Street View: All eyes on Exxon's solid growth story
05/02/2024 11:35
** Exxon Mobil XOM.N on Friday posted a
better-than-expected $36 billion profit for 2023, lifted by
fuels trading and higher oil and gas production
** Median PT of 26 brokerages covering the stock is $122.33
- LSEG data
NO SLOWDOWN IN PRODUCTION OR SHAREHOLDER RETURNS EXPECTED
** Truist Securities ("buy", PT: $140) sees no 2024 letdown
despite a likely production dip this upcoming quarter
** "Our forecasts suggest solid production growth this year
driven by the Permian at 650+ mboepd and Guyana at 400+ mboepd
along with Payara potentially continuing to run ahead of
schedule" - Truist Securities
** Piper Sandler ("overweight", PT: $142) expects
"best-in-class" sustainability of growth and returns going
forward with the upcoming addition of Pioneer Natural Resources
PXD.N
** Bernstein ("outperform", PT: $139) expects XOM to grow
distributions to shareholders by ~$1 bln in 2024
** RBC ("sector perform", PT: $120) says XOM's continued
execution bodes well for free cash flow; brokerage also added
XOM should generate volume growth in the upstream from Guyana,
Golden Pass and Bacalhau in 2025 in addition to closing PXD deal
(Reporting by Reshma Rockie George in Bengaluru)
((Reshma.George@thomsonreuters.com))