Track market-moving stories before they get noisy

Commodity prices are high, and so too are the valuations of many top oil and gas stocks. ExxonMobil (XOM -1.48%), which is a leading oil producer, has been a top company to invest in this year, with oil prices rising due to the war in Iran. The top oil and gas stock is now up close to 50% since the start of the year, recently hitting not only a new 52-week high but also a new all-time high.

This stock, which investors have typically loaded up on for its long-term stability and dividend growth, has surged tremendously in value this year. The concern for investors, however, may be twofold. One is that the yield has come down as a result of its higher price tag, and the second is that with a high valuation, future returns may be limited.

Is it too late to buy the stock?

Image source: Getty Images.

Why ExxonMobil stock can still rise higherIf a stock has hit a new high, that's typically a positive sign that its business has been doing well and that investors see plenty of growth ahead. ExxonMobil benefits from rising oil prices, and with the war in Iran not ending and potentially intensifying, upward pressure on oil prices may persist for the foreseeable future.

The price of crude oil is around $100 per barrel today, and while that is significantly higher compared to where it was last year, when it was commonly around $60, it's also not quite at the highs it reached back in 2022, when rising inflation sent it north of $115.

Not only might it get back to those levels, but it may potentially rise higher, depending on how long the war drags on.

$175.64-$2.64 (-1.48%)

NYSE · As of 11:24 AM ET 10/20/26

It's not too late to invest in ExxonMobil, especially for dividend investorsExxonMobil stock hasn't run out of room to rise higher by any means. The business has become larger over the years, and it's in an excellent position to benefit from rising oil prices. Although its dividend yield has come down this year because of its rising share price, at 2.3%, the payout is still more than twice the S&P 500 average of just 1%. The company has also raised its dividend for decades, giving investors ample incentive to remain invested in the stock for the long haul.

The oil and gas stock hitting new heights may send alarm bells to investors that its value has been rising and that it's now more expensive to own, but with a solid business and a leadership position in the sector, it can still be an excellent investment to buy and hold.

Banque Pictet & Cie SA cut its holdings in ExxonMobil Corporation (NYSE:XOM – Free Report) by 12.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,805 shares of the oil and gas company’s stock after selling 5,802 shares during the quarter. Banque Pictet & Cie SA’s holdings in ExxonMobil were worth $6,804,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in XOM. GQG Partners LLC boosted its position in ExxonMobil by 153.3% in the second quarter. GQG Partners LLC now owns 16,877,523 shares of the oil and gas company’s stock worth $2,307,497,000 after purchasing an additional 10,214,420 shares during the last quarter. Quantum Portfolio Management LLC bought a new position in ExxonMobil during the first quarter valued at $965,932,000. Arrowstreet Capital Limited Partnership purchased a new position in ExxonMobil in the first quarter worth about $766,345,000. Diamant Asset Management Inc. boosted its holdings in shares of ExxonMobil by 17,312.4% in the 1st quarter. Diamant Asset Management Inc. now owns 2,183,864 shares of the oil and gas company’s stock worth $370,514,000 after purchasing an additional 2,171,322 shares during the period. Finally, Employees Provident Fund Board purchased a new stake in shares of ExxonMobil in the fourth quarter worth approximately $238,970,000. Institutional investors own 61.80% of the company’s stock.

More ExxonMobil News Here are the key news stories impacting ExxonMobil this week:

Positive Sentiment: Refining margins are providing a major earnings boost. ExxonMobil expects higher refining margins to increase third-quarter Energy Products earnings by approximately $4.5 billion compared with the second quarter. Strong refining performance more than offset weakness in other segments, highlighting the benefit of ExxonMobil’s integrated operations. ExxonMobil’s Refining Profits Are Set to Jump $4.5 Billion Positive Sentiment: Growth projects continue to improve ExxonMobil’s long-term outlook. Production milestones in Guyana and the Permian Basin are moving key projects toward free-cash-flow generation. Guyana’s expanding production and additional offshore capacity could support future earnings and capital recovery. Production Milestones Could Be a Key Catalyst Positive Sentiment: Financial flexibility supports investor confidence. ExxonMobil’s low debt load and strong balance sheet provide protection against oil-price volatility and support capital investment, acquisitions and shareholder returns. Morgan Stanley also raised its price target from $177 to $185 and maintained an “overweight” rating. ExxonMobil’s Strong Balance Sheet Offers Cushion Neutral Sentiment: Investors are awaiting confirmed quarterly results. ExxonMobil will release its third-quarter 2026 results on October 30. Management’s report will clarify how much of the preliminary refining gain flowed through to total earnings and cash flow. ExxonMobil to Release Third Quarter 2026 Financial Results Negative Sentiment: Upstream conditions remain a headwind. Changes in oil prices are expected to reduce upstream earnings, with reports indicating a potential roughly $1.3 billion impact. Consequently, the overall third-quarter result may be lower even with the refining improvement. ExxonMobil Signals Lower Third-Quarter Earnings Analysts Set New Price Targets A number of equities analysts recently commented on XOM shares. Freedom Capital raised shares of ExxonMobil from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Royal Bank Of Canada restated a “sector perform” rating and issued a $180.00 target price (up from $160.00) on shares of ExxonMobil in a research note on Monday, September 21st. UBS Group set a $172.00 price target on ExxonMobil in a research note on Friday, September 25th. Bank of America downgraded shares of ExxonMobil from a “buy” rating to a “neutral” rating and raised their price target for the stock from $154.00 to $158.00 in a research note on Tuesday, July 28th. Finally, TD Cowen increased their price objective on ExxonMobil from $168.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, September 28th. Eleven investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $165.13. Get Our Latest Stock Analysis on ExxonMobil

ExxonMobil Trading Up 2.5% NYSE:XOM opened at $179.03 on Friday. The company has a market capitalization of $742.05 billion, a PE ratio of 21.12, a P/E/G ratio of 1.02 and a beta of 0.21. ExxonMobil Corporation has a 52-week low of $111.18 and a 52-week high of $179.16. The stock’s 50 day moving average price is $163.85 and its 200 day moving average price is $154.59. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.12.

ExxonMobil (NYSE:XOM – Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The oil and gas company reported $3.52 earnings per share for the quarter, missing the consensus estimate of $3.56 by ($0.04). ExxonMobil had a net margin of 8.88% and a return on equity of 13.14%. The firm had revenue of $114.53 billion during the quarter, compared to analyst estimates of $109.94 billion. During the same period in the previous year, the company posted $1.64 earnings per share. On average, research analysts anticipate that ExxonMobil Corporation will post 12.52 EPS for the current year.

ExxonMobil Dividend Announcement The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Monday, August 17th were issued a $1.03 dividend. This represents a $4.12 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Monday, August 17th. ExxonMobil’s dividend payout ratio (DPR) is currently 53.02%.

ExxonMobil Company Profile (Free Report)

Exxon Mobil Corporation, commonly known as ExxonMobil, is an integrated energy company engaged in the exploration, development, production and sale of crude oil and natural gas. The company also manufactures and markets fuels, lubricants, petrochemicals and specialty products used in transportation, industrial and consumer applications.

ExxonMobil operates across the energy value chain through businesses that include upstream oil and natural gas production, refining and fuels marketing, chemical manufacturing, and lower-carbon solutions.

See Also Five stocks we like better than ExxonMobil Bank of America Stock Sell-Off Looks Like a Buying Opportunity AST SpaceMobile Is Down 67%—Could SpaceX’s Mobile Push Deepen the Selloff? GlobalFoundries’ $21 Billion Deal Could Change the Economics of Chipmaking Fundamental and Technicals Signals Align for Costco: Is the Stock Finally Breaking Out? Want to see what other hedge funds are holding XOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ExxonMobil Corporation (NYSE:XOM – Free Report).

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ExxonMobil (XOM.N) signaled on Friday that higher refining margins during the third quarter ​could boost its downstream profit by $4.5 billion ‌compared with the previous three months.

Refining margins have soared due to the ongoing Iran war, which has restricted energy exports ​through the Strait of Hormuz, as well ​as Ukrainian attacks on Russian refineries. The resulting higher ⁠fuel prices have created political risks for ​the administration of US President Donald Trump ahead of ​the midterm elections in November.

The top US oil producer's expected refining boom could further draw the ire of the president, who ​complained in August that Exxon and Chevron (CVX.N) ​were making "too much money".

Here are more details from Exxon's regulatory filing ‌on ⁠Friday:

Upstream earnings could take a $1.3 billion hit compared with the second quarter. The average closing Brent benchmark price declined about 5.6% during the third ​quarter compared with ​the previous ⁠three months.

Exxon signaled that there were no volume-related disruptions during the quarter ​stemming from the Iran war.

The company's move ​to ⁠divest some upstream assets will boost earnings by $700 million.

Exxon will release full third-quarter results on October 30.

Exxon ⁠shares ​were up less than 1% ​in pre-market trading.

ExxonMobil (XOM +1.68%) is looking for its next major offshore oil discovery, and Trinidad and Tobago could be where it finds one. The company has secured exploration rights to a massive deepwater block near Guyana, where Exxon and its partners have already discovered roughly 11 billion barrels of recoverable oil resources.

Exxon's head of global exploration, John Ardill, recently told the Financial Times that the company sees Trinidad as a geological extension of its successful Guyana operations. But there's a difference between identifying promising geology and discovering billions of barrels of oil. So the question is: Should you buy Exxon now or wait until the company drills its first exploration well?

Why Trinidad could become another Guyana
Exxon's Trinidad exploration block, known as TTUD-1, covers approximately 7,165 square kilometers, an area larger than Trinidad and Tobago's entire landmass. The block lies in waters roughly 2,000 to 3,000 meters deep, making exploration technically challenging and expensive. But Exxon has a lot of experience operating in similar conditions.

