ExxonMobil Holdings Corporation explores for and produces crude oil and natural gas in the United States, Canada, and internationally. It operates through four segments: Upstream, Energy Products, Chemical Products, and Specialty Products. The company also manufactures, trades, transports, and sells crude oil, natural gas, petroleum products, petrochemicals, and other specialty products, and pursues lower-emission and business opportunities including carbon capture and storage, hydrogen, lower-emission fuels, Proxxima resin systems, carbon materials, low-carbon data centers, and lithium. It sells products under the Exxon, Esso, and Mobil brands, was formerly known as Exxon Mobil Corporation, changed its name to ExxonMobil Holdings Corporation in July 2026, and was founded in 1870 with headquarters in Spring, Texas.
ExxonMobil Projects Advantaged Assets to Reach 65% of Upstream Production by 2030
ExxonMobil expects the share of production from its advantaged assets, including the Permian Basin, Guyana and LNG, to keep growing, reaching roughly 65% of upstream production under its 2030 plan, up from 59% in the 2026 year-to-date period. The company had previously cautioned that its Middle East production would be affected if the Strait of Hormuz remains closed for a full quarter, but its longer-term production outlook remains bright, with West Texas Intermediate hovering close to the $100 per barrel mark amid continued shipping disruptions through the Strait of Hormuz. On refining, management said in its latest earnings call that it expects elevated refining margins to persist, as market tightness is projected to take time to normalize even after conflicts end, and ExxonMobil intends to maximize throughput across its refining system to capture stronger margins. Refining markets have tightened further since the start of the conflict in the Middle East due to damage to refining infrastructure there, attacks on Russian refining facilities and lower Chinese exports. Shares of ExxonMobil have gained 47.4% over the past year compared with the industry's growth of 49.3%, and the stock trades at a trailing 12-month enterprise value to EBITDA of 9.11X, above the broader industry average of 5.87X.
ExxonMobil Opens Preliminary Talks on Venezuela Oil Return
ExxonMobil has entered preliminary talks with Venezuelan authorities about a potential re-entry into the country's oil sector, while also taking part in newly announced US Vietnam trade agreements that include energy cooperation with Vietnamese partners. Management is assessing Venezuela alongside wider Latin American options as it weighs long-term upstream opportunities in the region. The Venezuela discussions would add long-life upstream sources alongside Guyana and the Permian Basin, though they also sharpen exposure to regulatory and contract uncertainty in politically complex regions. The Vietnam agreements extend ExxonMobil's LNG and gas value chain into a growing Asian demand hub, with potential integration with projects such as Golden Pass LNG. The company operates a global oil and gas portfolio spanning exploration and production of crude and natural gas across the US, Canada, and a wide set of international basins.
ExxonMobil Nears Venezuela Orinoco Belt Deal 19 Years After Nationalization
ExxonMobil is nearing a deal to invest in Venezuelan oil fields in the Orinoco Belt, according to reports from The Wall Street Journal and WTVB, returning to a country it exited after Hugo Chavez's government nationalized foreign oil assets in 2007. The fields under discussion carry geological estimates of more than 50 billion barrels of oil, a figure that describes oil in the reservoir rather than Exxon's booked reserves or production. Separately, Harold Hamm's Continental Resources signed a memorandum of understanding with Venezuela's state oil company Petroleos de Venezuela on September 16, 2026 covering the Ayacucho 2 Block in the Orinoco Belt, an area with an estimated 30 billion barrels of oil reserves, marking the Oklahoma independent's first move into the country. President Trump has said the United States secured a 65 billion barrel agreement with Venezuela, a claim that does not reconcile with either company's disclosures. Exxon shares traded at $162.01 as of 12:10 p.m. ET on September 17, 2026, down 0.80% on the session, but remain up 37.31% year to date and 45.33% over the past year.
ExxonMobil Low-Carbon Units Seen Adding $1 Billion a Year by 2030
ExxonMobil plans to invest roughly $20 billion in lower-emission projects between 2025 and 2030, and management expects newer business segments including carbon capture and storage, lithium, carbon materials, and Proxxima products to generate more than $1 billion in annual earnings by 2030, with roughly $13 billion in potential annual earnings by 2040 assuming supportive policies and sufficient market development. The company already holds contracts covering roughly 9 million metric tons of CO2 annually from industrial customers, and its first commercial carbon capture projects are now operating, which should give management enough commercial activity by 2027 to offer investors better visibility into what carbon capture can contribute financially. The bet is framed against a shifting oil demand picture: more than 20 million electric cars were sold globally in 2025, about one-quarter of all new-car sales, and the International Energy Agency expects EVs to approach 29% of global car sales in 2026, with the existing EV fleet displacing roughly 1.7 million barrels of oil demand per day in 2025 and potentially around 5 million barrels per day by 2030. ExxonMobil is also developing carbon-capture-enabled data center projects that would use natural gas to generate electricity while capturing the resulting emissions. The prediction is that 2027 is when ExxonMobil's low-carbon investments start showing up more clearly in guidance.
