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) and Hess Corporation (HES - Free Report) decided to discontinue exploration activities in the Kaieteur block in Guyana’s deepwaters due to unsatisfactory exploration results, per a Reuters report.
ExxonMobil’s exploration efforts and the oil discovery in the Kaieteur Block have brought attention to Guyana’s significant potential in the oil and gas industry. Their initial exploration well, Tanager-1, revealed the presence of 65.3 million barrels of oil in the block. However, the discovered oil volume was insufficient to support a viable standalone development.
The decision to exit the Kaieteur Block aligns with the companies’ focus on their more significant and highly productive Stabroek Block. To date, they have discovered more than 11 billion barrels of oil and gas resources in the block, making it a priority for their exploration and development efforts.
Kaieteur, covering 3.3 million acres, is approximately half the size of the Stabroek block and was one of two smaller non-productive blocks held by XOM in the region. Currently, ExxonMobil operates the block with a 35% working interest.
ExxonMobil and Hess transferred their ownership interests in the block to Ratio Guyana Limited and Cataleya Energy Limited, the original holders of the exploration licenses. Ratio Guyana Limited is set to assume the role of operator, subject to government approval, taking over from ExxonMobil.
XOM plans to have a production capacity of more than 1.2 million barrels of oil and gas equivalent per day from Stabroek by 2027. The decision to withdraw from the Kaieteur Block does not affect ExxonMobil’s extensive exploration and development plans for Guyana.
ExxonMobil has confirmed that it is continuing to progress with plans for the construction of six floating production, storage and offloading vessels in Guyana. The company maintains its operations in the highly successful Stabroek Block and the Canje Block offshore Guyana.
Price Performance
Shares of ExxonMobil have outperformed the industry in the past six months. The stock has gained 9.1% compared with the industry’s 8.1% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
Range Resources Corporation (RRC - Free Report) is among the top 10 natural gas producers in the United States. In the prolific Appalachian Basin, the company has a strong focus on stacked-pay gas projects.
Range Resources has witnessed upward earnings estimate revisions for 2023 and 2024 in the past seven days. The consensus estimate for RRC’s 2023 and 2024 earnings per share is pegged at $2.11 and $2.98, respectively.
Pioneer Natural Resources Company is an explorer and producer of oil, natural gas and natural gas liquid. The upstream energy player’s debt to capitalization has been persistently lower than the industry over the past few years, reflecting considerably lower debt exposure.
Pioneer has witnessed upward earnings estimate revisions for 2023 and 2024 in the past seven days. The consensus estimate for PXD’s 2023 and 2024 earnings per share is pinned at $20.85 and $24.75, respectively.
Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report predicting the 7 stocks that will soar highest in the coming month.
Image: Bigstock
ExxonMobil (XOM) Departs Kaieteur Oil Block Offshore Guyana
Exxon Mobil Corporation (XOM - Free Report) and Hess Corporation (HES - Free Report) decided to discontinue exploration activities in the Kaieteur block in Guyana’s deepwaters due to unsatisfactory exploration results, per a Reuters report.
ExxonMobil’s exploration efforts and the oil discovery in the Kaieteur Block have brought attention to Guyana’s significant potential in the oil and gas industry. Their initial exploration well, Tanager-1, revealed the presence of 65.3 million barrels of oil in the block. However, the discovered oil volume was insufficient to support a viable standalone development.
The decision to exit the Kaieteur Block aligns with the companies’ focus on their more significant and highly productive Stabroek Block. To date, they have discovered more than 11 billion barrels of oil and gas resources in the block, making it a priority for their exploration and development efforts.
Kaieteur, covering 3.3 million acres, is approximately half the size of the Stabroek block and was one of two smaller non-productive blocks held by XOM in the region. Currently, ExxonMobil operates the block with a 35% working interest.
ExxonMobil and Hess transferred their ownership interests in the block to Ratio Guyana Limited and Cataleya Energy Limited, the original holders of the exploration licenses. Ratio Guyana Limited is set to assume the role of operator, subject to government approval, taking over from ExxonMobil.
XOM plans to have a production capacity of more than 1.2 million barrels of oil and gas equivalent per day from Stabroek by 2027. The decision to withdraw from the Kaieteur Block does not affect ExxonMobil’s extensive exploration and development plans for Guyana.
ExxonMobil has confirmed that it is continuing to progress with plans for the construction of six floating production, storage and offloading vessels in Guyana. The company maintains its operations in the highly successful Stabroek Block and the Canje Block offshore Guyana.
Price Performance
Shares of ExxonMobil have outperformed the industry in the past six months. The stock has gained 9.1% compared with the industry’s 8.1% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Range Resources Corporation (RRC - Free Report) is among the top 10 natural gas producers in the United States. In the prolific Appalachian Basin, the company has a strong focus on stacked-pay gas projects.
Range Resources has witnessed upward earnings estimate revisions for 2023 and 2024 in the past seven days. The consensus estimate for RRC’s 2023 and 2024 earnings per share is pegged at $2.11 and $2.98, respectively.
Pioneer Natural Resources Company is an explorer and producer of oil, natural gas and natural gas liquid. The upstream energy player’s debt to capitalization has been persistently lower than the industry over the past few years, reflecting considerably lower debt exposure.
Pioneer has witnessed upward earnings estimate revisions for 2023 and 2024 in the past seven days. The consensus estimate for PXD’s 2023 and 2024 earnings per share is pinned at $20.85 and $24.75, respectively.