Exxon caps strong year with Rosneft exploration JV

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

It’s been a fine year for Exxon Mobil (XOM +0.6%), with shares recently hitting 15-month highs and rising 16.5% YTD; a post-Christmas push looks to be a response to XOM’s announced joint venture with Russia's Rosneft (RNFTF) to launch a pilot program to drill horizontal wells and revive old wells in western Siberia.

XOM is one of the cheapest Dow stocks and while its earnings and revenues dropped this year, it still managed to outperform the industry average.

XOM predicts a 35% increase in global energy demand by 2040, sparked by more efficient, energy-saving programs and technologies, increased use of natural gas and other less-carbon intensive fuels, and continued development of advanced exploration and production technologies.