Image source: Getty Images.

In 2015, the company made its landmark Liza discovery offshore Guyana. Since then, Exxon and its partners have made more than 30 discoveries, transforming Guyana into one of the world's fastest-growing oil-producing countries. By late 2025, production had reached approximately 900,000 barrels per day.

Exxon and its partners have committed more than $60 billion to developing Guyana's offshore resources, with plans that could eventually lift production capacity to approximately 1.7 million barrels per day by 2030. Now the company wants to apply that same development strategy to Trinidad.

Exxon actually negotiated its Trinidad production-sharing agreement in just seven months, which is significantly faster than the usual process. It now expects to select its first drilling location by mid-2027, with an initial exploration well potentially following in late 2027 or early 2028.

If the well produces encouraging results, the company could move toward additional exploration and eventual development. Of course, there's no guarantee Trinidad contains anything close to Guyana's enormous resources. But that wouldn't be the end of the world.

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Exxon doesn't need Trinidad to succeed
If you're considering buying shares of Exxon today, you're not buying a company dependent on one speculative exploration project. In the second quarter of 2026, Exxon reported $14.5 billion in earnings, or $3.48 per share. Operating cash flow reached $23.6 billion, while free cash flow totaled $17.2 billion. The company also returned $9.4 billion to shareholders during the quarter, including $4.3 billion in dividends and $5.1 billion in share repurchases.

Meanwhile, its existing operations continue expanding. In fact, Exxon is increasing production in the Permian Basin where output reached a record 1.8 million oil-equivalent barrels per day in Q2 2026, and its fifth offshore production vessel in Guyana is expected to begin operations in Q4, adding another 250,000 barrels per day of production capacity.

So Trinidad really just represents another potential source of long-term growth, not the foundation of Exxon's current profitability. And that gives you some flexibility. In other words, a disappointing Trinidad exploration result wouldn't erase Exxon's established production, refining operations, or cash-generating assets.

I'd lean toward buying Exxon before the first Trinidad well, particularly if you're planning to hold the stock for several years. Waiting for a successful discovery could provide greater confidence in Trinidad's resource potential. But it could also mean buying after some of that optimism has already been priced in.

That said, I wouldn't buy the stock solely because management hopes to repeat Guyana's success. Exploration wells can disappoint, and commercial production would likely remain years away even after a discovery. But if you want exposure to a financially established energy company with additional growth potential, I see little reason to make a Trinidad drilling result the deciding factor. Exxon's existing business supports the investment case. A major Trinidad discovery would just be an added benefit.

Key Takeaways ExxonMobil's low-cost Permian and Guyana operations position it to benefit from elevated crude oil prices.XOM is using advanced drilling techniques and AI to boost Permian production volumes while lowering costs.XOM shares gained 53.3% in a year, outperforming the industry, while its 2026 earnings estimates rose.
West Texas Intermediate (“WTI”) crude is currently trading above $90 per barrel according to data from Oilprice.com. Although the commodity price recently declined from the high mark of more than $100 per barrel, the pricing environment of the commodity is still favorable to continue supporting ExxonMobil Holdings Corporation’s (XOM - Free Report) exploration and production activities, which generate the majority of its earnings.

XOM has a massive footprint in the Permian, the most prolific oil and gas play in the United States, and offshore Guyana. In the Permian, the integrated giant has been employing new drilling techniques and artificial intelligence to boost and optimize production volumes at lower cost structures.

In Guyana, XOM has made several oil and gas discoveries, further highlighting its solid production outlook. Robust production from both assets has been aiding its top and bottom lines. In both resources, the breakeven costs are low.

Will CVX & COP Also Gain From High Oil Prices?Like XOM, Chevron Corporation (CVX - Free Report) and ConocoPhillips (COP - Free Report) will benefit from the strength in oil prices. Let’s delve a little deeper.

With COP generating a significant proportion of revenues from crude oil, the high price of the commodity is extremely favorable for the leading oil and gas exploration and production company, much like other energy giants such as XOM and CVX.

The upstream energy giant also has low-cost drilling opportunities across the Permian, Eagle Ford and Bakken that could be successfully developed over two decades. Thus, the outlook for ConocoPhillips’ upstream operations looks bright.

Chevron has been witnessing growth in production volumes, thanks to its footprint in the Permian. CVX is thus well-poised to gain from prevailing high oil prices.

XOM’s Price Performance, Valuation & EstimatesShares of XOM have gained 53.3% over the past year compared with the industry’s growth of 49.5%.

Image Source: Zacks Investment Research

From a valuation standpoint, XOM trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 9.59X. This is above the broader industry average of 6.06X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for XOM’s 2026 earnings has seen upward revisions over the past 30 days.

Image Source: Zacks Investment Research

ExxonMobil currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Ideally, the instances are limited, but people do occasionally say things they don't mean. It's one of the flaws of being, well, human.

Perhaps it was a case of voicing something into the universe that wasn't meant when, at the White House earlier this year, ExxonMobil (XOM +0.26%) CEO Darren Woods labeled Venezuela "uninvestable." Not surprisingly, that remark invited a rebuke from President Donald Trump, who threatened to block ExxonMobil from participating in any potential opportunities in Venezuela if it didn't soften its stance.

ExxonMobil's plans in Venezuela are unlikely to mean much for the energy patch in the near term. Image source: Getty Images.

It appears cooler heads are prevailing. ExxonMobil, one of the largest energy companies by market cap, is reportedly in talks to invest in several oilfields in Venezuela nearly two decades after the oil giant departed the country amid then-President Hugo Chavez's nationalization of the petroleum industry. Still, the company's previous warning about Venezuela is on some investors' minds.

Why ExxonMobil's Venezuela stance matters to energy investors Due in part to the war in Iran and the lingering conflict in Ukraine, oil prices are elevated, helping energy rank 2026's best-performing sector. Said another way, constrained supply is fostering an environment in which oil prices and the related equities, including ExxonMobil, are soaring.

The other side of that coin is that if the oil market suddenly becomes awash in fresh supply, prices could slump. That'd be a relief to consumers, but it's not a desirable situation for energy investors. Don't bank on Venezuela imminently being a source of new supply to force oil prices lower while weighing on stocks such as ExxonMobil.

Daily output in the South American nation reached 1.2 million barrels in August, well ahead of the levels seen prior to U.S. forces capturing former President Nicolas Maduro, but that's barely more than a third of the all-time high of 3.5 million barrels per day seen in December 1997.

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Following years of Venezuela allowing energy infrastructure to languish, it will take years and sizable investments by Western oil majors before the country's production levels get anywhere close to their lost glory. In simple terms, Exxon and its peers could invest billions of dollars in Venezuela right now, and they still wouldn't be able to lift the country's output to the point where global oil prices materially slide in the near term.

Exxon doesn't need Venezuela As is the case in life, there's a difference between "need" and "want" for companies, and that's true of ExxonMobil in relation to Venezuela. Take the comparison of ExxonMobil and its most direct rival, Chevron (CVX +0.20%). Chevron remained operational in Venezuela for years after competitors left, but these two energy stocks are moving in lockstep this year.

Data by YCharts.

One takeaway from that scenario is that markets are willing to reward ExxonMobil on par with Chevron even without the former possessing a tangible "Venezuela premium." It doesn't need one to generate compelling long-term returns.

ExxonMobil's enviable perches in Guyana and the Permian Basin are the bedrocks of long-term production growth, and the company previously forecast $25 billion in annual earnings growth by 2030, excluding Venezuela. So think of Venezuela as a potential cherry atop the ExxonMobil sundae, not the sundae itself.

Eight justices must decide whether federal law blocks Boulder's state claims, leaving a possible deadlock. Summary

The ruling could reshape litigation exposure far beyond one Colorado lawsuit.

Exxon Mobil XOM, the integrated oil-and-gas producer, traded at $163.66, down approximately 0.5% at 12.09pm EST on October 7, as a Supreme Court case put climate liability back in focus. According to AP's reporting, the dispute could shape whether Boulder and other communities can pursue damages against oil producers. The stakes stretch well beyond one local lawsuit.

The court heard arguments on October 5 in Suncor Energy v. Commissioners of Boulder County, docket 25-170. Exxon and Suncor argue that federal law blocks Boulder's state claims. Boulder argues it wants compensation for local damage and allegedly misleading conduct. That distinction matters: the justices must consider whether those claims can proceed despite federal authority over emissions.

Justice Samuel Alito's recusal leaves eight justices participating. A tie would leave Colorado's ruling intact and let the case continue; a ruling favoring the producers could narrow the path for similar lawsuits. Meanwhile, the valuation graphic puts Exxon 24.55% above its $131.40 GF Value estimate, suggesting the shares already carry a substantial premium. Investors have two questions to weigh: how far the legal precedent reaches, and how much valuation cushion remains.

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

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Key Takeaways ExxonMobil's shares jumped 44.3% in a year, beating the industry's 42.4% growth and key integrated peers.High oil prices and low-cost Permian and Guyana output are supporting XOM's production and earnings.XOM's strong balance sheet and dividend growth add support, but its premium valuation argues for patience. ExxonMobil Holdings Corporation (XOM - Free Report) has jumped 44.3% over the past year, outpacing the industry’s 42.4% growth. BP plc (BP - Free Report) and Chevron (CVX - Free Report) , two other integrated players in the same space, have gained 30.4% and 35.1%, respectively, over the same time span.

Image Source: Zacks Investment Research

The price chart clearly reflects investors’ strong preference for XOM stock. Should investors continue to bet on the integrated energy giant? Before getting into the conclusions, let’s delve into the company’s fundamentals and overall business environment.

