Short interest for Exxon Mobil gives investors a sense of the degree to which investors are betting on the decline of Exxon Mobil's stock. Short interest data is updated every two weeks.

Exxon Mobil Stock (NYSE:XOM), Short Interest Report

Exxon Mobil

ExxonMobil is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2023, it produced 2.4 million barrels of liquids and 7.7 billion cubic feet of natural gas per day. At the end of 2023, reserves were 16.9 billion barrels of oil equivalent, 66% of which were liquids. The company is one the world's largest refiners with a total global refining capacity of 4.5 million barrels of oil per day and is one of the world's largest manufacturers of commodity and specialty chemicals.

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It is unlikely to violate bribery laws as currently interpreted by the Supreme Court, as per Meredith McGehee, an independent expert on government ethics and campaign finance.

Trump Reportedly Seeks $1B In Campaign Funds From Exxon Mobil, Chevron, Other Big Oil Execs: Expert Calls It &#39;Shocking&#39; But Perfectly Legal

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Exxon Mobil Corporation&#39;s (NYSE: XOM) trading staff rallied outside its Brussels office last week, protesting against the relocation of the trading floor to London, per a Bloomberg report.

ExxonMobil Trading Staff Opposes London Relocation Plan

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Former President Donald Trump has reportedly asked oil industry executives to contribute $1 billion to his campaign for the White House. This request, while controversial, is likely legal, according to industry experts.
What Happened: Trump made this request during a meeting with industry executives at his Palm Beach, Florida home last month, Politico <a href="https://www.politico.com/news/2024/05/09/trump-asks-oil-executives-campaign-finance-00157131">reported</a>, citing three people familiar with the conversation. 
The executives present represented companies like Exxon Mobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), Continental Resources, EQT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>), and Cheniere Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LNG#NYSE">LNG</a>), as well as the American Petroleum Institute, as per the report.
Trump&#8217;s request is seen as a reflection of the issues with the current campaign finance laws, according to Erin Chlopak, senior campaign finance director at the watchdog group Campaign Legal Center. 
Although the request is seen as &#8220;shocking,&#8221; it is unlikely to violate bribery laws as currently interpreted by the Supreme Court, as per Meredith McGehee, an independent expert on government ethics and campaign finance.
"The state of the law and the state of the enforcement agency is abysmal," McGehee said in an interview. "But this is a scandal, and the notion that our government works where candidates go to industry and promise government action in exchange for large amounts of money is an indictment of the system."
See Also: <a href="https://www.benzinga.com/news/23/10/35215410/trumps-son-in-law-jared-kushner-says-my-hope-and-prayers-are-for-former-presidents-reelection-in-202?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Son-In-Law Jared Kushner Says &#8216;My Hope And Prayers Are&#8217; For Former President&#8217;s Reelection In 2024</a>
Why It Matters: Trump&#8217;s request for campaign funding from oil executives comes amid a flurry of political activity. His son-in-law, Jared Kushner, is reportedly <a href="https://www.benzinga.com/news/24/05/38750997/trumps-son-in-law-back-in-political-arena-jared-kushner-reportedly-making-calls-to-potential-donors">actively promoting his potential re-election</a> and has been reaching out to donors to support the former president&#8217;s 2024 campaign.
Trump has also been using legal troubles as a <a href="https://www.benzinga.com/general/politics/24/05/38569790/trump-uses-gag-order-fines-as-fundraising-opportunity-they-want-to-silence-me-they-think-they-ca">fundraising opportunity</a>. After being fined $9,000 for violating a gag order in his criminal trial, Trump asked for financial help from supporters.
Trump&#8217;s request for campaign funding from oil executives also comes after he <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38736514/donald-trump-says-you-better-vote-for-him-if-youre-pro-crypto-but-has-he-always-been-fine-">publicly endorsed cryptocurrency</a> as a significant election issue, contrasting with President Joe Biden&#8216;s perceived unfamiliarity with the crypto world.
Trump&#8217;s request for campaign funding from oil executives also comes after a meeting with Elon Musk in Florida, where the former President <a href="https://www.benzinga.com/news/24/03/37786306/did-donald-trump-ask-elon-musk-for-money-in-florida-tesla-ceo-spills-the-beans-on-don-lemon-show-im">reportedly did most of the talking</a>. When asked if Trump asked him for money, Musk said &#8220;I&#8217;m not paying his legal bills.&#8221;
Read Next: <a href="https://www.benzinga.com/news/23/09/35016975/donald-trump-says-jimmy-carter-wasnt-a-great-president-while-roasting-joe-biden-darling-im-no-longer?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says Carter &#8216;Wasn&#8217;t A Great President&#8217; While Roasting Biden</a>
Image Via Shutterstock 
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
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Trump Reportedly Seeks $1B In Campaign Funds From Exxon Mobil, Chevron, Other Big Oil Execs: Expert Calls It 'Shocking' But Perfectly Legal

