Mexico's Senate gave final approval early on Tuesday to the backbone of a landmark energy reform as the government prepares to lure investment by major oil companies to stem the country's declining oil production. The bills, including a crucial new hydrocarbons law, govern implementation of a wider reform passed in December. They form the corner stone of a new plan to open the oil sector to private and foreign investment, aimed at attracting companies like Royal Dutch Shell and Exxon Mobil.The constitutional overhaul ended the 75-year monopoly of state-owned oil company Pemex, which has struggled to stem declining crude production for a decade.Senators will on Tuesday and Wednesday debate the details of other supporting bills, which once approved will put the final seal on the energy overhaul.The first set of contracts for oil and gas development is due next year.
Exxon Mobil Corporation is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a range of specialty products. Shares of XOM fell by 0.7% or $-0.7/share to $99.43. In the past year, the shares have traded as low as $84.79 and as high as $104.76. On average, 9108630 shares of XOM exchange hands on a given day and today's volume is recorded at 2244548.
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