Exxon Mobil to Sell Offshore Oil Field for $2 Billion

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Exxon Mobil ($NYSE:XOM) is one of the world’s largest oil and gas companies. The company explores for, produces, and sells crude oil, natural gas, and petroleum products. The spill occurred when Exxon’s Pegasus pipeline ruptured, releasing more than 3 million gallons of oil into a residential area. The company has now agreed to sell an offshore oil and gas field in California for $643 million.

The sale is a result of an oil spill in 2015 that halted operations. Sable Offshore, the company buying the field, was founded and operated by James Flores.

Market Price

The move comes as the company looks to focus on its core operations and reduce debt. The sale has been met with mostly negative sentiment from the media, with many commentators questioning the timing of the move. Exxon Mobil stock opened at $112.4 on Monday and closed at $113.6, up by 1.2% from its last closing price of 112.3. Live Quote…

About the Company

VI Analysis

Company’s fundamentals reflect its long term potential, below analysis on EXXON MOBIL are made simple by VI app. Based on VI Star Chart EXXON MOBIL has a high health score of 10/10 with regard to its cashflows and debt, is capable to pay off debt and fund future operations. EXXON MOBIL is strong in dividend, growth, and medium in asset, profitability. EXXON MOBIL is classified as ‘gorilla’, a type of company that achieved stable and high revenue or earning growth due to its strong competitive advantage. what type of investors may interested in such company. Such company is of interest to investors who are looking for stability and high returns. Those who are looking for high growth potential may also be interested in this company. More…

VI Peers

The oil and gas industry is a highly competitive sector. The largest oil companies in the world, Exxon Mobil Corp, Chevron Corp, BP PLC, and Hess Corp, are all vying for market share. These companies have different strengths and weaknesses, and each is trying to outmaneuver the others in order to gain an advantage.

– Chevron Corp ($NYSE:CVX)

Chevron is an American energy company with a market cap of 313.46B as of 2022. Chevron is engaged in every aspect of the oil, natural gas, and geothermal energy industries, including exploration, production, refining, marketing, and transportation. Chevron also has interests in chemicals, mining, and power generation. Chevron’s return on equity was 16.97% as of 2022.

– BP PLC ($LSE:BP.)

HSBC Holdings plc is a British multinational banking and financial services holding company headquartered in London, United Kingdom. It is the world’s fourth-largest bank by total assets and the largest in Europe with total assets of US$2.374 trillion. HSBC traces its origin to a hong in Hong Kong, and its present form was established in London by the Hongkong and Shanghai Banking Corporation to act as a new group holding company in 1991. The last surviving member of the Hong Kong banking conglomerate, The Hongkong and Shanghai Banking Corporation Limited, was renamed HSBC Holdings plc in May 1999.

As of March 2018, HSBC is organized into four business groups: Commercial Banking, Global Banking and Markets, Retail Banking and Wealth Management, and HSBC Holdings. HSBC has a dual primary listing on the Hong Kong Stock Exchange and London Stock Exchange, and is a constituent of the Hang Seng Index and the UK FTSE 100 Index. As of 6 July 2012, it had a market capitalization of £102.7 billion, the second-largest company listed on the London Stock Exchange, after Royal Dutch Shell. It has secondary listings on the New York Stock Exchange, Euronext Paris, and the Bermuda Stock Exchange.

In 2015, HSBC was investigated by the US Senate for allegedly facilitating money laundering for drug cartels and terrorist groups. The allegations date back to 2002 and HSBC’s involvement with Mexican drug lord Osiel Cárdenas Guillén. On 11 December 2015, HSBC agreed to pay US$1.256 billion to settle the charges.

– Hess Corp ($NYSE:HES)

Hess is a leading international independent energy company engaged in the exploration and production of crude oil and natural gas. Hess has a market cap of $37.9 billion as of 2022 and a return on equity of 29.47%. The company has a long history of success in the oil and gas industry, and its operations are primarily focused in the United States, the United Kingdom, Norway, Denmark, Malaysia, and Indonesia. Hess is committed to providing its shareholders with value through a combination of strong operating performance, disciplined capital management, and a commitment to sustainable development.

Summary

EXXON MOBIL is a publicly traded American oil and gas company. ExxonMobil’s primary business is petroleum and petrochemical exploration and production. The company is headquartered in Irving, Texas, and its CEO is Darren Woods. ExxonMobil is one of the largest of the world’s Big Oil companies.