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ExxonMobil Achieves Success with Production Test on Muruk 1
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ExxonMobil Corporation (XOM - Free Report) announced positive production well test results from the Muruk 1 sidetrack 3 well situated in the Papua New Guinea North Highlands.
Located about 13 miles (21 kilometers) northwest of the Hides gas field, the Muruk 1 sidetrack 3 well successfully flowed gas at a rate of 16 million standard cubic feet per day. The well rate was constrained by test facilities which restricted tests to short flow and build up periods. Hydrocarbon samples were collected during the production test.
The production test proved Muruk as a potentially important new discovery adjacent to existing Papua New Guinea (PNG) LNG infrastructure. On Nov 2, 2016, Oil Search Limited started drilling the Muruk 1 well.
Petroleum prospecting license 402 spans across 126,000 acres (510 square kilometers) in the Papua New Guinea Highlands. ExxonMobil has an interest of 42.5%. Other partners include Oil Search Limited and Barracuda Limited, a subsidiary of Santos Limited, holding 37.5% and 20%, respectively. Oil Search is the operator of the license.
The company remains optimistic following these well results and intends to incorporate them into the continuing resource evaluation job and potential appraisal program in 2018. ExxonMobil’s resource base in PNG has been enhanced through the success at Muruk and with the recent acquisition of InterOil. These high-quality resources position the company advantageously and help it build on its competency.
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.
Investor confidence on the ExxonMobil stock is reflected in its price chart. Shares of the company gained 1.1% in the last six months, while the Zacks categorized Oil & Gas – International Integrated industry registered a decline of 4.3% in the same time span.
ExxonMobil 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) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy delivered a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the trailing four quarters with an average negative earnings surprise of 35.78%.
Enbridge Energy delivered a positive earnings surprise of 128.57% in the preceding quarter. The company beat estimates in three of the trailing four quarters with an average positive earnings surprise of 38.22%.
Canadian Natural Resources delivered a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the trailing four quarters with an average negative earnings surprise of 275.46%.
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By last year, it was already 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. See Zacks' Top 3 Stocks to Ride This Space >>
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ExxonMobil Achieves Success with Production Test on Muruk 1
ExxonMobil Corporation (XOM - Free Report) announced positive production well test results from the Muruk 1 sidetrack 3 well situated in the Papua New Guinea North Highlands.
Located about 13 miles (21 kilometers) northwest of the Hides gas field, the Muruk 1 sidetrack 3 well successfully flowed gas at a rate of 16 million standard cubic feet per day. The well rate was constrained by test facilities which restricted tests to short flow and build up periods. Hydrocarbon samples were collected during the production test.
The production test proved Muruk as a potentially important new discovery adjacent to existing Papua New Guinea (PNG) LNG infrastructure. On Nov 2, 2016, Oil Search Limited started drilling the Muruk 1 well.
Petroleum prospecting license 402 spans across 126,000 acres (510 square kilometers) in the Papua New Guinea Highlands. ExxonMobil has an interest of 42.5%. Other partners include Oil Search Limited and Barracuda Limited, a subsidiary of Santos Limited, holding 37.5% and 20%, respectively. Oil Search is the operator of the license.
The company remains optimistic following these well results and intends to incorporate them into the continuing resource evaluation job and potential appraisal program in 2018. ExxonMobil’s resource base in PNG has been enhanced through the success at Muruk and with the recent acquisition of InterOil. These high-quality resources position the company advantageously and help it build on its competency.
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.
Investor confidence on the ExxonMobil stock is reflected in its price chart. Shares of the company gained 1.1% in the last six months, while the Zacks categorized Oil & Gas – International Integrated industry registered a decline of 4.3% in the same time span.
ExxonMobil 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) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy delivered a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the trailing four quarters with an average negative earnings surprise of 35.78%.
Enbridge Energy delivered a positive earnings surprise of 128.57% in the preceding quarter. The company beat estimates in three of the trailing four quarters with an average positive earnings surprise of 38.22%.
Canadian Natural Resources delivered a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the trailing four quarters with an average negative earnings surprise of 275.46%.
3 Stocks to Ride a 588% Revenue Explosion
At Zacks, we're mostly focused on short-term profit cycles, but the hottest of all technology mega-trends is starting to take hold...
By last year, it was already 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. See Zacks' Top 3 Stocks to Ride This Space >>