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Stock impact report

Exxon Mobil approves $6.8B oil expansion offshore of Guyana—its first with rival Chevron as new partner [Fortune]

Exxon Mobil Corporation (XOM) 
Last exxon mobil corporation earnings: 5/1 07:34 am Check Earnings Report
US:NYSE Investor Relations: ir.exxonmobil.com
Company Research Source: Fortune
The project is its seventh in just a decade within the massive South American oil development. The new project, named Hammerhead, is Exxon's first with archrival Chevron as its largest partner in Guyana after Chevron in July closed on its $53 billion acquisition of Hess . Exxon had sought to scuttle Chevron's Hess deal, but Chevron won a fiercely contested arbitration battle that lasted well over a year. Hess' 30% stake in the Guyana development—arguably the largest oil discovery of the century—was considered the crown jewel of Chevron's acquisition. Exxon made the Guyana discovery 10 years ago in partnership with Hess and a Chinese company, CNOOC. Chevron and Hess prevailed with their argument that Exxon's right of first refusal over Hess' Guyana stake did not apply to an acquisition of Hess in its entirety. The acquisition moved forward and the deal made Exxon and Chevron partners in Guyana following the legal fight. Hammerhead is expected to produce 150,000 barrels of oil per Show less Read more
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