Exxon sells offshore Malaysian oil field to EnQuest


Exxon Mobil (XOM +0.2%) agrees to sell its 50% stake in the Seligi oil field offshore Malaysia to U.K.-based EnQuest (ENQUF) for an undisclosed sum; Malaysia's Petronas will retain the other 50%.

Seligi is EnQuest's third Malaysian project and will boost the company's net production by ~5K boe/day and add 11M boe to its net reserves.

XOM, which considers Seligi a mature asset, says it remains a significant investor in Malaysia's oil and gas industry, as it continues to operate 32 platforms in 12 producing fields and retains a working interest in another 10 platforms in five fields in the South China Sea.

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Comments (7)
  • Michael Fitzsimmons
    , contributor
    Comments (10970) | Send Message
     
    Halleluiah - maybe we can get a dividend boost?
    13 Jun 2014, 12:19 PM Reply Like
  • dostoevsky228
    , contributor
    Comments (321) | Send Message
     
    HAHAHA mike, ever the optimist...
    13 Jun 2014, 09:18 PM Reply Like
  • fmhaynes11
    , contributor
    Comments (467) | Send Message
     
    You just got a 9% dividend boost this last quarter. Ever greedy, eh!
    14 Jun 2014, 10:08 AM Reply Like
  • Michael Fitzsimmons
    , contributor
    Comments (10970) | Send Message
     
    Greedy? To expect a dividend yield of at least 3% from a company with the highest investment rating and arguably the best balance sheet in the business? I would turn the question around to you: why are you content with the lowest dividend yield in the peer group?

     

    I am not being greedy at all. I just want to see a dividend yield, at a minimum, be in the middle of the pack instead of the absolute lowest in the peer group. Check out the chart in this article and then tell me: am I being greedy or just trying to wake up XOM shareholders?

     

    http://seekingalpha.co...
    14 Jun 2014, 12:30 PM Reply Like
  • civ-e
    , contributor
    Comments (666) | Send Message
     
    you're saying that management should adjust the dividend payout in accordance to the stock price, which is decided by the market and not by company, instead of internal operations.
    14 Jun 2014, 01:17 PM Reply Like
  • fmhaynes11
    , contributor
    Comments (467) | Send Message
     
    He's saying he's smarter than the management of the most successful energy company in the world over the past 5 decades or so. Most XOM investors are conservative and happy with what they are getting. And they are very much awake.
    14 Jun 2014, 03:38 PM Reply Like
  • Michael Fitzsimmons
    , contributor
    Comments (10970) | Send Message
     
    Wrong and wrong. Please read my previous comment and please let me make my own statements, not your (incorrect) interpretation of them.

     

    We agree on one thing - I do think management is very smart: they have put an over-the-top priority on share buybacks that benefit executives more than dividends to ordinary shareholders. There, that is what I am saying.

     

    If XOM shareholders are satisfied with the lowest yield in the peer group, and a subpar stock price appreciation record over the past 5 years I would debate that they are "very much awake". Instead I would say they have put on rose-colored glasses based on XOM's past performance, not the company's recent performance.
    14 Jun 2014, 07:12 PM Reply Like
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