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Here’s Why These Five Stocks Are in Spotlight Today

Follow Exxon Mobil Corp (NYSE:XOM)
Trade (NYSE:XOM) Now!

Super-majors Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) are trending after the former announced a significant oil discovery in offshore Nigeria. According to Exxon, the discovery has a potential recoverable resource of between 500 million and 1 billion barrels of oil and spans portions of the contract areas of Oil Prospecting License 223 (OPL 223) and Oil Mining License 139 (OML 139). As the operator of OPL 223 and OML 139, Exxon holds a 27% interest and Chevron Nigeria Deepwater G Limited owns an equal amount. The president of ExxonMobil Exploration Company, Stephen M. Greenlee said: “We are encouraged by the results and will work with our partners and the government on future development plans”. Given the long lead times and the need to negotiate with the Nigerian government, production from the wells may take a while before hitting the market. At the end of June, 60 funds tracked by us held shares of Exxon Mobil Corporation (NYSE:XOM) and 47 funds were long Chevron Corporation (NYSE:CVX).

Follow Chevron Corp (NYSE:CVX)
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Disclosure: None

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