Oil and Gas 360 Key Development: Commenced production from the Payara development at the Stabroek Block, offshore Guyana, in November; Payara reached its initial production capacity of approximately 220,000 gross barrels of oil per day (bopd) in January 2024 Fourth Quarter Financial and Operational Highlights: Net income was $413 million, or $1.34 per share, compared with $497 million, or $1.61
Oil Price As tensions with Venezuela continue to simmer over President Nicolas Maduro’s attempt to annex oil-rich Essequibo from Guyana, the U.S. is sending a top defense official to Guyana to discuss the situation. U.S. Deputy Assistant Secretary of Defense for the Western Hemisphere Daniel P. Erikson is visiting Guyana on Monday and Tuesday in what the U.S. Embassy in Guyana referred
World Oil (Bloomberg) – Exxon Mobil Corp. plans to raise share buybacks 14% as the oil giant accelerates crude production in the U.S. Permian basin, boosted by its $60 billion acquisition of Pioneer Natural Resources Co. Exxon will repurchase $20 billion of stock next year, the Spring, Texas-based company said in a statement Wednesday. That matches competitor Chevron Corp., which
World Oil (WO) – On Oct. 26, Reuters reported that ExxonMobil, along with partners Hess Corp. and CNOOC, made a “significant discovery” in the Stabroek block offshore Guyana. This discovery from the Lancetfish-2 well is the fourth made in 2023 in the country, bringing the total amount of recoverable oil and natural gas resources to 11 billion barrels (Bbbl).
World Oil (Bloomberg) – Guyana’s government is “very supportive” of Chevron Corp.’s deal to buy Hess Corp., which owns a large stake in the country’s oil developments, Chief Executive Officer John Hess said in an interview. “We have spoken to the leadership of Guyana, and they are very supportive of the deal, welcoming Chevron as another large American oil company,” he
World Oil (WO) — Chevron Corporation has entered into a definitive agreement with Hess Corporation to acquire all of the outstanding shares of Hess in an all-stock transaction valued at $53 billion, or $171 per share. Under the terms of the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The total enterprise value, including debt,
Oil Price ExxonMobil and its partner Hess Corp have withdrawn from the Kaieteur exploration block offshore Guyana as they pursue more prolific opportunities in the bigger and highly productive Stabroek block. “Our withdrawal from the Kaieteur block has no impact on our commitment to seeking further exploration and development opportunities and to generating additional value for the government and people
Oil Price Exxon, Hess, and CNOOC are preparing to launch a sixth offshore oil project in Guyana, with $12.93 billion earmarked for its development. This is according to a filing by the Guyanese government cited by Reuters, which also revealed the new project, dubbed Whiptail, will be operational in four years. Earlier this year, the Guyanese government also greenlit another multi-billion-dollar development proposed by
Nasdaq HOUSTON – Exxon Mobil Corp XOM.Nand Guyana are in talks over which unexplored offshore areas will be returned to the government, people close to the discussions said, as the nascent oil nation seeks to attract new operators to the country. The Exxon-led consortium that controls offshore production in Guyana this year was required to return 20% of unexplored acres, under the original 2016 production contract. he
Oil Price An appeals court has suspended an order issued by a lower court that could have seen supermajor Exxon lose its license to operate the Liza-1 offshore well that yields about half of the country’s oil output. According to its contract with the Guyanese government, the consortium that operates the Liza-1 well and explores in the whole Stabroek block,
Oil Price Exxon and its partners in the offshore Stabroek Block in Guyana made almost $6 billion from their operations there, Reuters has reported, citing official documents. According to the documents—audited financial results—Exxon, Hess Corp., and CNOOC earned a combined $5.8 billion from the Guyana business in 2022. Exxon’s individual share from the total was $2.74 billion, the Chinese state
Oil Price Hess Corporation (NYSE:HES) beat Wall Street estimates in its first-quarter earnings report released on Wednesday and added another discovery in offshore Guyana to its production portfolio, though the good news failed to boost share prices in early morning trading. Despite first-quarter oil prices that were some 20% lower than in 2022, Hess reported Q1 earnings of $346 million, or
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