ExxonMobil makes huge Middle East bet amid shakeup

ExxonMobil—the second largest oil and gas company by market cap and fourth largest by revenue—is engaged in a cost-cutting restructuring. However, the changes, including many layoffs, aren't keeping it from making a big bet in the Middle East. The company has inked an agreement to develop the supergiant oil field Majnoon in Iraq. The name is apt, given the field's size. In Arabic, Majnoon means crazy, mad, or insane—a perfect description for the estimated 38 billion barrels of oil it contains. Biggest oi ...