Advertisement
UK markets open in 12 minutes

  • NIKKEI 225

    38,460.08
    +907.92 (+2.42%)
     

  • HANG SENG

    17,177.63
    +348.70 (+2.07%)
     

  • CRUDE OIL

    83.64
    +0.28 (+0.34%)
     

  • GOLD FUTURES

    2,338.50
    -3.60 (-0.15%)
     

  • DOW

    38,503.69
    +263.71 (+0.69%)
     

  • Bitcoin GBP

    53,599.89
    +117.02 (+0.22%)
     

  • CMC Crypto 200

    1,414.53
    -9.57 (-0.67%)
     

  • NASDAQ Composite

    15,696.64
    +245.33 (+1.59%)
     

  • UK FTSE All Share

    4,378.75
    +16.15 (+0.37%)
     
Money:

What is the true cost of the UK state pension?

To get a sense of the true value of the state pension, you can look at how much you would need to save to match it yourself

ExxonMobil to Speed Up Exit From Offshore Oil Plays in Norway

Zacks Equity Research

Exxon Mobil Corporation XOM is willing to divest interests in offshore Norwegian oil and natural gas fields and hence has hired investment bank Jefferies, per Reuters. The sale could generate a huge sum of roughly $4 billion for the largest publicly traded energy firm, the source added.

The company, which has been exploiting resources in the Northern European country over the past 125 years, is now planning to make an exit. In fact, the integrated energy firm earlier announced that it was intending to screen potential interests of buyers for its portfolio of hydrocarbon resources in Norway. Per the source, the portfolio also comprises minority ownerships of ExxonMobil in several other plays, being explored by energy majors like Royal Dutch Shell plc RDS.A and Equinor ASA EQNR.

Investors should know that from the producing offshore fields in Norway, the company’s net reserves were recorded at 422 million barrels of oil equivalent as of 2018-end, per the source.

The list of probable buyers includes some private equity-backed entities and explorers like Aker BP since they were considering investing more for resources in the Norwegian continental shelf. According to the source, the list may include Var Energi, being owned jointly by private equity firm – Hitecvision – and integrated energy firm Eni SpA E. In 2017, Var Energi had bought resources in Norway from ExxonMobil.

Another major energy company that considered exiting the offshore Norwegian resources and in fact has divested its last stake in 2018 is Chevron Corporation CVX.

Headquartered in Irving, TX, ExxonMobil, with its diversified energy businesses, including upstream, downstream and chemical operations, are relatively less exposed to volatility in commodity prices. This makes the company a relatively low-risk stock.

Breakout Biotech Stocks with Triple-Digit Profit Potential

The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.

Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.

See these 7 breakthrough stocks now>>


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
 
Eni SpA (E) : Free Stock Analysis Report
 
Royal Dutch Shell PLC (RDS.A) : Free Stock Analysis Report
 
Chevron Corporation (CVX) : Free Stock Analysis Report
 
Statoil ASA (EQNR) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.