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Exxon Mobil Corporation

Exxon Mobil Corporation

$XOM
NYSEEnergy

317 stories mentioning Exxon Mobil CorporationUpdated 2d ago

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

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Commodities

Evolution Petroleum to Buy Midland Basin Mineral, Royalty Interests for $16 Million

Evolution Petroleum agreed to acquire Midland Basin mineral and royalty interests for about $16 million, adding 3,420 net royalty acres to its Permian Basin portfolio, the company said Tuesday.The deal covers interests across Reagan, Upton, Glasscock, Midland and Martin counties in Texas, with Evolution expecting to close the transaction around Aug. 21 and using an Aug. 1 effective date.Evolution plans to fund the acquisition with proceeds from a concurrent common stock offering, cash on hand and borrowings under its revolving credit facility.The acquired interests are expected to generate about $3.9 million in cash flow over the next 12 months, implying a purchase multiple of about 4.1x and a cash flow yield of about 24.6%.The company expects the deal to contribute about 20% of pro forma fiscal 2027 asset cash flow, up from less than 10% in fiscal 2026, while requiring no lifting costs, drilling capital or overhead.At about $4,678 per net royalty acre, the purchase price represents a discount to recently disclosed comparable Permian mineral and royalty transactions, Evolution said. The deal would lift its total M&R holdings to about 9,320 net royalty acres.The acquired interests cover 832 producing wells, seven completed wells, 34 drilled but uncompleted wells, 27 permitted wells and about 1,257 additional locations.Current production stands at about 210 barrels of oil equivalent per day, with 65% liquids and 35% natural gas, while operators include ExxonMobil (XOM), Diamondback Energy (FANG), ConocoPhillips (COP), APA (APA), Crescent Energy (CRGY), Double Eagle and SM Energy (SM).Price: $166.74, Change: $+1.18, Percent Change: +0.71%

$APA$COP$CRGY$FANG$SM$XOM
Commodities

US Rig Count Rises as Permian Activity Signals Further Production Growth, UBS Says

The US oil and gas rig count rose for a second consecutive week, led by increased drilling activity in the Permian Basin, UBS strategists said in a note on Wednesday, while government forecasts point to further growth in crude and gas production through 2027.UBS analysts said that active rig count in the Lower 48 rose by three to 619 on a four-week average basis. The total is now 13% above the level at the end of 2025, with oil-directed rigs up 24% over the same period while gas rigs have fallen 9%.The bank said that the Permian added one rig overall last week, with activity in the Delaware sub-basin increasing by two rigs and activity in the Midland declining by one rig.Outside the Permian, the Williston and Barnett each added one rig, while the Eagle Ford and Denver-Julesburg basins each lost one.On the gas side, the Haynesville added one rig, while Appalachia was unchanged.The latest rig data comes as the US Energy Information Administration's August Short-Term Energy Outlook points to improving fundamentals in the Permian, which is expected to remain a key driver of domestic production growth.Permian's active rig count increased by six rigs to 248 in Q2, marking the first quarter-over-quarter increase since Q2 2024, UBS said, citing EIA data.Wells drilled and completed both increased 5% from the previous quarter, while crude production rose 3% to 6.81 million barrels per day.The basin's oil output is projected to remain broadly flat in Q3 before rising to 6.88 million barrels per day in Q4, according to the EIA. Production is forecast to increase further in 2027, averaging 7.03 million b/d.Gas output in the Permian was unchanged from the previous quarter at 28.9 billion cubic feet per day, reflecting takeaway constraints that have contributed to significant curtailments.UBS said that new pipeline capacity is expected to ease those bottlenecks, with the EIA forecasting Permian gas production to average 31.55 Bcf/d in 2027, up 2.4 Bcf/d.Within UBS's coverage group and integrated oil companies, the number of active rigs rose by two last week to 279. Chevron (CVX) and Expand Energy (EXE) each added one rig.Exxon Mobil (XOM) remained the most active publicly traded operator, with 35 rigs, followed by Devon Energy with 33, ConocoPhillips (COP)with 30, and EOG Resources (EOG) and Occidental Petroleum (OXY) with 23 each.Price: $206.54, Change: $+2.58, Percent Change: +1.26%

