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EXXON MOBIL CORPORATION

(XOM)
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ExxonMobil Builds on Guyana Resource Estimate With New Discovery

09/09/2021 | 06:50am EDT

By Robb M. Stewart

Exxon Mobil Corp. has made a further discovery offshore Guyana it says will add to an earlier recoverable resource estimate of about 9 billion oil equivalent barrels.

ExxonMobil said Thursday it made a discovery at "Pinktail" in the Stabroek Block off Guyana, where the well encountered 220 feet of net pay in high-quality hydrocarbon bearing sandstone reservoirs. These, and earlier results, will be incorporated into future developments, it said.

The Pinktail discovery is located almost 22 miles southeast of the Liza Phase 1 project that began production in December 2019, and 3.7 miles southeast of Yellowtail-1. The discovery was drilled in 5,938 feet of water.

ExxonMobil said the Liza Unity floating production storage and offloading vessel set sail from Singapore to Guyana in early September and is set to be used for the Liza Phase 2 development, with production expected to begin in early 2022 with a capacity to produce roughly 220,000 barrels of oil a day.

ExxonMobil said it expects at least six projects online by 2027 and sees the potential for up to 10 projects to develop its current discovered recoverable resource base. The Liza Destiny vessel is currently producing about 120,000 barrels of oil a day, it said.

ExxonMobil is the operator of the 6.6 million-acre Stabroek Block and holds a 45% interest, while Hess has a 30% stake and CNOOC Petroleum Guyana Ltd. holds 25%.

Hess said the Pinktail find is the 20th significant discovery in the Stabroek Block.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

09-09-21 0850ET

Stocks mentioned in the article
ChangeLast1st jan.
EXXON MOBIL CORPORATION 2.32% 65.84 Delayed Quote.59.73%
HESS CORPORATION 0.76% 89.17 Delayed Quote.68.91%
WTI -0.71% 83.642 Delayed Quote.70.78%
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Financials (USD)
Sales 2021 271 B - -
Net income 2021 20 363 M - -
Net Debt 2021 50 882 M - -
P/E ratio 2021 14,0x
Yield 2021 5,30%
Capitalization 279 B 279 B -
EV / Sales 2021 1,22x
EV / Sales 2022 1,10x
Nbr of Employees 72 000
Free-Float 52,7%
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Last Close Price 65,84 $
Average target price 68,40 $
Spread / Average Target 3,89%
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Darren W. Woods Chairman & Chief Executive Officer
Kathryn A. Mikells Chief Financial Officer & Senior Vice President
Vijay Swarup Vice President-Research & Engineering
Kenneth C. Frazier Lead Independent Director
Ursula M. Burns Independent Director
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