Exxon Mobil Sees THIRD Company Exploring the Field While Moving the Dow

Exxon Mobil Corp. (NYSE:XOM): Plains Exploration & Production Company (NYSE:PXP) reports that it will buy all of the interests in certain deepwater Gulf of Mexico oil and gas properties of BP Exploration & Production Inc. and BP America Production Co., for $5.55 billion. The acquired properties include the BP-Operated Marlin, Dorado and King Fields – collectively the Marlin Hub, with a 100 percent working interest, BP-Operated Horn Mountain Field with a 100 percent working interest, BP-Operated Holstein Field with a 50 percent working interest, BP non-operated Diana-Hoover Field with a 33.33 percent working interest, operated by Exxon Mobil and BP non-operated Ram Powell Field with a 31 percent working interest, operated by Shell Offshore. At the end of July, these properties had a total output of approximately 59,500 barrels of oil equivalent net per day, of which almost 84 percent is oil and natural gas liquids with an average American Petroleum Institute gravity of 34 degrees. This transaction is effective Oct. 1 and is expected to close by the end of the current year.

Don’t Miss: This Blunder Makes Things WORSE for Nokia.

Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >>