ExxonMobil Awards $1.1B in Contracts for Mozambique LNG Project
XOM sits 54% above its 52-week low of $105.67.
Summary
ExxonMobil has awarded $1.1 billion in pre-investment contracts for the Rovuma LNG Phase 1 project in Mozambique, covering subsea production systems, valves, and offshore line pipe. The awards, made on behalf of the Area 4 partners including ENH, CNPC, Eni, KOGAS, and ADNOC's XRG, signal progress toward a final investment decision. This follows the lifting of force majeure in November after a 2021 pause due to security concerns. The scale of the contracts and the involvement of multiple international suppliers indicate a serious commitment to advancing the project, which could add significant future LNG capacity for ExxonMobil.
At the time of this announcement, XOM was trading at $162.21 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $667B. The 52-week trading range was $105.67 to $176.41. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.