Energy

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。

Exxon Mobil Corp (NYSE:XOM)’s recent earnings announcement closed up another successful year in which the company delivered $36 billion in earnings. Despite operating some of the most lucrative global oil projects, the company understands the inevitability of energy transition, deciding to launch a lithium operation in Arkansas. Through Mobil Lithium, Exxon plans to produce lithium for one million electric vehicles per year by 2030. This ambitious plan starts by choosing lithium filtration technology — including one of the unproven direct lithium extraction (DLE) technologies, which the company has been rigorously testing at a pilot plant in Houston. Patrick Howarth, head of Exxon’s lithium business, clarified the situation at the ongoing Arkansas Lithium Innovation Summit in Little Rock. “DLE is a small part of a really complicated process that has many different steps. We’re really focused on how do they interact with one another,” he said in front of over 600 energy sector executives, policymakers

Exxon Mobil (NYSE:XOM) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/05/2024 18.69% RBC Capital → $120 Reiterates Sector Perform → Sector Perform 01/23/2024 30.56% UBS $133 → $132 Maintains Buy 01/23/2024 13.75% TD Cowen → $115 Upgrades Market Perform → Outperform 01/09/2024 17.71% Redburn Atlantic $116 → $119 Upgrades Neutral → Buy 01/03/2024 15.73% Mizuho → $117 Downgrades Buy → Neutral 12/22/2023 — Erste Group Downgrades Buy → Hold 12/14/2023 31.55% UBS $138 → $133 Maintains Buy 12/08/2023 25.62% JP Morgan $134 → $127 Maintains Overweight 12/07/2023 18.69% RBC Capital → $120 Reiterates Sector Perform → Sector Perform 11/14/2023 31.55% Mizuho $139 → $133 Maintains Buy 11/02/2023 40.45% UBS $143 → $142 Maintains Buy 10/25/2023 32.54% JP Morgan $137 → $134 Maintains Overweight 10/17/2023 38.48% Bernstein → $140 Initiates Coverage On → Outperform 10/12/2023 43.42% Jefferies $140 → $145 Maintains Buy

RBC Capital analyst Biraj Borkhataria reiterates Exxon Mobil (NYSE:XOM) with a Sector Perform and maintains $120 price target.

Goldman Sachs analyst Neil Mehta commented on Exxon Mobil Corp‘s (NYSE:XOM) fourth-quarter FY23 earnings. The company’s adjusted net profit came in at $9.96 billion, or $2.48 per share, down from $14.04 billion, or $3.40 per share, a year earlier, beating the consensus of $2.21. Adjusted EPS also came above Goldman Sachs’ estimate of $2.22. Revenue and other income slipped to $84.34 billion from $95.43 billion and missed Wall Street’s estimate of $85.23 billion. Net production stood at 3,824 thousand oil-equivalent barrels per day, vs. analyst estimate of 3,757 thousand oil-equivalent barrels per day. Also, the company’s upstream earnings came above the analyst’s estimate. Mehta expects the conference call to center on cost reduction targets, upstream volume guidance, refining outlook, the Pioneer Natural Resources acquisition, and capital spending balance. The analyst estimates revenue and EPS of $341.23 billion and $8.32 in FY24 and $348.05 billion and $9.51 in FY25, respectively. Mehta reiterated a Neutral