Exxon: Argentina operations going as planned

Thu Apr 26, 2012 4:27pm GMT
 

NEW YORK, April 26 (Reuters) - Exxon Mobil said its operations in Argentina were not affected in the first quarter, despite the government move to seize control of the Spanish oil company YPF.

Exxon said it has completed drilling two unconventional wells during the first quarter and will complete or frack those wells in the second quarter this year.

The world's largest non-government oil and gas producers has a large acreage position in Argentina, an executive told analysts during its first-quarter earnings call on Wednesday.

The company said it will continue to monitor developments in the region but so far is operating according to plan.

Exxon's North American operations, however, were affected by the decline of natural gas prices. The company is currently operating 61 rigs in United States, down from up to 72 last year, and is shifting its focus to unconventional shale prospects rich in oil and liquids such as North Dakota's Bakken, Utica shale in Ohio, the Permian in west Texas and Woodford Ardmore in Oklahoma.

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