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Exxon Likely to Expand in Brazil with Regulations in Favor
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Per recent sources, ExxonMobil Corporation (XOM - Free Report) is planning to foray into Brazil’s prized deep-water resources.
Interestingly, ExxonMobil is the only oil major that does not have a significant holding in the country. So far, the discussions indicate the possibility of a joint venture through which ExxonMobil would invest in projects with state-oil firm, Petroleo Brasileiro SA or Petrobras (PBR - Free Report) . Also, ExxonMobil is likely to purchase stakes in offshore tracts that the Brazilian government plans to lease out this year. However, no specific terms of any agreement has yet been finalized by ExxonMobil.
ExxonMobil has been keen on participating in deepwater resources of Brazil since the past 10 years. It has also been working with Hess Corporation (HES - Free Report) to strengthen its foothold in Brazil as the country revised regulations last year to draw greater foreign investment.
ExxonMobil’s price chart, however, shows weakness. Shares of the company lost 5.4% in the last six months, while the Zacks categorized Oil & Gas – International Integrated industry registered an increase of 0.7% in the same time span.
ExxonMobil is the world’s largest publicly traded oil company, engaged in oil and natural gas exploration and production, petroleum products refining and marketing, chemicals manufacture, and other energy-related businesses.
Recently, ExxonMobil entered into a sale and purchase agreement with Eni SpA (E - Free Report) to acquire 25% indirect interest in the natural gas-rich Area 4 block, off the coast of Mozambique. We believe that ExxonMobil’s financial strength along with industry-leading project execution skills will help it capitalize on the development’s strong prospects and likely create long-term economic value for shareholders.
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Exxon Likely to Expand in Brazil with Regulations in Favor
Per recent sources, ExxonMobil Corporation (XOM - Free Report) is planning to foray into Brazil’s prized deep-water resources.
Interestingly, ExxonMobil is the only oil major that does not have a significant holding in the country. So far, the discussions indicate the possibility of a joint venture through which ExxonMobil would invest in projects with state-oil firm, Petroleo Brasileiro SA or Petrobras (PBR - Free Report) . Also, ExxonMobil is likely to purchase stakes in offshore tracts that the Brazilian government plans to lease out this year. However, no specific terms of any agreement has yet been finalized by ExxonMobil.
ExxonMobil has been keen on participating in deepwater resources of Brazil since the past 10 years. It has also been working with Hess Corporation (HES - Free Report) to strengthen its foothold in Brazil as the country revised regulations last year to draw greater foreign investment.
ExxonMobil’s price chart, however, shows weakness. Shares of the company lost 5.4% in the last six months, while the Zacks categorized Oil & Gas – International Integrated industry registered an increase of 0.7% in the same time span.
ExxonMobil is the world’s largest publicly traded oil company, engaged in oil and natural gas exploration and production, petroleum products refining and marketing, chemicals manufacture, and other energy-related businesses.
Recently, ExxonMobil entered into a sale and purchase agreement with Eni SpA (E - Free Report) to acquire 25% indirect interest in the natural gas-rich Area 4 block, off the coast of Mozambique. We believe that ExxonMobil’s financial strength along with industry-leading project execution skills will help it capitalize on the development’s strong prospects and likely create long-term economic value for shareholders.
Currently, ExxonMobil carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
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Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>