Corporate News Blog - Exxon Mobil to Invest $200 Million in Argentina's Vaca Muerta

Research Desk Line-up: China Petroleum & Chemical Post Earnings Coverage

LONDON, UK / ACCESSWIRE / September 6, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Exxon Mobil Corp. (NYSE: XOM), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=XOM. The Company announced on September 01, 2017, that it plans to invest $200 million in Argentina's Vaca Muerta. The investment is intended at enhancing Exxon Mobil's natural gas output in Vaca Muerta shale play. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Exxon Mobil Demands for Unconventional Production Concession

In 2016, Exxon Mobil declared that it could invest over $10 billion in shale projects over 20 to 30 years in the Vaca Muerta area. Darren Woods, the Chief Executive Officer of Exxon Mobil, informed Mauricio Macri, President of Argentina, about the Vaca Muerta investment during a meeting at the presidential Pink House on Thursday, August 31, 2017. In fact, Exxon Mobil's total investments in developing Vaca Muerta would reach approximately $750 million by the end of 2017.

In this regard, Exxon Mobil has demanded the Government of Neuquen province for an unconventional production concession for 35 years in the Los Toldos I Sur block.

Vaca Muerta, the Largest Unconventional Gas Reserve

Belgium-sized Vaca Muerta play is one of the world's largest unconventional gas reserves. With an estimated 308 trillion cubic feet of technically recoverable shale gas resources, Vaca Muerta has been compared to the Eagle Ford play in Texas in terms of depth, thickness, pressure, and mineral composition.

Investment to Boost Local Energy Production

Currently, attracting investment to the Vaca Muerta shale play is Macri's Government's key priority. President Mauricio Macri intends to enhance the local energy production and thus reduce huge import costs through his supportive and business-friendly administration. In fact, he entered into a deal with Unions and Companies in January 2017, to lessen the very high costs and thereby attract investment. The logistics costs, however, remain high.

Although Argentina is still a net importer of natural gas, its natural gas production increased in 2015 for the first time since 2006. It is anticipated that the country could stop importing LNG by 2022. As per Gutierrez, Governor of the Neuquen province, it is projected that Exxon Mobil and XTO would enhance local gas production to 5 million cubic meters per day within the next 2-3 years.

Exxon Mobil's Presence in Argentina

Exxon Mobil affiliates have been operating in Argentina for over 100 years now. The Company has been a key part of Argentina's oil and gas industry since its beginning.

As of now, Exxon Mobil employs over 1,500 people in the country through its affiliates: ExxonMobil Exploration Argentina S.R.L; Mobil Argentina S.A.; and ExxonMobil Business Support Center Argentina S.R.L. Since 2010, ExxonMobil Exploration Argentina has been present in the unconventional Vaca Muerta shale oil and shale gas play. Exxon Mobil's Argentine subsidiary owns 80% of the Los Toldos I Sur block and is the operator, while Argentine oil Company Tecpetrol S.A. and province-owned Gas y Petroleo de Neuquen each controls 10%.

About Exxon Mobil Corp.

Exxon Mobil is the largest publicly traded international oil and gas Company. The Company leverages technology and innovation to help meet the growing energy needs. It holds an industry-leading inventory of resources and is one of the world's largest integrated refiners and marketers of petroleum products and chemical manufacturers.

Last Close Stock Review

At the close of trading session on Tuesday, September 05, 2017, Exxon Mobil's stock price rose slightly by 0.80% to end the day at $77.18. A total volume of 12.40 million shares were exchanged during the session, which was above the 3-month average volume of 11.19 million shares. The Company's shares are trading at a PE ratio of 27.85 and have a dividend yield of 3.99%. At Tuesday's closing price, the stock's net capitalization stands at $329.64 billion.

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SOURCE: Pro-Trader Daily