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Exxon Mobil Corporation

Exxon Mobil Corporation

$XOM
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203 stories mentioning Exxon Mobil CorporationUpdated just now

Exxon featured as Australia's Woodside dismissed media speculation it intended to acquire the firm, while energy shares moved on US-Iran peace news.

Commodities

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.

$XOM
Asia Markets

Update: US Equity Futures Drop Pre-Bell as Oil Prices Jump Amid Lack of Progress in US-Iran Talks

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were lower pre-bell Wednesday as oil prices rose following US Secretary of State Marco Rubio's statement that Iran was not taking negotiations seriously.Dow Jones Industrial Average futures were 0.2% lower, S&P 500 futures were down 0.4%, and Nasdaq futures were 1% lower.US Central Command said in a post on X that it completed the 11th straight day of attacks against Iran, stating that the Strait of Hormuz "remains open for commercial vessel transit.""The problem we're having right now is that they're not serious about talks. If they're serious, we're serious. If they're not, then we will do what's necessary to protect our interests, and also the interests of our allies," Rubio said during the ASEAN Foreign Ministers' meeting in the Philippines, according to multiple media reports.Traders also took note of the latest round of earnings, with Philip Morris International (PM) reporting higher Q2 adjusted earnings and net revenue.Alphabet (GOOG, GOOGL) is expected to report its Q2 earnings after the market closes. Analysts polled by FactSet expect earnings of $2.88 per share on revenue of $117.06 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.1% at $93.84 per barrel and US West Texas Intermediate crude 2.8% higher at $86.70 per barrel.The Atlanta Fed Business Inflation Expectations survey for July is expected at 10 am ET.In other world markets, Japan's Nikkei closed 0.2% lower, Hong Kong's Hang Seng ended 1% lower, and China's Shanghai Composite finished 0.1% higher. Meanwhile, the UK's FTSE 100 was up 1.5%, and Germany's DAX index was 0.3% higher in Europe's early afternoon session.In equities, Super Micro Computer (SMCI) stock was up 14% after the company said it expects fiscal Q4 gross margins of 15% to 17%, significantly above its 8.2% to 8.4% forecast due to a favorable customer and product mix. AT&T (T) shares rose 4.2% after the company reported better-than-expected Q2 adjusted earnings. Energy-related stocks rose along with oil prices, including Exxon Mobil (XOM), which was up 1%, and Chevron (CVX), which was 1% higher.On the losing side, Philip Morris shares were down 1.9% after the company issued lower-than-expected guidance for Q3. SK hynix (SKHY) stock was down 7.1% after a Korea JoongAng Daily report on Tuesday that the company is considering acquiring Intel's (INTC) semiconductor campus in New Albany, Ohio, which the South Korean chipmaker denied in a Korea Exchange filing. GE Vernova (GEV) shares fell 5.1% after the company posted a Q2 earnings miss.

Dow JonesNasdaq CompositeS&P 500$CVX$GEV$GOOG$GOOGL$INTC$PM$SKHY$SMCI$T$XOM
Commodities

