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ExxonMobil (XOM) to Explore E&P Opportunities in Algeria
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ExxonMobil Corporation (XOM - Free Report) has opened up about its recent interactions with Algerian oil company Sonatrach to begin exploration and production (E&P) opportunities in the country. According to Sonatrach, Algeria currently produces one million barrels of oil per day and 106 billion cubic meters of natural gas per year.
The details of the deal have been discussed between the delegation of ExxonMobil and Algerian energy minister Mohammad Arkab. The deal is expected to be finalized in the coming days.
The U.S. energy giant has not yet begun E&P activities in the North African country. Algeria is actively seeking American companies to invest in its energy sector and has already signed a deal with Occidental Petroleum.
Zacks Rank & Stocks to Consider
Currently, ExxonMobil has a Zacks Rank #3 (Hold).
Investors can also look at some better-ranked stocks in the energy sector, such as Vaalco Energy (EGY - Free Report) , Western Midstream Partners, LP (WES - Free Report) and Enbridge Inc. (ENB - Free Report) . While Vaalco Energy sports a Zacks Rank #1 (Strong Buy), Western Midstream Partners and Enbridge carry a Zacks Rank #2 (Buy) each at present. You can seethe complete list of today’s Zacks #1 Rank stocks here.
Vaalco Energy is an independent energy company involved in upstream operation business with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
Western Midstream Partners has a profitable portfolio of midstream assets. The midstream operator recently acquired Meritage Midstream Services II, LLC in the Powder River Basin, making WES the largest gathering and processing operator in the region. The company experiences a noticeable increase in total throughput for natural gas, crude oil, NGLs and produced water propelled by new productions coming online and effective operational efficiency in the Delaware Basin.
Enbridge is an energy infrastructure company with a diversified portfolio of midstream assets. With a huge network of transportation and storage assets, the company derives stable fee-based revenues.
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ExxonMobil (XOM) to Explore E&P Opportunities in Algeria
ExxonMobil Corporation (XOM - Free Report) has opened up about its recent interactions with Algerian oil company Sonatrach to begin exploration and production (E&P) opportunities in the country. According to Sonatrach, Algeria currently produces one million barrels of oil per day and 106 billion cubic meters of natural gas per year.
The details of the deal have been discussed between the delegation of ExxonMobil and Algerian energy minister Mohammad Arkab. The deal is expected to be finalized in the coming days.
The U.S. energy giant has not yet begun E&P activities in the North African country. Algeria is actively seeking American companies to invest in its energy sector and has already signed a deal with Occidental Petroleum.
Zacks Rank & Stocks to Consider
Currently, ExxonMobil has a Zacks Rank #3 (Hold).
Investors can also look at some better-ranked stocks in the energy sector, such as Vaalco Energy (EGY - Free Report) , Western Midstream Partners, LP (WES - Free Report) and Enbridge Inc. (ENB - Free Report) . While Vaalco Energy sports a Zacks Rank #1 (Strong Buy), Western Midstream Partners and Enbridge carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Vaalco Energy is an independent energy company involved in upstream operation business with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
Western Midstream Partners has a profitable portfolio of midstream assets. The midstream operator recently acquired Meritage Midstream Services II, LLC in the Powder River Basin, making WES the largest gathering and processing operator in the region. The company experiences a noticeable increase in total throughput for natural gas, crude oil, NGLs and produced water propelled by new productions coming online and effective operational efficiency in the Delaware Basin.
Enbridge is an energy infrastructure company with a diversified portfolio of midstream assets. With a huge network of transportation and storage assets, the company derives stable fee-based revenues.