Exxon Mobil Corporation&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xom#NYSE">XOM</a>) trading staff rallied outside its Brussels office last week, protesting against the relocation of the trading floor to London, per a Bloomberg report.
Approximately 50 employees voiced their concerns over hundreds of job reductions that have occurred over the past three years. Among them, about a fifth are trading floor personnel who face potential job losses if they decline relocation, according to union representatives. The protest highlighted the stakes for approximately 37 trading jobs that are at risk.
Earlier this year, ExxonMobil urged its Belgian traders to relocate to the U.K. as part of a broader initiative to consolidate trading operations under a new global division. While the company frames this move as an expansion in trading activities, employees remain skeptical, citing dissatisfaction with the terms offered.
Hans Christiaens, the permanent secretary for BBTK, a Belgian socialist trade union, stressed the importance of the protest, highlighting the necessity for people to grasp that the current situation is unsustainable.
Despite the mounting discontent, ExxonMobil maintains its stance, asserting compliance with workplace laws and regulations. However, the company&#39;s approach has drawn criticism for its avoidance of formal negotiations mandated by the &quot;Renault Law&quot; designed to address significant job losses.
Per the report, ExxonMobil&#39;s statement contends that the Renault law does not apply to its relocation plan, a stance likely to intensify the standoff between management and protesting employees.
Over the past three years, more than 300 ExxonMobil employees, constituting a third of the Brussels workforce, have left their positions. Trading-floor departures would further deplete employee numbers by 6%.
In response to the protest, ExxonMobil issued a statement emphasizing its commitment to engage with employees directly while discouraging participation in demonstrations. The company asked the employees to attend an internal meeting instead, cautioning against making statements that could misrepresent its position.
<h3>Zacks Rank &amp; Key Picks</h3>
XOM currently carries a Zack Rank #3 (Hold).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked stocks like Hess Corporation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hes#NYSE">HES</a>), EOG Resources Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/eog#NYSE">EOG</a>) and Valero Energy Corporation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vlo#NYSE">VLO</a>). While Hess sports a Zacks Rank #1 (Strong Buy), EOG Resources and Valero Energy carry a Zacks Rank #2 (Buy) at present.
Hess operates primarily in two areas &mdash; the Bakken shale and the Stabroek project offshore Guyana. It is currently in the process of being acquired by supermajor Chevron in an all-stock deal worth $53 billion. HES has a Growth Score of B at present.
The Zacks Consensus Estimate for 2024 and 2025 EPS is pegged at $9.17 and $11.08, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
EOG Resources, an oil and gas exploration company, boasts attractive growth prospects, top-tier returns and a disciplined management team, leveraging highly productive acreages in prime oil shale plays like the Permian and Eagle Ford.
The Zacks Consensus Estimate for EOG&#39;s 2024 EPS is pegged at $12.21. The company has a Zacks Style Score of B for Value and Growth each. It has witnessed upward earnings estimate revisions for 2024 in the past seven days.
Valero Energy is a premier refining player with a presence across North America and the Caribbean. Its diverse network favors robust refining margins, utilizing cost-effective crude for more than half of its needs.
The Zacks Consensus Estimate for VLO&#39;s 2024 EPS is pegged at $18.02. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2025 in the past 30 days.
<a href="https://www.zacks.com/stock/news/2270267/exxonmobil-xom-trading-staff-opposes-london-relocation-plan?cid=CS-BENZ-FT-analyst_blog|company_news_-_energy_sector-2270267">To read this article on Zacks.com click here.</a>

