Exxon Mobil Corporation (NYSE:XOM) and Rosneft Oil Co. have signed a Declaration on Protection of the Environment and Biodiversity for Oil and Gas Exploration and Development on the Russian Arctic Continental Shelf. The firms will establish a joint venture through which to run a pilot program and potential commercial output with equity interests of 51 percent for Rosneft and 49 percent for ExxonMobil. Work will be conducted at Rosneft’s 23 license blocks that cover a total area in excess of 10,000 square kilometers. For its part, Rosneft and its production subsidiaries will supply staff and access to existing infrastructure while ExxonMobil will provide financing of as much as $300 million for the pilot program, along with state-of-the-art technologies and specialists in geology, development and well engineering, and completion. The latter will also supply production management services for drilling complex horizontal bores for evaluation and commercial development of these tight oil reserves.
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Cisco Systems (NASDAQ:CSCO) Chief executive John Chambers is scheduled to talk about how his company is shifting at Friday’s analyst meeting, according to The New York Times. He is also expected to report plans to transition his firm “to being a company that designs and sells software and services for a world of pervasive information technology,” while shifting towards customers in government and large companies.
Hewlett-Packard Company’s (NYSE:HPQ) value has fallen to under the $31 billion it spent during its five-year series of takeovers, representing the strongest evidence thus far that investors would be better off by disassembling the company, according to Bloomberg.
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