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Oil companies place few bets in U.S. offshore lease auction

Aug. 15, 2018 2:24 PM ETExxon Mobil Corporation (XOM) StockBP, XOM, HES, WTI, TALO, EQNRBy: Carl Surran, SA News Editor23 Comments
  • Oil companies bid on less than 1% of the parcels offered in today's U.S. government auction of Gulf of Mexico exploration leases, showing tepid interest in the region for the second time this year.
  • The lease sale conducted by the Bureau of Ocean Energy Management generated $178M in apparent high bids for 144 of 14,575 tracts offered in the Gulf's federal waters.
  • Exxon Mobil (XOM -2%) was awarded 25 blocks, the largest of any company, followed by BP (BP -2.8%) with 19 high bids, and Hess (HES -3.7%) and Equinor (EQNR -3.4%) with 16 each; smaller companies including Talos Energy (TALO -1.9%) and W&T Offshore (WTI -9.9%) were among the top 10 high bidders.
  • XOM bid $40.5M for its parcels in total, the most of any company, while Hess submitted the highest bid for a single block, $25.9M.

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