Oil Price Still High: Boon for XOM’s Operations?West Texas Intermediate (“WTI”) crude is hovering around the $90-per-barrel mark. The high prices are being driven by intensifying conflicts in the Middle East. The U.S. Energy Information Administration in its latest short-term energy outlook projected WTI at $88.21 per barrel this year, higher than $65.40 last year. A highly favorable oil pricing environment is likely to continue supporting ExxonMobil’s exploration and production activities, similar to BP and Chevron.

Importantly, upstream operations generate the majority of earnings for XOM. The company has a massive footprint in the Permian, the most prolific oil and gas play in the United States, and offshore Guyana. In the Permian, the integrated giant has been employing new drilling techniques and artificial intelligence to boost and optimize production volumes at lower cost structures.

In Guyana, XOM has made several oil and gas discoveries, further highlighting its solid production outlook. Robust production from both assets has been aiding its top and bottom lines. In both resources, the breakeven costs are low.

Robust Balance Sheet & Dividend Commitment of XOMInvestors should also keep in mind that XOM has a strong balance sheet that can support it during an unfavorable business environment. The debt-to-capitalization of ExxonMobil is 13.73%, significantly lower than 28.48% of the industry’s composite stocks.

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Coming to the integrated energy giant’s dividend commitment story, over the past 43 years, ExxonMobil has been rewarding shareholders with annual dividend hikes at an average rate of 5.8%.

Time to Bet on XOM?Coming to the valuation story, ExxonMobil is trading at a premium. On a relative basis, the stock is trading at a 9.18x trailing 12-month Enterprise Value to Earnings Before Interest, Taxes, Depreciation and Amortization (EV/EBITDA), which is a premium compared with the broader industry average of 5.90x. BP and Chevron are trading at 2.89x and 7.82x, respectively.

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Since the stock is relatively expensive now, investors should wait for the ideal time to bet on XOM. However, those who have already invested may continue to hold on to the stock, which currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

ExxonMobil has surged more than 38% this year on record Permian output, a 43-year dividend growth streak, and free cash flow that rivals any major oil company on earth, yet one valuation signal suggests the best of the rally may…

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Our 24/7 Wall St. price target for ExxonMobil (NYSE:XOM | XOM Price Prediction) is $132.90 over the next 12 months. That compares with a current price of $164.01.

Metric Value Current Price $164.01 Price Target from 24/7 Wall St. $132.90 Upside/Downside -18.97% Model Rating SELL Confidence Level 90% ExxonMobil gets a sell rating with high confidence from the model. The main reason is valuation: after a big run, the shares price in more earnings than consensus forecasts support. The rating reflects price only. The business itself keeps getting stronger.

Why We Could Be Wrong About ExxonMobil The bull case rests on Guyana, where Exxon has already recovered its $55 billion investment, so more of that output now becomes into free cash flow. Treat our target as one data point among many.

A 38% Rally Built on Disruption and Execution The stock is up 38.52% year to date and 51.08% over the past year. Shares trade near the top of a 52-week range of $107.28 to $174.09.

In the second quarter, Exxon gets $14.5 billion, generated more than $17 billion of free cash flow and cut net debt by more than $7 billion. First-quarter adjusted EPS of $1.16 beat the $1.01 estimate.

Why Bulls See $170 and Beyond The $1.03 quarterly dividend continues a 43-year growth run. Guyana produced about 900,000 barrels per day gross, and a fifth FPSO (floating production vessel) is due to start up by year-end. Permian output hit a record of more than 1.8 million barrels of oil equivalent per day.

Structural cost savings reached $16.3 billion against a $20 billion goal for 2030, and a $20 billion buyback plan is in place for 2026. Management expects “two times the level of free cash flow in 2030 than we saw in 2025.”

The consensus analyst target is $173.41, with 10 of analysts rating the stock a buy or better. Our own bull scenario reaches $171.79 over five years.

Oil Price Normalization Could Undo the Premium The stock trades at a trailing P/E of 23, while the price-to-free-cash-flow ratio is at 28.58. The effective tax rate rose to 40% in the first quarter.

Our bear case points to $122. First-quarter GAAP profit was weighed down by a $3.88 billion derivative timing charge, but underlying earnings rose to $8.77 billion.

How ExxonMobil Compares to Chevron and Shell Chevron (NYSE:CVX) is the closest U.S. integrated peer with Guyana exposure through Hess. The stock’s trailing P/E is 33 and the yield is 3.14%. By that measure, Exxon’s multiple looks moderate.

Shell (NYSE:SHEL) offers a contrast in LNG and integrated operations. Its second-quarter EPS of $1.92 missed the $3.18 estimate, though free cash flow reached $17.5 billion.

Company Market Cap Q2 2026 Free Cash Flow ExxonMobil $672.05B >$17B Chevron $400.2B $18.1B Shell $272.4B $17.5B Exxon generates free cash flow similar to its peers while carrying the largest market value of the group. Against these peers, our target looks somewhat conservative.

ExxonMobil Price Prediction 2026-2030 The 24/7 Wall St. price target of $132.90 carries a sell model rating at 90% confidence. What tips the scale is the forward earnings outlook as oil prices return to normal.

I would become more constructive if Guyana’s free cash flow inflection shows up in earnings forecasts. Until then, the price already reflects much of the good news.

Year Price Target from 24/7 Wall St. 2026 $132.90 2027 $132.58 2028 $120.04 2029 $116.43 2030 $115.91 ExxonMobil needs to keep executing its current strategy for these projections to hold. A longer disruption in the Strait of Hormuz, or new finds in Guyana, could move results significantly higher.

Contact [email protected] for any questions or corrections.

Key Takeaways ExxonMobil is expanding production from advantaged Guyana and Permian Basin assets.New drilling techniques are helping XOM enhance well recovery and optimize Permian production.ExxonMobil targets durable cash flows through production growth and structural cost reductions. ExxonMobil Holdings Corporation (XOM - Free Report) is a leading oil and gas company with a global presence and a portfolio of high-quality assets that support its earnings and profitability. The company’s low-cost, high-return upstream assets, particularly those in Guyana and the Permian Basin, are expected to aid its earnings and cash flows, especially in the current oil price environment. The West Texas Intermediate crude price is currently trading at approximately $90 per barrel, which is extremely favorable to XOM’s exploration and production activities.

The company is actively working to increase oil and gas production from its advantaged assets. In the Permian Basin, the company is leveraging technology and newer drilling techniques to enhance well recovery and optimize overall production. In Guyana, a fifth floating production, storage and offloading vessel is on track to start operations by the end of 2026, while a final investment decision on the Longtail development is expected soon.

ExxonMobil’s upstream business, which accounts for a large portion of its earnings, is poised to deliver sustainable cash flows in the long run through production growth from its advantaged assets and structural cost reductions. The company prioritizes allocating its capital toward competitive, high-return projects and maintaining a strong balance sheet, which provides operational flexibility and enables it to return shareholder value through consistent share buybacks and a growing dividend across market cycles.

Other Industry Majors With a Low-Cost Production Profile

ConocoPhillips (COP - Free Report) and EOG Resources, Inc. (EOG - Free Report) are two other energy firms that boast a low-cost resource base in the shale basins of the United States.

ConocoPhillips is involved in the exploration and production of crude oil, natural gas liquids (NGLs), bitumen and natural gas. The company boasts a strong asset base in the shale basins of the United States, including the Delaware Basin, Midland Basin, Eagle Ford and Bakken shale. These assets support low-cost production, which enables ConocoPhillips to maintain its profitability and generate free cash flow across various commodity pricing environments.

EOG Resources is a leading independent exploration and production company with operations focused on prolific acres in the United States and several resource-rich international basins. EOG boasts a high-return, low-decline asset base and is among the low-cost producers in the United States. The company’s focus on maintaining a resilient balance sheet and lowering production costs should aid its profitability.

XOM’s Price Performance, Valuation & EstimatesShares of ExxonMobil have risen 50.4% over the past year compared with the 44.8% increase of the composite stocks belonging to the industry.

Image Source: Zacks Investment Research

From a valuation standpoint, XOM trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 9.08X. This is above the broader industry average of 5.80X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for XOM’s 2026 earnings has seen upward revisions over the past seven days.

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XOM, COP and EOG currently carry a Zacks Rank #3 (Hold) each. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways XOM generated $17.2B in free cash flow and returned $9.4B to shareholders in the second quarter of 2026.ExxonMobil invested $13 billion in advantaged assets and high-value products during the first half of 2026.XOM's fifth Guyana FPSO is set for a fourth-quarter 2026 startup, adding 250,000 BPD of production capacity. ExxonMobil Holdings Corporation (XOM - Free Report) has integrated operations spanning upstream, energy products, chemical products and specialty products, providing multiple sources of earnings and cash flow. Robust cash generation is enabling the energy major to pursue growth investments while continuing to return significant capital to shareholders. In the second quarter of 2026, ExxonMobil generated $23.6 billion in cash flow from operations and $17.2 billion in free cash flow. XOM returned $9.4 billion to shareholders, including $4.3 billion in dividends and $5.1 billion in share repurchases, and declared a dividend of $1.03 per share for the third quarter of 2026.

At the same time, ExxonMobil continues to direct substantial capital toward expanding its advantaged portfolio, with cash capital expenditures totaling $13 billion during the first half of 2026 for advantaged assets and high-value products. The company remains on track with its 2030 plan, which targets roughly $25 billion of earnings growth and $35 billion of cash flow growth from 2024 levels at constant prices and margins. Growth investments include Guyana, where the fifth floating production storage and offloading (“FPSO”) remains on track to start operations in the fourth quarter of 2026 and is expected to add 250,000 barrels per day (BPD) of production capacity.

ExxonMobil is pursuing growth initiatives while maintaining balance-sheet strength. Net debt declined by more than $7 billion during the second quarter, while net debt-to-capital improved to 11%, providing financial flexibility for its capital-allocation priorities. The combination of diversified operations, strong cash generation, disciplined growth spending and a healthy balance sheet positions XOM to invest in its growth projects while maintaining shareholder distributions.

