Exxon Mobil Corp


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Oil and gas companies are on a roll off late with the crude prices on a high and the volume of output going up as the world goes back to normalcy after the Covid-19 pandemic. Exxon Mobil is no exception to this rule as the company reported its largest quarterly profit in more than a year with strong contributions from both, the oil and chemicals businesses. There has been a massive recovery in crude oil demand as with increasing consumption of fuel after the lockdowns across the globe have ended. Crude oil prices are above $70 per barrel and Exxon has made the most of this by having a production of 3.52 million barrels of oil-equivalent per day (MBoe/d). The price rise has been the bigger driver as the company recorded an average realization price of $63.29 per barrel. The company incurred a minor loss in the downstream business on account of maintenance issues and an unfavorable foreign exchange but more than made up for it by a $2.32 billion profit in the chemicals business, more than 5x of the number in the corresponding quarter of the previous year. Despite a favorable outlook for crude oil, Exxon Mobil has already had a strong runup and we are conservatively giving it a ‘Hold’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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