Occidental Petroleum posted the largest analyst estimate beat among the five diversified upstream exploration and production stocks tracked, reporting $8.33 billion in revenue, up 57.1% year on year and 15.3% above consensus. As a group, the five diversified upstream E&P stocks beat analysts' consensus revenue estimates by 9.7% in an exceptional second quarter, and their share prices have risen 15.6% on average since the results. ExxonMobil reported $116 billion in revenue, up 42.3% year on year and 6.8% above expectations, while Chevron, the weakest performer against estimates in the group, reported $70.06 billion, up 56.3% and 6.2% ahead of consensus. Devon Energy delivered the fastest revenue growth among its peers at 67.4%, reaching $6.89 billion and topping expectations by 10.3%, and ConocoPhillips reported $19.52 billion, up 32.4% and 9.6% above estimates, the slowest growth in the group. Occidental Petroleum shares are up 17.9% since reporting and trade at $63.45, ExxonMobil is up 7.9% at $169.40, Chevron is up 13.1% at $217.43, Devon Energy is up 16.5% at $51.34, and ConocoPhillips is up 22.8% at $141.27.
Vietnamese and US companies to announce 29 agreements during Lam's visit to the United States
A series of agreements between US and Vietnamese companies in sectors including energy, technology, aviation and finance are expected to be announced next week to coincide with the New York visit of Vietnam's top leader, Communist Party General Secretary and State President To Lam. The plans were revealed by officials and documents obtained by Reuters. An internal planning document lists 29 agreements that could be announced at a business conference in New York on the 23rd, which Lam will also attend. The contents of the document are subject to change, and it does not set out the specific details of the planned agreements. US energy companies Murphy Oil and Chevron are expected to announce agreements with Vietnamese state oil and gas company PetroVietnam, while ExxonMobil is expected to announce an agreement with PetroVietnam Refinery and Petrochemical, Vietnam's second-largest refinery. Vietjet, Vietnam's largest private airline, is expected to announce it will lease up to 22 aircraft from four leasing companies, comprising 17 Boeing 737s and five Airbus A321neos. SpaceX is also set to announce an agreement to provide its Starlink satellite internet service to 120 Vietjet aircraft. The planning document also includes an agreement between US-based Meta and Vietnam's Ministry of Culture, and one between US semiconductor giant Qualcomm and Vietnamese telecom company VNPT. Visa, Mastercard and Citibank are also expected to announce agreements with partners in Vietnam's domestic financial and hospitality services sectors.
ExxonMobil Raises 2030 LNG Sales Target to 50 Million Tons
ExxonMobil Holdings Corporation said on September 14 that it expects its annual LNG sales to reach 50 million tons by 2030, up from its previous target of 40 million tons, with sales continuing to rise beyond the current decade in line with market growth. The company expects global LNG demand to grow from over 400 million tons today to around 500 million tons by 2030, before doubling by 2050, with Asia accounting for 70% of world demand by 2050. Exxon is investing heavily to expand capacity, and its Golden Pass LNG joint venture with QatarEnergy near the Texas-Louisiana border is expected to reach full production toward the end of 2027, producing 18 million metric tons per annum and ranking among the largest LNG facilities in the world. The raised outlook supports ExxonMobil's targets of $25 billion in earnings growth and $35 billion in cash flow growth by 2030 compared with 2024. Exxon also warned that a prolonged closure of the Strait of Hormuz in the third quarter could reduce its Middle East output by around 750,000 boepd versus last year, after it lost around 450,000 barrels per day of output in the second quarter.
Exxon Mobil Holdings Rises 2.42% as Analysts Project 101% EPS Growth
Exxon Mobil Holdings (XOM) closed up 2.42% at $169.08, outperforming a session in which the S&P 500 fell 0.45%, the Dow lost 0.63% and the Nasdaq dropped 0.78%. The oil and natural gas company's stock has climbed 2.24% over the past month, beating the Oils-Energy sector's 2% gain and the S&P 500's 1.99% loss. For its upcoming earnings release, the company is expected to report an EPS of $3.78, a 101.06% rise from the year-ago quarter, on revenue of $104.88 billion, up 22.96%. Full-year Zacks Consensus Estimates project earnings of $11.93 per share and revenue of $409.73 billion, representing changes of +70.67% and +23.32%, respectively, from the prior year. Exxon Mobil Holdings currently carries a Zacks Rank #3 (Hold), a Forward P/E of 13.84 versus an industry average of 8.9, and a PEG ratio of 1.01 against an industry average of 0.68.
