Exxon Mobil Corporation (XOM - Free Report) announced considerable expansion of recoverable resource potential in the P’nyang field.
Since 2012, there has been an 84% surge in the size of the field’s natural gas resource to 4.36 trillion cubic feet. Increased activities of the integrated energy player in Papua New Guinea primarily supported the expansion of the resource size.
Development in this front will likely back the company’s plan to develop three liquefied natural gas (LNG) trains at the PNG LNG unit, located close to Port Moresby. Exxon Mobil is expected to allocate one new train for the PNG LNG and P’nyang natural gas fields. For the Papua LNG development, two trains will probably be assigned.
P’nyang field’s massive resource base signifies huge growth potential for the firm’s Papua New Guineaactivities. The P’nyang field spreads over 105,000 acres with Exxon Mobil being the operator with a 49% stake. The remaining 38.5% and 12.5% interests are in the possession of Oil Search and JX Nippon.
Headquartered in Irving, TX, Exxon Mobil is the largest publicly traded energy player in the United States.
However, the stock has declined 6.6% over the past year, underperforming the industry’s 12.3% gain.
Presently, the firm carries a Zacks Rank #3 (Hold). Meanwhile, better-ranked players in the energy space include Antero Resources Corporation (AR - Free Report) , Continental Resources, Inc. (CLR - Free Report) and Mammoth Energy Services, Inc. (TUSK - Free Report) . All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Antero Resources is expected to witness year-over-year earnings growth of 303% in 2018.
Continental has an average positive earnings surprise of 64.9% for the last three quarters.
Mammoth Energy will likely see a year-over-year rise of 246.5% in 2018 earnings.
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