Energy Investors Turn to Offshore Oil as Shale Outlook Matures, TPH Says

Energy investors are looking beyond US shale producers toward offshore drilling, Canadian oil companies, and global energy firms as the North American shale industry enters a more mature phase, TPH Energy strategists said in a note on Monday.TPH analysts said after meetings with institutional investors in Toronto and New York, discussions were dominated by the outlook for natural gas, crude prices, and the long-term positioning of energy service companies following recent volatility in oil markets.The analysts said gas markets are a key focus among investors, with focus centered on the timing of a potential recovery and regional supply-demand dynamics across areas, including the Waha hub in Texas, the Gulf Coast, the US Northeast and Canada.TPH said among gas-focused stocks, EQT (EQT) and Expand Energy (EXE) attracted the most investor attention, while Canada's Tourmaline Oil, Antero Resources (AR), Range Resources (RRC) and Comstock Resources (CRK) featured in discussions.On crude markets, investors are assessing a reversal in prices following the Middle East conflict, as well as the factors that provided unexpected support to oil prices, including weaker-than-expected Chinese demand and opaque inventory movements.However, TPH said that concerns over a potential supply surplus have resurfaced, driven by stronger-than-expected US production growth and rising output discussions around Argentina, the UAE and Iraq.Shale is structurally maturing, Jeoffrey Lambujon, analyst at TPH Energy, said, adding that the trend could encourage investors to diversify toward Canadian producers, international operators and offshore projects.Oil-focused discussions covered US producers including Diamondback Energy (FANG), Devon Energy (DVN), ConocoPhillips (COP) and Ovintiv (OVV), together with Canadian firms including Suncor Energy (SU), Cenovus Energy (CVE), Canadian Natural Resources (CNQ) and Imperial Oil (IMO).Global oil majors including Chevron (CVX), Exxon Mobil (XOM) and BP (BP) were also discussed, with investors focusing on inventory levels, capital allocation strategies, growth opportunities, mergers and acquisitions, and regulatory progress affecting Canadian oil sands producers.Meanwhile, though crude price volatility has kept some investors on the sidelines, interest in the oil services sector remains strong, particularly among investors seeking exposure to longer-term offshore and international growth trends.Jeff LeBlanc, analyst at TPH, said that US shale's maturation and continued efficiency gains lead many investors to prefer offshore and international names over US pure plays.Offshore drilling firms attracted attention in nearly every investor meeting, with clients broadly agreeing that the sector benefits from structural supply constraints and improving fundamentals.TPH said investors raised questions about near-term contract availability, companies' contracting strategies and whether day rates could rise faster than expected as utilization tightens.However, optimism around oilfield services pricing has moderated somewhat in North America, as producers have indicated that recent pricing discussions have largely been limited to consumable products rather than broad-based service cost increases.Service companies are projected to differentiate between private and publicly traded operators, with pricing negotiations set to influence H1 2026 results and expectations for 2027 as new bidding cycles emerge.Price: $189.71, Change: $+2.33, Percent Change: +1.24%

$CRK$CVX$EQT$FANG$XOM
Commodities

Permian Drives US Land Rig Count Higher, Oilfield Services Stocks Outperform S&P 500 YTD, RBC Says

The US active land rig count rose by seven over the week to 572 as oil drilling activity strengthened, led by Permian Basin gains, RBC Capital Markets said in a Friday note.Baker Hughes (BKR) reported that US oil land rigs increased by seven to 437 during the latest week, while the gas land rig count remained at 126. Oil rigs increased by 15 over the month, while gas rigs added four, RBC said.The Permian Basin added three rigs over the week to 259, accounting for 59% of Lower 48 oil rigs and 45% of total US land rigs, according to RBC.Helmerich & Payne (HP) remained the most active driller in the Permian with 90 rigs, accounting for 33% of the total, followed by Patterson-UTI Energy (PTEN) with 34 rigs and Nabors Industries (NBR) with 27, RBC said.Among operators, Exxon Mobil (XOM) led the Permian with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active Permian rigs, up from 43% a year earlier, the note said.The Eagle Ford rig count held at 47. Helmerich & Payne remained the most active driller with 17 rigs, accounting for 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%, the note added.Among operators, ConocoPhillips (COP) led Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share of active rigs to 53% from 38% a year earlier.The Williston Basin also held steady at 27 rigs. Nabors Industries remained the leading driller with 16 rigs, followed by Patterson-UTI Energy with seven and Helmerich & Payne with five, according to RBC.Among operators, Chord Energy (CHRD) led Williston with five rigs, while Chevron (CVX) and ConocoPhillips (COP) each operated three. Public operators accounted for 40% of active rigs, up from 34% a year earlier, RBC said.Oilfield services stocks under RBC coverage gained 1.1% over the week as West Texas Intermediate crude climbed 11.5%.The top performers over the week included Patterson-UTI Energy, which gained 6.7%, followed by Nov (NOV), up 3.3%, and Precision Drilling (PDS), which advanced 3.1%, RBC said.The weakest performers included Baker Hughes (BKR), which fell 2.8%, Liberty Energy (LBRT), down 2.7%, and Enerflex (EFXT), which lost 2.6%. RBC said its oilfield services coverage has gained 32.8% year to date, compared with a 10.8% increase in the S&P 500 Index.

