Exxon Mobil is a multinational oil and gas corporation engaged in the exploration, production, refining, and distribution of petroleum and petrochemical products. The company operates in various segments, including upstream operations, which involve the extraction of crude oil and natural gas, and downstream operations, which focus on refining and marketing fuels and lubricants. Additionally, Exxon Mobil invests in alternative energy solutions and technologies, contributing to ongoing efforts to address global energy challenges. With a significant presence in multiple countries, the company plays a vital role in supplying energy and products to meet the demands of consumers and industries worldwide. Read More
During the pre-market trading session on Monday, Shell PLC (NYSE: SHELL) and Occidental Petroleum Corp (NYSE: OXY) climbed 1.75% and 1.41%, respectively, whereas Exxon Mobil Corp (NYSE: XOM) and Chevron Corp (NYSE: CVX) climbed 0.88% and 0.85%, each oil prices witnessed more than 3% surge on Monday. This was because the OPEC+ group decided to maintain the output increase for July, mirroring the hikes of the previous two months.
According to Bloomberg, the list includes $331 million previously allocated to Exxon Mobil for a hydrogen initiative and $170 million intended for Kraft Heinz.
CEO John Hopkins told Bloomberg that the company is working with developer Entra1 in pursuit of contracts to build nuclear power plants with several customers now.
Battle of oil titans Chevron and Exxon over Guyana oil project could impact top energy ETFs. M&A, arbitration, and activist investors add to the stakes.
CEO Darren Woods stated that ExxonMobil stress-tested its business against “more punitive scenarios” last year and, based on that review, plans to maintain investments and shareholder returns even if oil prices decline further.
ExxonMobil (NYSE: XOM) to sell its controlling interest in Esso SAF to North Atlantic France SAS, part of strategic shift to streamline global footprint.
Bloomberg News reported late last week that the Treasury Department will grant the waiver authorizing Chevron to carry out only critical upkeep and safety-related functions.