Source: <a href="https://www.streetwisereports.com/article/2024/05/03/dle-co-announces-strategic-investment-to-deploy-extraction-tech.html?utm_medium=feed">Streetwise Reports 05/03/2024</a>
Volt Lithium Corp.&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/vltlf#OTC">VLTLF</a>) aims to become North America&#39;s first commercial producer of lithium hydroxide and lithium carbonates from oilfield brine. Read to see what experts are saying about this company&#39;s stock.
Volt Lithium Corp. has announced a strategic investment of US$1,500,000 by a company with operations in the Delaware Basin in West Texas, U.S.A., with the purpose of deploying a field unit.
This field unit will produce lithium hydroxide monohydrate using Volt&#39;s direct lithium extraction (DLE) technology and will build on work already done by Volt at its permanent Demonstration Plant in Calgary, Alberta.
Its Delaware Basin project is located in one of the largest conventional oil and gas-producing basins in North America. It produces approximately 10.9 million barrels of water every day through the production of oil and gas.
The strategic investment will be completed through a non-brokered, private placement with the investor. Under the private placement, 6,818,182 units of Volt will be issued at a price of US$0.22 per unit for an aggregate consideration of US$1,500,000 and is expected to close on or about May 1, 2024.
Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant will be exercisable into one common share at a price of US$0.35 per warrant share.
Of the investment, President and CEO Alex Wylie said: &quot;We are very pleased to be collaborating with this operator to deploy Volt&#39;s field unit in the Delaware Basin. Volt has spent the past several months working with this operator to ensure the successful extraction of lithium from this operator&#39;s brine at our Demonstration Plant.&quot;
<h2>Spotlight on Volt</h2>
According to its website, Volt Lithium Corp is a &quot;lithium development and technology company aiming to be North America&#39;s first commercial producer of lithium hydroxide and lithium carbonates from oilfield brine.&quot;
It explains that its strategy is &quot;to generate value for shareholders by leveraging management&#39;s hydrocarbon experience and existing infrastructure to extract lithium deposits from existing wells, thereby reducing capital costs, lowering risks, and supporting the world&#39;s clean energy transition.&quot;
The company&#39;s President, CEO, and Director, Alex Wylie, has &quot;a proven track record of founding and building successful high-growth resource-based businesses&quot; while Chief Financial Officer Morgan Tiernan offers &quot;10+ years of tax and financial reporting experience for private and public entities.&quot;
Volt Lithium&#39;s Board of Directors also has a lot to offer in terms of experience within the sector. Director Warner Uhl has over 30 years of experience as a senior mining professional, &quot;working in executive management with mining, construction, and engineering companies.&quot;
As Chair of the Board, Lt. General (ret&#39;d) Honourable Andrew Leslie uses his &quot;extensive U.S./Canada cross border relations experience.&quot;
Volt&#39;s Board of Directors has over 130 years of experience in total in relevant sectors.
<h2>Lithium Is Key for a Greener Future</h2>
Lithium is used in the production of lithium-ion batteries. As most plug-in hybrids and all-electric vehicles use these batteries, it&#39;s clear that more lithium is needed as more people choose to move to greener vehicles.
CarbonCredits predicts that global demand for lithium will surpass 2.4 million metric tons by 2030, which is double the 2025 forecast. The publication also noted that Goldman Sachs is maintaining &quot;a pessimistic outlook for lithium prices in 2024&quot; and is projecting &quot;further declines compared to current levels.&quot; It puts the decline down to an oversupply of lithium this year.
<blockquote class="callOut left">Technical Analyst Clive Maund considers Volt Lithium as an Immediate Strong Buy, writing that &quot;Volt&#39;s technology opens the door to a symbiotic relationship with any number of oil companies who can partner with it to produce lithium in a manner that is profitable for both parties.&quot;</blockquote>
Stockhead recently reported on a supposed upcoming explosion of demand for electric vehicles (EVs) in China &quot;if the Chairman of Chinese EV-making titan BYD is to be believed.&quot; Stockhead also went on to note that &quot;both futures and spot lithium pricings have staged a slight recovery after a bit of a recent dip&quot; but maintained that &quot;it&#39;s all looking a tad unpredictable at the moment.&quot;
As for Volt Lithium&#39;s part in a greener future, it notes that lithium extraction from oilfield brines is an emerging, high-growth industry. To its knowledge, the company is the &quot;only lithium extraction company targeting [the] sector that has successfully extracted lithium from oilfield brines.&quot; After completing a pilot program, it announced up to 90% extraction capabilities using the company&#39;s technologies.
Companies like EXXON&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xom#NYSE">XOM</a>) and Chevron&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvx#NYSE">CVX</a>) have also both recently announced that the extraction of lithium from oilfield brines will &quot;become a future core competency once technology is commercialized.&quot;
As Volt Lithium points out, extracting from oilfield brines will have a &quot;first mover advantage in North America, as infrastructure is in place, fields are permitted, and lithium is produced today from the brines; it&#39;s just not currently being extracted.&quot;
<h2>Volt&#39;s Recent Progress</h2>
The company closed a round of financing towards the end of last year and hoped to &quot;significantly advance the business&quot; with a number of key deliverables, including a published PEA, improvements to key technologies, and the completion of a permanent pilot.
In February 2024, the company announced it had been able to cut operating costs by 64% on its Rainbow Lake property.
<h2>What The Experts Are Saying</h2>
The experts agree that the future looks exciting for Volt. Michael Ballanger of GGM Advisory Inc. explained in a January newsletter that he changed Volt Lithium&#39;s rating to a Buy because of a research report from Wood Mackenzie, reposted in The Wall Street Journal, which mentioned &quot;forecasting a glut of lithium . . . to continue for several years.&quot;
Ballanger also noted that &quot;lithium darlings that were market darlings a year ago, such as E3 Lithium Ltd. and Patriot Battery Metals Inc. are now in full &quot;crash&quot; mode.&quot;
Technical Analyst Clive Maund also considers Volt Lithium as an Immediate Strong Buy, writing in a February article that &quot;Volt&#39;s technology opens the door to a symbiotic relationship with any number of oil companies who can partner with it to produce lithium in a manner that is profitable for both parties.&quot; He also mentions the recent signing of a cooperation agreement with Alberta-based oil and gas producer Cabot Energy.
Maund wrote that while &quot;oilfield lithium brine is often at low concentrations . . . Volt has developed the technology to profitably extract it.&quot;
<h2>Ownership and Share Structure</h2>
Refinitiv provided a breakdown of the company&#39;s ownership and share structure, where management and insiders own approximately 15.54% of the company. According to Refinitiv, James Alexander Wylie owns 8.73% of the company with 11.38 million shares, Martin Scase owns 4.94% of the company with 6.44 million shares, Warner Uhl owns 0.88% of the company with 1.15 million shares, Maury Dumba owns 0.49% of the company with 0.64 million shares, Morgan Tiernan owns 0.39% of the company with 0.50 million shares, and Kyle Robert Hookey owns 0.11% of the company with 0.14 million shares.
Refinitiv reports that institutions own 1.84% of the company, as Eagle Claw Investments Pty. Ltd. owns 1.07% of the company with 1.40 million shares, and U.S. Global Investors, Inc., owns 0.77% of the company with 1.00 million shares.
According to Market Watch, the company has 137.1 million shares outstanding and a market cap of CA$37.79 million. It trades in the 52-week range between CA$0.29 and CA$0.30.
Important Disclosures:
<ol>
<li>Volt Lithium Corp. has a consulting relationship with an affiliate of Streetwise Reports, and pays a monthly consulting fee between US$8,000 and US$20,000.</li>
<li>As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Volt Lithium Corp.</li>
<li>Lauren Rickardwrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>
Contributing Author Disclosures
<ol>
<li>Author Certification and Compensation: [Clive Maund of clivemaund.com] is being compensated as an independent contractor by Street Smart, an affiliate of Streetwise Reports, for writing this article. Maund received his UK Technical Analysts&#39; Diploma in 1989. The recommendations and opinions expressed in this content accurately reflect the personal, independent, and objective views of the author regarding any and all of the designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or views expressed.</li>
</ol>
Clivemaund.com Disclosures
The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund&#39;s opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund&#39;s opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.

UBS analyst Josh Silverstein maintains Exxon Mobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) with a Buy and raises the price target from $150 to $152.

Price Target

Analyst Ratings

UBS Maintains Buy on Exxon Mobil, Raises Price Target to $152

Financial giants have made a conspicuous bullish move on Exxon Mobil. Our analysis of options history for Exxon Mobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) revealed 24 unusual trades.
Delving into the details, we found 54% of traders were bullish, while 41% showed bearish tendencies. Out of all the trades we spotted, 7 were puts, with a value of $715,499, and 17 were calls, valued at $2,424,417.
<h3>Expected Price Movements</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $105.0 to $145.0 for Exxon Mobil over the recent three months. 
<h3>Volume &amp; Open Interest Trends</h3>
In today's trading context, the average open interest for options of Exxon Mobil stands at 9017.24, with a total volume reaching 74,388.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Exxon Mobil, situated within the strike price corridor from $105.0 to $145.0, throughout the last 30 days.
<h3>Exxon Mobil 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1715027471_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>XOM</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>06/21/24</td>
<td>$12.65</td>
<td>$12.45</td>
<td>$12.55</td>
<td>$105.00</td>
<td>$967.0K</td>
<td>7.1K</td>
<td>1.9K</td>
</tr>
<tr>
<td>XOM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$7.0</td>
<td>$6.85</td>
<td>$6.95</td>
<td>$120.00</td>
<td>$695.0K</td>
<td>3.0K</td>
<td>1.2K</td>
</tr>
<tr>
<td>XOM</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>06/21/24</td>
<td>$2.2</td>
<td>$2.17</td>
<td>$2.2</td>
<td>$115.00</td>
<td>$220.0K</td>
<td>16.9K</td>
<td>1.0K</td>
</tr>
<tr>
<td>XOM</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$21.55</td>
<td>$20.85</td>
<td>$20.85</td>
<td>$135.00</td>
<td>$208.5K</td>
<td>33</td>
<td>190</td>
</tr>
<tr>
<td>XOM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>06/21/24</td>
<td>$0.72</td>
<td>$0.69</td>
<td>$0.7</td>
<td>$125.00</td>
<td>$153.7K</td>
<td>46.8K</td>
<td>13.3K</td>
</tr>
</tbody>
</table>

