NEW YORK, NY / ACCESSWIRE / February 2, 2017 / A number of recent events - OPEC production cuts and President Trump's revival of two major pipeline projects to name a few - have combined to provide the Oil & Gas Industry with a positive outlook in 2017. According to a recent survey of 15 investment banks conducted by The Wall Street Journal, banks now expect the price of Brent crude to reach just short of $60 a barrel by the end of 2017, the first raise in price forecasts since August. The global benchmark Brent crude is expected to average $56 a barrel in 2017, an increase of roughly a dollar from last month's survey. Brent crude averaged $45 a barrel last year. West Texas Intermediate is forecasted to average $55 a barrel in 2017.

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"The OPEC deal put a floor under prices. We were in a $40-to-$50-a-barrel world and now we are in a $50-to-$60 world," said Michael Wittner, chief oil analyst at Société Générale SA. "But how long that world lasts remains to be seen."

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Seadrill's shares spiked gained 4.81 percent to close at $1.96 a share Wednesday. The stock traded between $1.93 and $2.01 on volume of 13.13 million shares traded. On January 31st, the company reported that it was in negotiations with creditors to restructure its debts and liabilities and that the discussions with the banks, potential new money investors, the ad hoc committee of bondholders and Hemen Holdings Ltd are continuing. Seadrill is targeting reaching an agreement prior to April 30th, 2017, the maturity date of its West Eminence facility to avoid risking potential Chapter 11 bankruptcy.

"These negotiations have proved to be more complex than we had originally anticipated. Nevertheless, key stakeholders have demonstrated a clear desire to be part of a solution and with the right structure and terms we believe there is significant capital available to us. Seadrill is a great company with excellent people, assets and customers and we look forward to concluding a transaction that ensures Seadrill continues to be well positioned for the eventual recovery in the industry," commented Per Wullf, President and CEO of Seadrill.

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Exxon Mobil's shares declined 1.13 percent to close at $82.94 a share Wednesday. The stock traded between $82.54 and $84.16 on volume of 15.11 million shares traded. The company reported a net income of $1.68 billion, or $0.41 per share, for the fourth quarter of 2016, down from $2.8 billion, or $0.67 per share, in the fourth quarter of 2015. Revenues for the quarter totaled $61.02 billion, compared to $59.8 billion in the same quarter a year ago. This is company's lowest quarterly profit since 1999, as it was impacted by $2 billion impairment charges on Rocky Mountain natural gas assets, the company acquired in early 2010. Excluding write-down, the company has generated earnings of $0.90 a share for the quarter. Consensus analysts' estimates had called for earnings per share of $0.70 on revenues of $61.4 billion.

"ExxonMobil demonstrated solid operating performance in 2016. Financial results for the year were negatively impacted by the prolonged downturn in commodity prices and the impairment charge," said Darren W. Woods, chairman and chief executive officer. "The company's continued focus on fundamentals and our ability to leverage an attractive global portfolio through our integrated business ensures we are well positioned to generate long-term shareholder value."

Today's Research Coverage Includes:

Seadrill Ltd. (NYSE: SDRL)

Exxon Mobil Corporation (NYSE: XOM)

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