ExxonMobil Just Made Its 20th Discovery in a Block That's Produced 2.7 Billion Barrels. Here's What It Means for XOM Stock.
The latest discovery aligns well with management's stated aim of achieving 17% return on capital employed by 2030.
Overview
ExxonMobil (NYSE:XOM) and Angola's National Oil, Gas and Biofuels Agency (ANPG) announced a new oil discovery off Angola's coast in a field that has already produced a massive 2.7 billion barrels of oil since the first oil discovery there in 1998.
Exxon's shares closed 2.2% higher following the news. For shareholders, the attractiveness lies in the additional optionality this discovery brings to a mature, deepwater cash-flow platform.
Details
The question investors need to consider is this: can ExxonMobil turn the remaining resources here into a high-return set of barrels that can sufficiently offset declines in existing fields?
Source
Originally published at www.fool.com.