ExxonMobil Earnings Stumble as Capex Costs Soar, Production Falls

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Exxon reports seventh oil discovery offshore Guyana

Exxon said yesterday that the Pacora-1 well in the Starbroek block offshore Guyana has encountered around 65 feet of high-quality oil-bearing sandstone. The well was drilled 18,363 feet in 6,781 feet of water. Exxon is operator and holds a 45% stake in Starbroek, with partners Hess Guyana (30%) and CNOOC (25%). (Exxon, Bloomberg)