CVX & COP Keep Shareholder Returns in FocusLike ExxonMobil, Chevron Corporation (CVX - Free Report) and ConocoPhillips (COP - Free Report) prioritize shareholder returns with disciplined investment programs.

Chevron returned $6.5 billion to shareholders in the second quarter of 2026, supported by $19.7 billion of cash flow from operations excluding working capital and $15.4 billion of adjusted free cash flow. ConocoPhillips, meanwhile, distributed $3 billion during the quarter, including $2 billion of share repurchases and $1 billion of ordinary dividends.

COP remains on track to return 45% of cash from operations to shareholders in 2026, while Chevron’s strong cash generation continues to support its capital-allocation framework.

Together, CVX and COP highlight how large energy producers are using strong cash flows to reward investors while continuing to fund their operating and growth priorities.

XOM’s Price Performance, Valuation & EstimatesExxonMobil shares have gained 41.9% over the past year, on par with the industry.

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From a valuation standpoint, XOM trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 8.84X. This is above the broader industry average of 5.76X.

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The Zacks Consensus Estimate for XOM's 2026 earnings has remained constant over the past seven days.

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XOM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

ExxonMobil (XOM +0.88%) recently raised its annual sales target for liquefied natural gas (LNG) to 50 million tons by 2030. That's double the company's current production volume. This bold goal is up from its previous target of boosting its global LNG output to 40 million tons per year by 2030.

Here's a look at ExxonMobil's ambitious goal of growing its global LNG volumes.

Image source: Getty Images.

Exxon is a major player in LNGGlobal LNG sales totaled 422 million tons in 2025, according to Shell (SHEL +0.89%). That implies Exxon has about a 6% share of the global LNG market. It has a globally diversified portfolio. Its investments include Golden Pass LNG (U.S.), PNG LNG and Papua LNG (Papua New Guinea), Coral South Floating LNG (Mozambique), Gorgan LNG (Australia), and North Field East (Qatar).

Exxon's LNG business has experienced some headwinds and tailwinds this year. The closure of the Strait of Hormuz has impacted LNG flows from Qatar. Additionally, two of Exxon's minority-owned LNG trains in Qatar were damaged by Iranian attacks earlier this year and will be out of commission for a few years for repairs. However, the company and QatarEnergy also began production at their Golden Pass facility in the U.S. earlier this year, which will help offset some of that impact.

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Growing its LNG businessShell expects global LNG demand to grow 65% by 2050 to nearly 700 million tons per year. While the global LNG giant (Shell controls about 15% of global demand) expects LNG sales to be flat to down this year due to the closure of the Strait of Hormuz, it anticipates they'll resume their upward trajectory in 2027. Meanwhile, Exxon is even more bullish. It sees global LNG demand rising to 500 million tons by 2030 and doubling by 2050. This outlook suggests it would control 10% of the LNG market by 2030.

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Exxon has been investing heavily to expand its LNG business. It's one of the company's three core upstream growth drivers (along with the Permian Basin and Guyana) that remain vital to its 2030 plan. Its current LNG projects include Golden Pass (which should reach full capacity next year) and the North Field Expansion project in Qatar. It also plans to launch new project start-ups in Papua New Guinea and Mozambique, though they likely won't start producing until after 2030. Given that Exxon is boosting its LNG growth target without announcing any new projects, it suggests that the company plans to accelerate one of those projects, expand other facilities, or acquire additional LNG capacity to reach its more ambitious 2030 target.

A bold goalExxon wants to double its LNG business by 2030, which would give it a 10% share of that growing global energy market. The company hasn't yet laid out exactly how it plans to reach that more ambitious goal, which is something investors should monitor. However, achieving this bold goal would put the company in an even stronger position to meet its targets of delivering $25 billion in earnings growth and $35 billion in cash flow growth by 2030, positioning it to create significant shareholder value in the coming years.

Key Takeaways ExxonMobil's Gulf Coast CCS network could handle up to 100 million metric tons of CO2 annually.ExxonMobil has agreements to transport and store about 9 million metric tons of CO2 per year.ExxonMobil's Rose project received Texas approval to store about 53 million metric tons of CO2 underground. The world remains heavily dependent on conventional fuels, whose combustion releases significant amounts of carbon dioxide (CO2) into the atmosphere. ExxonMobil Holdings Corporation (XOM - Free Report) expects energy-related CO2 emissions to decline to roughly 30 billion metric tons by 2050 from 36 billion metric tons in 2025, supported by efficiency gains and lower-emission solutions such as carbon capture and storage (CCS).

CCS captures CO2 from industrial facilities before it reaches the atmosphere, transports it through pipelines and injects it deep underground for permanent storage. The technology is expected to scale significantly, with global CCS projected to increase from about 30 million metric tons of CO2 in 2025 to 2,000 million metric tons by 2050. However, meeting global climate goals would require roughly 7,000 million metric tons. Against this backdrop, ExxonMobil is building an end-to-end CCS business spanning CO2 capture, transportation and storage.

The U.S. Gulf Coast is a key focus for XOM because it accounts for about one-third of U.S. industrial CO2 emissions and already hosts much of ExxonMobil’s CCS pipeline network. The company estimates that this network can eventually handle up to 100 million metric tons of captured CO2 annually once fully developed. ExxonMobil already has agreements to transport and store about 9 million metric tons of CO2 per year for industrial customers, while projects with CF Industries and New Generation Gas Gathering already transport and store CO2.

XOM is further expanding its CCS customer base through work with Linde, Nucor, Lake Charles Methanol II and AtmosClear. The company’s plans gained additional momentum after Texas regulators approved the Rose carbon capture and storage project, designed to store about 53 million metric tons of customers’ CO2 in underground wells in Jefferson County, TX. Together, these initiatives highlight ExxonMobil’s efforts to establish CCS as a large-scale business while supporting industrial customers’ emissions-reduction goals.

Carbon Capture Gains Ground Across Energy MajorsOccidental Petroleum Corporation (OXY - Free Report) continues to advance carbon capture through its low-carbon ventures business, with management highlighting progress in direct air capture. OXY sees carbon capture supporting power generation and data-center development in the Permian, where captured CO2 can connect with its broader operations. The company’s STRATOS direct-air-capture project is progressing through commissioning, with full plant commissioning expected around the end of 2026 and operations set to begin in 2027. OXY expects about $400 million in low-carbon ventures capital spending to roll off beginning next year.

Baker Hughes Company (BKR - Free Report) is expanding its carbon-capture capabilities as investment in lower-carbon energy solutions grows. Rising spending across the energy value chain is supporting demand for carbon capture, power generation, natural gas infrastructure and energy management. BKR’s acquisition of Chart Industries adds carbon-capture technology, gas handling and thermal-management capabilities. These additions broaden BKR’s participation across the carbon capture, utilization and storage value chain and enhance Baker Hughes’ ability to provide integrated solutions to energy and industrial customers.

XOM’s Price Performance, Valuation & EstimatesExxonMobil shares have gained 46% over the past year compared with the industry’s 45.5% growth.

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From a valuation standpoint, XOM trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 9.13X. This is above the broader industry average of 5.83X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for XOM's 2026 earnings has remained constant over the past seven days.

Image Source: Zacks Investment Research

XOM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Exxon Mobil (XOM.N) said floodwater overwhelmed a pump at its ​275,000-barrel-per-day refinery in Joliet, Illinois, according to ‌a filing on Thursday.

The company said a containment boom had been deployed as part of the ​cleanup effort.

Exxon did not immediately respond to ​requests for comment.

The filing did not say ⁠whether the incident was linked to ​a power outage that occurred on Sunday.

Exxon shut ​down the refinery after the outage triggered the facility's safety flare.

The refinery flared again on Wednesday, according ​to Patrick De Haan, head of petroleum ​analysis at GasBuddy, who posted about the incident on X.

The ‌Joliet ⁠refinery is a key fuel supplier to the U.S. Midwest. According to the company's website, it can produce about 11 million ​gallons per day ​of gasoline ⁠and diesel fuel.

The disruption comes amid a tight global fuel market, ​with the conflict in the Middle ​East ⁠and Ukrainian attacks on Russian refineries putting pressure on fuel supplies.

The U.S. national average price ⁠of ​diesel surpassed $6 a gallon ​last week and continued to rise this week.

The world is at risk of falling behind in efforts to reduce carbon emissions by 2050, ExxonMobil (XOM.N) said in its annual energy outlook published on Thursday, as ​the burning of coal could decline at a slower rate than previously expected.

Exxon estimates ‌coal will account for 15% of the world's energy mix by 2050, down from 25% in 2025, but up by one percentage point from the company's previous projection. That is because coal is still a significant energy ​source in China and other countries in Asia and is considered key for energy ​security, said Prasanna Joshi, Exxon's director of economics and energy, at a briefing.

Last ⁠week, the International Energy Agency forecast global coal demand to rise to a record 8.94 billion metric ​tons this year, as the U.S.-Israeli war on Iran chokes off exports of crude and liquefied natural ​gas shipments through the Strait of Hormuz.

Exxon's outlook, which provides the basis for its investment decisions, does not account for the Middle East conflict because it is too early to determine the full ramifications, Joshi said.

"We need a ​few more years to really understand what the impact is going to be on long-term fundamentals," ​he said.

Here are more details on Exxon's energy outlook:

Annual global energy-related carbon dioxide emissions are projected to fall ‌to 30 ⁠billion metric tons by 2050, far above the level of 11 billion metric tons that a United Nations body determined would be needed to limit increases to the average global temperature.

That level of emissions in 2050 implies global temperatures could rise between 2.5 and 3 degrees Celsius, Joshi said.

Last ​year, Exxon projected annual ​2050 global emissions would ⁠be 27 billion metric tons.

