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Exxon Mobil Corporation (XOM) - free report >>
Comstock Resources, Inc. (CRK) - free report >>
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ExxonMobil (XOM) Revises Stabroek Resource Estimate Upward
Exxon Mobil Corporation (XOM - Free Report) announced that its estimate of discovered recoverable resources from the Stabroek Block has been raised. The block is located off the coast of Guyana.
The energy giant has increased the estimate to approximately 10 billion oil-equivalent barrels. The company has included a new discovery at the Cataback-1 well in its updated resource estimate. Thus, the total key discoveries in the prolific offshore resource are now at more than 20, said the leading integrated energy player. With the drilling of Cataback-1 well by the drillship Noble Tom Madden in 5,928 feet of water, the well encountered 243 feet of net pay in high-quality hydrocarbon bearing sandstone reservoirs.
ExxonMobil said that the Guyanese economy is continuously being aided by the recent major discoveries and projects that are in progress. In the Stabroek Block, spreading across 6.6 million acres, ExxonMobil has a 45% interest along with operatorship. The remaining 30% and 25% stakes are in possession of Hess Corporation (HES - Free Report) and CNOOC Petroleum Guyana Limited.
Exxon Mobil Corporation Price
Exxon Mobil Corporation price | Exxon Mobil Corporation Quote
Another positive development that is pleasing investors is the company’s recently expressed optimism over the significantly higher oil and gas prices contributing to its third-quarter 2021 upstream earnings. The integrated energy giant is expecting its upstream business to generate a maximum of $1.5 billion more earnings in the third quarter, sequentially. The company also projects a significant sequential improvement in its downstream business – a key operating unit.
Currently, ExxonMobil carries a Zacks Rank #3 (Hold). Meanwhile, two better-ranked players in the energy space include Comstock Resources, Inc. (CRK - Free Report) and Range Resources Corporation (RRC - Free Report) . Both the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Comstock is expected to witness earnings growth of 378.3% in 2021.
Range Resources has seen upward earnings estimate revisions for 2021 in the past 30 days.