Energy

Piper Sandler analyst Ryan Todd maintains Exxon Mobil with a Overweight and lowers the price target from $142 to $130.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Per the Wall Street Journal, XOM has filed for arbitration to retain what it believes is a right of first refusal (ROFR) over the 30% stake in oil and gas development in Guyana held by Hess Corporation (HES 145 ***). XOM is citing the ROFR in response to HES’s agreement to be acquired by rival Chevron Corp. (CVX 150 ***), which was announced in 2023. We believe the Court will have to determine whether the way in which the merger was structured, and the way in which the joint operating agreement (JOA) in the Guyana development between the key parties was written, entitle XOM to invoke the ROFR or not. Given that the terms of the JOA have not been publicly disclosed, we do not have an

Exxon Mobil scaling up operations in Guyana would make sense, though doing so would reduce the U.S. oil and gas company’s diversification and increase its exposure to a country threatened by a possible border dispute, RBC Capital Markets analysts say in a research note. Exxon and China’s Cnooc are stakeholders alongside Hess in a Guyana oil project and disagree with Chevron over the terms of a right of first refusal that could scupper its $53 billion deal for Hess. At first glance, it seems that Exxon and Cnooc could block the deal but not necessarily acquire Hess Guyana themselves, though this is likely up for debate, RBC says.

UBS Adjusts Price Target on Exxon Mobil to $133 From $132, Maintains Buy Rating。