Exxon Mobil rose approximately 1.5% to $167.42 Tuesday morning even as a power failure forced its 264,000-barrel-per-day Joliet refinery into a plant-wide shutdown. The gain came as Brent crude pushed above $105 per barrel and investors priced in tighter global energy supplies, betting that stronger crude economics can outweigh the near-term hit from one disrupted refinery. Joliet is a meaningful asset, capable of producing roughly 11 million gallons of gasoline and diesel each day, but Exxon's second-quarter results showed $23.6 billion of operating cash flow and $17.2 billion of free cash flow, with $9.4 billion returned to shareholders through dividends and buybacks. That means distributions consumed about 54.7% of quarterly free cash flow, leaving substantial room to absorb temporary operational setbacks. The valuation picture is less forgiving: GuruFocus data shows Exxon at $167.42 versus a GF Value estimate of $127.76, putting the shares about 31.04% above that benchmark.
Chevron CEO Warns Global Fuel Crisis Has Already Arrived
Chevron CEO has warned that a global fuel crisis is already here, as supply fears clash with ongoing demand. The warning from the leadership of Chevron, one of the world's biggest integrated energy producers, comes as major oil producers flag that worldwide fuel markets have entered a tougher stretch. Tighter markets can lift crude prices, refining margins and cash generation for oil producers, a dynamic that could prove significant for Chevron and Exxon Mobil, both of which have spent years prioritizing capital discipline over output expansion at any cost. The flip side is that energy prices rising high enough to hurt consumer spending, raise transportation costs and push inflation higher could complicate interest rate decisions for central banks. For Chevron and Exxon stockholders, the next signal will be whether supply limitations keep crude and refined-product prices high, or whether sluggish economic activity starts to undermine demand.
ExxonMobil Unit Pioneer to Retire $1.19B Debt via Cash Tender Offers
ExxonMobil said its wholly owned subsidiary Pioneer Natural Resources expects to purchase about $1.19B of outstanding senior notes for cash through two tender offers. The offers cover $1.1B of 1.900% senior notes due 2030 and $1B of 2.150% senior notes due 2031, with holders tendering $570.36M of the 2030 notes and $615.6M of the 2031 notes, which the company expects to accept for purchase. The total consideration is $888.49 per $1K principal amount for the 2030 notes and $885.66 per $1K for the 2031 notes, and holders will also receive accrued and unpaid interest through the settlement date. ExxonMobil expects to complete the purchases on September 16, when interest will stop accruing and the purchased notes will be cancelled.
Wood Wins $200 Million ExxonMobil PNG LNG Contract
Wood has secured a five-year, $200 million construction services contract from ExxonMobil PNG to support brownfield projects across the PNG LNG project in Papua New Guinea. The contract covers construction work at the Hides Gas Conditioning Plant, the LNG facility at Caution Bay, approximately 700 kilometers of pipeline infrastructure, and associated well pads and flowlines. More than 200 Wood employees in Papua New Guinea will work on the contract, providing project management, civil and structural construction, piping, mechanical, electrical and instrumentation services. Wood has worked with ExxonMobil PNG since 2013, and Wood COO Steve Nicol said the latest work will help maintain and enhance critical project infrastructure. PNG LNG, the country's largest-ever private-sector investment, is a $19-billion integrated development that began operations in 2014 and can produce more than 8 million tonnes of LNG annually, primarily for Asian customers. The award comes as TotalEnergies agreed earlier this month to transfer operatorship of the proposed roughly $14-billion Papua LNG project to ExxonMobil, a development designed to produce around 5.6 million tonnes per year and seeking synergies with existing PNG LNG infrastructure.
Citi Flags Five Market Risks, Keeps Long-Risk Stance
Citi strategists are closely watching five bearish narratives into year-end while maintaining their long-risk stance, according to a macro strategy note. The five risks Citi identifies are a structurally hawkish Federal Reserve, global duration risk from rising yields, a Japan carry unwind, a 1970s-style oil shock, and European natural gas disruption, with the bank arguing in each case that the market is either misreading the signal or overpricing the tail risk. On the Fed, Citi's mapping places Hammack, Kashkari, Logan, and Warsh in the hike camp, while Barr, Cook, and Waller are seen as CPI-dependent, with Waller carrying a hold bias, after core CPI rose 0.3% in August from the previous month, above expectations for a 0.2% increase. Citi has already taken profit on a one-year JPY OIS payer and on a six-month Nikkei above 61,000 / USDJPY below 157 dual digital position, the latter closed at 97%, ahead of the Bank of Japan meeting scheduled for September 18. On oil, Citi's commodities colleagues estimate OECD crude inventories would not fall to the roughly 70 days of demand cover seen during the 1970s-1980s oil crises until late 2027 at current drawdown rates of approximately 3 million barrels per day, with a base case of a gradual reopening of the Strait of Hormuz in the fourth quarter of 2026 that could see Brent crude return to the $60s in 2027, though a partial disruption extending past the U.S. midterm elections could push Brent toward $110 per barrel. On European natural gas, Citi's commodities team estimates a probability-weighted winter TTF price of around €61 per megawatt-hour, materially below the approximately €81/MWh level priced into markets as of the note's publication. Beyond the five named risks, Citi flags AI regulation as a potential sleeper threat, writing that the biggest AI risk could come from model bans, which could be more meaningful and existential than Chinese competition or DeepSeek-style efficiency shocks.
