ExxonMobil Posts Third Straight Quarterly Loss But Seeing Early Demand Recovery

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  • #24872
    ThePitBoss
    Participant

    Oil giant ExxonMobil reported better than expected third…

    [article]2231[/article]

    #25039
    TradersCom
    Keymaster

    Exxon Mobil on Monday said it was writing down some of its natural gas assets by as much as $20 billion and was cutting spending next year to its lowest level since 2005. Pioneer Natural Resources (remember them from the OPEXAS days?) said it doesn’t expect demand to return to “normal” until 2022.

    In a nod to early this year when Pioneer was calling for extraordinary control to prop up the oil sector, Pioneer CEO Scott Sheffield said the oil industry will “still need some help from OPEC.”

    The Daily Dose; November was so last week.

    #25125
    ThePitBoss
    Participant

    Goldman Sachs Exxon Mobil Analyst: Neil Mehta Upgrades XOM from Neutral to Buy and raised the price target from $42 to $52
    [b]
    On Improving Oil Demand Outlook, Valuation[/b]

    Poised to benefit as oil demand recovers to pre-COVID-19 levels in the coming years, and the risks are already priced into the stock, according to Goldman Sachs.

    The Exxon Mobil Thesis:

    The company’s capital spending outlook has been meaningfully reduced from $30-$35 billion to $17-$19 billion in 2021 and $20-$25 billion from 2022 through 2025, Mehta said in the upgrade note.

    “Relative to peers focusing on harvesting FCF generation, XOM has been more focused on growth investments across its Upstream, Refining and Chemicals businesses,” the analyst said.

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