Seeking Alpha

Exxon (XOM) and its partners Hess (HES) and Petrobras (PBR) will abandon their exploration...

Exxon (XOM) and its partners Hess (HES) and Petrobras (PBR) will abandon their exploration effort in the Santos Basin, epicenter of Brazil's offshore oil boom. The block was Exxon's only asset in a basin that's home to some of the largest oil discoveries in recent memory.
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Comments (5)
  • untrusting investor
    , contributor
    Comments (9973) | Send Message
    Wow. Does that mean PBS will have to go it alone on this particular area?
    27 Apr 2012, 05:20 PM Reply Like
  • HoeTamer
    , contributor
    Comments (186) | Send Message
    It wouldn't surprise me if all American oil companies pull out South America. It's all a money grab, "spill 1 barrel of oil and we'll fine 100 million dollars". How do you like us now, Gringo.
    27 Apr 2012, 09:06 PM Reply Like
  • Caiman Valores
    , contributor
    Comments (1508) | Send Message
    It would be interesting to know what Exxon's motivations are in light of the court case against Chevron, which I have discussed in my latest article: 'Brazil's Case Against Chevron Oil Nationalism in Disguise':
    28 Apr 2012, 02:35 AM Reply Like
  • The Coffee Maker
    , contributor
    Comments (36) | Send Message
    I don't really know if that is good or bad for PBR but my guess is that it could be bad! I've owned the stock for awhile and the overall trend has been down since late 2009. Probably time to take my losses and get out.
    28 Apr 2012, 10:09 AM Reply Like
  • dividend_growth
    , contributor
    Comments (2899) | Send Message
    Very bearish for Brazil in general.


    Big guys have figured out they don't need that expensive and dangerous crap from presalt layers.
    10 May 2012, 01:10 AM Reply Like
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