ExxonMobil, QatarEnergy Declare 8-9 Tcf Cyprus Gas Marketable, Sign Development Deal
XOM sits 29% above its 52-week low of $105.525.
Summary
ExxonMobil and QatarEnergy have declared 8-9 trillion cubic feet (tcf) of natural gas in Cyprus's Glaucus and Pegasus fields marketable, signing a deal with the Cypriot government to advance development. This is a significant step towards establishing the Eastern Mediterranean as an alternative energy corridor for Europe and adds substantial potential future reserves to ExxonMobil's portfolio. This positive long-term development contrasts with recent negative news for ExxonMobil, including Q1 earnings declines and production cuts. While a final investment decision is anticipated around 2029 and production in 2033, this declaration is a critical milestone for the project. Chevron is also mentioned as holding licenses for other Cypriot gas discoveries.
At the time of this announcement, XOM was trading at $136.02 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $564B. The 52-week trading range was $105.53 to $176.41. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.