Exxon Mobil

Exxon Mobil profits will likely miss fourth-quarter-earnings estimates by close to 20%, one analyst argued as he trimmed his numbers. While Exxon Mobil expects changes in gas prices to improve earnings by up to $400 million, the global energy company anticipates losses in other segments, according to a regulatory form the company filed with the U.S. Securities and Exchange Commission. Mizuho analyst Nitin Kumar noted that a weakness in upstream liquids pricing, energy products margins, and chemicals margins “appear to be weighing on results.” Exxon expects lower liquids prices to reduce upstream earnings by $500 million to $900 million from the third quarter. Exxon reported net income of $8.6 billion in the third quarter, with $6.2 billion attributed to upstream activity. The midpoint of Exxon’s implied fourth-quarter earnings-per-share range of $1.03 to $1.88 is 18% below Mizuho’s prior estimate of $1.79, and 17% below Wall Street’s consensus of $1.76, Kumar […]

Goldman Sachs analyst Neil Mehta expressed views on Exxon Mobil Corporation’s (NYSE:XOM) trading update reported yesterday. The oil giant anticipates changes in oil prices to reduce fourth-quarter upstream earnings Q/Q by $(0.9) billion to $(0.5) billion. Conversely, changes in gas prices are expected to impact its upstream results by between $0.0 billion and $0.4 billion. On the other hand, Exxon Mobil projects that variations in industry margins will impact energy products earnings by $(0.7) billion – $(0.3) billion, specialty products earnings by $(0.1) billion – $0.1 billion, and chemical products earnings by $(0.5) billion – $(0.3) billion. The analyst writes that implied EPS at the midpoint was ~$1.50, below their estimate of $1.80 and FactSet consensus of $1.76. The difference is mainly due to weaker-than-expected results in the Upstream, Downstream, and Chemicals segments, adds the analyst. Mehta writes that implied Upstream earnings were ~$5.7 billion at the mid-point, below their estimate of

Exxon’s refining margins were down in 3Q, but CEO Darren Woods says on a call with analysts that the oil giant is fundamentally changing its approach to its refining process in order to optimize its operations. The company’s cost-savings push, which has resulted in $11.3 billion in cost cuts since 2019, is helping to achieve this goal, he says: “A great example in the refining business has been centralization of the maintenance approach that we’re doing, not just in turnarounds but in our routine day-to-day maintenance.” This move has added value and lowered costs through consolidation and effective execution, Woods says. The company’s 3Q profit falls on lower energy prices and narrowing margins.

The following is a summary of the Exxon Mobil Corporation (XOM) Q3 2024 Earnings Call Transcript: Financial Performance: ExxonMobil announced Q3 earnings of $8.6 billion, marking one of the best third quarters in the past decade. Year-to-date earnings in 2024 for the Energy Products business have doubled compared to the same period in 2019. The company achieved structural cost savings of $5 billion across the Product Solutions business since 2019. Business Progress: Continued portfolio optimization through divesting less advantaged sites, leading to a reduction in total refinery count to an expected 15 by year-end. Implemented significant improvements in product yield and efficiency, exemplified by the Rotterdam Advanced Hydrocracker and Beaumont expansion. Advanced long laterals drilling in the Pioneer acquisition, with plans for the first ever 20,000-foot laterals. Opportunities: Inaugurated an agreement with Mitsubishi for low carbon ammonia and equity participation, enhancing the development of a new energy value chain in

How Analysts Size Up Companies Edited by These reports, excerpted and edited by Barron’s, were issued recently by investment and research firms. The reports are a sampling of analysts’ thinking; they should not be considered the views or recommendations of Barron’s. Some of the reports’ issuers have provided, or hope to provide, investment-banking or other services to the companies being analyzed. Exxon Mobil — XOM-NYSE Overweight — Price $117.75 on May 14 by Morgan Stanley Following the close of the Pioneer Natural Resources acquisition on May 3, we are resuming coverage of Exxon Mobil at Overweight. The company’s scale and integration across the energy, chemicals, and emerging low-carbon value chains support sustainable competitive advantages, above-average growth, and a differentiated value proposition within the energy sector and the broader market. While the stock has outperformed year to date, it still trades at a 55% discount to the broader market, nearly double

ExxonMobil Announces First-Quarter 2024 Results — Generated strong first-quarter earnings of $8.2 billion and $14.7 billion of cash flow from operating activities — Achieved quarterly gross production of more than 600,000 oil-equivalent barrels per day in Guyana and reached a final investment decision on the sixth major development — Grew performance chemical sales volumes and delivered record first-quarter refining throughput1 while maintaining excellent turnaround performance — Reduced operated methane emissions intensity by more than 60% since 20162 — Investing in technology to extend our reach to new high-value, high-growth markets including advanced recycling, ProxximaTM, carbon materials and direct air capture of carbon dioxide SPRING, Texas–(BUSINESS WIRE)–April 26, 2024– Exxon Mobil Corporation (NYSE:XOM): Results Summary Change Change Dollars in millions (except vs vs per share data) 1Q24 4Q23 4Q23 1Q23 1Q23 Earnings (U.S. GAAP) 8,220 7,630 +590 11,430 -3,210 Earnings Excluding Identified Items (non-GAAP) 8,220 9,963 -1,743 11,618 -3,398 Earnings Per

Exxon Mobil (XOM) reported Q1 non-GAAP earnings Friday of $2.06 per common share, down from $2.83 a year earlier. Analysts polled by Capital IQ expected $2.18. Revenue for the quarter ended March 31 was $83.08 billion, down from $86.56 billion a year earlier. Analysts surveyed by Capital IQ expected $81.51 billion. Shares of the oil and energy giant fell 0.8% in recent Friday premarket activity.

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 $130, cut $5, reflects a 6.7x multiple of enterprise value to projected 2025 EBITDA, about in line with XOM’s historical forward average. We cut our 2024 EPS estimate by $0.09 to $9.02 and 2025’s by $0.55 to $9.50. Q1 EPS of $2.06 vs. $2.83, missed the consensus view by $0.12. XOM continues to make progress on structural cost reductions, with $0.4B in such cuts in Q1, now totaling $10.1B overall, which is substantial progress toward a goal of $15.0B in structural cuts by 2027 vs. 2019 levels. Production of 3.78 mmboe/d in Q1 was 0.4% below consensus, and down 40,000 boe/d sequentially, but we expect the Pioneer transaction to close in Q2. Shares are down about 3% today, which we chalk up

The following is a summary of the Exxon Mobil Corporation (XOM) Q1 2024 Earnings Call Transcript: Financial Performance: Exxon Mobil reported Q1 2024 earnings of $8.2 billion and a cash flow of $14.7 billion. Structural cost savings reached $10.1 billion for the quarter, with an aim of reaching $15 billion by 2027. The company invested $5.8 billion in growth projects (CapEx). Shareholder distributions totalled $6.8 billion, including $3.8 billion in dividends. Exxon Mobil lowered net debt to capital to 3%, the lowest in more than a decade. The company plans to increase buybacks to a pace of $20 billion annually post approval of the Pioneer combination. Business Progress: Exxon Mobil has been focusing on efficiency improvements in all business aspects like centralizing activities, removing areas of duplication, and optimizing cost. Strategic projects delivered record first-quarter refining throughput and strong performance chemicals volume growth, with more planned for startup in 2025.

Wells Fargo analyst Roger Read maintains Exxon Mobil (NYSE:XOM) with a Overweight and raises the price target from $126 to $138.

TD Cowen analyst Jason Gabelman maintains Exxon Mobil (NYSE:XOM) with a Buy and raises the price target from $115 to $120.

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