Snoek is located about 5 miles from Liza 1. The resource base of Exxon Mobil now stands at about 95 billion barrels of oil equivalent. It won't be long before it reaches the 100 billion mark, with the majority of it recoverable. That makes Exxon Mobil, depending on the baseline used - meaning officially reported numbers, which in some cases, such as Venezuela, include oil that is assumed to be there but hasn't been discovered yet - larger than most countries when measured by its resource base. Some countries like China and Brazil base estimates on existing fields alone, as you see below. Source: Rystadenergy As for the full value to Exxon Mobil, it does have to be kept in mind that it's a partner in some of these ventures. Long-term outlook remains solid When it comes to oil producers, investors have to take into account longevity, and in that metric, Exxon Mobil, at this time, has plenty of oil left to produce for many years, with more coming from its existing assets. If reserves eventually become a differentiator, which they ultimately will, over the long term, Exxon Mobil definitely has the advantage over almost all its competitors as it now stands; even most countries, depending on how much of its resource base is recoverable. The company has been aggressive in its pursuit of reserves, by its actions believing it will eventually generate significant revenue and earnings from them. I think it's right because once there is an actual rebalancing of the market without interference and attempts to artificially prop up the price of oil, it will enjoy years of price support and increased revenue and earnings. It may be a couple of years before it gets there, but once it does, there won't be a lot of companies able to compete at its level. Conclusion While I don't think Exxon Mobil will grow like some of its smaller competitors, it will enjoy many years of growth while steadily increasing its dividend. It'll once again become a company considered safe and consistent for a long period of time. I don't see that happening right away because the price of oil will take a year or two to find organic support. At that time, more visibility and predictability will come to the market, and the energy giant will be very attractive when it does. The good news is by aggressively buying up shale assets, it has a quick chance to improve its margins and earnings from the lower cost basis of shale oil, while at the same time continuing to develop its conventional assets for long-term growth once the price of oil sustainably recovers. At that time, it'll be able to generate a profit with oil at lower prices, and along with the rest of the industry, probably perform better than any time in its history. The years ahead will be good for oil producers, and Exxon Mobil will be one of the major beneficiaries of that turnaround when it happens. So will its shareholders. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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