Energy major ExxonMobil Corporation
- Analyst Report
announced the opening of its new facilities at the Hawkins Field in northeast Texas.
Discovered in 1940, Hawkins Field will enjoy a shelf life of another 25 years with the installation of the new facilities. The new facilities will boost the recovery of the field by about 40 million barrels of oil equivalent. The incremental volume is equivalent to the energy demands of over one million Texas households.
The new facilities at the Hawkins Field will recover and reinject nitrogen and other gases from the field’s output of natural gas, which will augment oil and gas recovery from the reservoirs. The project will also cut down the emissions from the Hawkins Gas Plant.
The project deploys applications of ExxonMobil’s most advanced technologies, which enables increased productivity to serve rapidly rising domestic consumption and also reduce impact on the environment.
Located in the Wood County, Texas, about 100 miles east of Dallas, Hawkins Field has generated over 800 million barrels of oil. It is one of the largest fields discovered in the state and was a source of major energy supplies to support America’s effort during World War II.
ExxonMobil has diversified operations spanning the world. While it functions in all corners of the globe, the main areas of focus for the coming years include the U.S., Canada, Kazakhstan, West Africa, Australia, Russia, Angola and Iraq for new volumes. On the exploration front, it includes unconventional natural gas across North America and in offshore regions, including the Gulf of Mexico.
ExxonMobil, the largest natural gas producer in the U.S. ahead of Chesapeake Energy Corporation
- Analyst Report
, carries a Zacks #3 Rank, which is equivalent to a Hold rating for a period of one to three months. Longer term, we maintain our Neutral recommendation.