The Papua New Guinea (PNG) liquefied natural gas (“LNG”) project, operated by Exxon Mobil Corporation (XOM - Free Report) , recently struck a supply deal with PetroChina Company Limited .
Per the three-year deal, around 0.45 million tons of LNG will be supplied every year to the integrated energy company, PetroChina, which is a subsidiary of China National Petroleum Corporation. The LNG transaction of 1.35 million tons (in total) was expected to start last week. The deal is estimated at $800 million, per Financial Review.
Notably, the latest deal raises the project volume to 7 million tons per year. Of the total project capacity, 6.6 million tons per year is committed to clients like China Petroleum & Chemical Corporation , Osaka Gas, JERA and others. Previously, PetroChina used to buy spot LNG cargoes from the PNG project.
Rising demand for LNG in China and other growing Asian economies is expected to soak up existing and new production from the PNG development. ExxonMobil is currently looking for more buyers of the project. The largest publicly-traded energy company holds 33.2% interest in the project, partnered by Oil Search (29%), Papua New Guinea state-run Kumul Petroleum (16.8%), Santos (13.5%) of Australia, JX Nippon (4.7%) and Mineral Resources Development Company (2.8%).
Price Performance
Headquartered in Irving, TX, ExxonMobil is involved in upstream, midstream and downstream activities. Over the past year, the stock has gained 2% compared with the 19.7% collective rally of the industry.
Zacks Rank and a Stock to Consider
Currently, ExxonMobil carries a Zacks Rank #3 (Hold). Investors interested in the Energy sector can opt for a better-ranked stock like ConocoPhillips (COP - Free Report) , which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Houston, TX-based ConocoPhillips is an exploration and production company. The company’s top line for 2018 is anticipated to improve 18.9% year over year. In the last four reported quarters, the company recorded an average positive earnings surprise of 226.9%.
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The Papua New Guinea (PNG) liquefied natural gas (“LNG”) project, operated by Exxon Mobil Corporation (XOM - Free Report) , recently struck a supply deal with PetroChina Company Limited .
Per the three-year deal, around 0.45 million tons of LNG will be supplied every year to the integrated energy company, PetroChina, which is a subsidiary of China National Petroleum Corporation. The LNG transaction of 1.35 million tons (in total) was expected to start last week. The deal is estimated at $800 million, per Financial Review.
Notably, the latest deal raises the project volume to 7 million tons per year. Of the total project capacity, 6.6 million tons per year is committed to clients like China Petroleum & Chemical Corporation , Osaka Gas, JERA and others. Previously, PetroChina used to buy spot LNG cargoes from the PNG project.
Rising demand for LNG in China and other growing Asian economies is expected to soak up existing and new production from the PNG development. ExxonMobil is currently looking for more buyers of the project. The largest publicly-traded energy company holds 33.2% interest in the project, partnered by Oil Search (29%), Papua New Guinea state-run Kumul Petroleum (16.8%), Santos (13.5%) of Australia, JX Nippon (4.7%) and Mineral Resources Development Company (2.8%).
Price Performance
Headquartered in Irving, TX, ExxonMobil is involved in upstream, midstream and downstream activities. Over the past year, the stock has gained 2% compared with the 19.7% collective rally of the industry.
Zacks Rank and a Stock to Consider
Currently, ExxonMobil carries a Zacks Rank #3 (Hold). Investors interested in the Energy sector can opt for a better-ranked stock like ConocoPhillips (COP - Free Report) , which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Houston, TX-based ConocoPhillips is an exploration and production company. The company’s top line for 2018 is anticipated to improve 18.9% year over year. In the last four reported quarters, the company recorded an average positive earnings surprise of 226.9%.
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>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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