We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
ExxonMobil (XOM) Gets Approval for Hebron Field Expansion
Read MoreHide Full Article
Exxon Mobil Corporation (XOM - Free Report) has received approval from national petroleum development regulator and Canadian province of Newfoundland and Labrador for the new development plan of Hebron oil field.
This approval grants ExxonMobil and its partners the authority to proceed with the development of sands within Jeanne d’Arc Formation, an aspect not covered in the initial Hebron Development Plan.
The upcoming development will leverage existing Hebron workforce and facilities, operating within the established drilling and production capacity limits of Hebron field.
Located offshore Newfoundland and Labrador, the field is projected to yield more than 700 million barrels of recoverable resources. The integration of new sands into the development plan further adds an estimated 165 million barrels of proven and probable reserves.
Per ExxonMobil, the expansion will optimize the development, improving its economic viability and minimizing waste. These additional development activities do not necessitate alterations to installation, equipment deployment in the field, operational processes, shipping activities and safety zones. Also, no new excavated drill centers or drilling installations are deemed necessary.
Since the commencement of production in 2017, XOM has introduced new technologies, and implemented various operational changes to identify, mitigate and decrease greenhouse gas (GHG) emissions at Hebron Field. Projections indicate that GHG emissions will continue to stay below the levels estimated in Comprehensive Study Report and approved in the original Development Plan.
The Hebron Project stands as the fourth major offshore development in Newfoundland and Labrador. The offshore oil and gas sector, including Hebron field, is crucial to Newfoundland and Labrador economy, contributing significantly to the province’s GDP and exports.
The new development plan for Hebron oil field, in which XOM holds a 35.5% interest, is poised to bring about significant advantages for the company. ExxonMobil is expected to benefit from enhanced opportunities for resource extraction and revenue generation, thereby bolstering its position in the offshore oil and gas sector.
Zacks Rank & Stocks to Consider
ExxonMobil currently carries a Zack Rank #3 (Hold).
Sunoco LP (SUN - Free Report) is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. The Zacks Consensus Estimate for SUN’s 2023 and 2024 earnings per share (EPS) is pegged at $5.19 and $3.83, respectively.
Sunoco has a core competency in terms of its history of disciplined expense management. Over the past few years, the company has demonstrated a remarkable ability to control total operating expenses, with an annual growth rate of only around 2% since 2019.
The Williams Companies (WMB - Free Report) is a premier energy infrastructure provider in North America. WMB has a thriving deepwater transportation business. The company's deepwater portfolio includes a 3,500 mile natural gas and oil gathering and transmission pipeline, and is important for future cash flows.
WMB’s debt maturity profile is in good shape, with its $4.5-billion revolver maturing in 2023. It is also paying shareholders an attractive dividend yielding around 5%. Besides this, it has a share repurchase program worth $1.5 billion, thus highlighting its commitment to shareholders.
Ecopetrol S.A. (EC - Free Report) operates across various segments of the oil and gas industry, including exploration, development and production of oil and gas, refining, transportation, and sale of petroleum products.
Ecopetrol has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The Zacks Consensus Estimate for EC’s 2023 and 2024 EPS is pegged at $2.32 and $2.41, respectively.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
ExxonMobil (XOM) Gets Approval for Hebron Field Expansion
Exxon Mobil Corporation (XOM - Free Report) has received approval from national petroleum development regulator and Canadian province of Newfoundland and Labrador for the new development plan of Hebron oil field.
This approval grants ExxonMobil and its partners the authority to proceed with the development of sands within Jeanne d’Arc Formation, an aspect not covered in the initial Hebron Development Plan.
The upcoming development will leverage existing Hebron workforce and facilities, operating within the established drilling and production capacity limits of Hebron field.
Located offshore Newfoundland and Labrador, the field is projected to yield more than 700 million barrels of recoverable resources. The integration of new sands into the development plan further adds an estimated 165 million barrels of proven and probable reserves.
Per ExxonMobil, the expansion will optimize the development, improving its economic viability and minimizing waste. These additional development activities do not necessitate alterations to installation, equipment deployment in the field, operational processes, shipping activities and safety zones. Also, no new excavated drill centers or drilling installations are deemed necessary.
Since the commencement of production in 2017, XOM has introduced new technologies, and implemented various operational changes to identify, mitigate and decrease greenhouse gas (GHG) emissions at Hebron Field. Projections indicate that GHG emissions will continue to stay below the levels estimated in Comprehensive Study Report and approved in the original Development Plan.
The Hebron Project stands as the fourth major offshore development in Newfoundland and Labrador. The offshore oil and gas sector, including Hebron field, is crucial to Newfoundland and Labrador economy, contributing significantly to the province’s GDP and exports.
The new development plan for Hebron oil field, in which XOM holds a 35.5% interest, is poised to bring about significant advantages for the company. ExxonMobil is expected to benefit from enhanced opportunities for resource extraction and revenue generation, thereby bolstering its position in the offshore oil and gas sector.
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 sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco LP (SUN - Free Report) is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. The Zacks Consensus Estimate for SUN’s 2023 and 2024 earnings per share (EPS) is pegged at $5.19 and $3.83, respectively.
Sunoco has a core competency in terms of its history of disciplined expense management. Over the past few years, the company has demonstrated a remarkable ability to control total operating expenses, with an annual growth rate of only around 2% since 2019.
The Williams Companies (WMB - Free Report) is a premier energy infrastructure provider in North America. WMB has a thriving deepwater transportation business. The company's deepwater portfolio includes a 3,500 mile natural gas and oil gathering and transmission pipeline, and is important for future cash flows.
WMB’s debt maturity profile is in good shape, with its $4.5-billion revolver maturing in 2023. It is also paying shareholders an attractive dividend yielding around 5%. Besides this, it has a share repurchase program worth $1.5 billion, thus highlighting its commitment to shareholders.
Ecopetrol S.A. (EC - Free Report) operates across various segments of the oil and gas industry, including exploration, development and production of oil and gas, refining, transportation, and sale of petroleum products.
Ecopetrol has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The Zacks Consensus Estimate for EC’s 2023 and 2024 EPS is pegged at $2.32 and $2.41, respectively.