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ExxonMobil (XOM) Starts Producing From Payara Oil Project
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Exxon Mobil Corporation (XOM - Free Report) commenced production from its third oil development in the Stabroek block offshore Guyana, thus contributing to a total production capacity of 620,000 barrels per day in the country.
Guyana’s third offshore oil development on the Stabroek block is the Payara field. ExxonMobil reached a final investment decision to move forward with the Payara field development in late September 2020, following the necessary approvals from the government.
The Prosperity FPSO has been deployed by ExxonMobil on the field and is expected to achieve peak capacity in the first half of 2027. Prosperity is anchored in 6,300 feet of water and is poised to exploit an estimated resource of more than 600 million barrels of oil.
ExxonMobil currently produces 400,000 barrels per day in Guyana through the utilization of the Liza Destiny and Liza Unity FPSOs in the giant Liza field. Each new project not only contributes to economic development but also facilitates access to resources, which will enhance the well-being of Guyanese communities, all while addressing the global demand for energy.
ExxonMobil expects to have six FPSOs in operation in Stabroek by the end of 2027, with projected production surpassing 1 million barrels per day. Yellowtail and Uaru have received approval and are scheduled to commence oil production in 2025 and 2026, respectively. The company is actively seeking regulatory approvals for its sixth project, which is Whiptail.
ExxonMobil emphasizes that its Guyana developments generate approximately 30% lower greenhouse gas intensity compared with the average of its upstream portfolio. These projects rank among the top performers globally in terms of emissions intensity, surpassing 75% of oil and gas-producing assets worldwide.
Zacks Rank & Other Key Picks
ExxonMobil currently carries a Zack Rank #2 (Buy).
Oceaneering International, Inc. (OII - Free Report) reported third-quarter 2023 adjusted earnings of 38 cents per share, which beat the Zacks Consensus Estimate of earnings of 27 cents per share. OII’s outperformance was largely due to the robust results in certain segments.
For the fourth quarter of 2023, OII anticipates a decline in EBITDA on relatively flat revenues from the figure reported in the third quarter.
Matador Resources Company (MTDR - Free Report) reported third-quarter 2023 adjusted earnings of $1.86 per share, which beat the Zacks Consensus Estimate of earnings of $1.59 per share. MTDR’s milestone led to better-than-expected third-quarter results, with the highest-ever total production averaging more than 135,000 barrels of oil and natural gas equivalent per day.
For the fourth quarter of 2023, Matador expects an average daily oil equivalent production of 145,000 BOE. The recent guidance indicates a 2% upward revision from the prior mentioned 143,000 BOE/D.
Liberty Energy (LBRT - Free Report) reported third-quarter 2023 earnings of 85 cents per share, which beat the Zacks Consensus Estimate of earnings of 74 cents per share. The Denver, CO-based oil and gas equipment company’s outperformance reflects the impact of strong execution and increased service pricing.
Liberty’s board of directors announced a cash dividend of seven cents per common share, payable on Dec 20, 2023, to stockholders of record as of Dec 6, 2023. This dividend is up 40% from the previous quarter’s level. As part of its shareholder return policy, LBRT repurchased shares worth $29 million at an average price of $16.38 per share.
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ExxonMobil (XOM) Starts Producing From Payara Oil Project
Exxon Mobil Corporation (XOM - Free Report) commenced production from its third oil development in the Stabroek block offshore Guyana, thus contributing to a total production capacity of 620,000 barrels per day in the country.
Guyana’s third offshore oil development on the Stabroek block is the Payara field. ExxonMobil reached a final investment decision to move forward with the Payara field development in late September 2020, following the necessary approvals from the government.
The Prosperity FPSO has been deployed by ExxonMobil on the field and is expected to achieve peak capacity in the first half of 2027. Prosperity is anchored in 6,300 feet of water and is poised to exploit an estimated resource of more than 600 million barrels of oil.
ExxonMobil currently produces 400,000 barrels per day in Guyana through the utilization of the Liza Destiny and Liza Unity FPSOs in the giant Liza field. Each new project not only contributes to economic development but also facilitates access to resources, which will enhance the well-being of Guyanese communities, all while addressing the global demand for energy.
ExxonMobil expects to have six FPSOs in operation in Stabroek by the end of 2027, with projected production surpassing 1 million barrels per day. Yellowtail and Uaru have received approval and are scheduled to commence oil production in 2025 and 2026, respectively. The company is actively seeking regulatory approvals for its sixth project, which is Whiptail.
ExxonMobil emphasizes that its Guyana developments generate approximately 30% lower greenhouse gas intensity compared with the average of its upstream portfolio. These projects rank among the top performers globally in terms of emissions intensity, surpassing 75% of oil and gas-producing assets worldwide.
Zacks Rank & Other Key Picks
ExxonMobil currently carries a Zack Rank #2 (Buy).
Investors interested in the energy sector may look at the following companies that presently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Oceaneering International, Inc. (OII - Free Report) reported third-quarter 2023 adjusted earnings of 38 cents per share, which beat the Zacks Consensus Estimate of earnings of 27 cents per share. OII’s outperformance was largely due to the robust results in certain segments.
For the fourth quarter of 2023, OII anticipates a decline in EBITDA on relatively flat revenues from the figure reported in the third quarter.
Matador Resources Company (MTDR - Free Report) reported third-quarter 2023 adjusted earnings of $1.86 per share, which beat the Zacks Consensus Estimate of earnings of $1.59 per share. MTDR’s milestone led to better-than-expected third-quarter results, with the highest-ever total production averaging more than 135,000 barrels of oil and natural gas equivalent per day.
For the fourth quarter of 2023, Matador expects an average daily oil equivalent production of 145,000 BOE. The recent guidance indicates a 2% upward revision from the prior mentioned 143,000 BOE/D.
Liberty Energy (LBRT - Free Report) reported third-quarter 2023 earnings of 85 cents per share, which beat the Zacks Consensus Estimate of earnings of 74 cents per share. The Denver, CO-based oil and gas equipment company’s outperformance reflects the impact of strong execution and increased service pricing.
Liberty’s board of directors announced a cash dividend of seven cents per common share, payable on Dec 20, 2023, to stockholders of record as of Dec 6, 2023. This dividend is up 40% from the previous quarter’s level. As part of its shareholder return policy, LBRT repurchased shares worth $29 million at an average price of $16.38 per share.