$BKR$CHRD$COP$CRGY$CVX$DVN$EFXT$EOG$HP$LBRT$NBR$NOV$OXY$PDS$PTEN$XOM
Commodities

Caspian Pipeline Consortium Loading Halted After Drone Attack

Two moorings of a Caspian Pipeline Consortium loading facility and two berthed tankers were struck by drones on Sunday, prompting the suspension of loading, according to a post by CPC on the Telegram messenger service.Fire broke out on one tanker, the Asia, and was later extinguished by the CPC emergency response teams. It was carrying oil from Tengizchevroil/Chevron. The Nissos Ios was carrying oil from Kashagan BV and Maten/NC KazMunayGas.In a subsequent post on Monday, CPC said that a further attack took place on a vessel during loading. A fire broke out on the vessel, the Nelsa, but was later put out. The crew were unharmed, it said and loading has been suspended since.There were no injuries reported from the attacks and no spillage of oil. The tankers remain afloat and damage assessments are taking place, the post said.The CPC is a venture between energy companies from Russia, the US, Kazakhstan and several Western European countries, the post said.The 1,500 km pipeline transports oil from three large fields in Kazakhstan - Tengiz, Kashagan and Karachaganak further west to the Russian port of Novorossiysk where cargoes then set sail across the Black Sea.The post, which made no mention of the attack's origin, described it as "terrorist" in nature and said it was also considered "an attack on the interests of the CPC member countries as well".The attacks match a pattern of strikes by Ukraine on vessels carrying Russian crude after a significant improvement in its drone capabilities that have seen it step up counter-attacks on Russia in the latter's fifth year of invasion of its neighbor.Russia is a major stakeholder in the CPC and the posts, in Russian, likely originated from that country given its description of the incident as terrorism and due to a reference to the other CPC participants, including Kazakhstan, as "foreign"."We expect the CPC member states to condemn these attacks and, in strict adherence to international law, to devise practical measures to halt terrorist attacks on the infrastructure used to export hydrocarbons produced by international consortia within the territory of the Republic of Kazakhstan," the later post said.Ukraine is now regularly attacking Russian oil refining facilities to the extent that fuel shortages are now widespread across Russia and serious enough to deal a blow to the economy.It handled 70.5 million tonnes of oil in 2025 with Chevron's (CVX) Tengizchevroil, ExxonMobil (XOM), NC KazMunayGas, Eni (E) and Shell (SHEL) accounting for more than 75% of this total, the post said.

$CVX$E$SHEL$XOM
Oil & Energy

US, Iraq Ink $60 Billion in Deals, MoUs During Business Summit

US and Iraqi companies, including energy majors and their respective governments have concluded deals and MoUs worth more than $60 billion during a US-Iraq Business Summit on Friday, the US Chamber of Commerce said in a statement.Energy executives from BP (BP), Chevron (CVX), ConocoPhillips (COP), ExxonMobil (XOM), Excelerate Energy (EE), GE Vernova (GEV), HKN Energy and Shell (SHEL) took part along with "top-tier" representation from both governments, the statement said.The event took place during Iraqi Prime Minister Ali al-Zaidi's visit to Washington, DC.BP has agreed to sell a 42% interest in BP Energy Company of Kirkuk to ConocoPhillips to support redevelopment of northern Iraq's Kirkuk oil fields, as last week.ConocoPhillips will thus support redevelopment of four large-scale operational fields in the Kirkuk area of northern Iraq.Chevron will also invest in a pipeline that bypasses the Strait of Hormuz, opening up another export route out of Iraq, Jake Spiering, Chevron president of corporate business development, said during the event, according to a Reuters report.The proposed pipeline could carry Iraqi oil to Syria's west coast on the Mediterranean coast, the report said.Earlier on Thursday, Zaidi visited the company's headquarters in Houston, Texas before Iraq signed deals with the energy giant to advance its possible entry into the West Qurna 2 and Nassiriya oilfields, Reuters reported.