$COP$CVX$EOG$EXE$OXY$XOM
Wire

Morgan Stanley Adjusts Price Target on Exxon Mobil to $177 From $168, Maintains Overweight Rating

Exxon Mobil (XOM) has an average rating of overweight and mean price target of $169.73, according to analysts polled by FactSet.Price: $167.37, Change: $+1.81, Percent Change: +1.09%

$XOM
Asia Markets

Update: Technology Leads US Equity Indexes Lower as 30-Year Yield Touches 19-Year High, Crude Oil Extends Gains

(Updates with index/price moves, macroeconomic data and company/geopolitical news from the first paragraph.)US equity indexes declined, with chipmakers helping drive technology to the bottom of sector charts, after the 30-year government bond yield touched levels last seen around the 2007 global financial crisis and crude oil prices continued to march higher.The Nasdaq Composite dropped 1.3% to 26,289.71, and the S&P 500 declined 0.7% to 7,691.76 on Tuesday. The Dow Jones Industrial Average slipped 0.2% to 53,343.40. Technology and industrials led decliners. Energy, healthcare and consumer staples topped the gainers.Among companies with market capitalizations exceeding $200 billion each, nine of the top 10 decliners were from the technology sector, according to data compiled by Finviz. Of those nine firms, seven were related to the semiconductor industry. The leader of the pack was Sandisk (SNDK), down 9.2%.US Treasury yields retreated after midday. The 30-year yield fell 2.6 basis points to 5.28% after touching 5.34% intraday, the highest since 2007.The increase in the 30-year yield to a 19-year high comes amid concerns that an imminent escalation in the Middle East sent Brent crude prices above $90 a barrel and will fan fears of inflation, according to a D.A. Davidson research note Tuesday.The household saving rate has plummeted to 2.7% from 6.4% in early 2024, and the housing wealth effect is negative for the middle bulge given falling real house prices, Derek Holt, head of capital market economics at Scotiabank, said in a note Tuesday."When you've got no growth in inflation-adjusted disposable income in the US, and you hit them with higher energy costs, the case for absorption is higher than the case for pass through," Holt said in the note.The front-month US West Texas Intermediate crude oil contract rose 0.8% to $85.18 per barrel, and global benchmark North Sea Brent edged up 0.3% to $91.15 per barrel a day after the deadline to reach a permanent peace deal with Iran expired."There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran," President Trump posted on his social media platform. The Strait of Hormuz will remain closed until the US meets the conditions of an interim deal signed with Iran in June, Reuters reported Tuesday, citing Iran's negotiator Mohammad Baqer Qalibaf in state media.On the same day, Trump posted an image that showed the Strait of Hormuz as "New U.S. Territory." More than 80% of vessel transits through the Strait of Hormuz over the past two weeks have taken the Omani route - a UN-authorized shipping channel that Iran vehemently opposes - according to Kpler, which tracks ships using transponders and satellite data, CNN reported.Gold futures dropped 1.8% to $4,392.70, and silver futures slumped 4% to $63.57.In economic news, US housing starts plunged 12% sequentially to a seasonally adjusted rate of 1.24 million units last month, the Census Bureau and the Department of Housing and Urban Development said. The consensus was for 1.35 million in a Bloomberg-compiled survey.In company news, ExxonMobil (XOM) remains committed to growing Permian volumes, with a new 20-year integrated midstream agreement with Targa Resources (TRGP) supporting its long-term growth targets, UBS Securities said in a note Monday. Shares of Targa jumped 7.1%, the top gainer on the S&P 500.

