ExxonMobil Targets Nine FlexRobotics Systems to Improve Drilling Safety
ExxonMobil Holdings (NYSE: XOM ) on Friday disclosed it is expanding its deployment of Helmerich & Payne Inc.’s (NYSE: HP ) FlexRobotics technology. Notably, FlexRobotics technology automates repetitive activities on the rig floor, reducing personnel exposure to higher-risk tasks while improving consistency, precision and operating efficiency. • What’s the outlook for XOM shares? Bart Cahir, senior vice president of ExxonMobil Upstream Unconventional, said the company is focused on expanding this technology. He said the broader use of FlexRobotics builds on lessons from the initial deployments and represents another step in using automation to improve drilling performance. Plans to Add Further FlexRobotics Systems Following the deployment of two FlexRobotics systems on H&P rigs, ExxonMobil plans to add seven more systems over the next 12 months, bringing the total to nine. The expansion supports ExxonMobil’s strategy to scale advanced technologies across its drilling operations and further improve automation and safety. Expects to Automate Half of its Rigs by 2028 In August, ExxonMobil said it is targeting automation for about half of its Permian drilling fleet by 2028, using robot
’s (NYSE: HP ) FlexRobotics technology. Notably, FlexRobotics technology automates repetitive activities on the rig floor, reducing personnel exposure to higher-risk tasks while improving consistency, precision and operating efficiency. • What’s the outlook for XOM shares? Bart Cahir, senior vice president of ExxonMobil Upstream Unconventional, said the company is focused on expanding this technology.
He said the broader use of FlexRobotics builds on lessons from the initial deployments and represents another step in using automation to improve drilling performance. Plans to Add Further FlexRobotics Systems Following the deployment of two FlexRobotics systems on H&P rigs, ExxonMobil plans to add seven more systems over the next 12 months, bringing the total to nine. The expansion supports ExxonMobil’s strategy to scale advanced technologies across its drilling operations and further improve automation and safety.
Expects to Automate Half of its Rigs by 2028 In August, ExxonMobil said it is targeting automation for about half of its Permian drilling fleet by 2028, using robotic equipment to speed up well construction while limiting workers’ exposure to hazardous rig-floor activities, as per Reuters. Currently, the company operates over 30 rigs in the Permian, with two already using robotic arms to handle and position drill pipes without requiring workers to remain on the rig floor. ExxonMobil’s Cahir said moving workers away from the rig floor enables them to focus on preparing for the next stage of operations, helping combine workforce safety with greater drilling efficiency.
He characterized the initiative as a productivity-driven effort. See More: Top Momentum Stocks XOM Earnings Preview and Analyst Price Targets Looking further out, the next major catalyst for the stock arrives with the Oct. 30 (estimated) earnings report. 92 (high: $185; low: $142) across 23 analysts.
Recent analyst moves include: Wells Fargo: Downgraded to Equal-Weight (Target $182 on Oct. 1) TD Cowen: Buy (Raises target to $180 on Sept. 28) Piper Sandler: Neutral (Raises target to $185 on Sept. S.
00% Weight Significance: Because XOM carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely trigger automatic buying or selling of the stock. 69 at the time of publication on Wednesday, according to Pro data. Read Also: Robert Reich Warns Big Oil and Big AI Could Face ‘Tens if Not Hundreds of Billions’ in Liability: 'Make Them Pay' Photo via Shutterstock