<h3>About Exxon Mobil</h3>
ExxonMobil is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2023, it produced 2.4 million barrels of liquids and 7.7 billion cubic feet of natural gas per day. At the end of 2023, reserves were 16.9 billion barrels of oil equivalent, 66% of which were liquids. The company is one the world's largest refiners with a total global refining capacity of 4.5 million barrels of oil per day and is one of the world's largest manufacturers of commodity and specialty chemicals.
<h3>Current Position of Exxon Mobil</h3>
<ul>
<li>Trading volume stands at 30,098,543, with XOM's price up by 0.69%, positioned at $116.8.</li>
<li>RSI indicators show the stock to be may be approaching oversold.</li>
<li>Earnings announcement expected in 81 days.</li>
</ul>
<h3>Professional Analyst Ratings for Exxon Mobil</h3>
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $137.6.
<ul>
<li>An analyst from Scotiabank has decided to maintain their Sector Perform rating on Exxon Mobil, which currently sits at a price target of $129. </li>
<li>Maintaining their stance, an analyst from HSBC continues to hold a Hold rating for Exxon Mobil, targeting a price of $120. </li>
<li>An analyst from Wells Fargo persists with their Overweight rating on Exxon Mobil, maintaining a target price of $142. </li>
<li>Consistent in their evaluation, an analyst from UBS keeps a Buy rating on Exxon Mobil with a target price of $150. </li>
<li>In a cautious move, an analyst from Barclays downgraded its rating to Overweight, setting a price target of $147. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Exxon Mobil options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Options

Spotlight on Exxon Mobil: Analyzing the Surge in Options Activity

Economics

Exxon Mobil CEO Darren Woods, On Carbon Reduction, Says We Got To Find A Way To A Market Based System; Pioneer Acquisition Will Allow Company To Produce More Oil At Lower Cost; Chevron's Mike Wirth Says IRA Rules Make It Difficult To Get Comfortable With A Multi Billion Dollar Investment; Rules Are Slowing Things Down

Exxon Mobil Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) closed its acquisition of&nbsp;<a target="_blank" href="https://benzinga.com/pressreleases/24/05/b38612570/exxonmobil-completes-acquisition-of-pioneer-natural-resources" rel="noreferrer noopener">Pioneer Natural Resources Company&nbsp;</a><a target="_blank" href="https://benzinga.com/pressreleases/24/05/b38612570/exxonmobil-completes-acquisition-of-pioneer-natural-resources" rel="noreferrer noopener">last week</a>.
The merger of both companies created a combined company&nbsp;that has&nbsp;more than 1.4 million net acres in the Delaware and Midland basins and&nbsp;had&nbsp;an estimated 16 billion barrels of oil equivalent resource.
With the buyout, ExxonMobil&#8217;s Permian production volume is projected to more than double to 1.3 million barrels of oil equivalent per day (MOEBD), based on 2023 volumes, and&nbsp;is&nbsp;targeted&nbsp;to increase to around 2 MOEBD in 2027.
Related:&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38569055" rel="noreferrer noopener">Exxon Mobil Set To Close&nbsp;$60B&nbsp;Deal For Pioneer Natural Resources After Agreement With FTC</a>
Also, ExxonMobil expects to increase the amount of recycled water used in its Permian fracturing operations to more than 90% by 2030.
Darren Woods, ExxonMobil Chairman and CEO, said, &#8220;This premier, tier-one asset is a natural fit for our Permian portfolio and gives us a greater opportunity to deploy our technology and deliver operating and capital efficiency for long-term shareholder value.&#8221;
&#8220;The combination of our two companies benefits this country&#8217;s energy security and economy, and also furthers society&#8217;s environmental ambitions as we move Pioneer&#8217;s 2050 net zero goal to a 2035 plan.&#8221;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38612283/seplats-1-28b-asset-deal-with-exxon-gets-regulatory-boost-report" rel="noreferrer noopener">Seplat&#8217;s $1.28B Asset Deal with Exxon Gets Regulatory Boost:&nbsp;Report</a>
In the first quarter&nbsp;FY24, total revenues and other income&nbsp;stood at&nbsp;$83.083 billion, beating the consensus of&nbsp;$78.352 billion&nbsp;and&nbsp;adjusted EPS&nbsp;stood&nbsp;at&nbsp;$2.06,&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38459221" rel="noreferrer noopener">missing the consensus of&nbsp;$2.20</a>.
At the end of the quarter, ExxonMobil had a&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38454760/exxonmobil-announces-first-quarter-2024-results?_gl=1&#x2A;1irsvnw&#x2A;_ga&#x2A;MTExNTkxODA0Ni4xNzAzNTkwOTkx&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzYzMi4yMy4xLjE3MTUwMDQ2MTguMC4wLjA." rel="noreferrer noopener">cash balance of $33.3 billion</a>.
Investors can gain exposure to the XOM stock via&nbsp;Energy&nbsp;Select Sector&nbsp;SPDR Fund&nbsp;(XLE)&nbsp;and&nbsp;IShares U.S. Energy&nbsp;ETF&nbsp;(IYE).
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38546624/exxon-to-shut-down-two-oil-projects-for-pipeline-connection-report" rel="noreferrer noopener">Exxon To Shut Down Two Oil Projects For Pipeline Connection: Report</a>
Price Action: XOM shares are up 1.28% at $117.49 at the last check Monday.
Photo: Del Henderson Jr. via Shutterstock

Equities

Large Cap

Movers

What's Going On With Exxon Mobil Shares Today?