Dow JonesNasdaq CompositeS&P 500$SNDK$TRGP$XOM
Update: Equities Fall For Third Day as Oil Stretches Gains Amid Middle East Anxiety
US Markets

Update: Equities Fall For Third Day as Oil Stretches Gains Amid Middle East Anxiety

(Updates with market moves at the end of the day, and other changes, if any.)US stocks fell for a third straight session on Tuesday and oil prices continued to advance as Middle East developments kept traders on edge.The Nasdaq Composite tumbled 1.3% to close at 26,289.71, while the S&P 500 lost 0.7% to 7,691.76. The Dow Jones Industrial Average edged down 0.2% to 53,343.40. Most sectors were in the red, led by technology, while energy paced the gainers.West Texas Intermediate crude oil rose 0.6% to $85 a barrel, while Brent added 0.1% to $90.99. Both benchmarks were on track for their third consecutive day of gains.President Donald Trump said Tuesday that the US is not in talks with Iran, a day after a 60-day ceasefire between the two countries expired.Trump claimed that the Strait of Hormuz was "open and operating."Iran's top negotiator, Mohammad Bagher Ghalibaf, said Tuesday that the Strait of Hormuz will remain shut until the US meets the conditions of the interim deal signed in June, Reuters reported, citing state media.US Treasury yields were lower, with the 10-year yield falling 1.6 basis points to 4.71% and the two-year yield down 0.7 basis point at 4.18%.Meta Platforms (META) shares slumped nearly 4.5% as a social media addiction trial brought by 29 states got underway.Targa Resources (TRGP) jumped 7.1%, the best performer on the S&P 500. Late Monday, the company said it struck new 20-year fee-based, midstream agreements to support ExxonMobil's (XOM) development of its Permian Basin acreage. ExxonMobil rose 2.5%.Amer Sports (AS) lifted its full-year outlook as the Finnish sports equipment company reported second-quarter results above market estimates, buoyed by double-digit revenue growth across all of its segments. The stock rose 3.2%.US housing starts fell more than expected in July amid declines in both single and multi-family units, while building permits jumped to a five-month high, government data showed Tuesday.US pending home sales dropped 2.3% sequentially in July, data from the National Association of Realtors showed, while consensus was for sales to be flat in a survey compiled by Bloomberg.US industrial production increased less than expected in July as manufacturing growth decelerated, Federal Reserve data showed.Spot gold fell 1.6% to $4,343.38 per troy ounce, while silver shed 3.9% to $63.66 per ounce.

Dow JonesNasdaq CompositeS&P 500$AS$META$TRGP$XOM
Commodities

Targa Expands ExxonMobil Permian Deal With 20-Year Agreements

US-based midstream company Targa Resources signed new 20-year, fee-based midstream agreements with ExxonMobil (XOM) subsidiaries, expanding their strategic relationship across the Permian Basin, Targa said in a statement on Monday.The agreements cover natural gas gathering and processing, treating, natural gas liquids transportation and fractionation through 2046.In the Permian Delaware, Targa will receive significant new acreage dedications, while in the Permian Midland, the companies will add acreage and extend existing gathering and processing agreements through 2046. Both areas include 20-year NGL dedications to Targa's logistics and transportation systems.Targa also announced plans for three new natural gas processing plants in the Delaware Basin, Wrangler, Ranger and Ranger II, with combined capacity of about 825 million cubic feet per day.The plants are expected to enter service in the first half of 2028. The company is evaluating up to five additional plants to meet longer-term production growth.The company also plans to build Bull Run II, a roughly 70-mile natural gas pipeline designed to increase takeaway capacity to the Waha Hub.The pipeline, backed by take-or-pay commitments, is expected to begin operations in the first half of 2028.Targa said the new agreements are expected to contribute to volume growth across its integrated Permian infrastructure and strengthen its long-term growth outlook.The company raised its estimate for 2026 growth capital to about $5 billion, reflecting investments in the new Delaware processing plants, related field infrastructure and the Bull Run II pipeline.

