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ExxonMobil (XOM) Announces New Oil Finds in Offshore Guyana
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Exxon Mobil Corporation (XOM - Free Report) announced two new oil discoveries in the Stabroek Block off the coast of Guyana. The discoveries were made at the Fangtooth-1 and Lau Lau-1 wells in the Stabroek block.
Guyana has become a hotspot of oil and gas exploration globally, with 10 billion barrels of oil equivalent (boe) of recoverable resources. ExxonMobil began production from the Stabroek Block in 2019 and operates with a 45% interest. The latest oil discoveries will add to the company’s previous estimates of recoverable resources from the block.
Located 11 miles northwest of ExxonMobil's Liza field, the Fangtooth-1 well encountered 164 feet of high-quality oil-bearing sandstone reservoirs. Then again, the Lau Lau-1 well, located 42 miles southeast of the large Liza field, encountered 315 feet of high-quality hydrocarbon-bearing sandstone reservoirs.
The Fangtooth well was drilled by the Stena DrillMAX drillship and the Lau Lau well was drilled by the Noble Don Taylor. These are two of six drillships supporting exploration and development drilling across the three ExxonMobil-operated blocks off Guyana’s coast.
The Fangtooth discovery is a favorable outcome of ExxonMobil’s strategy to test deeper prospectivity, while the Lau Lau discovery adds to the significant inventory of development prospects in the southeast Stabroek Block. The latest discoveries increase the company’s expectations in the block’s exploration potential. XOM expects that the multiple discoveries so far could result in up to 10 development projects.
ExxonMobil sees the potential to install 10 floating production vessels in the Stabroek Block. XOM continues to progress on the required infrastructure for future field development. The Liza Unity floating production storage and offloading vessel is undergoing hook-up and commissioning after reaching Guyana waters in October last year. The Liza Unity vessel is progressing to commence production in the first quarter of this year, with an expected capacity of 220,000 barrels of oil per day.
Company Profile & Price Performance
Headquartered in Irving, TX, ExxonMobil is one of the leading integrated energy companies in the world.
Shares of ExxonMobil have outperformed the industry in the past three months. XOM has gained 11.5% compared with the industry’s 3.5% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
TotalEnergies SE (TTE - Free Report) has one of the best production growth profiles among the oil super majors, characterized by an upstream portfolio, with above industry-average exposure to the faster-growing hydrocarbon-producing regions of the world. TTE is making regular investments to expand the renewable operation and strives to achieve net-zero emission by 2050.
TotalEnergies currently has a Zacks Style Score of A for Value and B for Growth. TotalEnergies manages its long-term debt efficiently and tries to maintain the same at manageable levels. Its debt to capital has been declining in the past few years.
Sunoco LP (SUN - Free Report) is a master limited partnership that distributes motor fuel to roughly 10,000 customers, including independent dealers, commercial customers, convenience stores and distributors. In the United States, Sunoco is among the largest motor fuel distributors in the wholesale market by volume. By 2020, the partnership sold 7.1 billion gallons of motor fuel.
Sunoco currently has a Zacks Style Score of A for Value, and B for Growth and Momentum. For 2021, Sunoco expects fuel volumes of 7.25-7.75 billion gallons, indicating a rise from the 2020 reported level of 7.09 billion gallons.
Murphy USA Inc. (MUSA - Free Report) , based in El Dorado, AR, is a leading independent retailer of motor fuel and convenience merchandise in the United States. MUSA’s unique high-volume, low-cost business model helps it retain high profitability even in the fiercely competitive retail environment.
Murphy USA is committed to returning excess cash to shareholders through continued share buyback programs. As part of the initiative, the fuel retailer recently approved a repurchase authorization of up to $1 billion, which will commence once the existing $500-million authorization expires, and will be completed by Dec 31, 2026. The move underscores MUSA’s sound financial position and commitment to rewarding shareholders.
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ExxonMobil (XOM) Announces New Oil Finds in Offshore Guyana
Exxon Mobil Corporation (XOM - Free Report) announced two new oil discoveries in the Stabroek Block off the coast of Guyana. The discoveries were made at the Fangtooth-1 and Lau Lau-1 wells in the Stabroek block.
Guyana has become a hotspot of oil and gas exploration globally, with 10 billion barrels of oil equivalent (boe) of recoverable resources. ExxonMobil began production from the Stabroek Block in 2019 and operates with a 45% interest. The latest oil discoveries will add to the company’s previous estimates of recoverable resources from the block.
Located 11 miles northwest of ExxonMobil's Liza field, the Fangtooth-1 well encountered 164 feet of high-quality oil-bearing sandstone reservoirs. Then again, the Lau Lau-1 well, located 42 miles southeast of the large Liza field, encountered 315 feet of high-quality hydrocarbon-bearing sandstone reservoirs.
The Fangtooth well was drilled by the Stena DrillMAX drillship and the Lau Lau well was drilled by the Noble Don Taylor. These are two of six drillships supporting exploration and development drilling across the three ExxonMobil-operated blocks off Guyana’s coast.
The Fangtooth discovery is a favorable outcome of ExxonMobil’s strategy to test deeper prospectivity, while the Lau Lau discovery adds to the significant inventory of development prospects in the southeast Stabroek Block. The latest discoveries increase the company’s expectations in the block’s exploration potential. XOM expects that the multiple discoveries so far could result in up to 10 development projects.
ExxonMobil sees the potential to install 10 floating production vessels in the Stabroek Block. XOM continues to progress on the required infrastructure for future field development. The Liza Unity floating production storage and offloading vessel is undergoing hook-up and commissioning after reaching Guyana waters in October last year. The Liza Unity vessel is progressing to commence production in the first quarter of this year, with an expected capacity of 220,000 barrels of oil per day.
Company Profile & Price Performance
Headquartered in Irving, TX, ExxonMobil is one of the leading integrated energy companies in the world.
Shares of ExxonMobil have outperformed the industry in the past three months. XOM has gained 11.5% compared with the industry’s 3.5% growth.
Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
TotalEnergies SE (TTE - Free Report) has one of the best production growth profiles among the oil super majors, characterized by an upstream portfolio, with above industry-average exposure to the faster-growing hydrocarbon-producing regions of the world. TTE is making regular investments to expand the renewable operation and strives to achieve net-zero emission by 2050.
TotalEnergies currently has a Zacks Style Score of A for Value and B for Growth. TotalEnergies manages its long-term debt efficiently and tries to maintain the same at manageable levels. Its debt to capital has been declining in the past few years.
Sunoco LP (SUN - Free Report) is a master limited partnership that distributes motor fuel to roughly 10,000 customers, including independent dealers, commercial customers, convenience stores and distributors. In the United States, Sunoco is among the largest motor fuel distributors in the wholesale market by volume. By 2020, the partnership sold 7.1 billion gallons of motor fuel.
Sunoco currently has a Zacks Style Score of A for Value, and B for Growth and Momentum. For 2021, Sunoco expects fuel volumes of 7.25-7.75 billion gallons, indicating a rise from the 2020 reported level of 7.09 billion gallons.
Murphy USA Inc. (MUSA - Free Report) , based in El Dorado, AR, is a leading independent retailer of motor fuel and convenience merchandise in the United States. MUSA’s unique high-volume, low-cost business model helps it retain high profitability even in the fiercely competitive retail environment.
Murphy USA is committed to returning excess cash to shareholders through continued share buyback programs. As part of the initiative, the fuel retailer recently approved a repurchase authorization of up to $1 billion, which will commence once the existing $500-million authorization expires, and will be completed by Dec 31, 2026. The move underscores MUSA’s sound financial position and commitment to rewarding shareholders.