LONDON, UK / ACCESSWIRE / April 17, 2018 / Active-Investors.com has just released a free research report on Exxon Mobil Corp. (NYSE: XOM) ("ExxonMobil"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=XOM as the Company's latest news hit the wire. On April 12, 2018, the Company disclosed that it has resumed the production of liquefied natural gas (LNG) at the Papua New Guinea (PNG) LNG project. The production at the PNG LNG project was shutdown briefly after a severe 7.5 magnitude earthquake hit Papua New Guinea on February 26, 2018. The Company also shared details of the humanitarian efforts conducted in the region. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Commenting on the early resumption of production at PNG LNG, Neil W. Duffin, President of ExxonMobil Production Company, said:
"Resuming LNG production ahead of our projected eight-week timeframe is a significant achievement for ExxonMobil, our joint-venture partners, and our customers."
Production Progress Report at PNG LNG
The Company has shared that it is currently operating one train at the LNG plant near Port Moresby while it expects to restart operating the second train at this plant as the production capacity is increased over time. With the recommencement of production at this project, the Company expects to resume export of LNG soon.
On a positive note, ExxonMobil managed to complete all unrelated maintenance at the plant when it was shut down for production. The maintenance was scheduled for later in the year, but now that it has been completed much earlier, the Company can look forward to more efficient operations in the months ahead.
About PNG LNG Project
ExxonMobil's PNG LNG Project is a world-class integrated development that includes gas production and processing facilities that extend from Hela, Southern Highlands, Western, and Gulf provinces to Port Moresby in Central Province. The two facilities are connected via an over 700 kilometers of onshore and offshore pipeline and include a gas conditioning plant in Hides and a liquefaction and storage facility near Port Moresby. The production from the project is supplied to four Asian customers.
The Company is the operator of the $19 billion PNG LNG project with 33.2% interest and the remaining interest is owned by five JV partners including Papua New Guinea's Oil Search Ltd with 29% interest; Kumul Petroleum Holdings Ltd (formerly NPCP Holdings Ltd) with 16.8% interest; state-owned Mineral Resources Development Company Ltd ("MRDC") with 2.8% interest; Australia's Santos Ltd with 13.5% interest; and Japan's JX Nippon Oil & Gas Exploration with 4.7% interest.
The project has a capacity of turning around 1 billion cubic feet of natural gas turned into LNG every day. The production from the project was 7.9 million tonnes of LNG in FY16. The Company expects that the project will produce over 11 trillion cubic feet of LNG in next 30 years.
ExxonMobil's humanitarian efforts
An earthquake of 7.5 magnitude struck the Highlands region of Papua New Guinea, particularly Hela and Southern Highlands provinces. A week later, the region was hit by dozens of aftershocks. The continued tremors added to the devastation and death toll caused by the severe earthquake. Since most of the population of Papua New Guinea resides in rural areas, the lack of roads and communication networks further hindered the rescue and humanitarian efforts.
ExxonMobil has been at the forefront of the humanitarian efforts and is supporting several local and international relief agencies in the relief and restoration efforts. The Company contributed $1 million towards humanitarian efforts. Additionally, the Company's crew has donated and delivered more than 37 tons of food, 14 tons of drinking water, 600 tarpaulins used as emergency shelters, 1,000 solar lights for households, 20 larger solar lighting units for institutions as well as other essential supplies including water purification tablets, cooking aids, and hygiene kits. The Company is also playing a major role in the restoration of health care facilities, community food gardens, and it is also providing resources to help the government in its restoration and rebuilding efforts.
Commenting on the humanitarian efforts of ExxonMobil, Andrew Barry, MD of ExxonMobil PNG, added:
"While a lot of work remains to be done, we are confident that with the support of all our partners and stakeholders, we can help our friends and neighbors recover from this tragic natural disaster."
About Exxon Mobil Corp.
Irving, Texas based ExxonMobil is a one of the largest publicly traded international oil and gas Company. It is one of the world's largest integrated refiners, marketers of petroleum products, and has a global inventory of resources. It is also one of the world's largest chemical manufacturers.
The Company has been doing business in Papua New Guinea since the 1920s. Apart from the PNG LNG project, the Company also has interests in oil production and fuels marketing in Papua New Guinea. The Company employs over 2,600 in the country and 80% of these employees are Papua New Guineans.
Stock Performance Snapshot
April 16, 2018 - At Monday's closing bell, ExxonMobil's stock marginally rose 0.90%, ending the trading session at $78.54.
Volume traded for the day: 10.73 million shares.
Stock performance in the last month - up 5.54%
After yesterday's close, ExxonMobil's market cap was at $335.21 billion.
Price to Earnings (P/E) ratio was at 24.28.
The stock has a dividend yield of 3.92%.
The stock is part of the Basic Materials sector, categorized under the Major Integrated Oil & Gas industry. This sector was up 0.4% at the end of the session.
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