ExxonMobil & HELLEniQ ENERGY JV Completes First Exploration Phase In Crete, Eyes Next Steps
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 10 2024
0mins
Should l Buy XOM?
Source: Benzinga
Exploration Activities in Greece: Exxon Mobil and HELLEniQ ENERGY have completed the first phase of exploration in the offshore block "Southwest of Crete" and are moving forward with a second phase that will focus on 3D seismic data collection over three years, indicating potential significant natural gas deposits in the region.
Carbon Dioxide Storage Lease: Exxon has secured the largest offshore CO2 storage lease in the U.S., covering over 271,000 acres, while also anticipating a reduction in third-quarter upstream earnings due to fluctuating oil prices.
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Analyst Views on XOM
Wall Street analysts forecast XOM stock price to fall
19 Analyst Rating
12 Buy
7 Hold
0 Sell
Moderate Buy
Current: 149.240
Low
114.00
Averages
132.17
High
158.00
Current: 149.240
Low
114.00
Averages
132.17
High
158.00
About XOM
Exxon Mobil Corporation is an energy provider and chemical manufacturer. The Company’s principal business involves exploration for, and production of, crude oil and natural gas; the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and a wide variety of specialty products; and pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, Proxxima systems, carbon materials, and lithium. Its Upstream segment explores for and produces crude oil and natural gas. The Energy Products, Chemical Products, and Specialty Products segments manufacture and sell petroleum products and petrochemicals. Energy Products segment includes fuels, aromatics, and catalysts and licensing. Chemical Products segment consists of olefins, polyolefins, and intermediates. Specialty Products segment includes finished lubricants, basestocks and waxes, synthetics, and elastomers and resins.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Greece Signs Offshore Drilling Contract for First Time in 40 Years
- Contract Signing: Exxon Mobil (XOM), Energean (EERGF), and Greece's largest refiner Helleniq Energy have signed a contract with Stena Drilling to conduct exploratory drilling in western Greece, marking the country's first offshore exploration in 40 years scheduled for February 2027.
- Exploration Block: The drilling will focus on Block 2 in the Ionian Sea, aiming to discover natural gas reserves, which is expected to create new growth opportunities for Greece's energy market and enhance national energy independence.
- Technical Advantage: Stena will deploy a high-performance vessel capable of operating in deep-sea waters and drilling up to 35,000 feet deep, targeting deposits that were previously considered hard to access, thereby driving technological advancements and resource development.
- Market Impact: This drilling initiative is poised to elevate Greece's status in the international energy market and may attract more investors to the region's energy potential, fostering economic growth and job opportunities.
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- ExxonMobil as a Safe Investment: ExxonMobil's stock surged over 80% in 2022 due to rising oil prices, currently priced at $148.47 with a market cap of $622 billion and a 2.71% dividend yield, making it a safe haven during market turmoil.
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- Berkshire Hathaway's Stability: During market downturns, Berkshire Hathaway's stock is favored for its low beta of 0.70, currently priced at $474.82 with a market cap of $1 trillion; although down 5% this year, its value investing approach continues to attract safety-seeking investors.
See More
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- Market Resilience: ExxonMobil's stock surged over 80% during the S&P 500's 19% decline in 2022, demonstrating its safety during market turmoil, particularly as oil prices surpassed $100 per barrel, making it a safe haven for investors.
- Healthcare Growth: Eli Lilly's stock rose 32% in 2022 due to strong demand for its GLP-1 drugs, and the recent approval of the weight-loss pill Foundayo could serve as a significant growth catalyst, despite a 14% decline this year, highlighting its ongoing appeal to investors.
- Value Investment Choice: Berkshire Hathaway saw a modest 3% increase in 2022, and while its stock is down 5% this year, its low beta of 0.70 indicates it does not move in sync with the market, making it attractive for investors seeking stability amid rising market uncertainties.
- Risk Management in Portfolios: Given high valuations and increasing economic uncertainty, investors can mitigate overall portfolio risk by holding strong stocks like ExxonMobil, Eli Lilly, and Berkshire Hathaway, enhancing their portfolio's resilience against potential downturns.
See More
Greece Signs Offshore Drilling Contract for First Time in 40 Years
- Contract Signing: Exxon Mobil (XOM), Energean (EERGF), and Greece's largest refiner Helleniq Energy have signed a contract with Stena Drilling to conduct exploratory drilling in western Greece, marking the country's first offshore exploration in 40 years scheduled for February 2027.
- Exploration Block: The drilling will focus on Block 2 in the Ionian Sea, aiming to discover natural gas reserves, which is expected to create new growth opportunities for Greece's energy market and enhance national energy independence.
- Technical Advantage: Stena will deploy a high-performance vessel capable of operating in deep-sea waters and drilling up to 35,000 feet deep, targeting deposits that were previously considered hard to access, thereby driving technological advancements and resource development.
- Market Impact: This drilling initiative is poised to elevate Greece's status in the international energy market and may attract more investors to the region's energy potential, fostering economic growth and job opportunities.
