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ExxonMobil Maintains Qatar Operations Despite Political Woes
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ExxonMobil Corporation (XOM - Free Report) reported that production and exports of liquefied natural gas (LNG) from Qatar have not been impacted by the growing political tensions in the Middle East.
On Jun 5, Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut ties with Qatar, condemning the country for supporting extremism. However, Qatar denied such allegations.
The rising diplomatic rifts have raised worries about global access to Qatar's LNG, particularly after some regional ports in the Persian Gulf stated that they would not allow Qatari-flagged vessels.
Commodity traders have expressed concern relating to Qatar’s LNG being banned from Saudi Arabia or from passing through Egypt's Suez Canal. However, no restrictions have been imposed so far.
The world's biggest container shipping line, Maersk has said that it can no longer transfer goods in or out of Qatar in the wake of the diplomatic rift.
Development agreements between Qatar and ExxonMobil have been there for over ten years. ExxonMobil has been helping the country become the world's largest LNG exporter, while cooperating with government-controlled energy company, Qatar Petroleum. ExxonMobil has invested in LNG-processing plants, transport ships and related infrastructure.
The companies were awarded a contract, early this year, to explore gas off the coast of Cyprus. They were also responsible to control the Golden Pass LNG facility in the United States with ConocoPhillips (COP - Free Report) .
In spite of the diplomatic tension with other Arab States, an important Qatari gas export pipeline to the United Arab Emirates is still operational.
ExxonMobil has said that a huge portion of its Qatari LNG production is under long-term supply contracts, implying that the company is required to supply gas from Qatar or some other source. It also has a large LNG operation in Papua New Guinea.
Qatar has asked its clients in Japan and India not to be anxious as the LNG shipments will not be affected by the tension.
The company’s share price chart is unimpressive. Shares of the company have lost 1% in the last three months, while the Zacks categorized Oil & Gas – International Integrated industry registered an increase of 1.2%. ExxonMobil currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space include SunCoke Energy, Inc. (SXC - Free Report) and Enbridge Energy, L.P. . Both 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%.
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ExxonMobil Maintains Qatar Operations Despite Political Woes
ExxonMobil Corporation (XOM - Free Report) reported that production and exports of liquefied natural gas (LNG) from Qatar have not been impacted by the growing political tensions in the Middle East.
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On Jun 5, Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut ties with Qatar, condemning the country for supporting extremism. However, Qatar denied such allegations.
The rising diplomatic rifts have raised worries about global access to Qatar's LNG, particularly after some regional ports in the Persian Gulf stated that they would not allow Qatari-flagged vessels.
Commodity traders have expressed concern relating to Qatar’s LNG being banned from Saudi Arabia or from passing through Egypt's Suez Canal. However, no restrictions have been imposed so far.
The world's biggest container shipping line, Maersk has said that it can no longer transfer goods in or out of Qatar in the wake of the diplomatic rift.
Development agreements between Qatar and ExxonMobil have been there for over ten years. ExxonMobil has been helping the country become the world's largest LNG exporter, while cooperating with government-controlled energy company, Qatar Petroleum. ExxonMobil has invested in LNG-processing plants, transport ships and related infrastructure.
The companies were awarded a contract, early this year, to explore gas off the coast of Cyprus. They were also responsible to control the Golden Pass LNG facility in the United States with ConocoPhillips (COP - Free Report) .
In spite of the diplomatic tension with other Arab States, an important Qatari gas export pipeline to the United Arab Emirates is still operational.
ExxonMobil has said that a huge portion of its Qatari LNG production is under long-term supply contracts, implying that the company is required to supply gas from Qatar or some other source. It also has a large LNG operation in Papua New Guinea.
Qatar has asked its clients in Japan and India not to be anxious as the LNG shipments will not be affected by the tension.
The company’s share price chart is unimpressive. Shares of the company have lost 1% in the last three months, while the Zacks categorized Oil & Gas – International Integrated industry registered an increase of 1.2%.
ExxonMobil currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space include SunCoke Energy, Inc. (SXC - Free Report) and Enbridge Energy, L.P. . Both 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%.
3 Top Picks to Ride the Hottest Tech Trend
Zacks just released a Special Report to guide you through a space that has already begun to transform our entire economy...
Last year, it was generating $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for those who make the right trades early. Download Report with 3 Top Tech Stocks >>