Watch Exxon Climb Higher On These New Projects
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Stalwart Exxon Mobil Corporation (XOM) turned in a strong second quarter, and is prepared to grow from that base with multiple projects across the globe. Even as its bottom line is pressured by lower-than-anticipated natural gas realizations, Exxon Mobil's oil production and international natural gas production remain strong, while its robust cash balance assures it the ability to continue carrying through the current price environment virtually indefinitely. Fortunately, very few expect that natural gas prices will remain unprofitably low for long, and Exxon Mobil is ready to move on new projects to boost production across the board.
Liquid Natural Gas Export Projects Taking Off
Exxon Mobil is following Cheniere Energy's (LNG) lead on liquid natural gas export from U.S. shores, filing for U.S. Department of Energy authorization for export from Port Arthur, Texas. The proposed export facility will be under a joint venture between Exxon Mobil and Qatar Petroleum, under the name Golden Pass Products. The proposed facility would handle up to 15.6 million tons of liquid natural gas a year through expansion of existing Port Arthur assets, and would include the build out of liquefaction facilities. READ FULL ARTICLE HERE