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Exxon Mobil Corporation XOM recently released its capital spending projection for 2017.
Exxon Mobil is likely to start-up five major upstream projects in 2017 and 2018, which will contribute an additional 340,000 oil-equivalent barrels per day of working-interest production capacity.
For example, two wells were established in Guyana in 2016 as a world-class discovery with recoverable resources of more than 1 billion oil-equivalent barrels.
Total annual net production growth from these basins could be as high as 750,000 oil-equivalent barrels per day through 2025 at a compound annual growth rate of about 20%.
Since 2012, the company has commissioned 27 projects, adding 1.2 million oil-equivalent barrels per day of installed capacity.
Exxon Mobil Still Dow’s Biggest Loser in 2017
Range-bound crude oil prices rose about 1.2% last week to close at $54.02.
For the year to date, crude prices are up just 0.5% from a beginning price of $53.75 a barrel.
The definition of a proved barrel is one that can be extracted with current technology and produce a profit at current prices.
2017 has been a tough year for Exxon Mobil Corp. (NYSE: XOM).
Costs to produce a barrel of oil from Canada’s oil sands are among the highest in the world and crude prices of $50 to $55 a barrel are barely profitable.
collected by :John Locas