$BP$COP$CVX$EE$GEV$SHEL$XOM
Equities

S&P 500 Posts Weekly Decline Amid Worries Over Artificial Intelligence, Middle East

The Standard & Poor's 500 index fell 1.6% this week, led by technology stocks, amid concerns about whether excitement over artificial intelligence has been overdone in the US.The S&P 500 ended the week at 7,457.69 and is down 0.6% for July but up 8.9% for the year.Worries about the U.S. technology sector flared as China's Moonshot AI, which is backed by Alibaba (BABA), released an AI model that it says outperforms some US-based systems.Continued conflict in the Middle East also weighed as crude oil futures climbed. Iran said it had targeted US military forces in Syria and Bahrain in a broadening of the scope of its attacks in the Middle East.Economic data showed US consumer prices declined by more than expected in June while producer prices unexpectedly fell. The drop in producer prices came amid a steep decline in the cost of energy products. Still, US industrial production rose by less than expected in June as manufacturing output stalled, Federal Reserve data showed Friday.The technology sector fell 3.8%, followed by a 2.4% loss in communication services and declines of 1.4% each in industrials and materials. Consumer discretionary and utilities also edged lower.The decliners in the technology sector included shares of Applied Materials (AMAT), which fell 12% on the week, and Cadence Design Systems (CDNS), down 14%.In communication services, shares of Netflix (NFLX) shed 6%. The streaming company's second-quarter revenue missed Wall Street's estimates while Q3 guidance lagged market expectations. The company also said it will switch to releasing its engagement report annually, rather than semi-annually.On the upside, energy climbed 5%, while real estate rose 2.3% and consumer staples added 1.4%. Financials and health care were also higher.The climb in energy came as crude oil futures rose as Iran widened its attack to a desalination plant in Kuwait. Gainers included shares of Exxon Mobil (XOM), up 6.1%, and Chevron (CVX), up 6.2%.Next week's earnings calendar features Google parent Alphabet (GOOGL, GOOG), Tesla (TSLA), Philip Morris International (PM), GE Vernova (GEV), Texas Instruments (TXN), International Business Machines (IBM), AT&T (T), Intel (INTC) and American Express (AXP).Economic data will include June new home sales and the July US Flash Manufacturing PMI, a gauge of the manufacturing sector's health.

Dow JonesNasdaq CompositeS&P 500$AMAT$CDNS$CVX$NFLX$XOM
Commodities

Operational Bottlenecks May Slow Venezuela's Oil Production Growth, Kpler Says

Operational bottlenecks could prevent Venezuela from reaching its 1.4 million barrels per day production goal this year, Kpler said in a Friday note.Venezuela plans to add about 200,000 b/d to current production by year-end. Kpler expects output to continue increasing but projects a lower level of 1.3 million b/d, citing near-term operational constraints.Crude production climbed to roughly 1.2 million b/d in June from about 850,000 b/d in Q4 2025, making Venezuela the world's fastest-growing oil producer this year, Kpler said.Higher production also lifted demand for diluent imports, with Venezuelan naphtha imports averaging around 100,000 b/d in recent months, according to Kpler.Kpler expects Venezuela to produce a more realistic 2 million b/d by the end of the decade, below the government's 3 million b/d target for 2030, assuming political stability and greater participation from international oil companies.Rig shortages and deteriorating infrastructure will continue to limit Venezuela's production growth, while ample global crude supplies should keep output around 2 million b/d in 2031 and 2032, Kpler said.Venezuela has overhauled its investment framework after Interim President Delcy Rodriguez cut the government's share in most crude projects to 20%-35% from nearly 83% and introduced royalty brackets, Kpler said.Higher oil prices driven by the US-Iran conflict have strengthened investor interest, Kpler said. Chevron (CVX) has moved quickly to expand operations, while ExxonMobil (XOM) and ConocoPhillips (COP) are converting preliminary agreements with PDVSA into formal joint ventures.Even with stronger foreign interest, equipment shortages and deteriorating infrastructure will continue to restrict operations through 2027, Kpler said, delaying any meaningful increase in production until 2028.Nearly two decades after exiting Venezuela, ExxonMobil had started talks by late May to secure production rights for as many as six oil fields across multiple regions, Kpler said.Kpler said the policy shift coincides with President Donald Trump's call for $100 billion in private investment to rebuild Venezuela's energy industry after Nicolas Maduro's departure in January.The renewed push came only months after Exxon Chief Executive Darren Woods described the country as "uninvestable," according to Kpler.