See More
Global Equities Reach Record Highs Amid Truce Talks
- Market Surge: Global equities have surged, with the S&P 500 rising 0.80% and the Nasdaq Composite gaining 1.59%, both reaching record highs amid optimism surrounding the first direct talks between Israel and Lebanon in over 30 years, indicating strong investor confidence in market prospects.
- Japan's Performance: The Nikkei 225 index hit a new high, driven by a broader rally in Asian markets, particularly in technology and consumer cyclical stocks, reflecting investor confidence in the region's economic recovery.
- China's Economic Growth: China's GDP grew by 5% in the first quarter, exceeding economists' forecast of 4.8%, as reported by the National Bureau of Statistics, showcasing the resilience of the Chinese economy despite potential global demand shocks from the Iran conflict.
- World Bank Caution: The World Bank president cautioned in an interview that economic disruptions related to conflicts could last for months, even if the current fragile ceasefire holds, posing a potential threat to global economic recovery.
See More
S&P 500 and Nasdaq Hit Record Highs Amid Market Rally
- Record Market Performance: The S&P 500 closed at a record high on Thursday, rising 3% over three days and 7.6% since early April, indicating strong market confidence and a rebound in investor sentiment.
- Nasdaq's Strong Rebound: The Nasdaq Composite also reached a new high, up nearly 5% in three days and 11.2% in April, marking 11 consecutive days of gains, reflecting robust performance in tech stocks and optimistic market expectations for future growth.
- Big Tech Rotation: Microsoft's stock jumped 4.6% on Wednesday without a clear reason, but it has risen 11% in April, showing sustained investor interest in tech; Tesla also rose 12% in three days, indicating strong confidence in these companies.
- Decreased Volatility: The Cboe Volatility Index has dropped nearly 30% in April, linked to S&P 500 index options activity, suggesting a stabilization in market sentiment and reduced investor concerns about future market fluctuations.
See More
Wednesday ETF Trading Volume Insights
- Bank Performance: On Wednesday, Bank of America saw over 25 million shares traded, with a price increase of approximately 1.8%, indicating market confidence in its stability, which may attract more investor interest.
- Energy Stock Fluctuations: Exxon Mobil experienced a trading volume exceeding 4.9 million shares, with a slight decline of about 0.2%, reflecting cautious market sentiment regarding energy demand prospects, potentially impacting its short-term investment appeal.
- Industrial Stock Weakness: Stanley Black & Decker fell by approximately 6.1% on Wednesday, making it the worst performer in the Touchstone Strategic Income Opportunities ETF, highlighting market concerns over its future performance and prompting investors to reassess their investment strategies.
- ETF Market Dynamics: The overall performance of the Touchstone Strategic Income Opportunities ETF is influenced by individual component stocks, particularly those with high trading volumes, which may trigger renewed investor attention and evaluation of the ETF.
See More
Market Crash Risks and Investment Strategies
- Market Crash Risks: Despite the S&P 500's 2% rise this year, investors should remain cautious of potential market crashes due to high valuations and economic uncertainty, particularly if the war in Iran continues to escalate inflation.
- ExxonMobil as a Safe Investment: ExxonMobil's stock surged over 80% in 2022 due to rising oil prices, currently priced at $148.47 with a market cap of $622 billion and a 2.71% dividend yield, making it a safe haven during market turmoil.
- Eli Lilly's Growth Potential: Eli Lilly's stock rose 32% in 2022 following the success of its GLP-1 drugs, currently priced at $899.50 with a market cap of $872 billion; despite a 14% drop this year, the approval of its weight-loss drug Foundayo could serve as a significant growth catalyst.
- Berkshire Hathaway's Stability: During market downturns, Berkshire Hathaway's stock is favored for its low beta of 0.70, currently priced at $474.82 with a market cap of $1 trillion; although down 5% this year, its value investing approach continues to attract safety-seeking investors.
See More
Three Strong Stocks to Diversify Your Portfolio
- Market Resilience: ExxonMobil's stock surged over 80% during the S&P 500's 19% decline in 2022, demonstrating its safety during market turmoil, particularly as oil prices surpassed $100 per barrel, making it a safe haven for investors.
- Healthcare Growth: Eli Lilly's stock rose 32% in 2022 due to strong demand for its GLP-1 drugs, and the recent approval of the weight-loss pill Foundayo could serve as a significant growth catalyst, despite a 14% decline this year, highlighting its ongoing appeal to investors.
- Value Investment Choice: Berkshire Hathaway saw a modest 3% increase in 2022, and while its stock is down 5% this year, its low beta of 0.70 indicates it does not move in sync with the market, making it attractive for investors seeking stability amid rising market uncertainties.
- Risk Management in Portfolios: Given high valuations and increasing economic uncertainty, investors can mitigate overall portfolio risk by holding strong stocks like ExxonMobil, Eli Lilly, and Berkshire Hathaway, enhancing their portfolio's resilience against potential downturns.
See More
