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ExxonMobil's Sakhalin Project Awaits Decision on Output Hike
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Exxon Mobil Corporation (XOM - Free Report) led Sakhalin-1 project awaits decision on a hike in oil output. The final decision will be announced by the Russia’s Ministry of Natural Resources by the end of April 2018.
ExxonMobil’s Russian subsidiary — ExxonNeftegaz — did not disclose any details regarding the news.
Located off Russia’s Pacific coast, the Sakhalin-1 oil project abandoned plans to increase output to 250,000-260,000 barrels per day (bpd) after the authorities ordered it to lower production limits to the previous level of 200,000 bpd. As a result, during January-March, there were lower loadings of Sokol crude oil.
Per the global oil deal, the countries were to reduce production by the end of 2018. Hence, a rise in production will jeopardize Russia’s commitment.
Per another three trading sources, in mid-March, ExxonMobil lowered its Sokol loading plans from De-Kastri terminal for April-June citing the loading schedule.
Initially, Sokol loading plans for April and May were estimated at 12 and 11 cargoes, which were later revised to 10 and 9 cargoes, respectively. In June, Sokol loadings were lowered to 9 cargoes from 12 in the initial loading plan.
Sakhalin-1 functions under a Production Sharing Agreement struck in the mid-1990s.The local government is required to approve all plans relating to the project.
Price Performance
ExxonMobil’s shares have lost 13.2% in the last three months, compared with the industry’s 5.4% decline. Zacks Rank & Key Picks
ExxonMobil carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Continental Resources, Inc , Pioneer Natural Resources Company and Concho Resources Inc . All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Continental Resources is an independent oil and natural gas exploration and production company. It delivered an average positive earnings surprise of 64.9% over the last four quarters.
Headquartered at Irving, TX, Pioneer Natural Resources Company is an independent oil and gas exploration and production entity. It pulled off an average beat of 66.92% in the trailing four quarters.
Concho Resources is an independent oil and natural gas company. It delivered a positive surprise of 48.9% during the same time frame.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
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ExxonMobil's Sakhalin Project Awaits Decision on Output Hike
Exxon Mobil Corporation (XOM - Free Report) led Sakhalin-1 project awaits decision on a hike in oil output. The final decision will be announced by the Russia’s Ministry of Natural Resources by the end of April 2018.
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ExxonMobil’s Russian subsidiary — ExxonNeftegaz — did not disclose any details regarding the news.
Located off Russia’s Pacific coast, the Sakhalin-1 oil project abandoned plans to increase output to 250,000-260,000 barrels per day (bpd) after the authorities ordered it to lower production limits to the previous level of 200,000 bpd. As a result, during January-March, there were lower loadings of Sokol crude oil.
Per the global oil deal, the countries were to reduce production by the end of 2018. Hence, a rise in production will jeopardize Russia’s commitment.
Per another three trading sources, in mid-March, ExxonMobil lowered its Sokol loading plans from De-Kastri terminal for April-June citing the loading schedule.
Initially, Sokol loading plans for April and May were estimated at 12 and 11 cargoes, which were later revised to 10 and 9 cargoes, respectively. In June, Sokol loadings were lowered to 9 cargoes from 12 in the initial loading plan.
Sakhalin-1 functions under a Production Sharing Agreement struck in the mid-1990s.The local government is required to approve all plans relating to the project.
Price Performance
ExxonMobil’s shares have lost 13.2% in the last three months, compared with the industry’s 5.4% decline.
Zacks Rank & Key Picks
ExxonMobil carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Continental Resources, Inc , Pioneer Natural Resources Company and Concho Resources Inc . All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Continental Resources is an independent oil and natural gas exploration and production company. It delivered an average positive earnings surprise of 64.9% over the last four quarters.
Headquartered at Irving, TX, Pioneer Natural Resources Company is an independent oil and gas exploration and production entity. It pulled off an average beat of 66.92% in the trailing four quarters.
Concho Resources is an independent oil and natural gas company. It delivered a positive surprise of 48.9% during the same time frame.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>