The Rising Influence of Rising Affluence

[DewDiligence]

(HES/XOM/PBR)—Prospects for the Sabia-1 well in Brazil’s BM_S_22 block do not sound good, according to this newswire from Bloomberg:

http://www.bloomberg.com/news/2011-01-10/exxon-completes-sabia-1-deepwater-well-in-brazil-s-santos-basin.html

The newswire wording sounds similar to what XOM initially said in 2009, when the Guarani well in the same block came up dry.

HES was down 1.5% today, so it appears that some investors concur with the above.