Despite the escalating territorial dispute with neighboring Venezuela, Exxon Mobil Corporation (XOM Quick QuoteXOM - Free Report) intends to continue increasing production in offshore Guyana, per a report by AP news. Venezuela asserts its ownership of the oil-rich region.

ExxonMobil is reiterating its steadfast, long-term commitment to Guyana amid escalating tensions between the bordering South American countries. The company commits to remain involved, focusing on efficient and responsible resource development in line with the agreement with the Guyana government.

ExxonMobil is steadfast in its commitment to continue operations in Guyana despite Venezuela’s objections to the recent oil block auctions due to pending maritime delimitation. The company has bid for eight of the 14 blocks and awaits a response from the Guyanese government.

Earlier this month, Venezuela’s president, Nicolas Maduro, suggested that companies operating in the resource-rich Essequibo region in Guyana near significant oil deposits should cease operations within three months. Additionally, the Venezuela government aims to ban companies engaged in operations in Guyana from conducting business in the country.

ExxonMobil is currently achieving a daily oil production of 600,000 barrels by drilling more than 40 wells in Guyana’s Essequibo region. The ExxonMobil consortium has not only submitted a bid but has also obtained approval to develop three other areas in the region, which are believed to have additional oil deposits.

ExxonMobil CEO Darren Woods predicts that the Venezuela-Guyana territorial dispute in the Essequibo region will not be resolved for a couple of years. He emphasizes the need for both nations to respect the arbitration outcome, noting global support from the United States, Europe and other Caribbean nations for the diplomatic resolution pursued by Guyana and Venezuela.

Zacks Rank & Stocks to Consider

ExxonMobil currently carries a Zack Rank #3 (Hold).

Investors interested in the energy sector might look at the following companies that presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

EOG Resources (EOG Quick QuoteEOG - Free Report) boasts an appealing growth profile, delivers upper-quartile returns and is guided by a disciplined management team.

EOG Resources has a strong focus on returning capital to shareholders. From 1999 through 2024, the company is committed to raising its regular dividend at a compound annual growth rate of 21%. EOG has never suspended or lowered its dividend, even during business turmoil, reflecting a solid underlying business.

Matador Resources Company (MTDR Quick QuoteMTDR - Free Report) is among the leading oil and gas explorers in the shale and unconventional resources in the United States.

Matador has raised its fixed quarterly cash dividend by 33% to 20 cents per share (80 cents per share annually). This marks the fourth increment in the company’s fixed dividend since its introduction in the first quarter of 2021. The decision to once again increase the dividend underscores Matador's growing financial and operational strength.

Antero Midstream Corporation (AM Quick QuoteAM - Free Report) is a leading provider of integrated and customized midstream services.

Antero Midstream stands out in the industry with its impressive environmental record. With a mere 0.031% methane leak loss rate, it boasts one of the lowest rates in the industry. This demonstrates a strong commitment to minimizing its environmental impacts and reducing greenhouse gas emissions. Additionally, an impressive 86% of wastewater received is either reused or recycled, showcasing their dedication to sustainable water management practices.