$XOM
Japan

US Equity Markets End Lower Amid Rise in Government Bond Yields Following Deadlock in US-Iran Talks

US equity indexes ended lower Tuesday after crude oil prices rose and the 30-year government bond yield hit a 19-year high following President Donald Trump's declaration that the US is not negotiating any deal with Iran.* "There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran," Trump posted on his social media platform and claimed that the Strait of Hormuz is "New U.S. Territory."* The Strait of Hormuz will remain closed until the US meets the conditions of an interim deal signed with Iran in June, Reuters reported Tuesday, citing Iran's negotiator Mohammad Baqer Qalibaf in state media.* US housing starts dropped 12% sequentially to a seasonally adjusted rate of 1.24 million units last month, the Census Bureau and the Department of Housing and Urban Development said. The analyst consensus stood at 1.35 million in a Bloomberg-compiled survey.* Pending home sales fell 2.3% in July, compared with a 4.8% drop in June, according to the National Association of Realtors. Analysts expected no change in a Bloomberg-compiled survey.* September West Texas Intermediate crude oil rose $0.49 to settle at $84.99 per barrel, while October Brent crude, the global benchmark, was last seen up $0.10 at $90.97.* Targa Resources (TRGP) shares were up about 7.4%, the top performer on the S&P 500, a day after the company secured 20-year, fee-based agreements with ExxonMobil (XOM).* Nvidia (NVDA) talent is being recruited by Etched, with about 15% of the AI startup's 400 employees having previously worked at Nvidia, The Wall Street Journal reported. Nvidia shares were down 2.3%, the second-worst performer on the Dow.

Dow JonesNasdaq CompositeS&P 500$NVDA$TRGP$XOM
Wire

Update: Targa Resources Shares Rise on New Permian Agreements With ExxonMobil

(Updates with stock moves in headline, first and last paragraphs.)Targa Resources (TRGP) shares rose 6.9% in Tuesday trading, a day after the company secured 20-year, fee-based agreements with ExxonMobil (XOM).The new midstream agreements support ExxonMobil's development of its Permian Basin acreage.Targa said the deals provide an extensive new area of mutual interest across the Permian Delaware for gathering and processing, and downstream services.Targa also announced three new natural gas processing plants in the Permian Delaware to support production growth in the area.Targa raised its 2026 growth capital estimate to $5 billion.ExxonMobil shares rose 2.4%.Price: $297.09, Change: $+19.15, Percent Change: +6.89%

$TRGP$XOM
Asia Markets

Update: Technology Pushes US Equity Indexes Lower as 30-Year Yield Touches 19-Year High, Crude Oil Rises

(Updates with index/price moves, macroeconomic data and company/geopolitical news from the first paragraph.)US equity indexes fell, with technology leading sectors lower, after crude oil advanced as the Iran geopolitics worsened and the 30-year government bond yield touched levels seen around the 2007 global financial crisis.The Nasdaq Composite dropped 1.2% to 26,331.2, and the S&P 500 declined 0.6% to 7,702.1 after midday Tuesday. The Dow Jones Industrial Average slipped 0.2% to 53,367.1. Technology, industrials and communication services led decliners. Healthcare, energy, and consumer staples topped gainers.Most US Treasury yields retreated after midday. The 30-year yield fell 2.5 basis points to 5.29% after touching 5.34% intraday, the highest since 2007.The increase in the 30-year yield to a 19-year high comes amid concerns that an imminent escalation in the Middle East sent Brent crude prices above $90 a barrel and will fan fears of inflation, according to a D.A. Davidson research note Tuesday.The front-month US West Texas Intermediate crude oil contract rose 0.7% to $85.06 per barrel, and global benchmark North Sea Brent edged up 0.4% to $91.27 per barrel a day after the deadline to reach a permanent peace deal with Iran expired on Monday."There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran," Trump posted on his social media platform. "The Hormuz Strait is open and operating. All water mines have been removed or detonated."The Strait of Hormuz will remain closed until the US meets the conditions of an interim deal signed with Iran in June, Reuters reported Tuesday, citing Iran's negotiator Mohammad Baqer Qalibaf in state media. On the same day, Trump posted an image that showed the Strait of Hormuz as "New U.S. Territory."Hormuz maritime traffic remains at high risk after a vessel was struck by an "unknown projectile," according to media reports citing the UK's maritime agency. The United Arab Emirates said its air defences "detected two ballistic missiles launched from Iran toward the country, with the first falling outside the country's territorial waters, while the second fell within the territorial waters," according to a report from Al Jazeera, a Middle Eastern broadcaster.Gold futures slipped 1.2% to $4,421.70, and silver futures slumped 3.2% to $64.09.In economic news, US housing starts plunged 12% sequentially to a seasonally adjusted rate of 1.24 million units last month, the Census Bureau and the Department of Housing and Urban Development said. The consensus was for 1.35 million in a Bloomberg-compiled survey.Pending home sales fell 2.3% in July, compared with expectations for no change in a Bloomberg-compiled survey and a 4.8% drop in June, according to the National Association of Realtors.US industrial production rose by 0.2% in July, compared with expectations for a 0.3% gain in a Bloomberg-compiled poll, and an upwardly revised 0.3% increase in June.In company news, ExxonMobil (XOM) remains committed to growing Permian volumes, with a new 20-year integrated midstream agreement with Targa Resources (TRGP) supporting its long-term growth targets, UBS Securities said in a note Monday. Shares of Targa jumped 7.3%, the top gainer on the S&P 500.

