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ExxonMobil (XOM) to Invest up to $15B in Indonesia CCS Project
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Exxon Mobil Corporation (XOM - Free Report) intends to allocate a substantial investment, amounting to $15 billion, to develop a petrochemical project and establish carbon capture and storage (CCS) facilities in Indonesia.
The investment in the petrochemical project primarily revolves around the production of polymers.
ExxonMobil’s investments aim to create the most extensive CCS facilities in Southeast Asia. The CCS hub has the capacity to store a minimum of 3 gigatons of carbon dioxide emitted by industries in Indonesia and the broader region.
ExxonMobil recently entered into an initial agreement with one of its units to explore potential investment opportunities in a petrochemical project in Indonesia. The collaborative effort, in partnership with the Indonesian state energy company Pertamina, involves exploring a $2 billion investment in CCS facilities that would utilize two underground basins in the Java Sea.
Oil and gas companies are actively involved in carbon capture and storage projects, which offer a transition pathway for the rapid and effective reduction of CO2 emissions beyond what can be achieved by alternative methods like electrification and renewable fuels. Thus, the use of carbon capture and storage in reducing industrial emissions offers an excellent opportunity.
Indonesia is actively working on a regulatory framework that would repurpose its depleted oil and gas reservoirs for carbon storage. The forthcoming regulation is set to enable the storage of carbon from international sources within the country.
The large-scale opportunities hold significant potential to greatly enhance both industrial growth and decarbonization efforts not only within Indonesia but also across the broader Asia Pacific region.
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 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 that reported in the third quarter.
PBF Energy Inc. (PBF - Free Report) reported third-quarter 2023 earnings of $6.61 per share, beating the Zacks Consensus Estimate of $4.86 per share. Better-than-expected quarterly results were primarily driven by lower costs and expenses.
Compared with composite stocks belonging to the industry, the leading upstream energy company’s debt-to-capitalization ratio has been consistently lower over the past few years. The company boasts a robust liquidity position, with a cash balance of $1.9 billion, which is more than sufficient to cover its long-term debt of $1.2 billion. This underscores the company’s strong financial liquidity.
Matador Resources Company (MTDR - Free Report) reported third-quarter 2023 adjusted earnings of $1.86 per share, which beat the Zacks Consensus Estimate 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.
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ExxonMobil (XOM) to Invest up to $15B in Indonesia CCS Project
Exxon Mobil Corporation (XOM - Free Report) intends to allocate a substantial investment, amounting to $15 billion, to develop a petrochemical project and establish carbon capture and storage (CCS) facilities in Indonesia.
The investment in the petrochemical project primarily revolves around the production of polymers.
ExxonMobil’s investments aim to create the most extensive CCS facilities in Southeast Asia. The CCS hub has the capacity to store a minimum of 3 gigatons of carbon dioxide emitted by industries in Indonesia and the broader region.
ExxonMobil recently entered into an initial agreement with one of its units to explore potential investment opportunities in a petrochemical project in Indonesia. The collaborative effort, in partnership with the Indonesian state energy company Pertamina, involves exploring a $2 billion investment in CCS facilities that would utilize two underground basins in the Java Sea.
Oil and gas companies are actively involved in carbon capture and storage projects, which offer a transition pathway for the rapid and effective reduction of CO2 emissions beyond what can be achieved by alternative methods like electrification and renewable fuels. Thus, the use of carbon capture and storage in reducing industrial emissions offers an excellent opportunity.
Indonesia is actively working on a regulatory framework that would repurpose its depleted oil and gas reservoirs for carbon storage. The forthcoming regulation is set to enable the storage of carbon from international sources within the country.
The large-scale opportunities hold significant potential to greatly enhance both industrial growth and decarbonization efforts not only within Indonesia but also across the broader Asia Pacific region.
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 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 that reported in the third quarter.
PBF Energy Inc. (PBF - Free Report) reported third-quarter 2023 earnings of $6.61 per share, beating the Zacks Consensus Estimate of $4.86 per share. Better-than-expected quarterly results were primarily driven by lower costs and expenses.
Compared with composite stocks belonging to the industry, the leading upstream energy company’s debt-to-capitalization ratio has been consistently lower over the past few years. The company boasts a robust liquidity position, with a cash balance of $1.9 billion, which is more than sufficient to cover its long-term debt of $1.2 billion. This underscores the company’s strong financial liquidity.
Matador Resources Company (MTDR - Free Report) reported third-quarter 2023 adjusted earnings of $1.86 per share, which beat the Zacks Consensus Estimate 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.