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ExxonMobil (XOM) Reveals Hammerhead Project Development Plan
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Exxon Mobil Corporation (XOM - Free Report) has proposed a development plan to the government of Guyana for its seventh oil project in the country. The discovery named Hammerhead is part of the prolific Starbroek Block offshore Guyana. The development of the Hammerhead discovery involves drilling up to 30 wells, per ExxonMobil’s development plan.
The Hammerhead project is estimated to come online by 2029, pending government approval. The oil and gas giant expects daily production from the Hammerhead field to lie in the range of 120,000-180,000 barrels of crude. The Hammerhead project is anticipated to raise the production capacity of Guyana to approximately 1.4 billion barrels per day.
ExxonMobil has proposed the use of a Very Large Crude Carrier conversion facility for its seventh oil project in Guyanese waters. The floating production unit will be situated 15 kilometers toward the southwest of Liza Destiny, which is XOM’s first oil production platform in the South American nation.
For the Hammerhead project, the floating production, storage and offloading (FPSO) vessel has a production capacity of 180,000 barrels of oil per day and a storage capacity of approximately 1.4 to 2 million barrels of oil. This FPSO has a lower production capacity than XOM's largest vessels in the country, which can produce up to 250,000 barrels per day.
ExxonMobil operates the prolific Starbroek Block offshore Guyana, with Hess Corporation and CNOOC as its partners.
SM Energy is an upstream energy firm operating in the prolific Midland Basin and the South Texas regions. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
Sunoco LP is one of the largest distributors of motor fuel in the United States. The partnership distributes fuel to independent dealers, commercial customers, convenience stores as well as distributors. Its current distribution yield is greater than the composite stocks in the industry, providing unitholders with consistent returns.
Chevron is one of the largest publicly traded oil and gas companies in the world, with its operations spread around the globe. It is currently in the process of acquiring Hess Corporation. The acquisition is seen as a major win for Chevron, as it will give the company access to Hess' high-quality assets in Guyana and the Bakken Formation.
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ExxonMobil (XOM) Reveals Hammerhead Project Development Plan
Exxon Mobil Corporation (XOM - Free Report) has proposed a development plan to the government of Guyana for its seventh oil project in the country. The discovery named Hammerhead is part of the prolific Starbroek Block offshore Guyana. The development of the Hammerhead discovery involves drilling up to 30 wells, per ExxonMobil’s development plan.
The Hammerhead project is estimated to come online by 2029, pending government approval. The oil and gas giant expects daily production from the Hammerhead field to lie in the range of 120,000-180,000 barrels of crude. The Hammerhead project is anticipated to raise the production capacity of Guyana to approximately 1.4 billion barrels per day.
ExxonMobil has proposed the use of a Very Large Crude Carrier conversion facility for its seventh oil project in Guyanese waters. The floating production unit will be situated 15 kilometers toward the southwest of Liza Destiny, which is XOM’s first oil production platform in the South American nation.
For the Hammerhead project, the floating production, storage and offloading (FPSO) vessel has a production capacity of 180,000 barrels of oil per day and a storage capacity of approximately 1.4 to 2 million barrels of oil. This FPSO has a lower production capacity than XOM's largest vessels in the country, which can produce up to 250,000 barrels per day.
ExxonMobil operates the prolific Starbroek Block offshore Guyana, with Hess Corporation and CNOOC as its partners.
Zacks Rank and Key Picks
Currently, XOM carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the energy sector are SM Energy (SM - Free Report) , Sunoco LP (SUN - Free Report) and Chevron Corporation (CVX - Free Report) . SM Energy and Sunoco presently sport a Zacks Rank #1 (Strong Buy) each, while Chevron carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SM Energy is an upstream energy firm operating in the prolific Midland Basin and the South Texas regions. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
Sunoco LP is one of the largest distributors of motor fuel in the United States. The partnership distributes fuel to independent dealers, commercial customers, convenience stores as well as distributors. Its current distribution yield is greater than the composite stocks in the industry, providing unitholders with consistent returns.
Chevron is one of the largest publicly traded oil and gas companies in the world, with its operations spread around the globe. It is currently in the process of acquiring Hess Corporation. The acquisition is seen as a major win for Chevron, as it will give the company access to Hess' high-quality assets in Guyana and the Bakken Formation.