27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
- Exxon Mobil Corp (NYSE:XOM) has not decided whether it will bid for new offshore areas in Guyana as the company ramps up production faster than expected.
- Exxon has told the government it will wait for the economic terms before deciding if it wants to expand its acreage.
- An Exxon-led consortium discovered oil in the deep waters off Guyana's coast, launched its first production in 2019, and now controls all output.
- An estimated 11 billion barrels of recoverable oil have been discovered, Reuters reported.
- Also Read: Exxon, Shell Seek To Offload California Oil & Gas Joint Venture.
- Guyana lacks the financial power to develop its natural resources. It has struggled to distribute its oil properties outside Exxon's blocks hence postponing a possible auction initially targeted for this year.
- Exxon's consortium includes Hess Corp (NYSE:HES) and CNOOC Ltd, and the group raised production for a second time this year for Guyana assets.
- Guyana currently keeps less than 15% of the oil proceeds, with the Exxon's consortium keeping the rest while also paying for building the country's oil infrastructure.
- Guyana is considering whether to hold an auction for unassigned exploration areas or to recruit a national oil company for a partnership that could produce oil from the new properties, Vice President Bharrat Jagdeo said.
- Price Action: XOM shares are down 0.23% at $92.99 during the premarket session on the last check Tuesday.
- Photo via Wikimedia Commons
27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!