ExxonMobil Makes 20th Hydrocarbon Discovery in Angola's Block 15
ExxonMobil has made a new oil and gas discovery offshore Angola at the Vicango East-01 exploration well in Block 15, marking the 20th find in the block over the past 30 years. The well, located approximately 370 kilometers northwest of Luanda, was drilled to a depth of 3,085 feet using the Valaris DS-9 drillship and found approximately 82 feet of high-quality sandstone containing hydrocarbons with a porosity of 22%, according to Angola's National Oil, Gas and Biofuels Agency and its Block 15 partners. The prolific Block 15 has already produced more than 2.7 billion barrels of oil over the past 30 years. ExxonMobil operates Block 15 with a 36% interest through its affiliate Esso Exploration Angola (Block 15) Limited, alongside partners Azule Angola Limited and Azule Angola BV, Equinor Angola Block 15 with 12%, and Sonangol E&P with 10%. The National Oil, Gas and Biofuels Agency, the block's concessionaire, attributed continued exploration partly to changes in Angola's legal and fiscal policy frameworks, including an extension of the Block 15 license until 2032.
Vallourec Breaks Ground on Proxxima GDLX Insulation Line in Brazil
Vallourec broke ground on a new production line for Proxxima resin systems with Goldilocks subsea insulation technology, known as GDLX, at its Serra facility in Espírito Santo, Brazil. The milestone advances industrial deployment of the subsea thermal insulation technology licensed from ExxonMobil and reinforces Brazil's strategic role in the Group's global industrial strategy. The announcement was made during a visit by Philippe Guillemot, Chairman and CEO of Vallourec, who said the enhanced GDLX capabilities were instrumental in securing the Hammerhead and Longtail contracts, the largest line pipe orders ever secured by Vallourec. The technology has already been selected for ExxonMobil's Longtail deepwater project in Guyana, for which Vallourec will supply thermal insulated line pipes as part of its broader integrated offshore offering. Located close to the Port of Vitória, the Serra facility is positioned to serve domestic and export markets, and Andre Lacerda, Senior Vice President South America, Tube Activities, said the investment expands local capabilities and long-term commitment to Espírito Santo and Brazil's offshore industry.
Chevron and Microsoft Sign 20-Year Deal for Permian Gas-Fired Data Center Power
Chevron's subsidiary Energy Forge One signed a 20-year agreement with Microsoft in June to build a gas-fired power plant beside a data center campus outside Pecos, Texas, ramping up to roughly 2.67 gigawatts, with a final investment decision due by the end of this year and power flowing in 2028. The project addresses the Permian Basin's chronic gas glut: the EIA expects Permian gas production to average 29.2 Bcf/d this year, up 6% and a record for the region, while the Waha pricing hub traded negative on 118 of the first 131 trading days this year and is on pace to beat 2024's record for negative days. Enterprise Products Partners is expanding its Bahia NGL pipeline out of the Midland and Delaware basins, with ExxonMobil taking a 40% stake and contracts running into 2027, and East Daley Analytics figures LNG terminals and data centers together will pull more than 20 Bcf/d of new demand. RBC Capital Markets counts about 38 gigawatts of announced behind-the-meter gas capacity in Texas, more than any other state, with one build called GW Ranch targeting 7.5 gigawatts of on-site generation in West Texas by 2031. Governor Greg Abbott ordered a pause on new data center approvals on Aug. 3, covering around 300 large projects in ERCOT's Batch Zero process, but the audit does not apply to projects that skip the grid connection, leaving the Chevron and Microsoft model free to proceed.
Alphabet Falls 2.3% on $15.1 Billion Finland AI Investment
Alphabet Inc. announced a $15.1 billion AI infrastructure investment in Finland, including a major nuclear power supply deal, sending its shares down 2.3%. Lyft, Inc. shares plunged 8.3% after the company announced a CFO transition while maintaining its existing financial guidance. ExxonMobil Holdings Corporation shares rose 2.2% as energy emerged as one of the biggest winning sectors in the session. Meta Platforms, Inc. shares gained 6.6% after launching an AI assistant capable of sending emails, selling cars and booking travel autonomously.
FuelCell Energy reported third-quarter fiscal 2026 results, with total revenue of $33 million, a 29% decline from $46.7 million in the prior-year quarter, and a net loss of $45.3 million, or $0.64 per share, compared to a net loss of $91.9 million, or $3.78 per share, a year earlier. The company ended the quarter with $737.3 million in total cash, its strongest cash position ever, and increased its combined committed and awarded capacity backlog to $3.6 billion, including $1.3 billion in committed backlog and $2.4 billion in awarded capacity backlog. During the quarter, FuelCell Energy secured its first order for FuelCell Energy Blocks for data center applications under a capital equipment purchase agreement with Fit Energy covering up to 380 megawatts across four phases, with an initial 30-megawatt phase expected to begin delivering in the fourth quarter. Subsequent to quarter end, the company closed a 75-megawatt capacity reservation agreement with a major co-location data center operator for a Texas project. The company also delivered the first two carbon capture modules to ExxonMobil's Rotterdam complex, marking the world's first industrial-scale demonstration of its jointly developed carbon capture technology. FuelCell Energy is targeting positive adjusted EBITDA in the fourth quarter of fiscal 2027, supported by plans to increase annualized production to 100 megawatts by October 2026 and to 500 megawatts by June 2028.
