ExxonMobil's Upstream Business Poised to Thrive at Current Oil Prices

Industry
โดย Zacks Investment Research·Read original
Summary · why it matters

ExxonMobil's upstream business is well-positioned to benefit from current oil prices, with WTI crude trading above $70 per barrel and the U.S. Energy Information Administration projecting an average of $88.32 per barrel for this year. The company's massive footprint in the Permian Basin and offshore Guyana, where it employs lightweight proppant technology to boost well recoveries by up to 20%, supports a plan to grow Permian production to 1.8 million oil equivalent barrels this year. Record production from both low-breakeven-cost resources has been aiding ExxonMobil's top and bottom lines. Chevron and ConocoPhillips are also expected to gain from the favorable pricing environment, with ConocoPhillips holding low-cost drilling opportunities across the Permian, Eagle Ford, and Bakken plays, and Chevron benefiting from its own Permian production growth. ExxonMobil shares have gained 29% over the past year, and the Zacks Consensus Estimate for its 2026 earnings has seen upward revisions over the past 30 days.

Impact on stocks 3

Energy▲ · 2 stocks
ConocoPhillips
COP
▲ PositiveSupplyrelevance

ConocoPhillips holds low-cost drilling opportunities across Permian, Eagle Ford, and Bakken, benefiting from favorable oil prices.

Chevron Corp
CVX
▲ PositiveSupplyrelevance

Chevron benefits from its own Permian production growth and favorable pricing environment.

Energy Transition & Power Demand▲ · 1 stocks
Exxon Mobil Corp
XOM
▲ PositiveSupplyrelevance

ExxonMobil's upstream business is well-positioned with low-breakeven-cost production in Permian and Guyana, aided by current oil prices.

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