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ExxonMobil (XOM) Ensures High-Quality Gas Presence in Cyprus
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Exxon Mobil Corporation (XOM - Free Report) confirmed the presence of high-quality gas after completing drilling operations at the Glaucus-2 appraisal well, off the coast of Cyprus.
The drilling operations were performed by a consortium of ExxonMobil and oil firm Qatar Petroleum. The consortium holds a license to operate Cyprus’ offshore Block 10.
In 2017, ExxonMobil and Qatar Petroleum received the exploration concession on offshore Block 10. ExxonMobil operates the block with a 60% ownership interest, whereas Qatar Petroleum holds the rest.
Glaucus-1 is the second of the two wells planned to be drilled in Block 10. The first well, Delphyne-1, did not encounter any commercial hydrocarbons volumes. The Glaucus gas discovery is estimated to hold 5-8 trillion cubic feet of natural gas in place.
ExxonMobil and Qatar Petroleum will conduct a detailed examination and evaluation of the collected data to determine the qualitative and quantitative characteristics of the reservoir more precisely. The companies will also evaluate the potential options to develop and commercialize the discovery. Once completed, the consortium will notify the ministry about the evaluation results.
When the Glaucus-2 drilling started, ExxonMobil and Qatar Petroleum signed an exploration and production sharing contract with the Cyprus government for offshore Block 5, adjacent to Block 10. Block 5 covers 1,740 square miles in water depths of up to 8,200 feet. Turkey opposed the award as they claimed that a portion of the license area in question violated Turkey’s continental shelf in the eastern Mediterranean.
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 six months. The stock has gained 43.7% compared with the industry’s 35.7% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
ExxonMobil currently sports a Zack Rank #1 (Strong Buy).
Oklahoma-based The Williams Companies, Inc. (WMB - Free Report) is a premier energy infrastructure provider in North America. WMB has witnessed upward estimate revisions in the past 60 days.
Williams Companies' debt maturity profile is in good shape, with its $4.5-billion revolver maturing in 2023. Williams is also paying its shareholders an attractive dividend yielding more than 5%. Beside this, the company's board recently approved a share repurchase program worth $1.5 billion, highlighting the commitment to shareholders.
TotalEnergies SE (TTE - Free Report) is among the top five publicly traded global integrated oil and gas companies based on production volumes, proved reserves and market capitalization. TTE’s earnings for 2022 are expected to increase 31.1% year over year.
TotalEnergies is managing long-term debt quite efficiently and trying to keep the same at manageable levels. Its debt to capital has been declining over the past few years. As of Dec 31, 2021, cash and equivalents were $21,342 million, which was enough to address the current borrowings of $13,645 million.
Petrobras (PBR - Free Report) is one of the largest publicly-traded Latin American oil companies, which dominates Brazil’s oil and gas sector. PBR’s earnings for 2022 are expected to grow 55.5% year over year.
Petrobras, with a huge debt burden, laid strong emphasis on its debt reduction in its recent five-year business management plan (2022-2026) to strengthen its credit rating. As the company focuses on regaining its financial footing by selling assets and curtailing debt load, it lowered the gross debt below its 2022 target of $60 billion in the third quarter of 2021, well ahead of time.
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ExxonMobil (XOM) Ensures High-Quality Gas Presence in Cyprus
Exxon Mobil Corporation (XOM - Free Report) confirmed the presence of high-quality gas after completing drilling operations at the Glaucus-2 appraisal well, off the coast of Cyprus.
The drilling operations were performed by a consortium of ExxonMobil and oil firm Qatar Petroleum. The consortium holds a license to operate Cyprus’ offshore Block 10.
In 2017, ExxonMobil and Qatar Petroleum received the exploration concession on offshore Block 10. ExxonMobil operates the block with a 60% ownership interest, whereas Qatar Petroleum holds the rest.
Glaucus-1 is the second of the two wells planned to be drilled in Block 10. The first well, Delphyne-1, did not encounter any commercial hydrocarbons volumes. The Glaucus gas discovery is estimated to hold 5-8 trillion cubic feet of natural gas in place.
ExxonMobil and Qatar Petroleum will conduct a detailed examination and evaluation of the collected data to determine the qualitative and quantitative characteristics of the reservoir more precisely. The companies will also evaluate the potential options to develop and commercialize the discovery. Once completed, the consortium will notify the ministry about the evaluation results.
When the Glaucus-2 drilling started, ExxonMobil and Qatar Petroleum signed an exploration and production sharing contract with the Cyprus government for offshore Block 5, adjacent to Block 10. Block 5 covers 1,740 square miles in water depths of up to 8,200 feet. Turkey opposed the award as they claimed that a portion of the license area in question violated Turkey’s continental shelf in the eastern Mediterranean.
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 six months. The stock has gained 43.7% compared with the industry’s 35.7% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
ExxonMobil currently sports a Zack Rank #1 (Strong Buy).
Investors interested in the energy sector might also look at the following companies that presently flaunt a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Oklahoma-based The Williams Companies, Inc. (WMB - Free Report) is a premier energy infrastructure provider in North America. WMB has witnessed upward estimate revisions in the past 60 days.
Williams Companies' debt maturity profile is in good shape, with its $4.5-billion revolver maturing in 2023. Williams is also paying its shareholders an attractive dividend yielding more than 5%. Beside this, the company's board recently approved a share repurchase program worth $1.5 billion, highlighting the commitment to shareholders.
TotalEnergies SE (TTE - Free Report) is among the top five publicly traded global integrated oil and gas companies based on production volumes, proved reserves and market capitalization. TTE’s earnings for 2022 are expected to increase 31.1% year over year.
TotalEnergies is managing long-term debt quite efficiently and trying to keep the same at manageable levels. Its debt to capital has been declining over the past few years. As of Dec 31, 2021, cash and equivalents were $21,342 million, which was enough to address the current borrowings of $13,645 million.
Petrobras (PBR - Free Report) is one of the largest publicly-traded Latin American oil companies, which dominates Brazil’s oil and gas sector. PBR’s earnings for 2022 are expected to grow 55.5% year over year.
Petrobras, with a huge debt burden, laid strong emphasis on its debt reduction in its recent five-year business management plan (2022-2026) to strengthen its credit rating. As the company focuses on regaining its financial footing by selling assets and curtailing debt load, it lowered the gross debt below its 2022 target of $60 billion in the third quarter of 2021, well ahead of time.