Quantcast

ExxonMobil (XOM) May Explore Offshore Gas Blocks in Israel


Shutterstock photo

Exxon Mobil Corporation XOM is thinking of exploring Israel as an oil and natural gas destination, according to Reuters. With this, the integrated player will be the first energy giant considering to explore resources in the nation, which is still in conflict with Gulf Arab states. 

The source added that the executives of ExxonMobil had conversations with energy minister of Israel in Houston to bid for exploration and production rights in the nation's offshore resources. Israel is reportedly planning to conduct auctions for those blocks in June.

The largest publicly traded energy firm is now eying Israeli blocks since, over the last decade several big natural gas discoveries have been made in resources located off the coast of the country. In other words, those areas have now emerged as new prospective destinations for exploring oil and natural gas. The sub-sea rocks have huge resources - reportedly estimated at 75 trillion cubic feet of natural gas and 6.6 billion barrels of crude oil.  

If ExxonMobil can finally start operating in Israel, it will likely be able to produce huge natural gas volumes and meet the mounting clean energy demand in the global market much better.

Exxon Mobil Corporation Price

Exxon Mobil Corporation Price | Exxon Mobil Corporation Quote

Currently, ExxonMobil carries a Zacks Rank #3 (Hold). Better-ranked players in the energy space include Antero Resources Corporation AR , Jones Energy Inc. JONE and SemGroup Corporation SEMG . While Antero Resources sports a Zacks Rank #1 (Strong Buy), Jones Energy and SemGroup carry a Zacks Rank #2 (Buy). You can see  the complete list of today's Zacks #1 Rank stocks here .

Antero Resources' earnings beat the Zacks Consensus Estimate in two straight quarters.

Jones Energy expects 2019 earnings growth of 19% year over year.

SemGroup has average positive surprise of 85.4% for the preceding four quarters.

Today's Best Stocks from Zacks

Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.

This outperformance has not just been a recent phenomenon. From 2000 - 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.

See their latest picks free >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Exxon Mobil Corporation (XOM): Free Stock Analysis Report

SemGroup Corporation (SEMG): Free Stock Analysis Report

Antero Resources Corporation (AR): Free Stock Analysis Report

Jones Energy, Inc. (JONE): Free Stock Analysis Report

To read this article on Zacks.com click here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.





This article appears in: Investing , Business , Stocks
Referenced Symbols: XOM , SEMG , AR ,




More from Zacks.com

Subscribe






Zacks.com
Contributor:

Zacks.com

Equity Research












Research Brokers before you trade

Want to trade FX?