Dow JonesNasdaq CompositeS&P 500$TRGA$XOM
Wire

ExxonMobil's Permian Production Growth Backed by New Targa Resources Deal, UBS Says

ExxonMobil (XOM) remains committed to growing Permian volumes, with a new 20-year integrated midstream agreement with Targa Resources (TRGP) supporting its long-term growth targets, UBS Securities said in a Monday note.The agreement covers additional natural gas gathering, processing and treating, while adding new dedicated acreage and extending existing gathering and processing agreements in the Midland Basin through 2046, the note said.UBS said ExxonMobil's decision to partner with Targa Resources is "strategically sound" and enhances the company's ability to execute on its growth targets while securing access to critical infrastructure.The firm also noted that ExxonMobil's Permian technology portfolio continues to outperform expectations, with more than 40 technologies being deployed across the basin to improve recovery rates, reduce well counts and enhance capital efficiency.UBS maintained its buy rating and $174 price target on ExxonMobil.Price: $164.01, Change: $+2.54, Percent Change: +1.58%

$TRGP$XOM
Asia Markets

Update: US Equity Futures Lower Pre-Bell as Middle East Peace Prospects Dim

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging lower pre-bell Tuesday as prospects for a peace agreement in the Middle East dimmed with the US not seeking to extend the ceasefire agreement with Iran that expired Monday.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were down 0.5%, and Nasdaq futures were 1.3% lower.Iran would shift to a "fully offensive" military posture to break the US naval blockade if diplomatic efforts to end the war fail, Reuters reported Tuesday, citing a senior Iranian official. Asked by reporters if the US was seeking to extend the ceasefire, President Donald Trump said no, according to Reuters.Traders digested the latest round of earnings, with Home Depot (HD) reporting higher fiscal Q2 adjusted earnings and net sales.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.3% at $91.10 per barrel and US West Texas Intermediate crude 0.% higher at $84.29 per barrel.July housing starts dropped to a 1.239 million annual rate from 1.415 million in the previous month, compared with expectations for a 1.345 million rate in a survey compiled by Bloomberg. US import prices fell 0.4% in July, compared with the 0.1% gain expected and the prior 0.3% decrease in June. US export prices fell 1.3% in July, compared with expectations for no change and the 0.7% decrease in the prior month.The July industrial production report, due at 9:15 am ET, is forecast to show a 0.3% gain following a 0.1% increase in the prior month. Pending home sales for July, slated for 10 a.m. ET, are expected to hold steady after a drop of 5.4% in the prior month.In other world markets, Japan's Nikkei closed 2.5% lower, Hong Kong's Hang Seng ended 0.1% higher, and China's Shanghai Composite finished 0.2% higher. Meanwhile, the UK's FTSE 100 was up 0.1%, and Germany's DAX index was 0.3% lower in Europe's early afternoon session.In equities, stocks of Nvidia (NVDA), Micron Technology (MU), and AMD (AMD) were all down as part of a wider downswing in the technology sector. Nvidia shares dropped 2%, Micron stock fell 4.8%, and AMD shares were 3.5% lower.On the winning side, Home Depot stock was 2.1% higher after the company posted better-than-expected fiscal Q2 adjusted earnings and net sales. Alibaba Group (BABA) shares rose 3% after Alipay said Monday it launched a full-stack agentic AI commerce platform for merchants. Targa Resources (TRGP) stock was up 3.6% after the company said late Monday it struck new 20-year fee-based, midstream agreements to support ExxonMobil's (XOM) development of its Permian Basin acreage.

