ExxonMobil is using artificial intelligence to analyze seismic data from its Guyana operations. This technology reduces data interpretation time from months to days. Vice President of Exploration John Ardill announced the development at the Offshore Technology Conference in Houston.
High-performance computing and AI algorithms accelerate the assessment of potential oil prospects. The company is now reassessing global prospects previously deemed uneconomic.
RBC maintained a $180 price target for ExxonMobil following the announcement. Analysts state that AI-driven efficiency improves the odds of developing more profitable barrels.