Quite a few emails already coming in about the potential of the $3.2 billion Exxon-Rosneft deal.
On April 16, Exxon (NYSE: XOM) officially entered into a massive offshore exploration partnership with Russia's Rosneft to jointly develop resources in the Kara and Black Seas.
From the Rosneft press release:
"The agreements signed today form joint ventures to manage an exploration program in the Kara Sea and Black Sea. They also set the terms for investments to be made by the partners in Russian offshore projects. The initial cost of preliminary exploration is estimated at over US $3.2 billion.
Neftegaz Holding America Limited, an independent indirect subsidiary of Rosneft registered in Delaware, concluded separate agreements on the acquisition of a 30 percent equity in ExxonMobil's share in the La Escalera Ranch project in the Delaware Basin in West Texas in the United States."
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Buy, Sell or Hold: Exxon Mobil Corp. (NYSE: XOM) Again Proves to Be a Profit Gusher
When it released its earnings last week, Exxon Mobil Corp. (NYSE: XOM) proved to the market why it deserves to be the largest company in the world.
The stock promptly sold off following the company's announcement, but that has absolutely nothing to do with fundamentals.
So let me explain why you should put Exxon at the top of your "Buy" list if you don't already own shares. (**)