
Despite the plunge in natural gas prices, Exxon expects unconventional gas to play a dominant role in future supplies owing to the rapid decline in conventional production. The company possesses more than 8 million unconventional acres in North America. Currently, ExxonMobil carries a Zacks Rank #3 (Hold). A better-ranked stock from the broader energy sector is CVR Refining, LP sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>