Wood secures $200M ExxonMobil PNG LNG brownfield services contract

Occidental Petroleum (OXY) stock rose 14% after Q2 earnings beat estimates, trading at $61.35. ConocoPhillips (COP) reported $19.52B revenue, up 32.4% YoY, with stock up 19.6% to $137.64. ExxonMobil (XOM) saw $116B revenue, up 42.3% YoY, with stock up 5.9% to $166.17. Devon Energy (DVN) reported $6.89B revenue, up 67.4% YoY, with stock up 14.2% to $50.30.

Exxon Mobil shut down its 264,000-bpd Joliet refinery due to a power outage on Sunday, with power restored later that day. The refinery, which supplies key fuels to the U.S. Midwest, is expected to return to normal service by the end of the week. The disruption occurs amid a tight global fuel market, with potential impacts on fuel prices.

Wood has secured a $200 million, five-year contract with ExxonMobil PNG for construction services on the PNG LNG project. The work includes infrastructure maintenance and enhancements, with over 200 Wood employees involved. This contract builds on a decade-long partnership between the companies, supporting one of Papua New Guinea's key energy projects.

AI stocks fell Monday after industry leaders called for a slowdown in development due to safety concerns. Nvidia dropped 3.5%, and Softbank lost 10.7% in Tokyo. The Nasdaq fell 0.9%, while the S&P 500 and Dow Jones also declined. Oil prices rose, pushing the 10-year Treasury yield to 5%.

AI stocks fell globally after industry leaders called for a slowdown due to safety concerns. Nvidia dropped 3.5%, while SpaceX and Softbank also declined. Oil prices rose, pushing the 10-year Treasury yield to 5%. The S&P 500 and Nasdaq fell 0.6% and 0.9%, respectively. Some software and oil stocks gained.

Wood has secured a $200 million, five-year contract with ExxonMobil PNG for construction services supporting the PNG LNG Project. The contract covers maintenance and enhancements across multiple facilities. Wood's personnel will provide various services, reinforcing their long-term partnership with ExxonMobil.