NEW YORK (TheStreet) -- ExxonMobil (XOM) will double crude exports from its PNG LNG gas export project in Papua New Guinea by the middle of year, it said a statement released today.
ExxonMobil shares were up 0.2% to 97.90 in trading Wednesday.
The increase will be achieved by blending ExxonMobil oil liquids with the country's own crude oil. The oil company expects the quality changes of the crude to be insignificant, while the rise in the number of monthly cargoes could make the blend more attractive to regional refiners.
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The $19 PNG LNG billion project is expected to begin exporting 6.9 million tons of crude by the middle of this year.
TheStreet Ratings team rates EXXON MOBIL CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXXON MOBIL CORP (XOM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, increase in stock price during the past year and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows low profit margins."
Highlights from the analysis by TheStreet Ratings Team goes as follows: