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Exxon's Affiliate Inks PSC with Equatorial Guinea Government
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ExxonMobil Corporation’s (XOM - Free Report) wholly owned affiliate, Exploration and Production Equatorial Guinea (Deepwater) Ltd., has inked a production sharing contract with the government of Equatorial Guinea for EG-11, a deepwater block.
Located 36 miles west of Malabo, Deepwater block EG-11 measures about 307,000 acres (1,242 square kilometers) and is near the Zafiro field situated in Block B.
Subsequent to the government’s approval of the contract, ExxonMobil will perform the work program as an operator with 80% working interest. GEPetrol holds the remaining 20% working interest.
The contract comprises a commitment to obtain new and recycled existing 3-D seismic data. ExxonMobil will work with the government of Equatorial Guinea for further development of the national workforce.
The Zafiro field is operated by Mobil Equatorial Guinea Inc. which holds an interest of 71.25%. Other partners include GEPetrol and Equatorial Guinea holding 23.75% and 5%, respectively. Lying in depths ranging between 400 and 2,800 feet under water, the field has produced in excess of 1 billion barrels in its production spanning over two decades. ExxonMobil Exploration and Production Equatorial Guinea (Offshore) Ltd. holds an 80% interest in block EG-06, which is near the block EG-11.
Guyana’s government recently agreed to double ExxonMobil’s royalty payments on oil retrieved from its offshore waters. The government said that the energy giant will receive its production license in Jun 2017. We believe that these developments will build ExxonMobil’s financial strength along with industry-leading project execution skills, which in turn will help in capitalizing on the development’s strong prospects and create long-term economic value for shareholders.
The company’s share price chart is unimpressive. Shares of the company have lost 2.9% in the last three months, while the Zacks categorized Oil & Gas – International Integrated industry registered a decrease of 1.4%. Williams Partners currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space include SunCoke Energy, Inc. (SXC - Free Report) , Enbridge Energy, L.P. and Canadian Natural Resources Limited Ltd. (CNQ - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Enbridge Energy posted a positive earnings surprise of 128.57% in the preceding quarter. The company beat estimates in three of the four trailing quarters with an average positive earnings surprise of 38.22%.
Canadian Natural Resources posted a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the four trailing quarters with an average negative earnings surprise of 275.46%.
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Exxon's Affiliate Inks PSC with Equatorial Guinea Government
ExxonMobil Corporation’s (XOM - Free Report) wholly owned affiliate, Exploration and Production Equatorial Guinea (Deepwater) Ltd., has inked a production sharing contract with the government of Equatorial Guinea for EG-11, a deepwater block.
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Located 36 miles west of Malabo, Deepwater block EG-11 measures about 307,000 acres (1,242 square kilometers) and is near the Zafiro field situated in Block B.
Subsequent to the government’s approval of the contract, ExxonMobil will perform the work program as an operator with 80% working interest. GEPetrol holds the remaining 20% working interest.
The contract comprises a commitment to obtain new and recycled existing 3-D seismic data. ExxonMobil will work with the government of Equatorial Guinea for further development of the national workforce.
The Zafiro field is operated by Mobil Equatorial Guinea Inc. which holds an interest of 71.25%. Other partners include GEPetrol and Equatorial Guinea holding 23.75% and 5%, respectively. Lying in depths ranging between 400 and 2,800 feet under water, the field has produced in excess of 1 billion barrels in its production spanning over two decades. ExxonMobil Exploration and Production Equatorial Guinea (Offshore) Ltd. holds an 80% interest in block EG-06, which is near the block EG-11.
Guyana’s government recently agreed to double ExxonMobil’s royalty payments on oil retrieved from its offshore waters. The government said that the energy giant will receive its production license in Jun 2017. We believe that these developments will build ExxonMobil’s financial strength along with industry-leading project execution skills, which in turn will help in capitalizing on the development’s strong prospects and create long-term economic value for shareholders.
The company’s share price chart is unimpressive. Shares of the company have lost 2.9% in the last three months, while the Zacks categorized Oil & Gas – International Integrated industry registered a decrease of 1.4%.
Williams Partners currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space include SunCoke Energy, Inc. (SXC - Free Report) , Enbridge Energy, L.P. and Canadian Natural Resources Limited Ltd. (CNQ - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Enbridge Energy posted a positive earnings surprise of 128.57% in the preceding quarter. The company beat estimates in three of the four trailing quarters with an average positive earnings surprise of 38.22%.
Canadian Natural Resources posted a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the four trailing quarters with an average negative earnings surprise of 275.46%.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look. See the pot trades we're targeting>>