Exxon Tries to Put the Worst Behind it With $20 Billion Writedown
By Jennifer Hiller HOUSTON, Nov 30 (Reuters) – Exxon Mobil Corp on Monday said it would write down the value of natural gas properties by $17 billion to $20 billion,...
(Dow Jones) Jefferies says Chevron’s (CVX) sublet of a Transocean (RIG) ultra-deep-water drillship from Indian energy giant Reliance and plans to bring the rig to the US later this year signals recovery in the Gulf of Mexico. Built last year, the rig can drill in 10,000 feet of water and is leased to Reliance for 10 years at $508,000/day. By passing on cheaper and nearer available rigs, firm says CVX’s decision also shows the lengths international oil companies will go to employ the newest, most capable equipment — good news for drillers with similar ships on order.
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