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Exxon Mobil Corporation’s (XOM - Free Report) floating production, storage and offloading (FPSO) vessel, Prosperity, has arrived for Guyana’s third oil project.
The Prosperity vessel was developed as part of the Payara project, which is the third development in the Stabroek Block offshore Guyana. The Payara project area has an estimated 600 million oil-equivalent crude barrels. The block is shared by ExxonMobil with a 45% interest.
Prosperity FPSO has been under construction since the last quarter of 2020. The vessel will be permitted to ExxonMobil to operate on the Payara project offshore Guyana, where it will be docked in 1,900 meters of water depth.
Prosperity has arrived offshore Guyana. Preparatory work has started to enable the production start-up of the vessel later this year. The vessel traveled more than 11,000 nautical miles from Singapore in under 50 days. The FPSO vessel is expected to produce 220,000 barrels of oil per day.
The two other vessels operating offshore within the Stabroek Block are Liza Destiny and Liza Unity. Both are currently producing more than 380,000 barrels per day in Guyana. The production from the Prosperity vessel is expected to push the company’s daily production to 600,000 barrels a day in 2024.
ExxonMobil considers deepwater Guyana and the booming Permian Basin as major growth drivers. The company is committed to contributing to Guyana’s energy future and create opportunities for the nation’s growth. The arrival of the Prosperity FPSO is a testament to the strong partnership between ExxonMobil and the Guyana government.
Price Performance
Shares of ExxonMobil have outperformed the industry in the past six months. The stock has gained 13.2% compared with the industry’s 11% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
Phillips 66 (PSX - Free Report) reported fourth-quarter 2022 adjusted earnings of $4 per share, missing the Zacks Consensus Estimate of $4.34. Lower-than-expected quarterly earnings were driven by a decline in contributions from the Chemicals segment. The negatives were partially offset by strong refining margins worldwide.
Phillips 66 received approval from the board of directors to hike its dividend. The new quarterly dividend of $1.05 per share reflects an increase of 8.2% from the previous quarter’s 97 cents and a 14% hike from the year-ago quarter’s 92 cents.
Enterprise Products Partners’ (EPD - Free Report) fourth-quarter 2022 adjusted earnings per limited partner unit of 65 cents beat the Zacks Consensus Estimate of 60 cents. Strong quarterly earnings were driven by higher contributions from the NGL, and Natural Gas Pipelines & Services businesses.
Enterprise Products Partners is strongly committed to returning cash to shareholders. EPD’s board of directors increased its cash distribution to 49 cents per unit, suggesting a 3.2% hike from the last paid-out distribution of 47.5 cents.
Oceaneering International, Inc.’s (OII - Free Report) fourth-quarter 2022 adjusted profit of 6 cents per share missed the Zacks Consensus Estimate of a profit of 17 cents. The underperformance was due to weaker results in certain segments.
For 2023, Oceaneering projects consolidated EBITDA of $260-$310 million and a free cash flow generation of $75-$125 million.
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ExxonMobil's (XOM) Prosperity FPSO Reaches Guyana Stabroek Block
Exxon Mobil Corporation’s (XOM - Free Report) floating production, storage and offloading (FPSO) vessel, Prosperity, has arrived for Guyana’s third oil project.
The Prosperity vessel was developed as part of the Payara project, which is the third development in the Stabroek Block offshore Guyana. The Payara project area has an estimated 600 million oil-equivalent crude barrels. The block is shared by ExxonMobil with a 45% interest.
Prosperity FPSO has been under construction since the last quarter of 2020. The vessel will be permitted to ExxonMobil to operate on the Payara project offshore Guyana, where it will be docked in 1,900 meters of water depth.
Prosperity has arrived offshore Guyana. Preparatory work has started to enable the production start-up of the vessel later this year. The vessel traveled more than 11,000 nautical miles from Singapore in under 50 days. The FPSO vessel is expected to produce 220,000 barrels of oil per day.
The two other vessels operating offshore within the Stabroek Block are Liza Destiny and Liza Unity. Both are currently producing more than 380,000 barrels per day in Guyana. The production from the Prosperity vessel is expected to push the company’s daily production to 600,000 barrels a day in 2024.
ExxonMobil considers deepwater Guyana and the booming Permian Basin as major growth drivers. The company is committed to contributing to Guyana’s energy future and create opportunities for the nation’s growth. The arrival of the Prosperity FPSO is a testament to the strong partnership between ExxonMobil and the Guyana government.
Price Performance
Shares of ExxonMobil have outperformed the industry in the past six months. The stock has gained 13.2% compared with the industry’s 11% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at the following companies that presently buy a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Phillips 66 (PSX - Free Report) reported fourth-quarter 2022 adjusted earnings of $4 per share, missing the Zacks Consensus Estimate of $4.34. Lower-than-expected quarterly earnings were driven by a decline in contributions from the Chemicals segment. The negatives were partially offset by strong refining margins worldwide.
Phillips 66 received approval from the board of directors to hike its dividend. The new quarterly dividend of $1.05 per share reflects an increase of 8.2% from the previous quarter’s 97 cents and a 14% hike from the year-ago quarter’s 92 cents.
Enterprise Products Partners’ (EPD - Free Report) fourth-quarter 2022 adjusted earnings per limited partner unit of 65 cents beat the Zacks Consensus Estimate of 60 cents. Strong quarterly earnings were driven by higher contributions from the NGL, and Natural Gas Pipelines & Services businesses.
Enterprise Products Partners is strongly committed to returning cash to shareholders. EPD’s board of directors increased its cash distribution to 49 cents per unit, suggesting a 3.2% hike from the last paid-out distribution of 47.5 cents.
Oceaneering International, Inc.’s (OII - Free Report) fourth-quarter 2022 adjusted profit of 6 cents per share missed the Zacks Consensus Estimate of a profit of 17 cents. The underperformance was due to weaker results in certain segments.
For 2023, Oceaneering projects consolidated EBITDA of $260-$310 million and a free cash flow generation of $75-$125 million.