By Dennis Adonis From Guyana Guardian

With US oil Giant Exxon Mobil recording a 22% loss for 2018, and oil prices slumping by more than 40% since October this year, analysts have revealed that the company is now heading for an upsetting 2019 after a bad showing in 2018.

According to the Arkansas Gazette (see HERE), the fact that Venezuela is now targeting the company’s naval ships offshore Guyana would only add to investor’s uneasiness, since Exxon has already posted its worst performance since 1981.

Many are now of the view that considering Exxon’s poor performance on the books in 2018, and investor’s wariness over the projected timeline for profits, the move by Venezuela is obviously intended to further drive up investor’s fears and by extension, make them more cautious about investing more money into any new wells offshore Guyana, – well, at least for now.

However, many analysts were quick to point out that Exxon is desperate to shore up his finances based upon its projected earnings in Guyana and four other countries, which would take some 7 to 8 years before the company can see at least half of its returns.

For more on this story go to: https://www.guyanaguardian.com/oil-prices-fall-exxon-mobil-records-worst-annual-performance-since-1981/