NEW YORK (TheStreet) -- Shares of Exxon Mobil Corp. (XOM) are up 1.40% to $95.47 after reports that te company and Rosneft, an oil company majority owned by the Russian government, struck oil at their joint well in the Arctic, according to the Financial Times
That follows Exxon's announcement last week that it would gradually slow drilling at the $700 million well.
"The discovery of 'liquids' -- industry terminology for oil and condensed gas -- is positive since there had been concerns that the drilling campaign may have hit only natural gas, a far less profitable find," the Times said.
The American multinational oil and gas corporation has a strategic alliance with Rosneft valued at more than $3.2 billion.
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 revenue growth, attractive valuation levels, good cash flow from operations, increase in net income 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."