Citi Maintains Buy Rating On Exxon Mobil

According to Citi, Exxon Mobil XOM today announced two oil and one gas discovery in the deepwater GOM on several of its operated (50% wi) Keathly Canyon (KC) blocks. Citi said that the first discovery, Hadrian South, was drilled on KC 964 in 2009 and encountered 200ft of net gas pay in the Pliocene. “A second discovery, Hadrian North, was made on KC 919 in early 2010 and encountered over 550 ft of net oil pay, along with minor amounts of gas. We maintain our Buy rating and $99 target price.” Exxon Mobil closed yesterday at $80.76.