ExxonMobil Doubles Pioneer Synergies to $4 Billion, CFO Says
ExxonMobil Chief Financial Officer Neil Hansen told the Barclays Energy-Power Conference that the company's Pioneer acquisition is generating roughly $4 billion in annual synergies, double the initial estimate, and that Guyana cost recovery has accelerated about two years ahead of schedule. Hansen said ExxonMobil has recovered approximately $55 billion in Guyana costs and expects the development to double free cash flow between 2025 and 2030, despite slightly lower entitled volumes of about 100,000 barrels per day beginning in the third quarter. The company is advancing 40 technologies to improve Permian recovery rates, aiming to double recovery, and is prioritizing low-cost LNG projects, including expanded operations in Papua New Guinea. ExxonMobil targets up to $30 billion in earnings growth through 2030 and is pursuing additional opportunities in resins, graphite, and frontier resources beyond that period.
Iraq asks OPEC+ to raise oil quota to 6 million barrels per day
Iraq, OPEC's second-largest oil producer, is pushing for a significant increase in its production quota from OPEC+, seeking to have a new production baseline of 6 million barrels per day used as the basis for determining quotas in 2027, well above the current ceiling of 4.431 million barrels per day. Sources familiar with the matter say Iraq signaled in June that it might withdraw from the group if its production baseline is not adjusted upward, and Iraq's withdrawal would deal a major blow to the alliance, following the earlier exit of the United Arab Emirates. OPEC+ is having external consultants assess members' actual production capacity, with completion scheduled by the end of September, ahead of oil ministers' consideration for endorsement in late November. The outcome of this assessment is crucial for the balance of the global oil market, especially if exports from the Gulf fully recover, which could lead to an oversupply. Meanwhile, major oil companies such as Chevron and Exxon Mobil are negotiating a return to investment in Iraq. However, it remains uncertain whether OPEC+ will accept Iraq's proposed production baseline, as the International Energy Agency (IEA) estimates Iraq's sustainable production capacity at only 4.9 million barrels per day, and actual production in August averaged just 2.98 million barrels per day, due to conflict with Iran affecting shipments through the Strait of Hormuz.
Kazakhstan Suspends $5.06 Billion Fine Against Exxon-Led Consortium
Kazakhstan has suspended efforts to collect a $5.06 billion environmental fine from the Kashagan oil consortium, according to Interfax, easing a threat to Exxon Mobil, which holds a 16.81% stake in the project. Exxon's shares traded virtually flat at $159.55. The fine, which Exxon's share would theoretically amount to about $851 million, represents less than 5% of the company's latest quarterly free cash flow of $17.2 billion. However, the consortium, which also includes Shell and TotalEnergies, continues to reject Kazakhstan's sulfur-storage claims, and international arbitration keeps the wider dispute alive. The suspension buys time but does not eliminate political risk for Kashagan's expansion.
ExxonMobil subsidiary launches cash tender offers for senior notes
ExxonMobil Holdings Corporation announced that its wholly owned subsidiary, Pioneer Natural Resources Company, is offering to purchase for cash any and all of its outstanding $1,100,000,000 1.900% Senior Notes due 2030 and $1,000,000,000 2.150% Senior Notes due 2031. The tender offers, which are not conditioned on any minimum principal amount being tendered, will expire at 5:00 p.m., New York City time, on September 14, 2026, unless extended. Holders who tender their notes will receive a total consideration based on the applicable reference yield plus a fixed spread, along with accrued interest, with settlement expected on September 16, 2026. The notes purchased will be cancelled, and the offers are subject to conditions described in the Offer to Purchase dated September 8, 2026. Citigroup is serving as dealer manager, and Global Bondholder Services Corporation is the tender and information agent.
Energy Stocks Rise on Iran Tensions, Eaton Jumps on UBS Upgrade
U.S. stock futures fell early Tuesday, with Dow futures down 0.8%, S&P 500 futures down 0.3%, and Nasdaq-100 futures down 0.1%, as markets reopened after the Labor Day holiday amid U.S.-Iran tensions and U.S.-Canada trade disputes. Energy stocks rose in premarket trading after Iran warned it could target Gulf oil and gas infrastructure, with Exxon Mobil up 1.8%, Chevron up 1.7%, ConocoPhillips up 1.6%, Diamondback Energy and Marathon Petroleum each up 1.1%, and Valero Energy up 1.6%. Eaton shares gained more than 3% after UBS upgraded the stock to Buy from Neutral and raised its price target to $515 from $450, citing strong sales growth and expected margin improvement. Everpure rose 2.5% after being added to the S&P 500, replacing Builders FirstSource, while Shake Shack rose about 1% after RBC initiated coverage with an Outperform rating and an $89 price target. Old Dominion Freight Line climbed 1.3% after reporting revenue per day rose 12.4% in August compared with the same month last year.
