Shares of Exxon Mobil Corp. (XOM) moved higher on Monday, catching a lift as energy stocks led a broader market rally. The gains came amid renewed geopolitical tensions tied to the escalating U.S.-Israel-Iran conflict, which has a funny way of putting a little extra risk premium back into global oil prices.
But there was more to the story than just macro jitters. Separately, and arguably more importantly for the long term, a big joint venture project just hit a major milestone.
A Golden Milestone for LNG
Golden Pass LNG, a joint venture between QatarEnergy (which owns 70%) and ExxonMobil (holding the other 30%), has produced its first liquefied natural gas. This comes from the first of three planned "trains" at its massive 18 million tons per annum export project.
Think of this as lighting the pilot light on a very, very large stove. Back in 2019, the partners decided to go all-in, making a final investment decision that exceeded $10 billion to develop this export facility. Now, with first production achieved, the project is positioned to actually start shipping LNG cargoes from its Sabine Pass, Texas facilities. The companies expect those exports to begin in the second quarter of 2026.
Meanwhile, in Guyana...
ExxonMobil isn't just sitting around waiting for 2026. Last week, the company's affiliate in Guyana, ExxonMobil Guyana Limited, awarded a contract to SBM Offshore (SBMOY). The job? To carry out Front End Engineering and Design (FEED) studies for a Floating Production, Storage and Offloading (FPSO) vessel for something called the Longtail development project.
SBM Offshore will develop this vessel through its Fast4Ward program, using its ninth new-build hull along with standardized topside modules. The specs are, in a word, huge: the vessel will be designed to handle 1,200 million cubic feet of gas per day and produce 250,000 barrels of condensate daily. It will be moored in about 1,750 meters of water and capable of storing around two million barrels of condensate. That's not a side project; that's a major capital undertaking.










