Energy

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

The following is a summary of the Exxon Mobil Corporation (XOM) Q4 2023 Earnings Call Transcript: Financial Performance: Exxon Mobil reported 15% return on capital employed, with earnings worth $36 billion in 2023. Cost reductions and asset optimization have facilitated a 100% increase in the company’s earnings. Through the sale of assets, Exxon Mobil generated over $4 billion in cash during 2023. Despite adverse conditions in 2023, investments made by Exxon Mobil generated profits and remained cash-positive. For the fourth quarter, cash flow from operations amounted to $13.7 billion; ignoring working capital, cash flow stood at $16.9 billion. Business Progress: Exxon Mobil registered record-breaking performance in upstream and refining operations. Exxon launched Proxxima, a resin product, and entered the lithium business; successfully developing unique technology for carbon capture. Exxon Mobil has three new organizations in place – Global Supply, Trading, and Global Business Solutions; this organizational restructuring is anticipated to

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target price of $110, cut $11, reflects a 6.5x multiple of enterprise value to projected 2025 EBITDA, in line with XOM’s historical forward average. We cut our 2024 EPS estimate by $1.46 to $8.03 and start 2025’s at $8.41. Q4 EPS of $2.48 vs. $3.40 beat the consensus view by $0.27. Production of 3.82 mmboe/d in Q4 was 2.3% above consensus, helped by growth in the Permian, which XOM believes can rise by a 13% CAGR through 2027. Our downgrade is on a more pessimistic macro outlook for 2024 and 2025, one in which we think crude oil prices average flat to down vs. 2023’s $78/b for U.S. benchmark WTI, and natural gas prices improve only modestly. We think XOM is executing well on the