Exxon Mobil Corporation

Market Chatter: Exxon, Chevron Face Hurdles Trying to Tap Into Venezuelan Oil

Exxon Mobil (XOM), Chevron (CVX) and other big oil companies are vying for Venezuela's choicest drilling spots, but talks with Venezuelan officials have recently hit an impasse, preventing them from making big moves, The Wall Street Journal reported Thursday, citing people familiar with the matter.One key issue is that the major US oil companies are interested in many of the same oil fields, and they want to secure the most favorable regulatory and fiscal terms possible. In addition, last month's devastating earthquake delayed progress, the report said.Exxon and Chevron didn't immediately reply to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Exxon, Chevron Face Hurdles Trying to Tap Into Venezuelan Oil, WSJ Reports

Update: US Equity Futures Lower Pre-Bell as Middle East Hostilities Resume, Oil Prices Rise

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging lower pre-bell Wednesday as hostilities between the US and Iran resumed after a two-day pause and oil prices jumped.Dow Jones Industrial Average futures were 0.7% lower, S&P 500 futures were down 0.1, and Nasdaq futures were 0.2% lower.US Central Command said in a post on X that Iran's Islamic Revolutionary Guard Corps launched missiles in an "attempted surprise attack" on US forces, which an Axios correspondent said was directed at a US base in Jordan. In a subsequent post, the command said that US and Saudi Arabian forces hit "Iran-aligned terrorists" in Iraq in response to more than 30 Iran-directed drone attacks in the last 72 hours.Microsoft (MSFT) and Meta Platforms (META) are expected to report their fiscal Q4 and Q2 earnings, respectively, after the market closes. For Microsoft, analysts polled by FactSet expect earnings of $4.24 per share on revenue of $87.62 billion. For Meta, analysts expect earnings of $7.19 per share on revenue of $60.22 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 6.4% at $89.49 per barrel and US West Texas Intermediate crude 6.2% higher at $84.15 per barrel.The Federal Open Market Committee is expected to maintain the range for its federal funds rate at the current 3.50% to 3.75% for the fifth straight meeting, with the CME's FedWatch Tool seeing a 68.5% chance of no change to the current target range and a 31.5% chance of a 25-basis point increase to 3.75% to 4.00%.The FOMC's statement following the meeting is due to be released at 2:00 pm ET, with Federal Reserve Chairman Kevin Warsh's press conference scheduled to begin at 2:30 pm ET.In other world markets, Japan's Nikkei closed 1.5% lower, Hong Kong's Hang Seng ended 2% higher, and China's Shanghai Composite finished 0.4% higher. Meanwhile, the UK's FTSE 100 was up 0.3%, and Germany's DAX index was 0.2% higher in Europe's early afternoon session.In equities, energy-related stocks were on the upswing as oil prices increased. Exxon Mobil (XOM) shares rose 2.1%, Chevron (CVX) stock was 2% higher, and TotalEnergies (TTE) shares were up 2.2%. Seagate Technology (STX) stock was up 5.7% after the company reported fiscal Q4 adjusted earnings and revenue that surpassed analysts' estimates, as well as issuing a better-than-expected fiscal Q1 outlook.On the losing side, Visa (V) shares were down 2.2% despite posting a fiscal Q3 adjusted earnings and revenue beat. Procter & Gamble (PG) stock was down 3.1% after the company reported fiscal Q4 net sales that fell short of analysts' consensus. KLA (KLAC) shares fell 8.9% despite posting fiscal Q4 non-GAAP earnings and revenue that beat analysts' estimates.

Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index down 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1%.The Philadelphia Oil Service Sector Index shed 2.8%, and the Dow Jones US Utilities Index was fractionally higher.President Donald Trump said talks with Iran were continuing and again threatened to destroy Iranian bridges and power plants if no deal is made, CNN reported. Iran's foreign ministry spokesman, Esmaeil Baghaei, said Tehran was not negotiating with the US but added that "intermediaries may convey messages from the American side to us regarding ongoing developments in the region," Al Jazeera reported.Front-month West Texas Intermediate crude oil fell 4.4% to $79.02 a barrel, and the global benchmark Brent crude contract dropped 5.1% to $83.89 a barrel. Henry Hub natural gas futures declined 4.2% to $2.65 per 1 million BTU.In corporate news, ExxonMobil (XOM) offers limited upside following its recent share-price gains, while Chevron (CVX) presents a stronger medium-term setup, BofA Securities said in a Tuesday note. BofA lowered its rating on ExxonMobil to neutral from buy while raising its price target to $158 from $154. BofA kept its buy rating on Chevron and increased its price target to $227 from $210. ExxonMobil shares shed 0.7%, and Chevron was down 0.8%.HF Sinclair (DINO) reported higher Q2 adjusted earnings and revenue, and raised its quarterly dividend. Separately, HF Sinclair said it plans to separate its Lubricants and Specialties segment into an independent publicly traded company. HF Sinclair shares were down 1.1%.CenterPoint Energy (CNP) shares rose 0.7% after its Q2 non-GAAP earnings and revenue rose year on year and beat analysts' estimates.TotalEnergies (TTE) said Tuesday that it and partner Eni (E) reached a final investment decision to develop the Cronos gas field offshore Cyprus, marking the country's first gas development project. TotalEnergies shares added 0.1%, and Eni were easing 0.4%.

Sector Update: Energy Stocks Decline Tuesday Afternoon

Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index falling 1.3% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.2%.The Philadelphia Oil Service Sector Index shed 2.6%, and the Dow Jones US Utilities Index was up 0.6%.President Donald Trump said talks with Iran were continuing and again threatened to destroy Iranian bridges and power plants if no deal is made, CNN reported. Iran's foreign ministry spokesman, Esmaeil Baghaei, said Tehran was not negotiating with the US but added that "intermediaries may convey messages from the American side to us regarding ongoing developments in the region," Al Jazeera reported.Front-month West Texas Intermediate crude oil fell 4.1% to $79.19 a barrel, and the global benchmark Brent crude contract dropped 4.5% to $81.98 a barrel. Henry Hub natural gas futures declined 2.7% to $2.71 per 1 million BTU.In corporate news, ExxonMobil (XOM) offers limited upside following its recent share-price gains, while Chevron (CVX) presents a stronger medium-term setup, BofA Securities said in a Tuesday note. BofA lowered its rating on ExxonMobil to neutral from buy while raising its price target to $158 from $154. BofA kept its buy rating on Chevron and increased its price target to $227 from $210. ExxonMobil fell 1.6%, and Chevron was down 1%.HF Sinclair (DINO) reported higher Q2 adjusted earnings and revenue, and raised its quarterly dividend. Separately, HF Sinclair said it plans to separate its Lubricants and Specialties segment into an independent publicly traded company. HF Sinclair shares were down 0.4%.Expro (XPRO) shares rose 0.5% after the company increased its 2026 revenue outlook.

Sector Update: Energy

Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index falling 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.6%.The Philadelphia Oil Service Sector Index shed 2.8%, and the Dow Jones US Utilities Index was up 0.4%.Front-month West Texas Intermediate crude oil fell 5% to $78.51 a barrel, and the global benchmark Brent crude contract dropped 5.9% to $83.15 a barrel. Henry Hub natural gas futures declined 3.3% to $2.68 per 1 million BTU.In corporate news, ExxonMobil (XOM) offers limited upside following its recent share-price gains, while Chevron (CVX) presents a stronger medium-term setup, BofA Securities said in a Tuesday note. BofA lowered its rating on Exxon to neutral from buy while raising its price target to $158 from $154. BofA kept its buy rating on Chevron and increased its price target to $227 from $210. Exxon fell 1.5%, and Chevron was down 1.2%.