Live On CNBC, Exxon Mobil CEO Darren Woods Says He Sees Chevron Arbitration Going Into 2025

<ul>
<li>Transforms ExxonMobil's upstream portfolio by more than doubling the company's Permian footprint</li>
<li>Combines Pioneer's sizeable acreage, entrepreneurial culture and deep industry expertise with ExxonMobil's balance-sheet strength, advanced technologies and industry-leading project development capabilities
<ul>
<li>Transitions Pioneer's 2050 net-zero Permian goal to a 2035 plan</li>
</ul>
</li>
</ul>

ExxonMobil Completes Acquisition of Pioneer Natural Resources

Exxon Mobil Corporation&#8216;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) asset sale to&nbsp;Seplat Energy&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SEPLF#OTC">SEPLF</a>) could reportedly&nbsp;be approved&nbsp;in less than two weeks.
Nigeria&#8217;s oil regulator said&nbsp;that&nbsp;this would end a two-year delay since the deal was signed, reported Reuters.
In 2022, Seplat Energy&nbsp;inked the $1.28 billion deal with Exxon and has been&nbsp;waiting&nbsp;regulatory approval&nbsp;since then.
As per the report, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) chief Gbenga Komolafe stated, &#8220;Subject to the outcome of the meeting, consent&#8230; could be given in less than two weeks from the date of the meeting.&#8221;
Komolafe added that &#8220;NUPRC would give the companies two mutually exclusive options that, if accepted, would permit approval of the deal.&#8221;
&#8220;As a commission, we don&#8217;t want our nation to carry unwarranted financial burdens arising from the operations of the assets over time by the divesting entities.&#8221;
As per the report, analysts said that approving the Exxon-Seplat deal would inject much-needed capital into Nigeria&#8217;s oil industry, thereby leading to improved oil output.
Apart from this, Exxon Mobil Corporation is preparing to close its $60 billion deal for&nbsp;Pioneer Natural Resources Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXD#NYSE">PXD</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/government/24/05/38569055/exxon-mobil-set-to-close-60b-deal-for-pioneer-natural-resources-after-agreement-with-ftc" rel="noreferrer noopener">in the coming days</a>.
Investors can gain exposure to the XOM stock via&nbsp;Energy&nbsp;Select Sector&nbsp;SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and&nbsp;IShares U.S. Energy&nbsp;ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>).
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38546624/exxon-to-shut-down-two-oil-projects-for-pipeline-connection-report" rel="noreferrer noopener">Exxon To Shut Down Two Oil Projects For Pipeline Connection: Report</a>
Price Action: XOM shares are up 0.14% at $116.40 premarket at the last check Friday.
Photo: Del Henderson Jr. via Shutterstock

Asset Sales

iShares Dow Jones US Energy Sector Index Fund

SEPLF

Seplat's $1.28B Asset Deal with Exxon Gets Regulatory Boost: Report

We disagree and are surprised by the FTC's Complaint saying that Mr. Sheffield's record and statements on matters of public interest should disqualify him from serving on the ExxonMobil Board of Directors. Notwithstanding, Pioneer and Mr. Sheffield are not taking any steps to prevent the merger from closing. As he has for his entire career, Mr. Sheffield is electing to place the interests of investors, employees and the competitive health of the U.S. energy industry ahead of his own.

Legal

Pioneer Natural Resources Responds To FTC Settlement Complaint Filed As Part Of Approval Of Proposed Transaction With ExxonMobil

Rep. Jamie Raskin (D-Md.) has taken a stand against the petroleum industry&#8217;s "pattern of lying and evasion," accusing it of long-term deception regarding climate change. Raskin argues that this alleged deceit has significantly hindered the nation&#8217;s progress in tackling the climate crisis.
What Happened: Raskin voiced his concerns during a Senate Budget Committee hearing on Wednesday, HuffPost <a href="https://www.huffpost.com/entry/jamie-raskin-oil-gas-companies-1959-climate-change_n_66331e8fe4b0849b2ede2d00">reported</a>. This followed the unveiling of a 65-page report by the committee and the House Oversight Committee, a culmination of a three-year investigation into the petroleum industry&#8217;s alleged evasion of climate change responsibility.
"Instead of acting like Paul Revere and sounding the alarm about climate change, they acted like Maleficent the evil fairy and Sleeping Beauty and cursed everyone to try to go to sleep for 100 years," Raskin said.
He referred to a 2019 House Oversight hearing where experts testified that oil and gas companies knew as early as 1959 that burning fossil fuels contributes to climate change.
See Also: <a href="https://www.benzinga.com/news/24/04/38507901/trump-kennedy-jr-feud-escalates-as-polls-indicate-gap-between-democract-gop-candidates-narrowing?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump-Kennedy Jr. Feud Escalates As Polls Indicate Gap Between Democract, GOP Candidates Narrowing</a>
The report scrutinized several companies, including Exxon (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), Shell (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>), BP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>), the American Petroleum Institute, and the Chamber of Commerce, accusing them of obstructing and delaying the committees&#8217; investigation.
 &#8220;Our investigation uncovered compelling evidence of aggressive industry deceit, which continued long after Big Oil gave up on its outright climate denialism,&#8221; Raskin stated.
Why It Matters: This development comes at a time when oil companies are facing a potential crisis. The world is<a href="https://www.benzinga.com/startups/24/02/37093588/biden-administration-grants-1-2-billion-for-big-oil-to-controversially-extract-co2-from-the-air-to-p"> increasingly moving away</a> from oil and other emission-producing energy sources. The Intergovernmental Panel on Climate Change, under the United Nations, has set an ambitious &#8220;net zero&#8221; target for carbon emissions by 2050.
Furthermore, China&#8217;s special envoy for climate change, Liu Zhenmin, recently warned that attempts by the <a href="https://www.benzinga.com/news/24/05/38575142/xi-jinping-climate-change-envoy-warns-us-europe-that-their-efforts-could-stall-global-warming-fight">U.S. and Europe to curb China&#8217;s dominance</a> in green technologies could hinder the global fight against climate change. He expressed concerns that these strategies could delay the global transition from fossil fuels to renewables.
Read Next: <a href="https://www.benzinga.com/news/24/04/38508828/edward-snowden-releases-genie-out-of-the-bottle-his-ongoing-poll-shows-people-want-neither-trump-nor?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Edward Snowden Releases &#8216;Genie&#8217; Out Of The Bottle, His Ongoing Poll Shows People Want &#8216;Neither Trump Nor Biden&#8217;</a>
Photo by Phil Pasquini on Shutterstock
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 Engineered by Benzinga Neuro, Edited by 
 <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Pooja Rajkumari</a> 
 
