Exxon Mobil

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。

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

Exxon Mobil Corp’s (NYSE:XOM) fourth-quarter FY23 result 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 profits were higher Q/Q, led by favorable derivative mark-to-market impacts, increasing volume and mix on advantaged Guyana and Permian assets, and stronger chemical margins. 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, almost flat Y/Y, and rose 136,000 oil-equivalent barrels per day Q/Q thanks to favorable entitlement effects and growth in Permian and Guyana assets. The company’s capital and exploration expenditures stood at $7.8 billion in the fourth quarter, bringing full-year 2023 expenditures to $26.3 billion, slightly above the top end of the guidance range of $23 billion to $25 billion. In October, Exxon

Exxon Mobil is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. Exxon Mobil netted $36 billion in revenue in its recent earnings. Exxon’s earnings were down more than a third from record levels in 2022, but still well above historic averages. Exxon reported $7.6 billion in fourth-quarter earnings, down 40% from the same period a year earlier. It took a $2 billion impairment charge as the result of what it called regulatory obstacles in California. The company touted cost cuts as its production rose to records in Guyana and the Permian Basin of West Texas and New Mexico. Dow Jones & Co. owns Factiva.

ExxonMobil Announces 2023 Results — Delivered industry-leading 2023 earnings of $36.0 billion1, generated $55.4 billion of cash flow from operating activities and distributed $32.4 billion to shareholders — Leading industry in compounded annual growth rate for earnings excl. identified items and cash flow since 2019 2 — Increased Guyana and Permian production by 18% vs. 2022 and achieved record annual refinery throughput 3 — Strengthened portfolio with $4.1 billion of non-core asset divestments, and two acquisitions; one that accelerates Low Carbon Solutions and one that will transform the Upstream business4 — Launched new MobilTM Lithium business with the potential to supply up to one million EVs per year by 2030 SPRING, Texas–(BUSINESS WIRE)–February 02, 2024– Exxon Mobil Corporation (NYSE:XOM): Results Summary Change Change Dollars in Change vs vs millions (except vs 4Q23 3Q23 3Q23 4Q22 4Q22 per share data) 2023 2022 2022 Earnings (U.S. 7,630 9,070 -1,440 12,750 -5,120 GAAP)