Exxon also lowered its estimate for the amount of carbon that will be captured globally and stored underground. The company ​forecasts that amount could reach 2 billion metric tons by 2050, down ​from its ⁠prior estimate of 3.1 billion metric tons.

Oil demand will reach about 105 million barrels per day in 2050, up from the global consumption of 100 million bpd last year. The projection is unchanged from Exxon's ⁠previous ​estimate.

Global electricity demand is expected to grow 65% by 2050 ​from 2025, largely in line with Exxon's previous estimate. The demand growth will be driven by industrial sectors and the ​increasing number of data centers.

ExxonMobil (XOM.N) is negotiating to return to Venezuela and has shown interest in the large Petromonagas heavy oil project in the Orinoco Belt - where the ​US energy major previously had a stake - as well as in areas in the neighboring Carabobo block, according to people familiar with the matter.

A reentry into Venezuela by ‌Exxon, if finalized, would mark a staggering reversal for the company after it exited the OPEC country nearly two decades ago amid a dispute triggered by the nationalization of its oil projects by the government of former President Hugo Chavez.

Exxon has so far remained on the sidelines as rivals completed deals after US President Donald Trump urged companies to invest in Venezuela following the capture of then-president Nicolas Maduro in January. CEO Darren Woods drew Trump's ire at the time when he called ​the country "uninvestable."

Still, the company has sent technical teams this year to evaluate oilfields in Venezuela.

On Wednesday, Continental Resources - founded by billionaire Harold Hamm - signed a memorandum of understanding with Venezuela's state oil company PDVSA ​to operate and develop the Ayacucho 2 area in the prolific Orinoco, the country's largest output region.

Earlier this month, Italy's Eni (ENI.MI) and Chevron (CVX.N) completed final agreements ⁠in Caracas to expand projects and boost oil output in the South American country.

EXXON CONSIDERS RETURN TO CERRO NEGRO
Following failed negotiations earlier this year with PDVSA for other areas on offer, Exxon is now ​considering a return to Petromonagas, formerly called Cerro Negro. The field was previously the company's main project in the nation and remains one of the few with an operational upgrader capable of turning the Orinoco's extra ​heavy crude into lighter exportable grades.

Following Exxon's exit from Venezuela in 2007, Russian energy powerhouse Rosneft (ROSN.MM) acquired a 40% stake in Petromonagas that in 2020 was transferred to Roszarubezhneft, a state firm that took over Russian assets overseas to shield them from US sanctions. It is still unknown how Russia's ownership could affect any deal.

The Venezuelan and Russian governments have said this year that Russia remains the holder of a stake in Petromonagas and other large oil projects it shares with ​state company PDVSA.

"We have agreements with China and Russia involving joint ventures that hold valid authorizations to carry out primary activities. We fully respect those agreements, and—regarding the joint ventures in which they hold ​a stake—they will continue to carry out their operations," Venezuelan oil minister Paula Henao said earlier this month in a TV interview.

The Trump administration, however, has been clear in its intent to expand the presence of US firms in ‌Venezuela, while ⁠limiting the access of companies from "adversaries," including China and Russia.

Exxon and PDVSA did not immediately respond to requests for comment.

The Wall Street Journal and Bloomberg reported details about Exxon's negotiations earlier on Wednesday.

THE EXXON ADVANTAGE
Exxon previously operated Cerro Negro with a 41.67% interest in the project until it was nationalized and taken over completely by PDVSA.

Company executives have said Exxon would have an advantage if it decided to return, given its previous operations and familiarity with the country's vast heavy and extra heavy crude resources. Venezuela sits on the world's largest oil reserves, with the lion's share concentrated in the Orinoco Belt.

One key advantage is the company's experience ​with extracting heavy oil at its Canada projects, ​Woods has said.

"The work that we've been doing ⁠up in Canada ... positions us uniquely in terms of low-cost production of the Venezuela resource," he said in May.

While the upgrader is currently in service, Petromonagas will likely need maintenance and major repairs after decades of insufficient investment amid US sanctions and a need to produce feedstock for the country's refineries instead of ​exportable oil, according to PDVSA documents seen by Reuters and sources.

CONOCOPHILLIPS AT IMPASSE UNTIL DEBT REPAYMENT
Meanwhile, ConocoPhillips (COP.N), the third-largest US oil producer by volume, is ​stonewalling any negotiations to reenter ⁠Venezuela until it secures payment of some $11 billion owed by the country and PDVSA from the expropriation of its projects, according to two sources familiar with the matter.

ConocoPhillips did not immediately respond to a request for comment.

The company participated in two heavy crude projects also in the Orinoco - Hamaca and Petrozuata - in addition to the Corocoro offshore oil project, which was also nationalized in 2007. Like Exxon, Conoco exited the country and filed for international ⁠arbitration that year.

After ​years of dispute, arbitration courts have considered the expropriation "unlawful," awarding ConocoPhillips billions of dollars, most of which the company is still ​seeking to collect following an unfinished payment agreement with PDVSA, attempts to seize the company's Caribbean assets and participation in a court-ordered auction pursuing Venezuela-owned refiner Citgo.

"That's our first priority right now. They owe us a significant amount of money and we've been ​after that," said then-CEO Ryan Lance in February.

Exxon Mobil (XOM.N) brought its ​264,000-barrel-per-day (bpd) refinery in Joliet, Illinois, offline after ‌a power outage occurred on Sunday, the company said on Monday.

The outage occurred at about 3:30 ​p.m. CT on Sunday and power was ​restored at around 7:00 p.m., according to ⁠a company statement.

The outage triggered the refinery's ​safety flare and resulted in a shutdown.

The ​company said it is assessing the refinery's status, and the cause of the incident remains under investigation.

The Joliet ​refinery supplies key fuels to consumers in ​the U.S. Midwest. It can produce about 11 million ‌gallons ⁠a day of gasoline and diesel fuel, according to the company website.

The disruption comes amid a tight global fuel market. The Iran ​war and ​Ukrainian attacks ⁠on Russian refineries have strained fuel supplies, while strong exports have ​further tightened domestic inventories.

The U.S. national ​average ⁠price of diesel last week surpassed $6 a gallon for the first time ever. Any prolonged operational disruptions ⁠could ​exacerbate an already tight ​fuel market, sending prices even higher.

Key Takeaways ExxonMobil made a new oil and gas discovery at the Vicango East-01 well in Angola's offshore Block 15.The well found 82 feet of high-quality sandstone with 22% porosity, indicating favorable reservoir quality.Block 15's licence runs to 2032, giving ExxonMobil more time and flexibility for further exploration. ExxonMobil Holdings Corporation (XOM - Free Report) , a U.S. oil and gas giant, has made a new oil and gas discovery offshore Angola at the Vicango East-01 exploration well. The well is located approximately 370 kilometers northwest of Luanda, the capital city of Angola. The exploration well was drilled to a depth of 3,085 feet using the Valaris DS-9 drillship. The oil discovery was made in Block 15 offshore Angola, marking the 20th find in the block over the past 30 years.

The exploratory well has found approximately 82 feet of high-quality sandstone containing hydrocarbons. Angola’s National Oil, Gas and Biofuels Agency, along with the other partners in Block 15, highlighted that the sandstone had a porosity of 22%, indicating favorable reservoir quality and the potential to hold hydrocarbons. The prolific Block 15 is a major oil and gas resource for Angola, having already produced more than 2.7 billion barrels of oil over the past 30 years. The new hydrocarbon find demonstrates the region’s exploration potential.

ExxonMobil has a successful history of operating in Block 15 for more than 20 years, and the company believes that the offshore block still has significant untapped potential. XOM’s continued exploration efforts underscore its commitment to developing Angola’s offshore resources and expanding its long-term production potential. Furthermore, new discoveries around existing infrastructure could lower the cost and development timelines, accelerating future production.

ExxonMobil operates Block 15, holding a 36% interest in the block through its affiliate Esso Exploration Angola (Block 15) Limited. Azule Angola Limited and Azule Angola BV are partners in the block. The other partners include Equinor Angola Block 15, with a 12% stake, and Sonangol E&P, with 10%.

Angola’s National Oil, Gas and Biofuels Agency is the concessionaire of Block 15. The regulatory agency attributed the ongoing exploration efforts in Block 15 partly to changes in the country’s legal and fiscal policy frameworks. These include, among other policies, an extension of the Block 15 license until 2032, giving XOM more time to explore and develop resources in the block. Since ExxonMobil believes that Block 15 still has more resources that can be discovered, the extended license and more favorable regulatory and fiscal terms provide XOM with additional time and flexibility to pursue further exploration and development opportunities in the block.

XOM’s Zacks Rank & Key PicksXOM currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the energy sector are Par Pacific Holdings (PARR - Free Report) , Valero Energy (VLO - Free Report) and Galp Energia SGPS SA (GLPEY - Free Report) . While Par Pacific and Valero sport a Zacks Rank #1 (Strong Buy) each, Galp Energia carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks Rank #1 stocks here.

Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho, refining operations in Hawaii, Wyoming, Washington and Montana, and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products.

Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. VLO’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.

Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is engaged in the refining and marketing of oil products and gas, as well as marketing and sales.

3 Stocks to Buy and Hold for Higher Interest RatesExxonMobil NYSE: XOM Chief Financial Officer Neil Hansen said the company is relying on technology, project execution and operational performance to support long-term shareholder returns as energy markets navigate supply disruptions and higher refining margins.

Speaking at the Barclays Energy-Power Conference, Hansen said the company’s strategy is designed to operate across commodity-price cycles and changing energy systems. He cited ExxonMobil’s ability to execute major projects at lower cost and faster speed than competitors, as well as its efforts to centralize operating organizations across the enterprise.

