Exxon to Sell Polish Acres - Analyst Blog
06 Dicembre 2012 - 4:00PM
Zacks
U.S. energy behemoth
ExxonMobil Corporation (XOM) and Calgary,
Alberta-based oil and gas company Talisman Energy
Inc. (TLM) intend to offload their Polish shale gas
exploration licenses.
The parties are in discussion with Poland's largest oil firm PKN
Orlen SA for the planned divestiture. Earlier this year, ExxonMobil
resolved to exit Poland and drilled only two wells there.
This move demonstrates the concern that foreign or domestic energy
companies are facing over the planned levels of taxation. It also
reflects opposition towards heavy government intervention as the
industry progresses to the subsequent phase of commercial shale gas
production in Poland.
ExxonMobil and Talisman’s exit come as a big blow for Poland as the
country hopes to unearth substantial shale gas reserves that would
help ease its dependence on Russian energy sources. The government
has also backed the state-controlled firms, like gas firms PGNiG SA
and PKN Orlen, for exploration drilling, mainly in the north and
east of Poland.
Exxon’s strength is in its balanced operations, strong financial
flexibility and continuous improvement on efficiency and cost
control. The company’s efforts to build an unconventional resource
portfolio both in North America and overseas aims at increasing
production through increased exposure to large energy resources
with long reserve life and low field declines.
Despite the collapse in natural gas prices, Exxon expects
unconventional gas to play a dominant role in future supplies owing
to the rapid decline in conventional production.
ExxonMobil carries a Zacks #3 Rank, which is equivalent to a Hold
rating for a period of one to three months. Longer term, we
maintain our Neutral recommendation.
TALISMAN ENERGY (TLM): Free Stock Analysis Report
EXXON MOBIL CRP (XOM): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Grafico Azioni Talisman (NYSE:TLM)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Talisman (NYSE:TLM)
Storico
Da Lug 2023 a Lug 2024
Notizie in Tempo Reale relative a (Borsa di New York (NYSE)): 0 articoli recenti
Più Talisman Articoli Notizie