Exxon Mobil Corporation (NYSE: XOM) had issued a release which contained information related to the Golden Pass LNG Export Project. According to the release which got issued, ExxonMobil, as well as Qatar Petroleum, have stated that they have decided on the final investment decision with respect to the Golden Pass LNG export project and they would be moving ahead for the development. The release which was issued also stated that the construction would be commencing in Q1 FY2019 whereas, there are expectations, that the facility would be starting in 2024. We would now be understanding what the management of ExxonMobil has to stay.
The top management of ExxonMobil had stated that Golden Pass would be able to give reliable, increased as well as a long-term supply when it comes to liquefied natural gas to the gas markets globally. The management added that it would also be stimulating the local growth as well as it would also be creating thousands of jobs. The top management of ExxonMobil is of the view that strong experience of ExxonMobil, as well as Qatar Petroleum, gives resources, expertise as well as the financial strength which is important for the purposes of construction as well as an operation of integrated liquefaction and export facility in the US.
The release also stated that more than $10 billion liquefaction project would be possessing a capacity for the production of approximately 16 million tons of LNG on the per year basis. Moreover, there are expectations that, in the 5-year construction period, it would also be creating approximately 9,000 jobs as well as over 200 permanent jobs at the time of operations. The Golden Pass happens to be the part of ExxonMobil’s plans which revolves around deploying over $50 billion in the time frame of next five years for the building as well as expanding manufacturing facilities in the United States. This also consists of the Growing the Gulf initiative, which would be creating approximately 45,000 jobs in America.
Not so long ago, ExxonMobil had come forward and given information about the Q4 FY 2018 earnings with the help of the release. As per the release issued, the company’s Q4 FY 2018 earnings amounted to $6 billion.
According to NYSE, the last traded price of ExxonMobil was US$75.59 per share which implies the rise of US$0.77 per share or 1.03%. As per the NYSE, the company is having the beta of 0.8979.
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