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Striking Oil: How the U.S. Play for Venezuela Fuels Supermajors“We want to be defined by what we do well, not necessarily by the products that we produce,” Hansen said.

Supply disruption shifts pressure toward refining Addressing the Middle East supply disruption and conditions surrounding the Strait of Hormuz, Hansen said the situation underscored the importance of affordable and reliable energy. He said market mechanisms have largely responded as expected, including releases from commercial and strategic inventories, higher supply from countries including the United States and Brazil, and demand destruction in chemicals and refining.

The 2026 Blueprint: 6 Stocks for a Brand New PortfolioFor the most part, oil prices have settled into a relatively range-bound environment, he said. However, ExxonMobil sees refining as the current pinch point in the energy system.

Hansen attributed higher refining margins partly to products not leaving the Middle East and reduced availability of crude needed by Asian refineries. He also cited developments involving Ukraine and Russia, as well as lower Chinese product exports.

He said ExxonMobil’s integrated model helps the company capture value as it moves among stages of the value chain. The company has organized itself around value chains spanning feedstocks, manufacturing, logistics and end consumers, while centralizing functions including supply chain, trading, technology, operations and project execution.

Hansen pointed to the company’s ability to qualify alternative crude supplies for Asian refining and chemical facilities during disruptions around the Strait of Hormuz as an example of how those capabilities can support operations.

Permian synergies exceed initial expectations Hansen said ExxonMobil’s acquisition of Pioneer Natural Resources has performed better than anticipated. The company initially expected to generate about $2 billion annually in synergies from the transaction, but has doubled that amount, according to Hansen.

He described the integration as a “best of both” approach, combining ExxonMobil’s technology and operating capabilities with practices it adopted from Pioneer. The company remains focused on raising recovery rates in the Permian Basin, where Hansen said only a relatively small portion of the resource in the ground is currently recovered.

ExxonMobil is advancing 40 complementary technologies intended to improve primary and secondary recovery and enhance capital efficiency, he said. Some of the technologies could produce equivalent volumes with fewer wells. Hansen reiterated the company’s objective of doubling recovery in the Permian and said its outlook for the asset remains optimistic.

On future acquisitions, Hansen said ExxonMobil can remain selective. The company will seek transactions where it can apply its capabilities to create substantially more value than the current owner, rather than pursuing deals simply to add volumes or assets.

LNG growth and Guyana cash flow Hansen said ExxonMobil continues to view the long-term fundamentals for liquefied natural gas as sound. While the company had expected near-term market length entering the year, he said Middle East developments have pushed that expectation out.

The company’s priority in LNG is to bring on advantaged, low-cost supply that can generate high returns, rather than to pursue geographic diversification for its own sake, he said. ExxonMobil’s portfolio includes operations and projects in the Middle East, Papua New Guinea, Mozambique and the U.S. Gulf Coast through Golden Pass.

Hansen also said ExxonMobil recently announced plans with Total in Papua New Guinea under which ExxonMobil will take operatorship and increase its equity interest.

In Guyana, Hansen said the company reached the “desaturation” of its cost bank faster than expected—about two years earlier, even after accounting for oil-price effects. He said the milestone reflects project execution and the performance of existing floating production, storage and offloading vessels.

ExxonMobil has recovered approximately $55 billion of costs in Guyana, Hansen said. While the development is expected to result in slightly lower entitled volumes—estimated at about 100,000 barrels per day beginning in the third quarter—he said it is expected to double free cash flow between 2025 and 2030.

The company’s fifth Guyana FPSO is already in the water, and ExxonMobil is working to advance a ninth vessel, he said. Hansen added that quicker cost recovery will increase receipts for the Guyanese government.

Focus extends beyond 2030 Hansen said ExxonMobil has growing confidence in its plan to add $25 billion in earnings and $35 billion in cash flow through 2030, with earnings growth moving closer to $30 billion. He said the company is also pursuing opportunities beyond that period, including LNG projects, frontier exploration, undeveloped discovered resources, Proxxima resins and graphite for batteries.

In Proxxima, Hansen said the company has demonstrated value in uses such as lighter rebar and coatings requiring fewer applications. ExxonMobil has made a final investment decision on a blend plant intended to produce up to 120,000 KTA of resins, he said. In graphite, the company is working with original equipment manufacturers to demonstrate faster battery charging, more capacity and longer duration.

Hansen said future structural savings are expected to come increasingly from ExxonMobil’s centralized organizational model and a new enterprise-wide system, rather than primarily from divestments.

About ExxonMobil (NYSE:XOM)Exxon Mobil Corporation, doing business as ExxonMobil, is an integrated energy company engaged in the exploration, development, production and marketing of crude oil and natural gas. Its upstream operations support oil and natural gas production in multiple regions worldwide, while its downstream businesses refine crude oil into fuels and other petroleum products for commercial, industrial and consumer markets.

Through its product solutions businesses, ExxonMobil manufactures and markets lubricants, specialty fluids, petroleum-derived products and chemical products, including commodity and performance chemicals used in packaging, automotive components, construction materials and other industrial applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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ExxonMobil Holdings Corporation ("ExxonMobil") (NYSE: XOM) today announces that its wholly owned subsidiary, Pioneer Natural Resources Company (the "Offeror") is offering to purchase for cash any and all of its outstanding $1,100,000,000 1.900% Senior Notes due 2030 (the “2030 Notes”) and $1,000,000,000 2.150% Senior Notes due 2031 (the “2031 Notes”, and together with the 2030 Notes, the “Notes”).

Holders will receive a price equal to the Total Consideration based on the applicable Reference Yield and the applicable Fixed Spread plus Accrued Interest (each as defined below) (in the case of each of the 2030 Notes and the 2031 Notes, a "Tender Offer" and together, the “Tender Offers”).

Each Tender Offer is being made upon the terms and subject to the conditions set forth in the Offer to Purchase dated September 8, 2026 (the "Offer to Purchase"). Terms not defined in this announcement have the meanings given to them in the Offer to Purchase.

Upon the terms and subject to the conditions set forth in the Offer to Purchase, the Offeror is offering to purchase any and all of the Notes, as set forth in the table below. Notes purchased in the Tender Offers will be cancelled. Neither Tender Offer is conditioned on any minimum principal amount of Notes being tendered. The consummation of each Tender Offer is subject to, and conditioned upon, the satisfaction or waiver, where permitted, of the conditions discussed in the Offer to Purchase.

Title of Notes

Principal Amount

Outstanding

ISIN/CUSIP

Reference Security(1)

Fixed Spread(1)

Bloomberg Reference

Page

1.900% Senior Notes due 2030

$1,100,000,000

ISIN NO. US723787AQ06

CUSIP NO. 723787 AQ0

4.375% UST due August 31, 2031

30 bps

FIT1

2.150% Senior Notes due 2031

$1,000,000,000

ISIN NO. US723787AR88

CUSIP NO. 723787 AR8

4.375% UST due August 31, 2031

35 bps

FIT1

(1)

The "Total Consideration" per $1,000 principal amount of Notes of each series validly tendered at or prior to the Expiration Date and not validly withdrawn and accepted for purchase will be calculated as described in the Offer to Purchase using the applicable Fixed Spread. See "Description of the Tender Offers—Total Consideration" in the Offer to Purchase. The Total Consideration does not include accrued and unpaid interest on such Notes from the last interest payment date with respect to such Notes to, but not including, the Settlement Date (the "Accrued Interest"), which will be paid in addition to the Total Consideration.

Each Tender Offer will expire at 5:00 p.m., New York City time, on September 14, 2026, unless extended or earlier terminated (such date and time, as the same may be extended or earlier terminated, the "Expiration Date"). Holders who desire to participate in the Tender Offers must validly tender their Notes at or prior to the applicable Expiration Date. Tenders of Notes may be validly withdrawn at any time on or prior to the applicable Expiration Date but tenders will thereafter be irrevocable, except in certain limited circumstances where additional withdrawal rights are required by law.

Neither Tender Offer is conditioned on any minimum principal amount of Notes being tendered. Notes may be tendered only in principal amounts equal to the minimum denomination of $1,000 and integral multiples of $1,000 in excess thereof.

Upon the terms and subject to the conditions set forth in the Offer to Purchase, Holders who validly tender and who do not validly withdraw Notes at or prior to the applicable Expiration Date and whose Notes are accepted for purchase by the Offeror will receive the "Total Consideration". The Total Consideration payable for the Notes will be a price per $1,000 principal amount of Notes, calculated with reference to the Settlement Date, that would reflect a yield to the applicable maturity date of such Notes equal to the sum of (i) the applicable Reference Yield determined at the Price Determination Time, plus (ii) the applicable Fixed Spread. The Total Consideration payable for each of the 2030 Notes and the 2031 Notes will be determined as set out in the calculation in Schedule A to the Offer to Purchase.

The "Reference Yield" means the bid side yield to maturity, determined in accordance with market convention, of the applicable Reference Security, based on the bid price for the applicable Reference Security as reported on the applicable Bloomberg Reference Page at the Price Determination Time. The sum of the applicable Fixed Spread and the applicable Reference Yield is referred to as the "Repurchase Yield".

The "Price Determination Time" is expected to be 2:00 p.m., New York City time, on September 14, 2026.

In addition to the Total Consideration, Holders whose Notes are accepted for purchase will be paid the Accrued Interest on the Settlement Date. Interest will cease to accrue on the Settlement Date for all Notes accepted in either Tender Offer. The Settlement Date will promptly follow the Expiration Date and is expected to be September 16, 2026, which is the second business day after the Expiration Date, unless extended.

Holders are advised to check with any bank, securities broker or other intermediary through which they hold their Notes as to when such intermediary needs to receive instructions from a Holder in order for that Holder to be able to participate in either Tender Offer before the deadlines specified herein and in the Offer to Purchase. The deadlines set by any such intermediary and the Depository Trust Company for the submission and withdrawal of tender instructions will also be earlier than the relevant deadlines specified herein and in the Offer to Purchase.

