ExxonMobii invests $6.6bn in exploration - Gistyou


Friday, 10 August 2018

ExxonMobii invests $6.6bn in exploration

Exxon Mobile has committed $6.6 billion into exploration and other capital projects, indicating 69 percent up from the prior year.
In its latest report, the company disclosed that the investments were made in Brazil, the U.S. Permian Basin and Indonesia.

The company stated: "Oil-equivalent production was 3.6 million barrels per day, down 7 percent from the second quarter of2017.

"Excluding entitlement ellects and divestments, liquids production increased as growth in the Permian and Bakken in the U.S. and Hebron in Canada more than ollset decline and higher downtime driven by scheduled maintenance. "Natural gas volumes decreased 10 percent, excluding entitlement effects and divestments, largely due to a continuing shilt in U.S. unconventional development from dry gas to liquids and to downtime in Qatar, Australia, and Papua New Guinea.

"Key projects in Guyana, the U.S. Permian Basin, Brazil, Mozambique and Papua New Guinea are positioning us well to meet the objectives we outlined in our long-term earnings growth plans. The high quality of these resources, combined with our strengths in project execution and innovation, will generate strong value over time," said Darren W. Woods, chairman and chief executive ollicer.
"Second quarter results were primarily impacted by significant scheduled maintenance undertaken to support operational integrity. In addition, while we were pleased with the return of full production following the PNG earthquake, extended recoveries from first quarter operational incidents in the Downstream were disappointing.

"However, good progress was made during the second quarter in fully recovering from these incidents."

It stated: "Crude prices strengthened in the second quarter, while natural gas prices were mixed. U. S. tight oil growth in the Permian and Bakken continued, reaching over 250,000 oilequivalent barrels per day in the second quarter, an increase of 30 percent from the same period last year."

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