$COP$CVX$XOM
Asia Markets

Update: US Equity Futures Drop as AI Concerns Weigh on Tech Stocks, Middle East Conflict Continues

US equity futures were edging lower pre-bell Friday as concerns over artificial intelligence spending weighed on chip stocks and the wider technology sector, while the conflict in the Middle East showed no signs of de-escalating.Dow Jones Industrial Average futures were 0.5% lower, S&P 500 futures were down 0.9%, and Nasdaq futures were 1.9% lower.Global tech stocks continued their drop from the previous session, including Nvidia (NVDA), which was down 2.6% in premarket activity.US Central Command said in a post on X that it completed the sixth consecutive wave of attacks against Iran, degrading the nation's military capabilities and holding it "accountable" for recent attacks on commercial shipping in the Strait of Hormuz.Iran said it had targeted US military forces in Syria and Bahrain in a broadening of the scope of its attacks in the Middle East.Traders assessed the latest round of earnings, with Netflix (NFLX) reporting an increase in fiscal Q2 earnings and revenue on late Thursday.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.4% at $86.20 per barrel and US West Texas Intermediate crude 2.5% higher at $80.95 per barrel.June housing starts rose to a 1.427 million annual rate from 1.199 million in the previous month, compared with expectations for a 1.31 million rate in a survey compiled by Bloomberg. US import prices rose 0.3% in June, above the 0.7% increase expected and below the 1.7% gain in May. US export prices fell 0.6% in June, compared with the 0.7% decrease expected and the 1.2% increase in the prior month.The June industrial production report, due at 9:15 am ET, is forecast to show a 0.2% gain following a 0.1% increase in the prior month. The University of Michigan consumer sentiment index for July, slated for 10 am ET, is expected at 51.0, up from 49.5 previously.In other world markets, Japan's Nikkei closed 4% lower, Hong Kong's Hang Seng ended 1.8% lower, and China's Shanghai Composite finished 3.1% lower. Meanwhile, the UK's FTSE 100 was flat, and Germany's DAX index was 0.5% lower in Europe's early afternoon session.In equities, included in the tech stock sell-off were Applied Materials (AMAT), Lam Research (LRCX), and Intel (INTC), which were down 5.3%, 4.7%, and 4.5%, respectively. SpaceX (SPCX) shares fell 4.4% after CEO Elon Musk said in a post on X that the company's Starship rocket triggered an "automatic launch abort" Thursday, with the next launch to be rescheduled possibly "in a few days." Netflix stock was down 11% after it posted Q2 revenue that fell short of analysts' consensus estimates.On the winning side, energy-related stocks rose along with the increase in oil prices. Exxon Mobil (XOM) shares were 2% higher, Shell (SHEL) stock was up 2.1%, and TotalEnergies (TTE) shares were up 2.3%.