Dow JonesNasdaq CompositeS&P 500$AMD$BABA$HD$MU$NVDA$TRGP$XOM
Commodities

Market Chatter: US Wants Higher Refinery Output to Cool Gasoline Prices

The US Energy Secretary Chris Wright has said that the government will soon announce steps to help refiners increase output volumes with President Donald Trump determined to lower high gasoline prices linked to the conflict in the Middle East, Reuters reported on Monday.Refiners are already said to be running their plants intensively as high fuel prices increase the margins they can earn, the article said.Wright told reporters visiting an oil rig operated by Exxon Mobil (XOM) that while US refineries were operating intensively, there were US-controlled plants in the Middle East that he said were turned down.He met refiners on Monday to see how the government could help raise gasoline output as a means to lowering prices, the article said. Prices average above $4.06 per gallon, the article said, citing the American Automobile Association, $1 higher than one year ago.(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.)

$XOM
Commodities

ExxonMobil Awards $1.1 Billion in Contracts for Mozambique LNG Project

ExxonMobil (XOM) has awarded about $1.1 billion in contracts for equipment needed to develop the first phase of the Rovuma LNG project in northern Mozambique, as the project moves closer to a final investment decision.The contracts were awarded on behalf of the project's partners, including Mozambique's ENH, China's CNPC, Italy's Eni, South Korea's KOGAS and XRG.The deals cover key equipment for offshore gas production, including subsea systems, large production valves and pipelines.The largest contract went to OneSubsea for subsea production systems, controls and umbilicals, with local work to be supported by Aker Solutions Mozambique. Other contracts went to Advanced Technology Valve, Corinth Pipeworks, Sumitomo Corporation of America and Zhejiang Jiuli Hi-Tech Metals.ExxonMobil said awarding the contracts before a final investment decision will allow suppliers to begin manufacturing equipment that can take years to deliver, helping to keep the project on schedule.

$XOM
Equities

Jefferies Adjusts Price Target on Exxon Mobil to $200 From $184, Keeps Buy Rating

Exxon Mobil (XOM) has an average rating of overweight and mean price target of $168.59, according to analysts polled by FactSet.

$XOM
Equities

Barclays Adjusts Price Target on Exxon Mobil to $177 From $182, Keeps Overweight Rating

Exxon Mobil (XOM) has an average rating of overweight and mean price target of $168.59, according to analysts polled by FactSet.

$XOM
Commodities

Update: Rotterdam Port Explosion Leaves 1 Dead, Several Injured; Operations Continue

(Updates with BP's response in 6th paragraph)An explosion at Rotterdam port killed one person and injured several others Thursday, while shipping traffic continued normally, a spokesperson from the Port of Rotterdam toldin an emailed response.The spokesperson said the explosion did not interrupt shipping traffic or affect operations at companies outside Gunvor's premises, while the port area extends over 40 kilometers.Gunvor stopped refinery operations at the site in 2020, and the premises now mainly serve as tank storage, the port's spokesperson said.Rotterdam emergency services reported a major power outage after a transformer caught fire under unexplained circumstances, forcing several companies to halt operations and evacuate workers, according to a report from AP News.Shell (SHEL) toldthat it was not involved in the incident and that the explosion did not affect its people or operations, adding that it had no further comment.BP (BP) also confirmed tovia email that it was unaffected by the incident at present.Gunvor and Exxon Mobil (XOM) did not immediately reply to' request for comment.Price: $89.71, Change: $-0.36, Percent Change: -0.40%

