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ExxonMobil Dispatches First Offshore GoM Crude Shipment

According to Reuters, ExxonMobil Corporation XOM has exported the first cargo of offshore oil from the U.S. port since the Congress lifted the ban in Dec 2015.

The company will export a consignment of crude from its deepwater Julia field in the Gulf of Mexico to its refinery in Rotterdam, the Netherlands.

Per a company spokesman, the crude was derived from initial well tests conducted on the Julia project.

According to a bill of lading published at Bloomberg terminals and Thomson Reuters’ vessel tracking data, the oil company is transporting about 18,000 barrels of oil on a Panamax tanker – the PGC Marina. Refiners usually assess the potential effect of new crudes on yields from making fuels.

Though small, the consignment will be the first known export of offshore oil from the U.S., all other shipments being light onshore oil.

Per the data, the vessel set sail from Gramercy, LA early this month and is scheduled to reach Rotterdam on Apr 19.

Though it remains unclear whether ExxonMobil would continue to export Julia crude, its website estimates an initial production of 34,000 barrels per day (bpd) on the startup of the field in the second quarter of 2016.

Located about 200 miles south of New Orleans, LA, the Julia field is a joint venture between Norway's Statoil ASA STO and ExxonMobil. Initial testing on the Julia field commenced in March.

Commissioning activities are in progress for the startup of the field. ExxonMobil has already completed two wells and is currently drilling the third one.

Currently, ExxonMobil carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are ReneSola Ltd. SOL and Suncor Energy Inc. SU. Each of these stocks sports a Zacks Rank #1 (Strong Buy).

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SUNCOR ENERGY (SU): Free Stock Analysis Report
 
STATOIL ASA-ADR (STO): Free Stock Analysis Report
 
EXXON MOBIL CRP (XOM): Free Stock Analysis Report
 
RENESOLA LT-ADR (SOL): Free Stock Analysis Report
 
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