Dow JonesNasdaq CompositeS&P 500$AMAT$INTC$LRCX$NFLX$NVDA$SHEL$SPCX$TTE$XOM
Oil & Energy

Nigeria Eyes Turn-Around in Deepwater Oil, Fiscal Incentives Generate Appetite

Nigeria is set for a major turnaround in deepwater crude oil extraction, Wood Mackenzie said in an article on Thursday, in which its analysts shared their updated views on the country's prospects after attending the Nigeria Oil and Gas conference in Abuja last week.Nigeria, Africa's largest liquids producer, has huge deepwater potential, but it has gone more than a decade without major investment until a final investment decision for Bonga North in 2024. Deepwater liquids output has fallen below 500,000 barrels per day from a 800,000-bbl/d peak in 2016.That is likely to change now. Nigeria's government is now aiming for 3 million bbl/d output and 12 billion cubic feet per day of natural gas by 2030 and to reverse decline through regulatory reform and fiscal incentives.Six deepwater legacy contracts between state-run Nigerian National Petroleum and international oil companies were extended in 2022, while new incentives were introduced in 2024, including tax credits for fields that reach final investment decision before 2029.Oil companies have taken note and are pursuing deepwater development plans. Four large greenfield projects could alone produce more than 2 billion barrels of oil equivalent, Wood Mackenzie said.Shell (SHEL), ExxonMobil (XOM), Eni (E) and TotalEnergies (TTE) have raised the priority of Nigerian deepwater projects that previously were unappealing before the introduction of incentives.Evidence of this is Shell's 2024 FID on Bonga North, 20 years after it was discovered, and ExxonMobil's approval last week of the $1 billion Usan Infill Project as part of a pledge to invest $10 billion to develop deepwater assets in Nigeria.TotalEnergies recently said it would acquire Conoil's 50% stake in the Egina South discovery while Shell bought 10% of TotalEnergies' stake in OML 118 to boost its Bonga Southwest-Aparo project.WoodMackenzie said Nigeria has a strong opportunity to reverse decline in deepwater output, with projects collectively adding a potential 700,000 barrels of liquids and 950 billion cubic feet per day of gas.Risks are mainly centered around project execution while others include partner alignment, competition for capital, unitization, regulatory approvals, gas sales agreements and supply chain constraints.On the other hand there is some spare capacity at present on existing floating production and storage, but also some "creaky" infrastructure.The gauge of whether Nigeria's deepwater ambitions will be realized, can be gauged to a degree by whether Bonga Southwest-Aparo, Zabazaba and Preowei reach FID within 18 months."If these projects get over the line, Nigeria's deepwater resurgence will prove it has real bite," the article concluded.

$E$SHEL$TTE$XOM
Equities

BNP Paribas Adjusts Price Target on Exxon Mobil to $155 From $165, Maintains Neutral Rating

Exxon Mobil (XOM) has an average rating of overweight and mean price target of $166.95, 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)

$XOM
Commodities

US Land Rig Count Falls by 2 as Permian Activity Declines, RBC Says

The US active land drilling rig count fell by two week over week to 565, driven by lower activity in the Permian Basin, while oilfield services stocks outperformed alongside higher crude prices, RBC Capital Markets analysts said in a Friday note.Citing Baker Hughes (BKR) data, RBC said the US oil-directed land rig count declined by two to 430, while the gas-directed rig count was unchanged at 126. Compared with a month earlier, oil rigs were up by eight, and gas rigs by five.The Permian Basin lost five rigs during the week, leaving 256 active rigs. The basin accounts for about 60% of oil rigs in the Lower 48 states and 45% of the total US land rig fleet, RBC said.Helmerich & Payne (HP) remained the largest drilling contractor in the Permian with 90 rigs, followed by Patterson-UTI Energy (PTEN) with 34 rigs and Nabors Industries (NBR) with 29 rigs.Exxon Mobil (XOM) was the basin's most active operator with 34 rigs, ahead of Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 21. Private operators accounted for 43% of active Permian rigs, up from 41% a year earlier.Elsewhere, the Eagle Ford added three rigs to 47, while the Williston Basin was unchanged at 27 rigs.RBC said oilfield services stocks under its coverage gained 4.0% over the week, outpacing a 3.7% rise in the 2026 WTI crude strip to $71 per barrel. Baker Hughes led the group with a 9.1% gain, followed by Patterson-UTI, up 8.4%, and Helmerich & Payne, up 6.5%.For the year to date, RBC's oilfield services coverage group has advanced 31.4%, compared with a 10.9% gain for the S&P 500.Meanwhile, the 2026 Brent crude strip rose 3.5% to $75 per barrel, while the 2026 Henry Hub natural gas strip fell 5.1% to $3.32 per million cubic feet, leaving it nearly 15% below year-ago levels, RBC said.Price: $34.07, Change: $+0.74, Percent Change: +2.22%

