For Immediate Release
Chicago, IL – December 4, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: ExxonMobil Corporation (XOM), BP plc (BP), Chevron Corporation (CVX), ConocoPhillips (COP) and Ford Motor (F).
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Here are highlights from Thursday’s Analyst Blog:
Exxon: Upstream Growth Continues
ExxonMobil Corporation (XOM) on Tuesday said it has found hydrocarbons while drilling on the Dabakan-1 well in Service Contract 56 in the Sulu Sea off southern Philippines.
The data captured by Exxon stated that the company encountered reservoir sands and hydrocarbons at the time of drilling the well. The company expects the well to be drilled further to a total depth of approximately 5,000 meters. Upon completion, this will be the deepest well in the Philippines. Exxon plans to drill another well in Dabakan shortly. The estimated drilling cost of each well is $100 million.
On the other hand, Exxon has started development drilling at the large Point Thomson gas and condensate field, located 60 miles east of Prudhoe Bay, Alaska. It has spent $300 million on this project till date and expects a total expenditure of $1.3 billion for completion. The company is on track to have the project online in 2014.
Exxon expects a production of 10,000 barrels per day of condensates by 2014. BP plc (BP), Chevron Corporation (CVX) and ConocoPhillips (COP) are partners with ExxonMobil in the project.
Production from the company’s ongoing projects will play a leading role in upstream growth, going forward. Exxon’s diversified portfolio of assets, both in terms of businesses as well as geographic locations, helps it produce stable results throughout the commodity price cycle.
Ford Hikes Prices in U.K.
Ford Motor (F) has decided to raise prices by an average of 2.7% of its vehicles sold in the U.K. for the fourth time of the year. The decision was backed by the continuous depreciation in the value of pound with respect to euro (30% compared to 2007) as the automaker sources most of its component parts, other than smaller capacity engines and Transit vans, from Europe.
The hike, which will take effect beginning this month, will raise prices between £250 ($412) and £500 ($82) for popular models such as the Ka, Fiesta, Focus, C-MAX, Kuga and Mondeo and to £600 ($990) for S-MAX and Galaxy.
In October, Ford showed its best monthly performance in more than a decade by posting a staggering 12.8% rise in sales in its 19 European markets. With this, the automaker also outperformed the 6.8% gain in sales for the overall industry.
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