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ExxonMobil (XOM) to Transfer Operations of Malaysia Assets
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Exxon Mobil Corporation (XOM - Free Report) announced plans to transfer operations of all assets under two production-sharing contracts (PSCs) in Malaysia to the national energy company Petronas, per a Reuters report.
The move comes after ExxonMobil agreed to divest its oil and gas assets in Malaysia in 2020. The company has since clarified that the move is a transfer of operations, not a sale, and there will be no change to its working interest in the PSCs.
ExxonMobil stated that the operational transfer would not affect its other businesses in Malaysia, reaffirming its commitment to continue conducting business in the country, where it has been present for more than 130 years.
Among the assets to be transferred is the mature Tapis oilfield offshore Terengganu, which has been producing for more than 45 years. The oilfield is one of ExxonMobil’s key assets in Malaysia. This field has been the site of an enhanced oil recovery project since September 2014, aimed at maximizing production from the aging field.
ExxonMobil currently manages 35 oil and gas platforms across 12 fields offshore Terengganu and holds a working interest in an additional 10 platforms in five fields in the South China Sea. ExxonMobil’s operations in Malaysia account for around 15% of the nation’s crude oil and more than half of Peninsular Malaysia’s natural gas production.
In addition to its operations in Malaysia, XOM is gearing up for significant drilling activities in Guyana. The company plans to drill up to 30 wells at the Hammerhead project, which will be its seventh oil project in the South American country.
The latest operational transfer marks a strategic shift for ExxonMobil in Malaysia, focusing on optimizing its asset portfolio, while maintaining its longstanding presence in the region. The collaboration with Petronas is expected to ensure continued production and operational efficiency in Malaysia’s oil and gas sector.
Petronas confirmed that its subsidiary, Petronas Carigali, is currently in discussions with ExxonMobil regarding the specifics of the operational transfer.
Zacks Rank & Stocks to Consider
ExxonMobil currently carries a Zack Rank #4 (Sell).
SM EnergyCompany (SM - Free Report) is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term shareholder value.
The Zacks Consensus Estimate for SM’s 2024 and 2025 earnings per unit is pegged at $7.30 and $8.89, respectively. The company has a Zacks Style Score of A for Value, and B for Growth and Momentum. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Sunoco LP (SUN - Free Report) is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes more than 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value and Growth Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.26, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
GeoPark Ltd. (GPRK - Free Report) , based in Hamilton, Bermuda, is an explorer, operator and consolidator in the oil and gas sector. The company primarily operates in Chile, Colombia, Brazil and Argentina. It has a Zacks Style Score of A for Value and Growth.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $3.23 and $3.98, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
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ExxonMobil (XOM) to Transfer Operations of Malaysia Assets
Exxon Mobil Corporation (XOM - Free Report) announced plans to transfer operations of all assets under two production-sharing contracts (PSCs) in Malaysia to the national energy company Petronas, per a Reuters report.
The move comes after ExxonMobil agreed to divest its oil and gas assets in Malaysia in 2020. The company has since clarified that the move is a transfer of operations, not a sale, and there will be no change to its working interest in the PSCs.
ExxonMobil stated that the operational transfer would not affect its other businesses in Malaysia, reaffirming its commitment to continue conducting business in the country, where it has been present for more than 130 years.
Among the assets to be transferred is the mature Tapis oilfield offshore Terengganu, which has been producing for more than 45 years. The oilfield is one of ExxonMobil’s key assets in Malaysia. This field has been the site of an enhanced oil recovery project since September 2014, aimed at maximizing production from the aging field.
ExxonMobil currently manages 35 oil and gas platforms across 12 fields offshore Terengganu and holds a working interest in an additional 10 platforms in five fields in the South China Sea. ExxonMobil’s operations in Malaysia account for around 15% of the nation’s crude oil and more than half of Peninsular Malaysia’s natural gas production.
In addition to its operations in Malaysia, XOM is gearing up for significant drilling activities in Guyana. The company plans to drill up to 30 wells at the Hammerhead project, which will be its seventh oil project in the South American country.
The latest operational transfer marks a strategic shift for ExxonMobil in Malaysia, focusing on optimizing its asset portfolio, while maintaining its longstanding presence in the region. The collaboration with Petronas is expected to ensure continued production and operational efficiency in Malaysia’s oil and gas sector.
Petronas confirmed that its subsidiary, Petronas Carigali, is currently in discussions with ExxonMobil regarding the specifics of the operational transfer.
Zacks Rank & Stocks to Consider
ExxonMobil currently carries a Zack Rank #4 (Sell).
Investors interested in the energy sector may look at some better-ranked companies mentioned below. These three companies presently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SM Energy Company (SM - Free Report) is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term shareholder value.
The Zacks Consensus Estimate for SM’s 2024 and 2025 earnings per unit is pegged at $7.30 and $8.89, respectively. The company has a Zacks Style Score of A for Value, and B for Growth and Momentum. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Sunoco LP (SUN - Free Report) is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes more than 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value and Growth Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.26, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
GeoPark Ltd. (GPRK - Free Report) , based in Hamilton, Bermuda, is an explorer, operator and consolidator in the oil and gas sector. The company primarily operates in Chile, Colombia, Brazil and Argentina. It has a Zacks Style Score of A for Value and Growth.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $3.23 and $3.98, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.