NEW YORK (TheStreet) -- Production is unlikely to restart at the Kashagan oil field in Kazakhstan this summer as a consortium of companies running the project await a report on the gas leak that caused its closing last year, according to a Wall Street Journal article published today.
Companies affected by the shutdown include ExxonMobil (XOM), Royal Dutch Shell (RDS.A) (RDS.B), Total (TOT) and Eni (E). ExxonMobil shares are up 0.1% to $98.09 in trading Thursday.
The companies have invested $50 billion into the oil field over the last 17 years and output was expected to reach 370,000 bbl a day.
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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: