Energy XXI Pops 3% on Operations Update, Joint Venture with Exxon Mobile; Exxon Near Year Highs

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Energy XXI ( EXXI ) is up 3.0% at $36.00 after it provided an operations update and announced an asset purchase and exploration joint venture.

The company said its first horizontal well, the Big Sky 2, had the highest oil rate ever produced in the West Delta 73 field since its discovery in 1962.

EXXI also reports that it has executed a purchase and sale agreement to acquire certain shallow-water Gulf of Mexico interests from Exxon Mobil Corp. ( XOM ). The asset has produced approximately 44 million BOE since its discovery in 1957. EXXI and XOM have also entered into a joint-venture agreement to explore for oil and gas on nine contiguous blocks adjacent to Vermilion Block 164 in shallow waters on the Gulf of Mexico shelf.

EXXI trades in a 52-week range of $18.79 - $39.65. Shares have increased 67% in the last 12 months. XOM is up 1.1% at $92.49, trading near its year high of $92.57.

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This article appears in: Investing Commodities
Referenced Stocks: EXXI , XOM


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