Exxon Mobil Seen Offering Limited Upside, BofA Says

ExxonMobil (XOM) offers limited upside following its recent share-price gains, while Chevron (CVX) presents a stronger medium-term setup, BofA Securities said in a Tuesday note.The brokerage said Chevron's organic opportunity set has strengthened through progress on development projects in Venezuela, Argentina, Iraq, Libya and Namibia.The brokerage also said the outlook for US liquefied natural gas producers has improved as European gas storage remains below the 10-year average and Asian demand strengthens.BofA Securities lowered its rating on ExxonMobil to neutral from buy and raised its price target to $158 from $154.BofA Securities maintained its buy rating on Chevron and increased its price target to $227 from $210.Price: $155.37, Change: $+0.59, Percent Change: +0.38%

BofA Adjusts Price Target on Exxon Mobil to $158 From $154

Exxon Mobil (XOM) has an average rating of overweight and mean price target of $167.27, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Update: BofA Securities Downgrades Exxon Mobil to Neutral From Buy, Adjusts PT to $158 From $154

(Updated to include prior rating and details on price target.)Exxon Mobil (XOM) has an average rating of overweight and mean price target of $167.27, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

BofA Securities Downgrades Exxon Mobil to Neutral

Exxon Mobil (XOM) has an average rating of overweight and mean price target of $167.27, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

US Land Drilling Activity Holds Firm Despite Minor Oil, Gas Rig Changes, RBC Says

US land drillers kept the active rig count unchanged at 572 over the week, with only minor shifts between oil and gas rigs, RBC Capital Markets said in a Sunday note.RBC said the Baker Hughes (BKR) US land rig count remained at 572. The US oil rig count fell by one to 436, while the gas rig count increased by one to 127, the note said.Oil rigs increased by eight over the month, while gas rigs added two. The Permian Basin lost one rig to 258, representing 59% of Lower 48 oil rigs and 45% of total US land rigs.RBC said Helmerich & Payne (HP) remained the largest Permian driller with 90 rigs, representing 33% of basin activity. Patterson-UTI Energy (PTEN) operated 33 rigs, accounting for 12%, while Nabors Industries (NBR) ran 29 rigs, or 11%.The note said Exxon Mobil (XOM) led Permian operators with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active rigs, up from 43% a year earlier.RBC said Eagle Ford activity remained unchanged at 47 rigs. Among drilling contractors, Helmerich & Payne led with 17 rigs, representing 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%.The note said ConocoPhillips (COP) led operators in the Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share to 53% from 38% a year earlier.Haynesville added one rig over the week to 56. Among drilling contractors, Helmerich & Payne led with 11 rigs, representing 18% of the total, followed by Independence Contract Drilling with nine rigs, or 15%, and Nabors Industries with eight rigs, or 13%.Apex remained the largest operator in the Haynesville with 14 rigs, while Adamas operated seven and Expand Energy (EXE) ran five. Private operators accounted for 74% of active rigs, compared with 70% a year earlier.RBC said its oilfield services coverage group advanced 1.1% over the week, while West Texas Intermediate crude climbed 7.8% during the same period.The note said Element Technical Services posted the strongest weekly gain at 15.8%, followed by SLB (SLB) at 11.6% and NOV (NOV) at 6.4%.RBC said Halliburton (HAL) declined 5.3%, Atlas Energy Solutions (AESI) dropped 15.0%, and Liberty Energy (LBRT) fell 27.2%. Its oilfield services coverage group has gained 34.1% over the year, compared with an 8.9% increase in the S&P 500 Index.

Market Chatter: Kazakhstan Slashes Oil Production Following Black Sea Terminal Disruption

Kazakhstan has slashed its oil output by over half of its daily average levels in June due to the shutdown of an important exporting terminal in Russia's Black Sea following drone strikes, Reuters reported Monday, citing an industry source.On Sunday, Kazakhstan's average output for oil and gas condensates fell to 133,200 metric tons, or around 1 million barrels per day, compared with 2.16 million b/d in June. The production cut reflects its over-dependence on Russia for exports and adds to concerns of supply shortages amid the ongoing Middle East crisis.Meanwhile, the country's energy ministry on Monday said the Caspian Pipeline Consortium pipeline loading operations have resumed after being suspended last week. The CPC pipeline carries over 80% of Kazakhstan's oil exports and is used by major international oil companies, including Chevron (CVX) and ExxonMobil (XOM).has reached out to the White House, Chevron, and the Kazakhstan Energy Ministry for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $191.83, Change: $-2.97, Percent Change: -1.52%

Update: US Equity Futures Rise Pre-Bell as Oil Prices Drop Amid Pause in Middle East Hostilities