TotalEnergies gained 1.5% to 77.27 on Monday after announcing it will sell a 9.1-percentage-point stake in Papua LNG to existing partners, reducing its ownership from 29.1% to 20% and handing project control to Exxon Mobil. The company retains access to gas without carrying the same construction burden. Design revisions and fresh contract bids have cut projected development costs by nearly $4 billion to roughly $14 billion. Papua LNG is designed to produce 5.6 million tonnes annually, primarily for Asian customers, while TotalEnergies retains 1.5 million tonnes of yearly offtake. The partners aim for a final investment decision in the fourth quarter. TotalEnergies' theoretical share of the budget drops from about $4.07 billion to $2.8 billion, reducing its exposure by roughly $1.27 billion before adjustments. The shares trade 39.71% above their $63.41 GF Value estimate, and with $9.8 billion of second-quarter cash flow, the company can fund its remaining commitment.
TotalEnergies Cuts Papua LNG Cost to $14 Billion, Exxon to Become Operator
TotalEnergies has taken major steps toward a final investment decision on the Papua LNG project in Papua New Guinea, cutting estimated capital expenditure to around $14 billion and agreeing to transfer operatorship to ExxonMobil. The French energy major said project optimization and new engineering, procurement and construction tenders have generated close to $4 billion in cost savings since 2024, including changes to the upstream condensate development and increased integration with existing PNG LNG infrastructure. ExxonMobil will become operator of Papua LNG, expanding its role in the country's LNG sector, and will hold a 34.1% stake, while TotalEnergies will sell a 9.1% interest to partners, reducing its stake to 20%. Santos will own 21%, ENEOS Xplora 2.4%, and PNG state entities Kumul Petroleum and MRDC a combined 22.5%. The partners have also finalized amendments to the 2019 gas agreement with the government, and TotalEnergies and PNG state entities have created an LNG marketing joint venture to commercialize 2.4 million tonnes per year from the project's planned total production of 5.6 million tonnes per year. TotalEnergies has signed a heads of agreement to purchase 1.5 million tonnes per year from that venture. The moves bring the project closer to an FID, which Santos said remains on track for the fourth quarter of 2026.
Chevron's Patience in Venezuela Pays Off with Major Expansion Deal
Chevron has signed a landmark deal to significantly expand its operations in Venezuela, positioning the oil giant to double its output over the next five years. CEO Mike Wirth told Bloomberg that patience was key, saying, "You have to hang in there until all the conditions come together: the technology, the economics, the markets, the politics." Chevron stayed in the country for over 100 years while rivals ExxonMobil and ConocoPhillips left after nationalization in 2007. The new agreement grants Chevron's joint ventures additional acreage in the Orinoco Belt and improved fiscal, commercial, and legal terms, supporting a plan to invest more than $7 billion over five years to boost production from 280,000 barrels per day to around 600,000 barrels per day. Chevron estimates its costs will be less than $20 a barrel, potentially driving strong earnings growth, though risks remain from difficult production conditions and political uncertainties.
Exxon Mobil fell 0.9% to $160.78 on Friday, even as America's diesel crunch hands its refineries a record opportunity. The U.S. diesel crack spread recently smashed an all-time high of $108.02 per barrel, with average pump prices reaching $5.820 per gallon. Exxon's Energy Products segment delivered $5.47 billion, nearly 38% of its $14.53 billion in second-quarter earnings, after the company produced more diesel than in any previous second quarter. Operating cash flow hit $23.56 billion and free cash flow reached $17.2 billion. However, crack spreads are not pure profit due to refining, transportation, and hedging costs, and the stock trades 26.75% above its $126.85 GF Value estimate, suggesting it is not cheap.
ExxonMobil was left out of a recent White House meeting of major oil executives on US gasoline prices, according to people familiar with the talks. The gathering focused on refinery capacity and retail fuel pricing, and the administration pressed attending companies on actions that could affect US drivers. ExxonMobil was reportedly excluded after prior political friction related to its comments on potential investments in Venezuela. The move raises fresh questions about ExxonMobil's access to senior policymakers at a time of close scrutiny of US energy policy and industry pricing practices.
Piper Sandler Raises Chevron Price Target to Street-High $243
Piper Sandler has lifted its price target on Chevron to a Street-high $243 from $207, part of a broader round of estimate increases across its integrated oil and refiner coverage driven by stronger crude and refining margins. The firm kept its overweight rating on the stock. Analyst John Royall raised the third-quarter Brent forecast to $88 per barrel from $80, and the fourth-quarter forecast to $90, citing continued supply issues on the diesel side lasting well into next year. The changes pushed Piper Sandler's estimates about 12% and 27% ahead of Wall Street's 2026 third-quarter and 2027 EBITDA forecasts for the majors, and roughly 15% and 36% above consensus for the refiners. Piper Sandler also lifted price targets for BP to $46, MPC to $462, PSX to $264, SHEL to $100, TTE to $93, VLO to $435, and XOM to $185.
