We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
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.
Exxon Mobil Corporation (XOM - Free Report) , a U.S.-based energy giant, has announced its ambitious plans to proceed with a $12.7 billion deepwater oil project off the coast of Guyana. This significant move marks the company's sixth deepwater oil development on the Stabroek block, showcasing its commitment to tapping into the rich oil resources in the region. The project, named Whiptail, has received all necessary government and regulatory approvals, culminating in a final investment decision by ExxonMobil.
ExxonMobil expects the Whiptail project to require an investment worth $12.7 billion. The project is anticipated to yield 250,000 barrels per day (bpd) of oil by the close of 2027. This development is expected to elevate Guyana's total daily crude capacity to a staggering 1.3 million bpd, a remarkable feat achieved just eight years after the onset of oil production in the country.
The Whiptail project includes the establishment of up to 10 drill centers with 48 production and injection wells. Located in the southeastern portion of the Stabroek block, the project is expected to tap into the Whiptail, Pinktail and Tilapia fields, with the potential for additional resources pending feasibility studies.
Liam Mallon, president of ExxonMobil Upstream Company, highlighted the collaborative efforts that have underpinned the success of the Stabroek block developments. He emphasized the company's commitment to delivering results while upholding environmental standards and fostering partnerships with local stakeholders. Mallon also highlighted the significant economic contributions of these projects to Guyana, solidifying the nation's position as a key player in the global energy market.
ExxonMobil's investments have already yielded substantial benefits for Guyana's economy. The company reported that more than $4.2 billion has been injected into the Guyana Natural Resource Fund since the commencement of production in 2019. Moreover, the workforce supporting Stabroek block operations comprises 70% Guyanese nationals, demonstrating ExxonMobil's dedication to empowering local communities and fostering economic growth.
ExxonMobil’s ambitious plans for the Stabroek block include the deployment of six FPSOs by 2027, with the potential for up to 10 FPSOs to fully exploit the estimated gross discovered recoverable resources of more than 11 billion barrels of oil equivalent.
Murphy USA is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $26.40. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 in the past seven days.
Global Partners is a leading operator of gasoline stations and convenience stores. Over the past 60 days, GLP has witnessed upward earnings estimate revisions for 2024 and 2025.
The Zacks Consensus Estimate for Global Partners’ 2024 and 2025 EPS is pegged at $3.90 and $4.47, respectively. GLP currently has a Zacks Style Score of A for Value.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
The Zacks Consensus Estimate for SUN’s 2024 EPS is pegged at $4.99. The company has witnessed upward earnings estimate revisions for 2024 in the past seven days.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
ExxonMobil (XOM) Advances $12.7B Whiptail Project Offshore Guyana
Exxon Mobil Corporation (XOM - Free Report) , a U.S.-based energy giant, has announced its ambitious plans to proceed with a $12.7 billion deepwater oil project off the coast of Guyana. This significant move marks the company's sixth deepwater oil development on the Stabroek block, showcasing its commitment to tapping into the rich oil resources in the region. The project, named Whiptail, has received all necessary government and regulatory approvals, culminating in a final investment decision by ExxonMobil.
ExxonMobil expects the Whiptail project to require an investment worth $12.7 billion. The project is anticipated to yield 250,000 barrels per day (bpd) of oil by the close of 2027. This development is expected to elevate Guyana's total daily crude capacity to a staggering 1.3 million bpd, a remarkable feat achieved just eight years after the onset of oil production in the country.
The Whiptail project includes the establishment of up to 10 drill centers with 48 production and injection wells. Located in the southeastern portion of the Stabroek block, the project is expected to tap into the Whiptail, Pinktail and Tilapia fields, with the potential for additional resources pending feasibility studies.
Liam Mallon, president of ExxonMobil Upstream Company, highlighted the collaborative efforts that have underpinned the success of the Stabroek block developments. He emphasized the company's commitment to delivering results while upholding environmental standards and fostering partnerships with local stakeholders. Mallon also highlighted the significant economic contributions of these projects to Guyana, solidifying the nation's position as a key player in the global energy market.
ExxonMobil's investments have already yielded substantial benefits for Guyana's economy. The company reported that more than $4.2 billion has been injected into the Guyana Natural Resource Fund since the commencement of production in 2019. Moreover, the workforce supporting Stabroek block operations comprises 70% Guyanese nationals, demonstrating ExxonMobil's dedication to empowering local communities and fostering economic growth.
ExxonMobil’s ambitious plans for the Stabroek block include the deployment of six FPSOs by 2027, with the potential for up to 10 FPSOs to fully exploit the estimated gross discovered recoverable resources of more than 11 billion barrels of oil equivalent.
Zacks Rank & Key Picks
XOM currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Murphy USA Inc. (MUSA - Free Report) , Global Partners (GLP - Free Report) and Sunoco LP (SUN - Free Report) . While Murphy USA and Global Partners sport a Zacks Rank #1 (Strong Buy) each, Sunoco LP carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Murphy USA is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $26.40. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 in the past seven days.
Global Partners is a leading operator of gasoline stations and convenience stores. Over the past 60 days, GLP has witnessed upward earnings estimate revisions for 2024 and 2025.
The Zacks Consensus Estimate for Global Partners’ 2024 and 2025 EPS is pegged at $3.90 and $4.47, respectively. GLP currently has a Zacks Style Score of A for Value.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
The Zacks Consensus Estimate for SUN’s 2024 EPS is pegged at $4.99. The company has witnessed upward earnings estimate revisions for 2024 in the past seven days.