Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, October 2, 2014

Mexico's Pemex signs cooperation agreement with Exxon Mobil, (NYSE: XOM)

Mexico's state oil company Pemex and Exxon Mobil Corp signed a non-commercial agreement on Thursday to jointly explore potential upstream and downstream business opportunities, a statement from the Mexican bourse said. The agreement comes against the backdrop of the landmark constitutional reform, signed into law under Mexican President Enrique Pena Nieto last year, that ended Pemex's 75-year-old oil and gas monopoly.Next year, the company is expected to seek joint venture partners for the development of a range of oil and gas fields, thanks to the legislation.The memorandum of understanding signed with Exxon Mobil aims to "establish the bases for dialogue and analysis of business opportunities in upstream and downstream areas," the statement said.Upstream projects include exploration and production of crude oil or natural gas, while downstream ventures could include refining, storage or oil and gas transportation projects.

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 0.45% or $-0.42/share to $92.44. In the past year, the shares have traded as low as $84.79 and as high as $104.76. On average, 9579690 shares of XOM exchange hands on a given day and today's volume is recorded at 5396788.