US equity futures rose pre-bell Monday as oil prices declined amid a pause in hostilities between the US and Iran over the weekend.Dow Jones Industrial Average futures were 1.1% higher, S&P 500 futures were up 0.8%, and Nasdaq futures were 1.3% higher.The US did not strike any Iranian targets on Saturday or Sunday after 13 consecutive nights of attacks. The US ambassador to the United Nations, Mike Waltz, told Fox News that President Donald Trump has halted the attacks for the meantime to allow more time for diplomacy. Iran said it will suspend its own attacks as long as the US does the same, Reuters reported Sunday, citing a senior Iranian official.Traders anticipate another round of earnings this week, kicked off by AstraZeneca (AZN), which posted higher Q2 core earnings and revenue.Microsoft (MSFT), Meta Platforms (META), Apple (AAPL), Amazon.com (AMZN), Lam Research (LRCX), and Arm (ARM) are set to release their financial results this week. Anticipated earnings also include Seagate Technology (STX), Qualcomm (QCOM), Procter & Gamble (PG), Visa (V), and Mastercard (MA).Traders also look forward to the Federal Reserve's policy session and rate statement, slated for Wednesday.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 5.2% at $86.94 per barrel and US West Texas Intermediate crude 6% lower at $83.97 per barrel.Durable goods new orders rose 0.3% in June after a 4.0% decline in the prior month, compared with expectations for a 1.8% increase in a survey compiled by Bloomberg. The Dallas Fed manufacturing survey for July will be released at 10:30 am ET.In other world markets, Japan's Nikkei closed 0.5% higher, Hong Kong's Hang Seng ended 1% higher, and China's Shanghai Composite finished 1.2% higher. Meanwhile, the UK's FTSE 100 was up 0.4%, and Germany's DAX index was 1.6% higher in Europe's early afternoon session.In equities, energy-related stocks were on the downswing due to the drop in oil prices. Exxon Mobil (XOM) shares fell 3.4%, Chevron (CVX) stocks were down 2.7%, and Shell (SHEL) shares were 2.3% lower.On the winning side, Broadcom (AVGO) stock was up 2.1% after the company and Samsung Electronics said they signed a memorandum of understanding to expand their strategic collaboration across memory and foundry technologies to support next-generation artificial intelligence infrastructure. Advanced Micro Devices (AMD) shares rose 2.2% after a Korea Times report cited the Ministry of Science and ICT as saying that the company partnered with South Korea to establish an artificial intelligence research facility and expand computing infrastructure. Toyota Motor (TM) stock was up 1.6% after the company said it signed a binding agreement with Volvo Group and Daimler Truck to acquire a one-third stake in fuel-cell joint venture Cellcentric.

Market Chatter: Kazakhstan Kashagan Oil Field Operator Assets Frozen Over $5 Billion Fine

Kazakhstan has frozen the assets of the joint-venture operator of the Kashagan oilfield over a $5 billion environmental fine which the company has disputed, Reuters reported on Monday.The July 21 freeze of the company's property and vehicles of North Caspian Operating was published on the database of the Ministry of Justice, the article said. NCOC is a joint venture between Shell (SHEL), TotalEnergies (TTE), ExxonMobil (XOM) and China's CNPC.The Central Asian country may enforce a 2.3 trillion Kazakhstani tenge ($4.84 billion) fine imposed on NCOC related to breaches of sulphur storage limits while it has said the head of the company could face criminal prosecution.NCOC and associated contractors have rejected the fine and the accusations and the case has now been brought before international arbitrators, the article said.None of the companies responded immediately to Reuters' request for comment.has reached out to the companies seeking comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Exxon Mobil Reports Operational Issue at Baytown Complex

Exxon Mobil (XOM) experienced an operational disruption at its Baytown Complex in Texas on Thursday, triggering unplanned flaring, the company confirmed via a community alert.While acknowledging the potential disturbance and visual impact on local residents, ExxonMobil confirmed that the situation remains under control and poses no danger to the public.Unplanned flaring is an emergency response to an unexpected operational upset or equipment failure. The Baytown complex houses a refinery with a capacity of 564,440 barrels per day along with a chemical and an olefins plant.