Michigan Attorney General Sues BP, Chevron, Exxon, Shell for Antitrust Violations
Written by Emily J. Thompson, Senior Investment Analyst
Source: seekingalpha
- Antitrust Lawsuit: Michigan's attorney general has filed an antitrust lawsuit against BP, Chevron, Exxon Mobil, and Shell, alleging that these four oil giants have colluded for decades to reduce the production and distribution of renewable energy and electric vehicles, potentially harming market competition.
- Cartel Behavior: The lawsuit claims that these companies, along with the American Petroleum Institute, acted as a cartel, agreeing to restrict the production of electricity from renewable sources and to hinder the emergence of electric vehicles, which could have significant implications for the U.S. energy transition.
- Technology Suppression: The lawsuit highlights that Exxon Mobil developed the first hybrid vehicle technology in the 1970s but failed to market it effectively and has consistently deferred meaningful investments in lithium-ion and graphite-based battery technologies, indicating a resistance to advancing EV technology.
- Patent Acquisition: Chevron is accused of acquiring patents for nickel-metal hydride rechargeable batteries to delay the application of this critical EV and battery technology, further exacerbating the obstacles to the development of renewable energy technologies.
Analyst Views on XOM
Wall Street analysts forecast XOM stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for XOM is 132.17 USD with a low forecast of 114.00 USD and a high forecast of 158.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
19 Analyst Rating
12 Buy
7 Hold
0 Sell
Moderate Buy
Current: 133.640
Low
114.00
Averages
132.17
High
158.00
Current: 133.640
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.
