NEWS

Guyana Swims In Oil

The U.S. oil giant ExxonMobil has discovered two additional high-quality oil reservoirs in Guyana’s Stabroek Block.

As a result of COVID-19, Guyana’s travel restrictions had forced ExxonMobil to idle two drillships in the country’s waters temporarily.

However, the oil company had resumed drilling operations by the end of the second quarter.

Meanwhile, Exxon Mobil Corporation has announced an estimated second quarter 2020 loss of $1.1 billion, or $0.26 per share assuming dilution.

Results included a positive non-cash inventory valuation adjustment from rising commodity prices of $1.9 billion, or $0.44 per share assuming dilution.

Capital and exploration expenditures were $5.3 billion, nearly $2 billion lower than the first quarter, reflecting previously announced spend reductions.

Marcia Wright, Readers Bureau, Contributor

Edited by Jesus Chan

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