$BKR$DVN$HP$NBR$OXY$PTEN$XOM
Equities

Mizuho Adjusts Price Target on Exxon Mobil to $170 From $175

Exxon Mobil (XOM) has an average rating of overweight and mean price target of $167.10, 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)

$XOM
Equities

JPMorgan Adjusts Price Target on Exxon Mobil to $158 From $173

Exxon Mobil (XOM) has an average rating of overweight and mean price target of $167.10, 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)

$XOM
Oil & Energy

Exxon Mobil to Invest $1 Billion to Add 40,000 Barrels per Day to Nigeria Oil Output

Exxon Mobil (XOM) will invest $1 billion in a project in Nigeria that will add about 40,000 barrels per day to the country's crude oil output, the Nigerian Upstream Petroleum Regulatory Commission said in a post on Instagram on Wednesday.The commission said the investment in on-block activities in the Usan Infill Project in OML 138, was announced by Jagir Baxi, managing director of Exxon Mobil affiliates in Nigeria, during the 25th NOG Energy Week Conference the same day.Commission Chief Executive, Oritsemyiwa Eyesan said the announcement would mark the first drilling by Esso Exploration and Production Nigeria, an Exxon Mobil affiliate, since 2016.Esso Exploration and Production operates the OML 138 within which the Usan field is found. The block is operated via a production sharing contract with NNPC Limited, with partners including Chevron (CVX), TotalEnergies (TTE) and Nexen, a subsidiary of China National Offshore Oil.Separately, the NUPRC on Wednesday awarded licenses from the 2022/23 Mini Bid Round and Nigeria 2024 Licensing Round, with recipients including Boron Energy, Petroli Energy Marketing and Supply, Sahara Deepwater Resources and Tulcan Energy.In all 12 entities were awarded 19 petroleum prospecting licenses, the statement said, spanning deep offshore, shallow water and continental shelf acreages.

$CVX$TTE$XOM
Wire

Citigroup Cuts Exxon Mobil Price Target to $155 From $175

Exxon Mobil (XOM) has an average rating of overweight and mean price target of $170.57, 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)Price: $140.83, Change: $-0.86, Percent Change: -0.61%

$XOM
Sectors

Sector Update: Energy Stocks Advance Pre-Bell Wednesday

Energy stocks were advancing pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) up 1.7%.The United States Oil Fund (USO) was up 2.4% and the United States Natural Gas Fund (UNG) was 0.9% higher.Front-month US West Texas Intermediate crude oil was 4.8% higher at $73.81 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 5.1% to $77.91 per barrel, and natural gas futures were up 1.2% at $3.30 per 1 million British Thermal Units.Exxon Mobil (XOM) stock was up more than 1% after the company said in a filing that changes in oil prices could raise its Q2 upstream earnings by $3.5 billion to $3.9 billion, while changes in gas prices could either result in a $200 million loss or a similar gain.Petrobras (PBR) has signed a settlement agreement with Brazil's oil regulator ANP to bring 335 offshore wells into compliance with well integrity regulations by Dec. 31, 2030, according to a translation of a statement from the regulator. Shares of Petrobras were up more than 2% pre-bell.Baker Hughes (BKR) will provide power generation solutions to support Kodiak Gas Services' (KGS) expanding energy infrastructure initiatives under a new multi-year agreement, the companies said. Baker Hughes stock was up more than 1% premarket.

