In this April 23, 2018, file photo, the logo for ExxonMobil appears above a trading post on the floor of the New York Stock Exchange. ExxonMobil is selling most of its upstream assets in the United Kingdom central and northern North Sea to HitecVision for more than $1 billion. Neil Chapman, senior vice president of ExxonMobil, said in a statement Wednesday, Feb. 24, 2021, that the company is selling assets that are “less strategic” and concentrating on development plans that prioritize Guyana, the U.S. Permian Basin, Brazil and liquefied natural gas. (AP Photo/Richard Drew, File)
ExxonMobil is selling most of its upstream assets in the United Kingdom central and northern North Sea to HitecVision for more than $1 billion.
The sale includes ExxonMobil’s interests in 14 producing fields in the U.K. North Sea. This includes fields run primarily by Shell, including Penguins, Starling, Fram, the Gannet Cluster and Shearwater; Elgin Franklin fields operated by Total; and interests in the associated infrastructure. ExxonMobil’s share of production from these fields was approximately 38,000 oil-equivalent barrels per day in 2019.
The Irving, Texas-based oil company, which has operated in the U.K. for more than 135 years, is still keeping extensive refining and fuels marketing, lubricants, petrochemicals production and the natural gas marketing business in the U.K. It will also keep its non-operated share in upstream assets in the southern North Sea, and its share in the Shell Esso gas and liquids infrastructure that supplies ethane to the company’s Fife ethylene plant.
Neil Chapman, senior vice president of ExxonMobil, said in a statement Wednesday that the company is selling assets that are “less strategic" and concentrating on development plans that prioritize Guyana, the U.S. Permian Basin, Brazil and liquefied natural gas.
The deal is expected to close by the middle of the year.
Featured Article: Certificate of Deposit (CD) For Risk Adverse Investors?7 Penny Stocks That Don’t Care About Robinhood
By the time you read this Vladimir Tenev, the CEO of the trading app Robinhood, will be testifying in front of Congress. The company’s role in the GameStop (NYSE:GME) short squeeze will be called into question.
However, the real issue at stake is the right of traders to buy and sell the equities of their choice. In the case of Robinhood, some traders are buying a lot of penny stocks. While definitions vary, penny stocks are generally considered stocks that are trading for less than $10 per share. These stocks are largely ignored by the investment community.
One reason is that many of these stocks are cheap for a reason. For example, the company may have a business model that is out of date. In other cases, they operate in a very small, niche market that doesn’t drive a lot of revenue.
And most of these stocks are ignored by the investment community. They simply aren’t considered significant enough to spend time debating.
But some penny stocks do have the attention of Wall Street. And they’re being largely ignored by the day trading community. The focus of this special presentation is to direct you to penny stocks that have a story that the “smart money” thinks will eventually be trading at much higher prices.
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View the "7 Penny Stocks That Don’t Care About Robinhood"
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