The results of each Tender Offer are expected to be announced promptly following the Expiration Date. This press release will be available on https://corporate.exxonmobil.com/. Copies of the Offer to Purchase are available to holders of the Notes ("Holders") through the Tender and Information Agent, Global Bondholder Services Corporation at its website https://www.gbsc-usa.com/pioneer/ or by calling (212) 430-3774 (bank and brokers call collect) or (855) 654-2014 (all others please call toll-free).

The Dealer Manager for each Tender Offer is:

Citigroup
388 Greenwich Street, 4th Floor
New York, NY 10013
Toll-Free: +1 (800) 558-3745
Collect: +1 (212) 723-6106
Email: [email protected]
Attention: Liability Management Group

The Tender and Information Agent for each Tender Offer is:
Global Bondholder Services Corporation
65 Broadway – Suite 404
New York, New York 10006 Attn: Corporate Actions

Bank and Brokers Call Collect: (212) 430-3774
All Others Please Call Toll Free: (855) 654-2014
E-mail: [email protected]
Tender Offer Website: https://www.gbsc-usa.com/pioneer/

Non-U.S. Distribution Restrictions

United Kingdom. The communication of this announcement, the Offer to Purchase and any other documents or materials relating to either Tender Offer is not being made by and such documents and/or materials have not been approved by an "authorised person" for the purposes of section 21 of the Financial Services and Markets Act 2000 (as amended, the "FSMA"). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials is exempt from the restriction on financial promotions under section 21(1) of the FSMA on the basis that it is only directed at and may only be communicated to and may only be acted upon by: (1) persons who are outside of the United Kingdom; (2) investment professionals falling within the definition contained in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order"); (3) those persons who are existing members or creditors of the Offeror or other persons falling within Article 43(2) of the Order; (4) a qualified investor as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024 (“POATRs”), or (5) any other persons to whom such documents and/or materials may lawfully be communicated in accordance with the Order (all such persons together being referred to as "relevant persons"). This announcement and any other documents or materials relating to either Tender Offer are only available to relevant persons. Consequently, no disclosure document required by the FCA Product Disclosure Sourcebook (“DISC”) for offering, selling or distributing the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering, selling or distributing the Notes or otherwise making them available to any retail investor in the UK may be unlawful under DISC and the Consumer Composite Investments (Designated Activities) Regulations 2024. This announcement and any other documents or materials relating to the Tender Offers have been prepared on the basis that the Offer to Purchase in the UK will be made pursuant to an exemption from the prohibition on offers to the public under POATRs. This announcement and any other documents or materials relating to the Tender Offers are not a prospectus for the purposes of the POATRs. Any person who is not a relevant person should not act or rely on this document or any of its contents. Any investment or investment activity to which this announcement relates are only available to relevant persons and will be engaged in only with relevant persons.

France. Neither Tender Offer is being made, directly or indirectly, in the Republic of France (other than to qualified investors as described below). This announcement, the Offer to Purchase and any other document or material relating to either Tender Offer may not be distributed to the public in the Republic of France and have only been, and shall only be, distributed in the Republic of France to qualified investors as defined in Article 2(e) of Regulation (EU) 2017/1129, as amended (the "Prospectus Regulation") and in accordance with Article L. 411-2, 1° of the French Code monétaire et financier. None of this announcement, the Offer to Purchase nor any other documents or materials relating to either Tender Offer have been or will be submitted for clearance to the Autorité des marchés financiers.

Italy. None of the Tender Offers, this announcement, the Offer to Purchase or any other documents or materials relating to either Tender Offer have been or will be submitted to the clearance procedure of the Commissione Nazionale per le Società e la Borsa ("CONSOB") pursuant to applicable Italian laws and regulations. Each Tender Offer is being carried out in the Republic of Italy ("Italy") as an exempted offer pursuant to article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of February 24, 1998, as amended (the "Financial Services Act") and article 35-bis, paragraph 4 of CONSOB Regulation No. 11971 of May 14, 1999, as amended. Holders or beneficial owners of the Notes that are resident or located in Italy can tender their Notes for purchase through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with the Financial Services Act, CONSOB Regulation No. 20307 of February 15, 2018, as amended, and Legislative Decree No. 385 of September 1, 1993, as amended) and in compliance with any other applicable laws and regulations and with any requirements imposed by CONSOB or any other Italian authority. Each intermediary must comply with applicable laws and regulations concerning information duties vis-à-vis its clients in connection with the Notes or the Offer to Purchase.

Belgium. None of this announcement, the Offer to Purchase nor any other documents or materials relating to either Tender Offer have been, or will be, submitted or notified to, or approved or recognized by, the Belgian Financial Services and Markets Authority ("Autorité des services et marchés financiers"/"Autoriteit voor Financiële Diensten en Markten"). Neither Tender Offer is being made in Belgium by way of a public offering within the meaning of Articles 3, §1, 1° and 6, §1 of the Belgian Law of April 1, 2007 on public takeover bids ("loi relative aux offres publiques d'acquisition"/"wet op de openbare overnamebiedingen"), as amended or replaced from time to time. Accordingly, neither Tender Offer may be, or is being, advertised and neither Tender Offer will be extended and this announcement, the Offer to Purchase and any other documents or materials relating to either Tender Offer (including any memorandum, information circular, brochure or any similar documents) may not, have not, and will not, be distributed or made available, directly or indirectly, to any person in Belgium other than to "qualified investors" ("investisseur qualifié"/"gekwalificeerde belegger") within the meaning of Article 2(e) of the Prospectus Regulation acting on their own account. Insofar as Belgium is concerned, each Tender Offer is made only to qualified investors, as this term is defined above. Accordingly, the information contained in this announcement, the Offer to Purchase or in any other documents or materials relating to either Tender Offer may not be used for any other purpose or disclosed or distributed to any other person in Belgium.

This announcement is for informational purposes only and is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents with respect to any Notes. This announcement does not describe all the material terms of either Tender Offer and no decision should be made by any Holder on the basis of this announcement. The terms and conditions of each Tender Offer are described in the Offer to Purchase. This announcement must be read in conjunction with the Offer to Purchase. The Offer to Purchase contains important information which should be read carefully before any decision is made with respect to either Tender Offer. If any Holder is in any doubt as to the contents of this announcement, or the Offer to Purchase, or the action it should take, it is recommended to seek its own financial and legal advice, including in respect of any tax consequences, immediately from its stockbroker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to tender such Notes pursuant to either Tender Offer.

None of the Offeror, ExxonMobil, the Dealer Manager or their affiliates, or the Tender and Information Agent makes any recommendation, or has expressed an opinion, as to whether or not Holders should tender their Notes held by them pursuant to either Tender Offer, or refrain from doing so. Each Holder should make its own decision as to whether to tender its Notes and if so, the principal amount of the Notes to tender.

The Offeror has not filed this announcement or the Offer to Purchase with, and they have not been reviewed by, any federal or state securities commission or regulatory authority of any other country. No authority has passed upon the accuracy or adequacy of either Tender Offer, and it is unlawful and may be a criminal offense to make any representation to the contrary.

The Offer to Purchase does not constitute an offer to purchase Notes in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer under applicable securities or blue sky laws. The distribution of the Offer to Purchase in certain jurisdictions is restricted by law. Persons into whose possession the Offer to Purchase comes are required by each of the Offeror, ExxonMobil, the Dealer Manager and the Tender and Information Agent to inform themselves about, and to observe, any such restrictions.

Cautionary note regarding forward-looking statements

Certain statements contained in this announcement are, or may be deemed to be, "forward-looking statements" (including for purposes of the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934).

Forward-looking statements give the Offeror’s current expectations and projections about future events, including strategic initiatives and future financial condition and performance, and so the Offeror’s actual results may differ materially from what is expressed or implied by such forward-looking statements. Forward-looking statements sometimes use words such as "expects," "anticipates," "believes," "targets," "plans," "intends," "aims," "projects," "indicates," "may," "might," "will," "should," "potential," "could" and words of similar meaning (or the negative thereof). All statements, other than statements of historical facts, included in this announcement are forward-looking statements. Such forward-looking statements include, but are not limited to, statements relating to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; future earnings power; potential addressable markets; and other statements of future events or conditions.

Any forward-looking statements made by or on behalf of the Offeror speak only as of the date they are made and are based upon the knowledge and information available to the Offeror on the date of this announcement. These statements and views may be based on a number of assumptions and, by their nature, involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and/or are beyond ExxonMobil’s control or precise estimate. Subject to our obligations under U.S. law in relation to disclosure and ongoing information, we undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. ExxonMobil also owns and operates the largest CO2 pipeline network in the United States. In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity. To learn more, visit exxonmobil.com and ExxonMobil’s Advancing Climate Solutions.

Public Company Information: NYSE: XOM

View source version on businesswire.com: https://www.businesswire.com/news/home/20260908938146/en/

SummaryExxonMobil maintains a buy rating, supported by strong free cash flow, disciplined capex, and attractive valuation.Q2 saw record upstream output, $18.9B free cash flow, and $5.1B in buybacks, offsetting mixed earnings and refining weakness.Management targets $25B earnings and $35B cash flow growth by 2030, with advantaged assets driving production to 5.5M boe/d.Technicals remain bullish, with rising moving averages and RSI momentum; price target is updated to $179 based on 17x forward earnings. ridham supriyanto/iStock Editorial via Getty Images

ExxonMobil (XOM) continues to benefit from higher oil and product prices amid the ongoing conflict in Iran. For the year, WTI is up 59%, while shares of the largest US oil company are higher by

9.7K Followers

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Motiva Enterprises and Exxon Mobil Corp (XOM.N) are preparing their East Texas refineries for ​high winds and possible flooding as a developing tropical storm nears ‌the U.S. Gulf Coast, people familiar with plant operations said on Monday.