 
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General

SHEL

Jamie Raskin Slams Big Oil For 'Lying' About Climate Change: 'They Acted Like Maleficent...And Cursed Everyone To Try To Go To Sleep For 100 Years'

Fundstrat&#8217;s Tom Lee on Wednesday weighed in on the possibility of the market factoring in Donald Trump&#8217;s potential win in the upcoming November elections.
What Happened: Lee, during <a href="https://www.cnbc.com/video/2024/05/01/fundstrats-tom-lee-discusses-if-the-market-is-pricing-in-a-trump-win.html">CNBC&#8217;s</a> &#8220;Last Call,&#8221; suggested that investors should pay attention to two sectors that could be pressurized by the November presidential election results: energy and healthcare.
&#8220;I think energy stocks would come under pressure. I think healthcare would come under pressure as well. And you should see a commensurate lift in industrials,&#8221; Lee said.
Lee also observed an unexpected trend in the energy sector. Despite rising tensions in the Middle East, oil prices are not escalating as anticipated. &#8220;Lower oil is great for consumers but it does mean lower prices for oil and it wouldn&#8217;t be great necessarily for the energy complex,&#8221; he said.
See Also: <a href="https://www.benzinga.com/news/24/04/38479082/elon-musk-gives-one-word-response-to-joe-bidens-dig-at-donald-trump-at-white-house-correspondents-di?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Gives One-Word Response To Joe Biden&#8217;s Dig At Donald Trump At White House Correspondents&#8217; Dinner</a>
Why It Matters: Lee&#8217;s concern comes amid <a href="https://www.benzinga.com/news/earnings/earnings-misses/24/04/38464570/us-energy-stocks-fall-following-oil-giants-subdued-earnings-reports">subdued earnings reports </a>from oil giants like Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>). As a result, the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) saw a significant drop, marking a 4.57% drop in the past month.
Political events, such as the U.S. presidential election, have a history of impacting oil prices. The current election cycle is no exception, with <a href="https://www.benzinga.com/general/24/04/38092175/joe-bidens-election-odds-at-risk-from-rising-oil-prices-scolds-ukraine-for-attacking-russian-oil-whi">offshore oddsmakers adjusting President Joe Biden&#8217;s odds</a> in the wake of fluctuating oil prices. The economic priority for Americans, as highlighted by the Pew Research Center, further underscores the significance of the energy sector&#8217;s stability.
Moreover, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38252086/oil-gold-markets-swing-from-war-fears-to-calm-over-israel-iran-tensions-what-analys">recent tensions between Israel and Iran</a> have shown the potential for geopolitical events to swing market sentiment. The markets has transitioned from war fears to a state of calm, illustrating the volatility and sensitivity of oil prices to international relations.
Read Next: <a href="https://www.benzinga.com/news/24/04/38508127/bill-gates-says-americans-are-obsessed-with-wheat-and-corn-but-this-lost-grain-from-africa-is-the-fu?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bill Gates Says Americans Are Obsessed With Wheat And Corn But This Lost Grain From Africa Is The &#8216;Future&nbsp;Of Food&#8217; Due To Its 5 Special Qualities</a>
Image via Shutterstock
Disclaimer: This content was partially produced with the help of&nbsp;<a target="_blank" href="https://www.benzinga.com/author/benzinga-neuro" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Analyst Color

Tom Lee Weighs In On Market Implications Of A Potential Trump Victory: 'I Think Energy Stocks...Healthcare Would Come Under Pressure'

Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) is preparing to close a $60 billion deal for Pioneer Natural Resources Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXD#NYSE">PXD</a>) in the coming days after agreeing not to add Pioneer CEO Scott Sheffield to the <a href="https://www.benzinga.com/markets/equities/24/05/38546624/exxon-to-shut-down-two-oil-projects-for-pipeline-connection-report">company&#8217;s board of directors. </a>
The Details: According to a <a href="https://www.wsj.com/business/energy-oil/exxon-to-close-megadeal-pioneer-ceo-to-be-barred-from-exxon-board-in-deal-with-ftc-884c939e?mod=latest_headlines">report </a>from the Wall Street Journal, the Federal Trade Commission will allege Sheffield has engaged in collusive activity which may have affected the price of oil. 
The allegations reportedly will include Sheffield sending hundreds of messages to representatives of the Organization of the Petroleum Exporting Countries (OPEC) about oil pricing and production levels, according to people familiar with the matter.
According to the sources, there are no allegations of wrongdoing by Exxon Mobil. 
Related News: <a href="https://www.benzinga.com/news/24/04/38537193/pg-e-nears-deal-to-sell-stake-to-kkr">PG&amp;E Nears Deal To Sell Stake To KKR</a>
XOM, PXD Price Action: According to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>, Exxon Mobil shares closed down 1.89% at $116.03 and Pioneer Natural Resources shares closed down 0.65% at $267.66 on Wednesday. 
Photo: Del Henderson Jr. via Shutterstock

Government

Management

Exxon Mobil Set To Close $60B Deal For Pioneer Natural Resources After Agreement With FTC

