ExxonMobil Secures Contracts for FPSO Project in Guyana
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 12 2024
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Should l Buy XOM?
Source: newsfilter
ExxonMobil's stock rose by 3.01% as it reached a 52-week high amid a challenging market environment where the Nasdaq-100 and S&P 500 are down.
The increase in ExxonMobil's stock price is attributed to the signing of front-end engineering and design contracts with SBM Offshore for a floating production, storage, and offloading vessel for the Longtail development project in Guyana. This contract marks a significant step in the project's implementation and triggers the initial release of funds, enhancing financial security for the project.
This contract not only solidifies ExxonMobil's position in the offshore oil and gas market but also indicates a robust pipeline of future projects, which could further drive the company's growth and stability in a volatile energy sector.
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Analyst Views on XOM
Wall Street analysts forecast XOM stock price to fall
19 Analyst Rating
12 Buy
7 Hold
0 Sell
Moderate Buy
Current: 170.990
Low
114.00
Averages
132.17
High
158.00
Current: 170.990
Low
114.00
Averages
132.17
High
158.00
About XOM
Exxon Mobil Corporation is an energy provider and chemical manufacturer. The Company’s principal business involves exploration for, and production of, crude oil and natural gas; the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and a wide variety of specialty products; and pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, Proxxima systems, carbon materials, and lithium. Its Upstream segment explores for and produces crude oil and natural gas. The Energy Products, Chemical Products, and Specialty Products segments manufacture and sell petroleum products and petrochemicals. Energy Products segment includes fuels, aromatics, and catalysts and licensing. Chemical Products segment consists of olefins, polyolefins, and intermediates. Specialty Products segment includes finished lubricants, basestocks and waxes, synthetics, and elastomers and resins.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Uncertain Industry Outlook: As global economic uncertainties increase, fluctuations in energy demand may adversely affect the profitability of energy companies, prompting investors to reassess their investment strategies in this sector.
- Shift in Investor Focus: Against the backdrop of declining energy stocks, investors may redirect their attention to other sectors, particularly those that tend to perform relatively well during economic slowdowns, thereby influencing capital flows.
See More
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- Chevron's Low-Cost Position: Supported by its low-cost position in the Permian Basin and Guyana assets, Chevron maintains robust profits by leveraging specialized refineries to process its own oil, reducing reliance on expensive raw materials and curtailing volatility in commodity prices.
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See More