Exxon Mobil has extended its dividend growth streak to 43 consecutive years with a quarterly payout of $1.03 per share, even as WTI crude oil touched lows near $55 per barrel in late 2025. The company's CEO, Darren Woods, projects that free cash flow will double by 2030, supported by $16.3 billion in cumulative cost savings and the Guyana project, which has now recovered its $55 billion investment. A $20 billion buyback plan for 2026 boosts total shareholder yield above the headline dividend yield of 2.55%. In the second quarter of 2026, Exxon reported earnings of $14.5 billion and free cash flow of over $17 billion, returning more than $9 billion to shareholders while cutting net debt by over $7 billion. Shares have risen 39.15% year to date, and the next dividend increase, typically announced with the fourth-quarter declaration, will test whether Guyana's cash flow supports a larger raise or buyback.
Chevron to invest $7B in Venezuela to double oil output
Chevron plans to invest $7 billion in Venezuela over the next five years to double its crude oil production there, a move that comes just days after the US entered a major oil deal with Venezuela. The investment is part of a broader US strategy to gain control of Venezuelan oil, but Chevron remains the only major oil company willing to make such a bet due to its existing relationships and sunk costs. Analysts note that other majors like ConocoPhillips and Exxon, which lost billions when their assets were nationalized, are unlikely to follow, as Exxon's CEO has explicitly stated no interest in returning. The deal also highlights a shift where proximity to the administration, rather than operational expertise, is driving investment decisions, as seen in reports of Coinbase co-founder Fred Ehrsam potentially acquiring Venezuelan oil fields.
FuelCell Energy Plunges 13% on Wider Loss Despite First Data Center Deal
FuelCell Energy shares fell 13% to $14.90 in early trading Wednesday after the company reported a wider-than-expected fiscal Q3 2026 loss, overshadowing its first data center reservation deal. The company posted a loss of $0.64 per share versus an expected $0.40 loss, with revenue down 29% to $33 million, missing the $40 million consensus. A $17 million charge tied to product costs and purchase commitments under its Fit Energy agreement widened the gross loss to $24.5 million from $5.1 million a year earlier. Despite the setback, FuelCell Energy announced its first Capacity Reservation Agreement for a planned 75 MW data center project in Texas, part of its $3.6 billion total Committed and Awarded Capacity Backlog. The company also delivered its first carbonate fuel cell carbon capture modules to Exxon Mobil at its Rotterdam complex. Meanwhile, Bloom Energy slipped 2% to $209.98, Plug Power edged down 0.6% to $2.08, and the Global X Hydrogen ETF held flat at $42.06. FuelCell Energy's shares outstanding have surged from 46 million to 80 million since October 2025, and it does not target positive adjusted EBITDA until the fourth quarter of fiscal 2027.
US-Venezuela Oil Deal Spurs Energy ETF Opportunities
The U.S. government's agreement with Venezuela, touted by President Trump as "the biggest oil deal in world history," grants American access to 65 billion barrels of proven Venezuelan reserves through 100-year concessions across 17 oilfields, brokered with North American Blue Energy Partners. The deal, which includes a 25-year cooperation framework, aims to more than double U.S. oil reserves and lower gasoline prices, while Chevron, ExxonMobil, ConocoPhillips, SLB, and Halliburton are positioned to benefit from an estimated $100 billion in infrastructure investment targeting 1.5 million barrels per day. For investors, energy ETFs like XLE, VDE, OIH, and IYE offer exposure to these beneficiaries, with year-to-date gains ranging from 42.2% to 50.7%.
Oil Stocks Jump as Iran Strikes and Venezuela Deal Collide
Energy stocks led the market higher Monday as two major oil catalysts hit at once: the resumption of U.S.-Iran strikes sent oil prices up about 3%, lifting Chevron, Exxon Mobil, Halliburton, and Occidental Petroleum, while President Trump announced a deal with Venezuela to control more than 65 billion barrels of its oil reserves. Chevron opened at $208.18, up 1.00% on the session and 36.13% year-to-date, after reporting $12.1 billion in Q2 earnings and cutting debt by over $8 billion. Exxon Mobil traded at $162.91, up 1.20%, despite disclosing $706 million in Q1 losses tied to Middle East disruptions. Halliburton added 1.53% to $36.74, while Occidental rose 0.76% to $59.55, with CEO Richard Jackson saying the company fully offset Middle East production losses through Permian and Gulf of America volumes. The Venezuela deal adds a long-horizon reserves story, but degraded infrastructure means years of investment before new supply reaches the market.
