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Exxon Mobil Corporation (NYSE:XOM) is included among the Dividend Kings and Aristocrats List: 32 Biggest Stocks.
On March 22, Bernstein analyst Bob Brackett raised the firm’s price recommendation on Exxon Mobil Corporation (NYSE:XOM) to $195 from $159. It reiterated an Outperform rating on the shares. The firm said it updated its models across the energy and transportation group to reflect current crude prices and crack spreads, “while acknowledging a wide range of future outcomes.” The analyst also noted that conflicts that extend beyond a few weeks often last for years. Given that level of uncertainty and what the firm described as “right tail risk,” it continues to recommend increasing exposure to energy.
On March 25, Exxon said it has a team in Venezuela evaluating the country’s oil and gas resources and infrastructure, according to upstream head Dan Ammann. Ammann said the focus is not just on the resources themselves, but also on the condition of infrastructure on the ground. He noted that there are steps that could lift production in the short term. At the same time, rebuilding Venezuela’s oil industry would take significant time and investment, likely costing hundreds of billions of dollars.
The country’s oil output has declined sharply over the years due to underinvestment, despite once producing around 3 million barrels per day.
Exxon Mobil Corporation (NYSE:XOM) operates as an integrated energy company. The company is involved in exploring, producing, and refining oil and natural gas, while also running a large chemicals business.
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