2024-05-06 09:38:06 ET
Summary
- Exxon Mobil forecasts steady production growth going into 2027 with volumes growing to 4.2MMbbl/d. This along with their $15b cost-savings will drive their 10% earnings CAGR forecast through 2027.
- Chemicals may be at the bottom of the cyclical upswing, positioning Exxon for margin expansion going into 2H24-2025. This business was offset by Exxon's expansion in high-margin specialty chemicals.
- Once the Pioneer Natural Resources acquisition is approved, management voiced a move to returning $20b to shareholders through their share repurchase program.
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For further details see:
Exxon Mobil Plays It Safe With Hydrocarbons, Sidelines Direct Air Capture