"We declare our first goal to be for every person to be dynamically involved in the process of freeing himself or herself from every form of domination or oppression so that each man or woman will have the opportunity to develop as a whole person in relationship with others".
- Papua New Guinea National Goals and Directive Principles
Saturday, 9 August 2014
Must-know: ExxonMobil’s significant developments in 2Q14
By Avik Chowdhury - Disclosure • Aug 8, 2014 12:36 pm EDT ExxonMobil’s 2Q14 developments In May, 2014, ExxonMobil (XOM) disclosed that it acquired ~26,000 acres in the Midland Basin that would increase XOM’s capacity to increase oil and gas production. This includes horizontal drilling activity in Wolfcamp and Spraberry in the Permian Basin. Acquires more assets in the Permian XOM acquired the property from Linn Energy (or LINE) in exchange of its interest in the Hugoton gas field in Kansas and Oklahoma. The property’s current production capacity is 2,000 barrels of oil equivalent per day (or Boe/d). XOM also disclosed that with the new acquisition, XOM’s asset base in the Permian now totals 1.5 million acres and in excess of 90,000 net Boe/d. Starts LNG exports In May, 2014, XOM made its first shipment of liquefied natural gas (or LNG) from the PNG LNG project ahead of schedule. XOM’s PNG LNG project is an integrated development that includes gas production and processing facilities in Papua New Guinea PNG LNG is expected to produce ~9 trillion cubic feet of gas in next 30 years. The four major customers for the project’s output are China Petroleum and Chemical Corp.—or Sinopec, Tokyo Electric Power Co. Inc. (or TEPCO), Osaka Gas Co. Ltd., and CPC Corp. Taiwan. New ethane cracker construction In June, 2014, ExxonMobil Chemical Company, a subsidiary of XOM, disclosed that it started constructing an ethane cracker and an associated premium product facility in Texas. The steam cracker will have a capacity of up to 1.5 million tons per year and provide ethylene feedstock for downstream chemical processing. Production is expected to begin in 2017. Discovers gas in Argentina Also during 2Q14, XOM discovered oil and gas in an unconventional shale well in Argentina. The well flowed at an average rate of 770 barrels of oil a day in its first flow test. The well is now subject to further analysis before commercial production begins. Key exchange-traded funds (or ETFs) ExxonMobil (XOM) is a component of the Energy Select Sector SPDR (XLE) and the SPDR S&P 500 (SPY). Royal Dutch Shell (RDS.A) and Chevron Corporation (CVX) operate in the same industry as XOM. CVX is a component of XLE and SPY.