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Exxon Mobil $XOM is currently trading at new ALL TIME HIGHS
By: Evan | April 5, 2024
• Exxon Mobil $XOM is currently trading at new ALL TIME HIGHS.
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ExxonMobil (XOM), Shell Partner With Singapore for CCS Project
By: Zacks Investment Research | March 11, 2024
Exxon Mobil Corporation XOM and Shell plc SHEL have announced a partnership with the Singapore government to develop a cross-border carbon capture and storage
CCS
project.
The collaboration aims to significantly reduce Singapore's carbon dioxide (CO2) emissions, marking a pivotal step in the country's decarbonization journey.
The Singapore-based units of these energy giants — ExxonMobil Asia Pacific Pte. Ltd. and Shell Singapore Pte. Ltd. — have established the S-Hub consortium to lead the development of this CCS initiative. The project underscores a proactive approach to addressing the environmental challenges posed by greenhouse gas emissions.
In December 2023, the S-Hub consortium and the Singapore Economic Development Board solidified their commitment by signing a memorandum of understanding. The agreement outlines their collaboration in planning and developing a CCS project that promises to capture and permanently store at least 2.5 million tons of CO2 annually by 2030.
The project, set to commence in 2030, targets capturing and storing CO2 emissions from various sectors within Singapore, either underground or beneath the seabed. The selection of storage sites will be based on rigorous analysis to ensure their suitability and effectiveness in long-term carbon storage.
This CCS initiative is particularly significant for Singapore, a nation seeking decarbonization solutions for sectors with hard-to-abate emissions like energy and chemicals, power, and waste management. Carbon capture and storage technology is seen as a crucial pathway to achieve substantial emission reductions in these areas.
The collaboration between ExxonMobil, Shell and the Singapore government is part of a broader strategy to develop a portfolio of decarbonization measures. These efforts are aimed at meeting the nation's climate change targets and contributing to global sustainability goals.
Zacks Ranks & Stocks to Consider
ExxonMobil currently carries a Zacks Rank #3 (Hold).
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4 Magnificent Stocks to Buy That Are Near 52-Week Lows
By: The Motley Fool | February 28, 2024
Industrial and energy companies can be challenging to follow because their businesses can have big ups and downs based on the economy, interest rates, or commodity prices.
Sometimes, it's best to buy these companies on weakness when things aren't going well, anticipating that another upswing will eventually come. Importantly, these companies must be financially built for the tough times.
Here are four fantastic industrial and energy stocks with rock-solid fundamentals, all trading near their 52-week lows today.
1. ExxonMobil
Energy giant ExxonMobil (NYSE: XOM) is a fixture in fossil fuels. The company explores for, extracts, refines, and sells oil and gas products. ExxonMobil enjoyed banner years in 2022 and 2023, but the stock is near its 52-week lows due to weakness in commodity prices. The price of oil has retreated from triple-digits to between $70 and $80 per barrel. While refining margins improve when oil prices drop, the exploration business is too big to offset falling oil prices.
The good news is that ExxonMobil is financially sound. The company has $31 billion in cash on its balance sheet against $41 billion in total debt, resulting in just $10 billion net debt. Investors can enjoy a solid 3.6% dividend yield at the current share price, and the company has raised its dividend for 41 consecutive years, showing it's endured multiple industry ups and downs.
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ExxonMobil (XOM) maintains buy rating with $130 target after earnings
By: Investing | February 2, 2024
On Friday, ExxonMobil (NYSE:XOM) received a reiteration of a Buy rating and a $130.00 price target from Jefferies, following the company's disclosure of its fourth-quarter earnings for 2023. The earnings report indicated that ExxonMobil's adjusted earnings per share (EPS) for the quarter were approximately 14% higher than the consensus estimates, attributed to significant performance in both the Upstream and Energy Products divisions.
The company's capital expenditures for the fourth quarter amounted to roughly $6.2 billion, slightly exceeding expectations. This increase in spending was primarily due to investments in projects in Guyana and in the lithium sector. Despite this, the firm's free cash flow (FCF) fell marginally short of consensus projections by about 3%.
Jefferies highlighted the robust results from the company's core operations, which helped to surpass the average earnings expectations. The strong performance in the Upstream sector, which involves the exploration and production of oil and natural gas, along with gains in Energy Products, contributed to the favorable outcome.
The slight overage in capital expenditures was noted as a potential point of contention among observers, given its impact on the company's free cash flow. However, the investments are part of ExxonMobil's strategic developments, particularly in the expanding areas of Guyana's oil fields and the burgeoning lithium market, which is vital for battery production.
The maintained price target of $130.00 by Jefferies reflects a continued positive outlook on ExxonMobil's stock, despite the minor variance in capital spending and free cash flow in comparison to expectations. The company's performance in the last quarter of 2023 has been acknowledged as a strong indicator of its operational success.
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