Exxon's (XOM -1.4%) plans to spend $14B to develop the Hebron oil field offshore Newfoundland hope to yield 700M barrels of oil, but the economics look challenging, Chris Helman writes. Canadian heavy crude trades at a $35/bbl. discount to WTI, or ~$58/bbl.; at that price, XOM and partners will have to sell 240M barrels of Hebron crude just to pay back construction costs.
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