XOM stock was trading at $107.22 as of 11:36 AM EDT.
In the Stabroek block off the coast of Guyana, Exxon Mobil (NYSE:XOM) reported Wednesday that it had discovered two more resources at the Sailfin-1 and Yarrow-1 wells, bringing the total number of discoveries made there since 2015 to more than 30.
The Yarrow-1 well was dug in 3,560 feet of water and discovered 75 feet of hydrocarbon-bearing sandstone, whereas the Sailfin-1 well encountered 312 feet of hydrocarbon-bearing sandstone. Since its first two sanctioned offshore Guyana projects, Liza Phase 1 and Liza Phase 2, are currently producing above design capacity and averaged nearly 360K bbl/day of oil on average in Q3, Exxon (NYSE:XOM) claimed it has accelerated development and production offshore Guyana at a rate that "far exceeds the industry average."
Both a third project, Payara, and a fourth project, Yellowtail, are anticipated to begin in 2025.
The Stabroek block is operated by Exxon (NYSE:XOM), which owns a 45% interest. Partners Hess (HES) and Cnooc (OTCPK:CEOHF) each hold a 30% and a 25% interest in the block, respectively. Recent trading has seen intraday highs for Exxon Mobil (NYSE:XOM) shares.
XOM stock outlook
Exxon Mobil Corporation's (NYSE:XOM) share price has increased by 61% over the past year, outpacing the market drop of almost 22%. (not including dividends). By our standards, that was an excellent performance! In the long run, stockholders have also done handsomely, increasing by 55% over the previous three years. Exxon Mobil increased its earnings per share over the past year, turning around from a deficit to a profit.
Earnings per share growth aren't necessarily the greatest technique to analyze share price movement when a company has recently made the shift to profitability. The income growth of 64% year over year would nevertheless be helpful. It's true that many firms go through a phase where they must sacrifice some revenues in order to spur business growth, and occasionally this is for the best.
Exxon Mobil Stock Hit A Record-High Intraday As Q3 Results Are Due Next Week
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