We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
ExxonMobil to Spend $10B on LNG Export Facility in Texas
Read MoreHide Full Article
Exxon Mobil Corporation (XOM - Free Report) announced its final investment decision (FID) for Golden Pass LNG export project in Sabine Pass, TX.
In the development, ExxonMobil will have a 30% working interest, while its partner Qatar Petroleum is expected to hold the remaining 70%. The companies have decided to commence construction of the facility in the March quarter of 2019, while the project is anticipated to initiate operations in 2024.
The largest publicly traded energy player added that it will be allocating at least $50 billion for expanding and constructing its domestic manufacturing facilities in the next five years. ExxonMobil emphasized that the Golden Pass LNG export project is part of its five-year massive investment plan.
The Golden Pass terminal was initially constructed for importing natural gas. Now, ExxonMobil and its partner Qatar Petroleum have made a decision to convert the facility into an export terminal with an investment of roughly $10 billion. Hence, with the commencement of the project, the companies will be able to export natural gas produced from the prolific domestic shale fields.
Every year, the development will be capable of producing roughly 16 million tons of LNG, added the integrated energy majors. Through the project’s construction phase of roughly five years, ExxonMobil and Qatar Petroleum have planned to generate approximately 9,000 jobs. Further, the project is anticipated to create at least 200 permanent jobs once it gets operational.
An independent study has estimated that the Golden Pass LNG export development will be able to create direct tax revenues of roughly $4.6 billion in federal, state and local levels. The project will also provide economic gains of $31 billion to the domestic market, per the study.
Investors should know that ExxonMobil and Qatar Petroleum are collaborating to explore and develop resources in Brazil, Mozambique and Argentina. Hence, the latest project will strengthen the relationship between the companies.
Headquartered in Irving, TX, ExxonMobilcurrently carries a Zacks Rank #5 (Strong Sell). A few better-ranked stocks in the energy space are Jones Energy, Inc. (JONE - Free Report) , Golar LNG Partners LP and Sunoco LP (SUN - Free Report) . Jonescarries a Zacks Rank #2 (Buy), while Golar LNG and Sunoco sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Jones Energy expects 2019 earnings growth of 19% year over year.
Golar LNG has average positive earnings surprise of 92.8% for the preceding four quarters.
Sunoco LP has average positive earnings surprise of 18.39% for the trailing four quarters.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
Image: Bigstock
ExxonMobil to Spend $10B on LNG Export Facility in Texas
Exxon Mobil Corporation (XOM - Free Report) announced its final investment decision (FID) for Golden Pass LNG export project in Sabine Pass, TX.
In the development, ExxonMobil will have a 30% working interest, while its partner Qatar Petroleum is expected to hold the remaining 70%. The companies have decided to commence construction of the facility in the March quarter of 2019, while the project is anticipated to initiate operations in 2024.
The largest publicly traded energy player added that it will be allocating at least $50 billion for expanding and constructing its domestic manufacturing facilities in the next five years. ExxonMobil emphasized that the Golden Pass LNG export project is part of its five-year massive investment plan.
The Golden Pass terminal was initially constructed for importing natural gas. Now, ExxonMobil and its partner Qatar Petroleum have made a decision to convert the facility into an export terminal with an investment of roughly $10 billion. Hence, with the commencement of the project, the companies will be able to export natural gas produced from the prolific domestic shale fields.
Every year, the development will be capable of producing roughly 16 million tons of LNG, added the integrated energy majors. Through the project’s construction phase of roughly five years, ExxonMobil and Qatar Petroleum have planned to generate approximately 9,000 jobs. Further, the project is anticipated to create at least 200 permanent jobs once it gets operational.
An independent study has estimated that the Golden Pass LNG export development will be able to create direct tax revenues of roughly $4.6 billion in federal, state and local levels. The project will also provide economic gains of $31 billion to the domestic market, per the study.
Investors should know that ExxonMobil and Qatar Petroleum are collaborating to explore and develop resources in Brazil, Mozambique and Argentina. Hence, the latest project will strengthen the relationship between the companies.
Headquartered in Irving, TX, ExxonMobilcurrently carries a Zacks Rank #5 (Strong Sell). A few better-ranked stocks in the energy space are Jones Energy, Inc. (JONE - Free Report) , Golar LNG Partners LP and Sunoco LP (SUN - Free Report) . Jonescarries a Zacks Rank #2 (Buy), while Golar LNG and Sunoco sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Jones Energy expects 2019 earnings growth of 19% year over year.
Golar LNG has average positive earnings surprise of 92.8% for the preceding four quarters.
Sunoco LP has average positive earnings surprise of 18.39% for the trailing four quarters.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>