Shares of Exxon Mobil ended the day in the green after the world's largest oil company reportedly reached an agreement with Iraq over payment for its work on the West Qurna-1 oil field. An Iraq official told Reuters the two sides reached an informal agreement. The reported agreement comes despite moves by Exxon to ink exploration agreements with the Kurdistan Regional Government, an entity considered illegal by the Iraq central government. Last week, Exxon's CEO Rex Tillerson told reporters that Exxon would like to continue its work both in Kurdistan and West Qurna.
Separately, it was reported that Exxon has held talks with Turkey's state energy company TPAO on exploring for shale gas in Turkey. Turkey has an estimated 15 trillion cubic feet of technically recoverable shale gas, reserves that Exxon could help TPAO tap. TPAO's Chief Executive Mehmet Uysal told Reuters, "We have carried out our studies...We have big shale gas potential...This attracts a lot of foreign firms, Exxon Mobil in particular." Exxon is one of the most active drillers for shale gas in Europe, and is already exploring in Poland and Germany.
Lastly, following Exxon’s 2012 analyst meeting in New York late last week, an analyst at JP Morgan is now looking for a possible dividend yield boost in the coming weeks. The analyst told clients that management comments seem to signal that Exxon was more open to moving toward a dividend yield closer in line with its peers. Exxon shares current yield 2.2%, significantly lower than the 3.7% average for peers Chevron (CVX), BP (BP) and Royal Dutch Shell (RDS-A).
Exxon Mobil (XOM : NYSE : US$85.55), Net Change: 1.25, % Change: 1.48%, Volume: 19,010,697