Exxon To Drill Up To 30 Wells In Guyana's Hammerhead Project, Boosting Daily Output: Report
Portfolio Pulse from Lekha Gupta
Exxon Mobil Corporation plans to drill up to 30 wells in Guyana's Hammerhead project, aiming to boost daily oil output. The project, pending government approval, is expected to start production in 2029 and increase Guyana's capacity to over 1.4 million barrels per day. Exxon anticipates Hammerhead will produce 120,000-180,000 barrels of crude daily. The Stabroek joint venture generated significant profits for Exxon, Hess Corp., and CNOOC. Investors can gain exposure to Exxon via Energy Select Sector SPDR Fund and iShares U.S. Energy ETF.
July 16, 2024 | 10:41 am
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Hess Corp., a partner in the Stabroek joint venture, reported significant profits from the venture. The Hammerhead project, led by Exxon, is expected to further boost production and revenues.
Hess Corp.'s involvement in the profitable Stabroek joint venture and the upcoming Hammerhead project is likely to positively impact its stock price due to anticipated increased production and revenues.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
Investors can gain exposure to Exxon Mobil's growth through the iShares U.S. Energy ETF, which includes Exxon Mobil as a significant holding.
The iShares U.S. Energy ETF (IYE) is likely to benefit from Exxon's growth and increased production capacity, positively impacting the ETF's performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
Investors can gain exposure to Exxon Mobil's growth through the Energy Select Sector SPDR Fund, which includes Exxon Mobil as a significant holding.
The Energy Select Sector SPDR Fund (XLE) is likely to benefit from Exxon's growth and increased production capacity, positively impacting the ETF's performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
Exxon Mobil plans to drill up to 30 wells in Guyana's Hammerhead project, boosting daily oil output. The project is expected to start production in 2029, increasing Guyana's capacity to over 1.4 million barrels per day.
The news of Exxon's expansion in Guyana is likely to positively impact its stock price in the short term as it indicates future growth and increased production capacity.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100