ExxonMobil seeks environmental approval for ninth Guyana offshore project
XOM sits 53% above its 52-week low of $101.185.
Summary
ExxonMobil has applied to Guyana's Environmental Protection Agency for authorization to develop the Haimara gas-condensate discovery in the offshore Stabroek block. This marks the ninth proposed development for the consortium in this highly productive region. The project, which includes drilling and a new FPSO vessel, requires a full environmental impact assessment due to its potential long-term environmental and socioeconomic impacts. This move underscores ExxonMobil's continued commitment to expanding its significant operations in Guyana, following a quarter where the company reported a 46% decline in Q1 net income. The environmental review process will be a key step to watch for this major capital project.
At the time of this announcement, XOM was trading at $155.30 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $642.1B. The 52-week trading range was $101.19 to $176.41. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.