Boston, MA 08/12/2014 (wallstreetpr) – Arguably America’s most-powerful company in the world’s map with operations and assets widely spread, Exxon Mobil Corporation (NYSE:XOM), continues to enjoy a mix of fortune in the industry at the back of the ongoing standoff in Russia where it has a huge partnership with Rosneft. Drilling continues to form the key operations of the company, having acquired a total of 26,000 acres in the midland basin. The acquisition of the basin is expected to increase its oil and gas production capacity going forward.
ExxonMobil’s Key Development Activities
The Midland basin currently commands production capacity of about 2,000 having been acquired’ from Linn Energy. Exxon Mobil Corporation (NYSE:XOM) has also stated that its asset base in Permian now totals approximately 1.5 million acres. The giant oil and gas company has also been on a rampage in terms of LNG exports having made its first shipment of the same from PNG and LNG projects ahead of the expected date.
The PNG LNG projects are expected to produce up to 9-trillion cubic feet gas for the next 30 years. Exxon Mobil’s main customers for the project include China Petroleum & Chemical Corp (ADR) (NYSE:SNP) as well as Tokyo Electric Power Co Inc. and Osaka Gas Co. Ltd. A subsidiary of XOM Exxon Mobil Chemical Company has already begun construction of an ethane cracker as well as premium product facility in Texas. The facility is expected to have a capacity of up to 1.5 million tonnes per year, providing ethylene feedstock for downstream chemical processing production.
Exxon 2014 Results
Exxon Mobil Corporation (NYSE:XOM) has seen its earning from U.S upstream increase by 9% this year, clocking in at $1.2 billion against $.1.1 billion reported last year. Earnings from downstream U.S operations have also more than doubled to $538 million from $248 million although earnings from non-U.S operations continue to improve at a slower than expected rate of 18%.