Trump to meet oil executives on gas prices, Exxon excluded
President Trump is meeting with several oil executives on Tuesday to discuss expanding US refining capacity and lowering gas prices, with Exxon notably absent from the guest list. The meeting comes after the US struck a major oil deal with Venezuela, buying a large portion of the country's oil production rights. Yahoo Finance's Ben Werschkul reports that the White House aims to pressure the refining and retail side of the oil sector, which faces high prices up and down the production chain. The annual Labor Day price report projects record-high gas prices, driven by refinery and retailer margins rather than geopolitical issues like the Strait of Hormuz or Ukraine. Trump has criticized oil companies for not lowering pump prices enough, and he has separately pushed Exxon and Chevron to invest more in Venezuela, though Exxon's CEO previously called the country uninvestable, likely explaining the snub. Attendees include Chevron, Marathon, and smaller producers, but the White House acknowledges limited short-term options, with Trump himself admitting prices may not drop much before the midterm elections.
Oil Prices Rise as Middle East Violence Flares, Asian Shares Mixed
Oil prices climbed further and Asian shares were mixed Tuesday as renewed violence in the Iran war heightened uncertainty over the conflict's future. Brent crude gained 0.8% to $91.23 per barrel, while U.S. benchmark crude rose 1% to $86.62, following U.S. attacks on Iranian rocket launchers and Iran's missile response. The war has curtailed traffic in the Strait of Hormuz, which once accounted for about 20% of the world's oil shipments, keeping prices high and fueling inflation. In Asian trading, Hong Kong's Hang Seng fell 0.9%, while Tokyo's Nikkei 225 edged up 0.2%. Shein shares fell as much as 10% on their Hong Kong debut before paring losses to 5% by midday. Wall Street closed lower Monday, with Edison International and PG&E plunging on wildfire legislation concerns, while energy stocks like Exxon Mobil and Chevron gained.
Exxon Gains 2% as Washington Excludes It from Gas Talks
Exxon Mobil rose about 2.1% to $160.03 on Monday as Brent crude surpassed $90 per barrel, but the company was excluded from President Donald Trump's Tuesday meeting with refiners amid rising gasoline prices above $4 per gallon. The exclusion follows CEO Darren Woods' January comment that Venezuela remains uninvestable, prompting Trump to signal Exxon could be shut out of the country while Chevron, Marathon Petroleum, and Valero attend the meeting. The talks will cover refining capacity, biofuel mandates, and fuel-shipping costs, with Exxon absent. Exxon generated $17.2 billion in free cash flow in its latest quarter, but its stock trades 26.54% above its GF Value estimate of $126.47, indicating a hot valuation and thin margin for disappointment.
Trump says Exxon going into Venezuela as US secures oil deal
President Trump announced Monday that Exxon Mobil is among oil companies planning to do business in Venezuela, touting a deal that would grant the U.S. access to about 20% of Venezuela's crude reserves and more than double U.S. oil reserves. Trump said Exxon, Chevron, and other big oil companies are bidding, and that the U.S. is taking out millions of barrels of oil from Venezuela for Gulf Coast refineries. Exxon has not commented on the claim, and its CEO Darren Woods previously called Venezuela uninvestable, though the company said in March it would send a technical team to study opportunities. The agreement, announced Friday, gives the U.S. a direct financial stake in a private company led by Alejandro Betancourt, which would receive century-long rights to 65 billion barrels of reserves. Betancourt's company, already the second-largest private producer in Venezuela behind Chevron, plans to deploy over 50 drilling rigs and has acquired 23 new rigs from U.S. contractors Helmerich & Payne, Precision Drilling, and Patterson-UTI Energy.
ExxonMobil Q2 Earnings Miss Despite Record Production
ExxonMobil reported second-quarter adjusted earnings of $3.52 per share, missing the Zacks Consensus Estimate of $3.68 by 4.3%, while revenues of $116 billion beat expectations by 21.1% and rose 42.3% year over year. The company achieved record upstream production of 4.514 million oil-equivalent barrels per day, with Permian output exceeding 1.8 million barrels per day and a fifth Guyana vessel slated to add 250,000 barrels per day in the fourth quarter. However, higher maintenance expenses, increased depreciation, and Middle East disruptions weighed on results, with the conflict temporarily removing about 10% of total upstream production. Energy Products generated $4.10 billion in adjusted earnings, while Chemical Products rose to $1.21 billion from $110 million in the first quarter, highlighting cyclicality. ExxonMobil generated $17.2 billion in free cash flow, returned $9.4 billion to shareholders, and reduced net debt by over $7 billion. The stock carries a Zacks Rank #3 (Hold), with Style Scores of A across value, growth, momentum, and VGM.
President Trump is framing the deal for a US stake in 65 billion barrels of Venezuelan oil as a victory that will lower gasoline prices and replenish depleted crude reserves, but it's far from certain the plan will lead to either during his presidency, if at all. Trump pushed for the blockbuster move after growing frustrated that private oil companies, including ExxonMobil Holdings Corp. and ConocoPhillips, weren't moving quickly enough to boost production in Venezuela, according to people familiar with the matter. By starting a new venture directly controlled by the US, his administration is seeking to give producers more confidence to commit to developing the 17 oil fields involved in the deal.
USA