Exxon Mobil Ends Brazil Offshore Oil Hunt after Third Failed Attempt – WSJ

Exxon Mobil Corp has ended a major campaign to find oil in Brazil, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

The oil and gas giant has stopped current drilling at the offshore acreage it started snapping up with partners for $4 billion in 2017, after failing for the third time to find commercially viable quantities of crude, the report said.

The reported news comes less than a day after Exxon signaled that its first-quarter operating profits dropped about 25% from last year’s record levels on easing oil and gas prices. 

The company did not immediately respond to a Reuters request for comment.

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