$BKR$KGS$PBR$UNG$USO$XLE$XOM
Sectors

Sector Update: Energy

Energy stocks were advancing pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) up 1.3%.The United States Oil Fund (USO) was up 2.3% and the United States Natural Gas Fund (UNG) was 1.2% higher.Front-month US West Texas Intermediate crude oil was 4.3% higher at $73.45 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 4.5% to $77.46 per barrel, and natural gas futures were up 1.1% at $3.30 per 1 million British Thermal Units.Exxon Mobil (XOM) stock was up more than 1% after the company said in a filing that changes in oil prices could raise its Q2 upstream earnings by $3.5 billion to $3.9 billion, while changes in gas prices could either result in a $200 million loss or a similar gain.

$XOM
Asia Markets

Update: US Equity Futures Fall Pre-Bell as Middle East Hostilities Restart, President Trump Declares US-Iran Ceasefire 'Over'

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures fell pre-bell Wednesday as President Donald Trump declared that the US ceasefire with Iran was "over" amid escalating hostilities in the region once again, sending oil prices soaring.Dow Jones Industrial Average futures were 0.9% lower, S&P 500 futures were down 0.6%, and Nasdaq futures were 0.8% lower.In a post on X, US Central Command said it struck 80 Iranian targets, including air defense systems and radar sites, as a response to Iran's attacks on three commercial ships transiting the Strait of Hormuz. The US also revoked a license that allowed Iran to sell oil around the world.Iran's Islamic Revolutionary Guard Corps said that they had targeted US military sites in Bahrain and Kuwait. The renewed conflict in the region has caused at least four oil and gas tankers to turn back from their attempt to pass by the waterway, according to a Reuters report citing date from Kpler and LSEG.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 4.5% at $77.45 per barrel and US West Texas Intermediate crude 4.3% higher at $73.46 per barrel.Traders await the minutes of the June 16-17 Federal Reserve policy session, the first under new chair Kevin Warsh, scheduled for release at 2pm ET.In other world markets, Japan's Nikkei closed 2.1% lower, Hong Kong's Hang Seng ended 3% higher, and China's Shanghai Composite finished 0.5% lower. Meanwhile, the UK's FTSE 100 was down 1%, and Germany's DAX index was 1.7% lower in Europe's early afternoon session.In equities, Walmart (WMT) shares rose nearly 1% after the company lowered prices on essentials and groceries, including beef, fresh produce, beverages and other products as part of a summer rollback measure, following an announcement from Trump that the retailer would lower its prices "by a lot" at his administration's request to celebrate the country's 250th birthday.The increase in oil prices boosted energy stocks in premarket activity. Exxon Mobil (XOM) shares were 1.3% higher, Chevron (CVX) stock was up 1.5%, and ConocoPhillips (COP) shares climbed 1.5%.On the losing side, airline stocks dropped on concerns over fuel costs and demand. Delta Air Lines (DAL) shares fell 2.3%, United Airlines (UAL) stock was down 2.9%, and Southwest Airlines (LUV) shares declined 2.2%.

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Commodities

Exxon Mobil Expects Change in Liquid Prices to Boost Q2 Upstream Earnings

US energy major Exxon Mobil (XOM) on Tuesday said change in liquids prices could help boost its upstream earnings by $3.5 billion to $3.9 billion in Q2.Changes in gas prices are expected to impact earnings between a $200 million loss and a similar gain, the group said in a regulatory filing on Tuesday.The US-Iran war and related disruptions, as well as significant planned activities and seasonal demand patterns are among the factors that are going to significantly impact the company's Q2 results, it said.The company expects volume related disruptions from the Middle East events to cause a loss of $600 million to $800 million to its upstream segment, while other adjustment items, including reserves, other Middle East impacts, and timing effects, are expected to result in losses of $800 million to $1.8 billion.Change in margins is expected to improve earnings of the company's Energy Products segment by $2 billion to $2.4 billion, while estimated timings effect is expected to enhance the segment's earnings by $2.2 billion to $3 billion.Volume related disruptions from the Middle East crisis and changes in scheduled maintenance is expected to cause a $200 million to $400 million negative impact on earnings for the Energy Products segment.In Q1, Exxon Mobil reported adjusted earnings of $6.3 billion from its Upstream segment and $2.8 billion from the Energy Products segment.

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