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Exxon Mobil Corporation (NYSE:XOM) shares are trading lower after the company signaled weak oil and gas prices to impact first-quarter FY24 results.
The company anticipates that fluctuations in gas prices will negatively influence its first-quarter upstream results by between $(0.6) billion and $(0.2) billion.
Conversely, changes in liquid prices are expected to have a negative impact on upstream results of $(0.4) billion to flat.
On the other hand, Exxon Mobil projects that variations in industry margins will positively impact energy products earnings by $0.5 billion-$0.7 billion and both specialty products earnings and chemical products earnings by flat to $0.2 billion each.
Also Read: Exxon Mobil Sounds The Alarm: Reportedly Warns On Sharp Drop In Australia’s Gas Supply
Exxon Mobil expects changes in unsettled derivatives (mark-to-market) to impact first-quarter upstream earnings by negative $(0.2) billion to positive $0.2 billion.
Last month, Exxon Mobil reportedly accelerated LNG portfolio expansion, aiming to double capacity to 40 mtpa by 2030.
Investors can gain exposure to the stock via SPDR Select Sector Fund – Energy Select Sector (NYSE:XLE) and IShares U.S. Energy ETF (NYSE:IYE).
Price Action: XOM shares are down 0.32% at $118.92 premarket on the last check Thursday.
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