$BP$SHEL$XOM
Commodities

Rotterdam Port Explosion Leaves 1 Dead, Several Injured; Operations Continue

An explosion at Rotterdam port killed one person and injured several others Thursday, while shipping traffic continued normally, a spokesperson from the Port of Rotterdam toldin an emailed response.The spokesperson said the explosion did not interrupt shipping traffic or affect operations at companies outside Gunvor's premises, while the port area extends over 40 kilometers.Gunvor stopped refinery operations at the site in 2020, and the premises now mainly serve as tank storage, the port's spokesperson said.Rotterdam emergency services reported a major power outage after a transformer caught fire under unexplained circumstances, forcing several companies to halt operations and evacuate workers, according to a report from AP News.Shell (SHEL) toldthat it was not involved in the incident and that the explosion did not affect its people or operations, adding that it had no further comment.Gunvor, BP (BP), and Exxon Mobil (XOM) did not immediately reply to' request for comment.Price: $89.41, Change: $-0.66, Percent Change: -0.73%

$BP$SHEL$XOM
Commodities

US Shale Drillers Adopt Simultaneous Fracking to Cut Well Costs, UBS Says

US shale producers are turning to more advanced hydraulic-fracturing techniques to accelerate completion times and lower well costs, with the efficiency gains expected to extend into 2027, UBS strategists said in a note on Tuesday.UBS analysts said that a broader adoption of simultaneous fracturing, or simulfracs, was a key theme during Q2 earnings season, as producers seek to improve productivity while maintaining capital discipline amid shifting commodity prices.Crescent Energy (CRGY) and SM Energy (SM) in the Uinta Basin reported significant gains after adopting simulfracs.Crescent said it used the technique on all its 2026 Uinta turn-in lines, compared with none in 2025. This has increased completion speeds by about 90% and contributed to a decline of over 15% in well costs on a per-foot basis.SM Energy reported that it more than doubled the efficiency of its Uinta completions quarter-over-quarter in Q2 after switching to simulfracs.The efficiency gains are also being seen among larger producers that have already adopted the technology.Occidental Petroleum (OXY) increased the share of simulfracs in its US onshore completion program to over 45% in 2026, from 10% in 2025.The energy firm cited the approach as one factor behind a 7% year-over-year decline in well costs.Devon Energy (DVN) also plans to expand the use of simulfracs as it applies completion practices developed in its own operations to assets acquired from Coterra Energy (CTRA).Meanwhile, Chord Energy (CHRD) evaluated the use of a trimulfrac in the Williston Basin during the quarter.The energy firm, which began using simulfracs in late 2024, said initial results from the three-well simultaneous completion approach were encouraging, according to UBS.Chord expects trimulfracs could account for between 20% and 50% of its completions in 2027, potentially generating additional cost savings.Meanwhile, the latest UBS data showed the US active rig count averaged 616 on a four-week basis, unchanged from the previous week.The rig activity is up 12% from the end of 2025, driven by a 23% increase in oil-directed rigs. Gas-directed rigs, by contrast, have declined 8% over the same period.The Permian Basin was broadly unchanged week-over-week, with the Delaware adding two rigs, the Midland losing three and other parts of the Permian adding one.Outside the Permian, the Eagle Ford declined by two rigs and the Granite Wash fell by one. The Haynesville lost one gas rig, while Appalachia was unchanged.Energy firms covered by UBS, together with integrated oil and gas producers, operated 256 active rigs last week, up one from the prior week.Antero Resources and California Resources added one rig each, while Devon Energy reduced its count by one, potentially reflecting a rig move.Exxon Mobil (XOM) remained the most active publicly traded operator with 35 rigs, followed by Devon with 33, ConocoPhillips (COP) with 30, and EOG Resources (EOG) and Occidental Petroleum with 23 each.Price: $58.41, Change: $-0.65, Percent Change: -1.10%

$CHRD$COP$CTRA$DVN$EOG$OXY$SM$XOM
Equities

BMO Capital Adjusts PT on Exxon Mobil to $170 From $160, Maintains Market Perform Rating

Exxon Mobil (XOM) has an average rating of overweight and mean price target of $168.36, according to analysts polled by FactSet.

$XOM
Equities

Argus Adjusts Price Target on Exxon Mobil to $175 From $169, Keeps Buy Rating

Exxon Mobil (XOM) has an average rating of overweight and mean price target of $168.36, according to analysts polled by FactSet.

$XOM

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