Exxon Set To Win FTC Approval For Pioneer Deal With Settlement

FTC Set To Rule On $60B Exxon-Pioneer Deal In Coming Days

The Nasdaq 100 closed lower by more than 300 points on Tuesday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company's prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/">Benzinga&#8217;s insider transactions</a> platform.
<h3 class="wp-block-heading">Kimberly-Clark</h3>
<ul>
<li>The Trade: Kimberly-Clark Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>) Chief Bus. &amp; Transf. Officer Jeffrey P. Melucci <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 13,714 shares</a> at an average price of $135.53. The insider received around $1.86 million from selling those shares.</li>
<li>What's Happening: On April 23, Kimberly-Clark reported better-than-expected first-quarter financial results.</li>
<li>What Kimberly-Clark Does: With more than half of sales from personal care and another third from consumer tissue products, Kimberly-Clark sits as a leading manufacturer in the tissue and hygiene realm.</li>
</ul>
Have a look at our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a> 
<h3 class="wp-block-heading">Charles Schwab</h3>
<ul>
<li>The Trade: The Charles Schwab Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) Co-Chairman Charles R. Schwab <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 119,811 shares</a> at an average price of $74.87. The insider received around $8.97 million from selling those shares.</li>
<li>What's Happening: On April 15, Charles Schwab reported better-than-expected first-quarter sales results.</li>
<li>What Charles Schwab Does: I Charles Schwab operates in brokerage, wealth management, banking, and asset-management businesses.</li>
</ul>
<h3 class="wp-block-heading">Exxon Mobil</h3>
<ul>
<li>The Trade: Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) Vice President Darrin L Talley <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 2,426 shares</a> at an average price of $119.01. The insider received around $288,730 from selling those shares.</li>
<li>What's Happening: Exxon Mobil is reportedly in talks with Turkey for a multibillion-dollar deal for liquefied natural gas (LNG) as Ankara seeks to curb its dependence on Russia for energy needs.</li>
<li>What Exxon Mobil Does: ExxonMobil is an integrated oil and gas company that explores for, produces, and refines oil around the world.</li>
</ul>
<h3 class="wp-block-heading">United Rentals</h3>
<ul>
<li>The Trade: United Rentals, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URI#NYSE">URI</a>) President &amp; CEO Matthew John Flannery <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 8,379 shares</a> at an average price of $699.63. The insider received around $5.86 million from selling those shares.</li>
<li>What's Happening: On April 24, United Rentals reported upbeat first-quarter financial results.</li>
<li>What United Rentals Does: United Rentals is the world&#8217;s largest equipment rental company.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/05/38542047/amazon-pfizer-and-3-stocks-to-watch-heading-into-wednesday">Amazon, Pfizer And 3 Stocks To Watch Heading Into Wednesday</a>

Short Ideas

Insider Trades

Pre-Market Outlook

SCHW

Exxon Mobil, Kimberly-Clark And 2 Other Stocks Insiders Are Selling

Exxon Mobil Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) reportedly plans to shut down two offshore oil production projects in Guyana for two weeks each, between July and August, to connect a natural gas pipeline.
The company&#8217;s country head&nbsp;Alistair&nbsp;Routledge&nbsp;stated&nbsp;that the company&nbsp;will&nbsp;halt production to fulfill a commitment made with local authorities to have the pipeline connected by&nbsp;year end, despite delays on the government-run onshore part of the project, reported Reuters.
Routledge added that&nbsp;the&nbsp;offshore portion of the about $1 billion pipeline under construction&nbsp;by Exxon&nbsp;is 70% complete.
At a press conference, Routledge said, &#8220;the company&nbsp;stopped revising estimates for potential recoverable resources as it works to quantify actual reserves, an industry metric that considers how much of the oil and gas underground can be commercially developed.&#8221;
&#8220;Our greater focus now is on how&nbsp;do&nbsp;we move&nbsp;resource&nbsp;to&nbsp;reserves,&nbsp;because that&#8217;s what generates revenue for the country.&#8221;&nbsp;
As per the report, the 140-mile (225-km) pipeline will feed Guyana&#8217;s $1.9 billion gas-to-power project to end the country&#8217;s dependence on imported fuels and lower energy costs for residents.
Last month, Exxon and&nbsp;Hess Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>)&nbsp;made a final investment decision for the Whiptail development offshore Guyana following receiving the required<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38221117/guyanas-oil-spigot-wide-open-exxon-hess-sanction-massive-12-7b-oil-project" rel="noreferrer noopener">&nbsp;government and regulatory approvals</a>.&nbsp;
Related:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38274712/exxon-taps-technipfmc-for-subsea-gear-in-guyanas-12-7b-whiptail-project" rel="noreferrer noopener">Exxon Taps TechnipFMC For Subsea Gear In Guyana&#8217;s $12.7B Whiptail&nbsp;Project</a>
As previously said, the proposed pipeline would connect offshore production vessels to a power plant and a natural gas processing facility.&nbsp;The power plant and transmission lines will&nbsp;not&nbsp;be fully operational&nbsp;before&nbsp;end-2025.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38485789/turkey-reportedly-turns-east-for-gas-reportedly-eyes-exxon-deal-to-ditch-russia" rel="noreferrer noopener">Turkey Reportedly Turns East For Gas, Reportedly Eyes Exxon Deal To Ditch Russia</a>
Last week, Exxon Mobil&nbsp;beat Q1 revenue expectations, reporting $83.083 billion, exceeding&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38459221/exxon-mobils-stock-slides-following-q1-earnings-heres-why" rel="noreferrer noopener">consensus by nearly $5 billion</a>.
Investors can gain exposure to the XOM stock via&nbsp;Energy&nbsp;Select Sector&nbsp;SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)&nbsp;and&nbsp;IShares U.S. Energy ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>).
Price Action: XOM shares are down 0.29% at $117.93 premarket at the last check Wednesday.
Photo: Del Henderson Jr. via Shutterstock

Exxon To Shut Down Two Oil Projects For Pipeline Connection: Report

HSBC analyst Gordon Gray maintains Exxon Mobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) with a Hold and raises the price target from $111 to $120.

HSBC Maintains Hold on Exxon Mobil, Raises Price Target to $120

TD Cowen analyst Jason Gabelman maintains Exxon Mobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) with a Buy and raises the price target from $128 to $135.

TD Cowen Maintains Buy on Exxon Mobil, Raises Price Target to $135

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<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
The oil market continues to look for direction. After running up above $85 a barrel to start the year, West Texas Intermediate crude oil, the American standard, is <a href="https://www.fxstreet.com/news/crude-oil-continues-to-soften-on-middle-east-ceasefire-talks-wti-falls-to-78-202405061911">back below $80 </a>as tensions in the Middle East ease and on growing signs that the U.S. economy is slowing. At the same time, a warmer than expected winter in Europe and North America has led to a glut of natural gas, depressing prices for that energy product. But that could mean opportunity for investors looking for undervalued oil and gas stocks.



The current state has impacted the finances of oil and gas companies, which have reported generally poor results for this year&rsquo;s first quarter. Slumping prices and a decrease in refining margins have <a href="https://www.bnnbloomberg.ca/crude-awakening-oil-price-rallies-against-backdrop-of-energy-company-earnings-this-week-1.2065846">pulled down revenues and profits</a> at most major energy companies. It&rsquo;s a far cry from 2022 when crude oil was trading above $120 a barrel, leading to record profits for producers.



