10-30-2017, 11:10 PM
ExxonMobil Corp. and Chevron Corp. fell after reporting disappointing production for the third quarter that undercut outsized earnings results fed by climbing crude oil prices. Exxon churned out the equivalent of 3.97 MMbpd, short of the 4-million average estimate from analysts. Chevron’s tally was 2.717 MMbpd, underperforming its 2.777-million average estimate. In both cases, the figures rattled investors, even as the U.S. oil giants easily beat estimates on their overall earnings.
Disappointing output betrays Exxon, Chevron profit victories
Statoil Brasil Oleo e Gas Ltd., a subsidiary of Statoil ASA, ExxonMobil Exploracao Brasil Ltda., a subsidiary of ExxonMobil Corporation, and PETROGAL BRASIL, SA, a subsidiary of Galp, were the high bidders for a production sharing contract for the Carcará North Block in Brazil’s second pre-salt offshore licensing round held on Oct. 27. The consortium comprising Statoil (operator, 40%), ExxonMobil (40%) and Galp (20%) presented the winning bid (67.12% of profit oil) for the Carcará North Block in the Santos basin. The pre-determined signature bonus to be paid by the consortium is BRL 3.0 billion, approximately $910 million. Statoil’s share is $364 million.
Statoil strengthens its position in Brazil's Carcará oil discovery