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Why ExxonMobil Stock Jumped Today

TheMotleyFool

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Shares of ExxonMobil (NYSE: XOM) rose 6.2% on Tuesday after the energy giant struck a deal with QatarEnergy to increase its liquified natural gas (LNG) production.

Under the terms of the agreement, ExxonMobil will obtain a 6.25% stake in Qatar's $29 billion North Field East project. The collaboration is intended to help increase the Middle Eastern country's LNG capacity from 77 million tons to 110 million tons by 2026.

"We look forward to working closely with ExxonMobil to implement this world-scale project, and to live up to our commitment to power lives with cleaner energy in every corner of the world," QatarEnergy CEO Saad Sherida Al-Kaabi said in a press release.

Source Fool.com

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