Motiva and Exxon have not reduced production at their Port Arthur and Beaumont, Texas refineries, respectively, but they ​have secured loose items and equipment that can be blown by high ​winds or drift in flood waters should those be produced ⁠by the developing storm expected to make landfall on Tuesday, the sources said.

Exxon ​spokesperson Kelly Davila said on Monday the company was monitoring the storm and ​both its Beaumont and Baytown, Texas, refineries continued to operate normally.

A Motiva spokesperson did not reply to a request for comment.

Cheniere Energy (LNG.N) and Freeport LNG said they were monitoring the ​storm. Cheniere added it would take steps to modify operations if necessary, ​but there had been no impact on production so far.

Cheniere operates liquefied natural gas plants ‌at Sabine ⁠Pass on the Texas-Louisiana border and Corpus Christi, Texas.

Freeport LNG's plant is in Freeport, Texas.

The U.S. National Hurricane Center forecasts the storm, currently called Tropical Depression 5, to become Tropical Storm Edouard before making landfall near Port Arthur ​on Tuesday.

Edouard is not ​expected to reach ⁠hurricane strength and is forecast to produce winds no more than 58 miles per hour (93 kph), according to the ​hurricane center.

Exxon on Monday afternoon activated its Incident Command System, ​the sources ⁠said.

Valero Energy Corp (VLO.N) has not modified operations at its 235,000-barrel-per-day (bpd) Port Arthur refinery, sources at the refinery said.

The Motiva Port Arthur refinery is the nation's largest with ⁠a ​crude oil processing capacity of 656,400 bpd. Exxon's ​Beaumont refinery can intake 612,000 bpd while the Baytown refinery, on the east side of Houston, can ​process 564,000 bpd.

Key Takeaways ExxonMobil posted record Q2 production and a 21.1% revenue beat, while adjusted EPS missed by 4.3%.Permian output topped 1.8M boe/d, while Guyana's fifth FPSO is set to add 250,000 bpd of capacity.Middle East disruptions cut about 10% of Q2 upstream output, adding near-term production risk for XOM. ExxonMobil Holdings Corporation (XOM - Free Report) paired sharply higher second-quarter revenues with record production marks, but adjusted earnings still missed expectations. The mix shows how volume growth and tighter product markets can lift results while costs and regional disruption remain material earnings variables.

Advantaged Permian and Guyana assets support future volumes and cash generation. Refining, chemicals and Middle East exposure, however, leave results sensitive to market conditions outside the company’s control.

XOM's Q2 Beat on Sales Came With an Earnings MissAdjusted earnings of $3.52 per share missed the Zacks Consensus Estimate of $3.68 by 4.3%. Revenues of $116 billion beat the consensus mark by 21.1% and increased 42.3% year over year.

Higher scheduled-maintenance expenses and increased depreciation weighed on earnings, while Middle East conditions disrupted production. The revenue beat therefore did not fully offset operating and cost pressures.

ExxonMobil Set New Upstream Production HighsUpstream production totaled 4.514 million oil-equivalent barrels per day in the second quarter. ExxonMobil’s broader plan shows production rising from 4.3 million oil-equivalent barrels per day (Moebd) in 2024 to 4.6 million year to date in 2026 and about 5.5 million by 2030. Advantaged assets increased from 52% of upstream production in 2024 to 59% year to date in 2026 and are planned at about 65% by 2030.

Image Source: ExxonMobil Holdings Corporation

Permian output exceeded a record 1.8 million oil-equivalent barrels per day, with management targeting a 9% production compound annual growth rate through 2030. The fifth Guyana floating production, storage and offloading vessel is slated to start in the fourth quarter, adding 250,000 barrels per day of capacity. Chevron Corporation (CVX - Free Report) also reported record U.S. upstream production of nearly 2.1 million oil-equivalent barrels per day in the second quarter.

XOM's Product Solutions Rebound Shows CyclicalityEnergy Products generated $4.10 billion of adjusted earnings as stronger refining conditions, optimization and structural savings supported results. Chemical Products adjusted earnings rose to $1.21 billion from $110 million in the first quarter.

The sequential gains also highlight cyclicality. Refining and chemical earnings remain exposed to margins, feedstock costs, trading results and supply conditions, leaving room for sharp swings as markets change.

ExxonMobil's Middle East Exposure Adds Q3 RiskMiddle East assets represent about 20% of ExxonMobil’s global oil-equivalent production. The conflict temporarily removed about 10% of total upstream production during the second quarter, making regional conditions an important near-term volume variable.

A full-quarter Strait of Hormuz closure in the third quarter could reduce Middle East production by about 750,000 oil-equivalent barrels per day versus 2025. Shell plc (SHEL - Free Report) reported Integrated Gas production of 631,000 oil-equivalent barrels per day in the second quarter, down from 909,000 in the first quarter as Qatar-related disruptions reduced volumes.

XOM's Cash Flow Supports Heavy Investment and ReturnsExxonMobil generated $17.2 billion of free cash flow while cash capital expenditures totaled $6.8 billion in the second quarter. That capacity supports continued investment in the Permian, Guyana and liquefied natural gas projects through volatile conditions.

Shareholder distributions reached $9.4 billion, including $4.3 billion of dividends and $5.1 billion of share repurchases. Net debt fell by more than $7 billion during the quarter, preserving financial flexibility for growth and capital returns.

XOM's Style Strength Tempers the Event RiskExxonMobil exits the quarter with a clear trade-off. Advantaged production growth and stronger Product Solutions earnings support cash generation, but commodity sensitivity and Middle East disruption can still reduce earnings visibility.

The stock currently carries a Zacks Rank #3 (Hold), which points to a neutral short-term stance. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Its Value Score of A, Growth Score of A, Momentum Score of A and VGM Score of A indicate favorable characteristics across all three styles, but the Style Scores complement rather than override the Zacks Rank.

Exxon Mobil
XOM -0.64% 76

, the integrated oil-and-gas titan, dropped approximately 1.3% to $162.97 Monday afternoon as crude sank more than 2%. Oil had rallied for two straight weeks as pressure on Iranian exports and restricted Gulf shipping tightened the supply outlook. Then the trade snapped back. The geopolitical premium was real—but never permanent.

Exxon's operating engine remains brutally strong. The company delivered second-quarter operating cash flow of $23.6 billion and free cash flow of $17.2 billion, powered by record Permian production and a massive refining network. That scale gives Exxon several ways to win. It does not need every barrel of oil to carry a crisis premium.

The valuation is where investors should stay sharp. Exxon's $162.97 share price sits 29.24% above its $126.10 GF Value estimate, signaling that plenty of strength may already be priced in. Sanctions could squeeze supply and reignite crude overnight. Weaker demand or diplomatic progress could unwind the premium just as quickly. Exxon can absorb an oil selloff better than most—but its stock will still feel the hit.

Check the Warning Signs for

XOM

now!

ExxonMobil (XOM -0.63%) highlighted in its second-quarter earnings report that it made a Final Investment Decision to expand Proxxima's blending capacity in Louisiana. Unless you follow ExxonMobil closely, and maybe even if you do, you probably have no idea what this material is. Launched in 2023, Proxxima is a proprietary polyolefin thermoset resin system that makes a range of products stronger and lighter than those made from alternative materials.

Here's why the continued expansion of its Proxxima business matters for ExxonMobil investors.

Image source: The Motley Fool.

What is Proxxima? Thermoset resin is a polymer material that permanently hardens through an irreversible chemical process. ExxonMobil used advanced polymer technology to produce a new range of resin systems designed to outperform existing materials. It's Proxxima products are two-part resin systems for composites, coatings, and neat molded polymer applications. They feature a liquid resin formulation for product performance plus a catalyst formulation designed for processing speed.

Proxxima is a high-performance alternative to traditional materials such as epoxy, polyurethane, vinyl ester, and polyester. It's adaptable, lightweight, and incredibly durable. It has a range of current applications, including wind turbine components, coating subsea pipelines, rebar, automotive parts, and industrial coatings.

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Proxxima is a big part of ExxonMobil's future Oil and gas remain ExxonMobil's core business. The oil giant plans to invest billions of dollars in the coming years to continue finding and developing new hydrocarbon resources.

However, ExxonMobil's business model is much more diversified than those of other energy companies. It also has refining, chemicals, and lower-carbon energy businesses. Its products solutions segment (energy, chemical, and specialty products) is a meaningful contributor to its earnings. These products generated a combined $9.8 billion in adjusted earnings during the first half of the year, compared to $15.5 billion in adjusted earnings from its upstream oil and gas business.

Proxxima is a small but growing specialty product category for ExxonMobil. The company completed the first phase of the Proxxima business scale-up last year. It completed the retrofit and expansion of a blending facility in Texas, which started operations in June 2025. It also finished a raw materials facility in Texas last year. The company is now moving forward with a 120,000-ton-per-year expansion of Proxxima's blending capacity in Louisiana. This project will add a significant supply to meet growing customer demand.

By 2030, Exxon expects its products solutions business to deliver $9 billion in earnings growth at constant margins compared to 2024's level, with high-value products and new businesses like Proxxima systems and carbon materials contributing 40% of its earnings growth potential. Longer-term, Exxon expects its growing new businesses, including Proxxima, will reach $13 billion in earnings by 2040. It sees a $100 billion future total addressable market opportunity for Proxxima systems and carbon materials.

Building an energy company for the future ExxonMobil will be an oil and gas company for years to come. However, the company is investing in building several new, lower-carbon businesses for the future, including Proxxima. That business is growing due to strong customer demand. It's a core part of Exxon's strategy to build a more diversified and lower-carbon energy company. This strategy is one of the many reasons that make it one of the top oil stocks to buy.