Exxon Considers Natural Gas Project In Guyana: Report
Portfolio Pulse from Lekha Gupta
Exxon Mobil (NYSE:XOM) and its consortium are considering their first offshore natural gas project in Guyana, near the Suriname border, with potential start in 2029 or 2030. The project's focus, oil or natural gas, is undecided. Exxon, along with Hess Corporation (NYSE:HES) and CNOOC, faces pressure from Guyana to develop untapped natural gas. Exxon recently reported a Q4 FY23 adjusted net profit of $9.96 billion, surpassing consensus estimates.
February 22, 2024 | 1:24 pm
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POSITIVE IMPACT
Hess Corporation, as part of the consortium with Exxon Mobil, is involved in the consideration of an offshore natural gas project in Guyana, potentially starting between 2029 and 2030.
Hess Corporation's involvement in the potential natural gas project in Guyana as part of the Exxon-led consortium could provide significant future growth opportunities, positively influencing its stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Exxon Mobil is considering an offshore natural gas project in Guyana, potentially starting between 2029 and 2030. The company recently reported a Q4 FY23 adjusted net profit of $9.96 billion, beating consensus estimates.
The consideration of a new natural gas project in Guyana could signal future revenue streams for Exxon Mobil, positively impacting investor sentiment. The recent earnings beat further supports a positive outlook for the company.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90