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ExxonMobil Hits Natural Gas in Onshore Papua New Guinea
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ExxonMobil Corporation (XOM - Free Report) recently announced that it has made a new natural gas discovery in the Papua New Guinea North Highlands. The announcement is likely to drive stock prices. Year to date, shares of ExxonMobil have gained16.5%, while the broader market the Zacks categorised sub industry Oil & Gas-International Integrated Market has increased by 19.3%. Located 13 miles (21 kilometers) northwest of the Hides Gas Field, the Muruk-1 well came across similar high-quality sandstone reservoirs as the Hides field, same as the pre-drill expectations. The well was drilled to a depth of 10,630 feet (3,130 meters). Located in petroleum prospecting license 402, the well spans across an acreage of 126,000 acres (510 square kilometers). The size of the discovery is currently being assessed.
Oil Search Limited is the operator of the well with a holding of 37.5%. ExxonMobil holds 42.5% and the remaining 20% is owned by Barracuda Limited, a subsidiary of Santos Limited. Oil Search started drilling the Muruk-1 well on Nov 2.
ExxonMobil’s involvement in exploration in Papua New Guinea dates back to the 1930s. Moreover, the Muruk exploration success validates the strength of ExxonMobil’s long-term investment approach and reiterates its commitment to Papua New Guinea.
ExxonMobil is the world’s largest publicly traded oil company, engaged in oil and natural gas exploration and production, petroleum products refining and marketing, chemicals manufacture, and other energy-related businesses. The company’s strength lies in its balanced operations, strong financial flexibility and continuous efficiency and cost control.
ExxonMobil currently has a Zacks Rank #3 (Hold). Some better-ranked players in the same sector include Braskem S.A. (BAK - Free Report) , Suncor Energy, Inc. (SU - Free Report) and Noble Midstream Partners L.P. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Braskem posted a positive earnings surprise of 107.79% in the last reported quarter.
Suncor Energy posted a positive earnings surprise of 300.00% in the preceding quarter. It reported an average earnings surprise of 40.55% for the four trailing quarters.
Noble Midstream Partners posted a negative earnings surprise of 77.78% in the last reported quarter.
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ExxonMobil Hits Natural Gas in Onshore Papua New Guinea
ExxonMobil Corporation (XOM - Free Report) recently announced that it has made a new natural gas discovery in the Papua New Guinea North Highlands. The announcement is likely to drive stock prices. Year to date, shares of ExxonMobil have gained16.5%, while the broader market the Zacks categorised sub industry Oil & Gas-International Integrated Market has increased by 19.3%.
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Located 13 miles (21 kilometers) northwest of the Hides Gas Field, the Muruk-1 well came across similar high-quality sandstone reservoirs as the Hides field, same as the pre-drill expectations. The well was drilled to a depth of 10,630 feet (3,130 meters). Located in petroleum prospecting license 402, the well spans across an acreage of 126,000 acres (510 square kilometers). The size of the discovery is currently being assessed.
Oil Search Limited is the operator of the well with a holding of 37.5%. ExxonMobil holds 42.5% and the remaining 20% is owned by Barracuda Limited, a subsidiary of Santos Limited. Oil Search started drilling the Muruk-1 well on Nov 2.
ExxonMobil’s involvement in exploration in Papua New Guinea dates back to the 1930s. Moreover, the Muruk exploration success validates the strength of ExxonMobil’s long-term investment approach and reiterates its commitment to Papua New Guinea.
ExxonMobil is the world’s largest publicly traded oil company, engaged in oil and natural gas exploration and production, petroleum products refining and marketing, chemicals manufacture, and other energy-related businesses. The company’s strength lies in its balanced operations, strong financial flexibility and continuous efficiency and cost control.
ExxonMobil currently has a Zacks Rank #3 (Hold). Some better-ranked players in the same sector include Braskem S.A. (BAK - Free Report) , Suncor Energy, Inc. (SU - Free Report) and Noble Midstream Partners L.P. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Braskem posted a positive earnings surprise of 107.79% in the last reported quarter.
Suncor Energy posted a positive earnings surprise of 300.00% in the preceding quarter. It reported an average earnings surprise of 40.55% for the four trailing quarters.
Noble Midstream Partners posted a negative earnings surprise of 77.78% in the last reported quarter.
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>