If there&rsquo;s a silver lining to the current state of the energy market, it&rsquo;s that it has led to attractive valuations among oil and gas securities. Here are the three most undervalued oil and gas stocks to buy in May 2024.



<h2>Occidental Petroleum (OXY)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/08/oxy-stock-1-300x169.jpg" alt="A magnifying glass zooms in on the Occidental Petroleum website."><div>Source: Pavel Kapysh / Shutterstock.com</div></div>Occidental Petroleum (NYSE:<a href="https://investorplace.com/stock-quotes/oxy-stock-quote/">OXY</a>) is showing signs of life with its <a href="https://www.reuters.com/markets/commodities/occidental-petroleum-beats-quarterly-profit-estimates-higher-oil-prices-2024-05-07/">share price having risen 6%</a> so far in 2024. Still, even with the year-to-date (YTD) gains, OXY stock is up only 12% in the last 12 months. The shares look a little undervalued trading at 17 times future earnings estimates, which is below the current average <a href="https://ycharts.com/indicators/sp_500_pe_ratio_forward_estimate">price-to-earnings (P/E) ratio of 25</a> among companies listed on the benchmark S&amp;P 500 index. Occidental Petroleum also pays its shareholders a quarterly dividend of 22 cents a share, giving the stock a yield of 1.37%.



Like most producers of crude oil and natural gas, Occidental&rsquo;s earnings have taken a hit due to sliding prices and compressed refining margins. The company most recently reported <a href="https://www.investors.com/news/warren-buffett-occidental-petroleum-profits-fall-as-oil-prices-retreat/">a 40% year-over-year (YOY) decline</a> in its earnings per share (EPS). Still, there are reasons to be bullish on OXY stock. In addition to an attractive valuation, the company is in the process of buying privately held energy producer CrownRock for $12 billion. <a href="https://www.reuters.com/business/energy/occidental-says-crownrock-deal-closing-delayed-2nd-half-due-ftc-requests-2024-02-15/">The acquisition</a> will provide Occidental Petroleum with 94,000 net new acres of land in the Permian Basin of Texas, the largest oil area in America.



OXY stock also continues to get a vote of confidence from legendary investor Warren Buffett who has built <a href="https://www.cnbc.com/berkshire-hathaway-portfolio/">a nearly $16 billion stake</a> in the company. 



<h2>Chevron (CVX)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/12/chevron1600-300x169.jpg" alt='Chevron (CVX) sing with "diesel," "food mart" and "car wash" written underneath'><div>Source: Sundry Photography / Shutterstock.com</div></div>Another oil stock that Warren Buffett also owns is Chevron (NYSE:<a href="https://investorplace.com/stock-quotes/cvx-stock-quote/">CVX</a>). In fact, at just over $20 billion, Buffett&rsquo;s stake in Chevron is even larger than the one he has in Occidental Petroleum. The Oracle of Omaha no doubt likes the<a href="https://www.fool.com/investing/2024/03/30/is-it-too-late-to-buy-chevron-stock/"> valuation on CVX stock</a>, which is currently trading at 15 times future earnings estimates. A quarterly dividend of $1.63 a share, for a hefty yield of 4%, is also enticing. Like OXY stock, Chevron&rsquo;s share price has been moving in the right direction lately, having gained 10% on the year.



Chevron recently posted mixed <a href="https://www.cnbc.com/2024/04/26/chevron-cvx-q1-earnings-report-2024.html#:~:text=The%20oil%20major's%20net%20income,which%20beat%20Wall%20Street%20estimates.">first-quarter financial results </a>as its profits declined due to lower margins at its refineries. The company reported EPS of $2.93 versus $2.87 that was forecast amongst analysts. The oil major&rsquo;s profit was down 16% from a year earlier. Revenue in the quarter came in at $48.72 billion compared to $50.66 billion that was estimated on Wall Street. Chevron&rsquo;s executive team blamed the results on lower sales margins at refineries, and lower natural gas prices due to excess global supply.



Management added that they paid $3 billion in dividends and repurchased nearly $3 billion of stock during Q1 of this year. Surely music to Buffett&rsquo;s ears.



<h2>ExxonMobil (XOM)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/03/xom1600-300x169.jpg" alt="Exxon Mobil logo outside of a corporate building"><div>Source: Harry Green / Shutterstock.com</div></div>Looking even cheaper right now than either Occidental Petroleum or Chevron is oil major ExxonMobil Corp. (NYSE:<a href="https://investorplace.com/stock-quotes/xom-stock-quote/">XOM</a>). The company&rsquo;s stock is up 15% year to date but currently trading at only 14 times future earnings projections. A quarterly dividend of 95 cents a share gives XOM stock a strong yield of 3.27%. ExxonMobil remains the <a href="https://finance.yahoo.com/news/why-exxonmobil-stock-long-term-091200535.html">biggest oil company in America</a>. Given its breadth and exposure, it should come as no surprise that the company&rsquo;s earnings have also been impacted by price declines and tight margins.



ExxonMobil announced mixed <a href="https://www.cnbc.com/2024/04/26/exxon-xom-q1-2024-earnings-report.html#:~:text=The%20nation's%20largest%20oil%20company,the%20company%20reported%20%2486.56%20billion.">Q1 financial results</a> as it grapples with weaker prices for natural gas, as well as a drop in refining margins. The company reported EPS of $2.06 versus $2.20 that was expected by analysts who track the company&rsquo;s progress. Profits were down 12% from a year earlier. Revenue totaled $83.08 billion compared to $78.35 billion that was forecast. The mixed results were mostly due to natural gas prices that have declined nearly 40% this year because of warmer winter weather.



However, the drop in the fuel business was partly offset by ExxonMobil&rsquo;s chemical products segment, where profits more than doubled to $785 million from a year earlier.



On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the <a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">InvestorPlace.com Publishing Guidelines</a>.
<div>Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/05/the-3-most-undervalued-oil-gas-stocks-to-buy-in-may-2024/">The 3 Most Undervalued Oil &amp; Gas Stocks to Buy in May 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

The 3 Most Undervalued Oil & Gas Stocks to Buy in May 2024

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