Today Exxon Mobil announced two major oil discoveries in the Gulf of Mexico that could lead to production of more than 700 million barrels. I noticed the news on the Dow Jones news wire this morning and looked for additional detail about the story in my regular morning news source: The New York Times. But as of midday today there was no word in the Times about the find. My other regular morning news check-in, the Democrat & Chronicle online, also has failed to note this story as news. The closest either of these august publications had on the topic was yet another hydrofracking rant from the Times and a puff piece about pie-in-the-sky fuel cells from the D&C.
The reality is that Exxon, like so many well managed companies, is out there working every day, doing what they do: making money for their shareholders. That the New York Times and the Democrat & Chronicle failed to notice makes me wonder.
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).