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ExxonMobil-MagnaBond to Develop Well Abandonment Technology
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ExxonMobil Corporation’s (XOM - Free Report) subsidiary — ExxonMobil Upstream Research Company — has inked a joint development agreement with MagnaBond, LLC for three years.
The agreement involves developing new technologies that will boost cost-effective appraisal of well cementing, casing and tubing. The agreement was backed by the Industry Technology Facilitator as part of its program to deal with challenges related to well decommissioning activities. Such hurdles include plugging and abandonment.
The new partnership will merge ExxonMobil’s proficiency in developing a wide range of inspection technologies and tools with MagnaBond’s expertise in technology transfer and supply chain design from other industries.
Current assessment technology cannot effectively distinguish cement quality through multiple strings of casing. A well’s production tubing is required to facilitate scrutiny of the cement, resulting in extra time and cost for decommissioning activities. ExxonMobil and MagnaBond intend to develop a technology that will enable through-tubing cement appraisal prior to the arrival of a costly rig or workover unit.
ExxonMobil Upstream Research Company develops an industry-leading range of proprietary technologies to sustain continued leadership in exploration, development, production and gas commercialization. ExxonMobil often teams up with other companies and academic institutions around the world to research and develop technologies.
Along with the agreement with MagnaBond, ExxonMobil collaborated with nine other oil and gas companies in 2017 to form the Plugging and Abandonment Collaborative Environment. This is an industry network to encourage investment in early adoption of innovative plugging and abandonment technology within the oil and gas industry. The organization is managed by OTM Consulting.
Price Performance
ExxonMobil’s shares have gained 4.8% compared with the industry’s rally of 12.5% in the last three months.
Zacks Rank & Other Stocks to Consider
ExxonMobil carries a Zacks Rank #2 (Buy). Other top-ranked players in the energy sector include Statoil ASA , Pioneer Natural Resources Company (PXD - Free Report) and Denbury Resources Inc . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Statoil, based in Norway, is a major international integrated oil and gas company. It witnessed an average negative earnings surprise of 8.44% in the last four quarters.
Headquartered at Irving, TX, Pioneer Natural Resources Company is an independent oil and gas exploration and production company. The company delivered an average positive earnings surprise of 67.62% over the preceding four quarters.
Headquartered at Plano, TX, Denbury Resources is engaged in the exploration, production and development of natural gas properties. The company pulled off an average positive earnings surprise of 125.00% during the same time frame.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
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ExxonMobil-MagnaBond to Develop Well Abandonment Technology
ExxonMobil Corporation’s (XOM - Free Report) subsidiary — ExxonMobil Upstream Research Company — has inked a joint development agreement with MagnaBond, LLC for three years.
The agreement involves developing new technologies that will boost cost-effective appraisal of well cementing, casing and tubing. The agreement was backed by the Industry Technology Facilitator as part of its program to deal with challenges related to well decommissioning activities. Such hurdles include plugging and abandonment.
The new partnership will merge ExxonMobil’s proficiency in developing a wide range of inspection technologies and tools with MagnaBond’s expertise in technology transfer and supply chain design from other industries.
Current assessment technology cannot effectively distinguish cement quality through multiple strings of casing. A well’s production tubing is required to facilitate scrutiny of the cement, resulting in extra time and cost for decommissioning activities. ExxonMobil and MagnaBond intend to develop a technology that will enable through-tubing cement appraisal prior to the arrival of a costly rig or workover unit.
ExxonMobil Upstream Research Company develops an industry-leading range of proprietary technologies to sustain continued leadership in exploration, development, production and gas commercialization. ExxonMobil often teams up with other companies and academic institutions around the world to research and develop technologies.
Along with the agreement with MagnaBond, ExxonMobil collaborated with nine other oil and gas companies in 2017 to form the Plugging and Abandonment Collaborative Environment. This is an industry network to encourage investment in early adoption of innovative plugging and abandonment technology within the oil and gas industry. The organization is managed by OTM Consulting.
Price Performance
ExxonMobil’s shares have gained 4.8% compared with the industry’s rally of 12.5% in the last three months.
Zacks Rank & Other Stocks to Consider
ExxonMobil carries a Zacks Rank #2 (Buy). Other top-ranked players in the energy sector include Statoil ASA , Pioneer Natural Resources Company (PXD - Free Report) and Denbury Resources Inc . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Statoil, based in Norway, is a major international integrated oil and gas company. It witnessed an average negative earnings surprise of 8.44% in the last four quarters.
Headquartered at Irving, TX, Pioneer Natural Resources Company is an independent oil and gas exploration and production company. The company delivered an average positive earnings surprise of 67.62% over the preceding four quarters.
Headquartered at Plano, TX, Denbury Resources is engaged in the exploration, production and development of natural gas properties. The company pulled off an average positive earnings surprise of 125.00% during the same time frame.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>