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  4. ExxonMobil Bursts Higher on Upgrade, Deal with QatarEnergy to Expand LNG Production
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ExxonMobil Bursts Higher on Upgrade, Deal with QatarEnergy to Expand LNG Production

By Sam Boughedda ExxonMobil (NYSE:XOM) shares surged 6% Tuesday after Credit Suisse upgraded the stock to Outperform and the company and QatarEnergy announced that they have signed...
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ExxonMobil Bursts Higher on Upgrade, Deal with QatarEnergy to Expand LNG Production © Reuters. ExxonMobil (XOM) Bursts Higher on Upgrade, Deal with QatarEnergy to Expand LNG Production

By Sam Boughedda

ExxonMobil (NYSE:XOM) shares surged 6% Tuesday after Credit Suisse upgraded the stock to Outperform and the company and QatarEnergy announced that they have signed a deal to further develop Qatar’s North Field East project.

Credit Suisse upgraded ExxonMobil shares from Neutral to Outperform, increasing their price target on the stock to $125 from $115.

Analyst Manav Gupta said in a note to investors that despite oil and gas companies cutting back on investments in the sector in recent years, “XOM always believed that the world will need fossil fuels for much longer and in the medium-term demand for oil and gas will be increasing not contracting.”

“As a result, XOM has continued to invest in some of the most attractive Oil & Gas projects globally. Post Russia-Ukraine conflict, where we are short crude, refined products and natural gas, we expect XOM’s differentiated growth strategy will deliver excellent returns for its investors.”

On the deal with QatarEnergy, ExxonMobil said the deal will expand Qatar’s annual LNG capacity from 77 million tons to 110 million tons by 2027, while ExxonMobil’s participation in Qatar LNG volumes is expected to increase total capacity from 52 to 60 million tons per year.

QatarEnergy and ExxonMobil will partner in a new joint venture company, with QatarEnergy holding a 75% interest and ExxonMobil holding 25%. The joint venture will own 25% of the North Field East project.

“We are collaborating with QatarEnergy on North Field East to accelerate the production of secure, affordable and cleaner energy our world needs,” said Darren Woods, chairman and chief executive officer for ExxonMobil.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

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Indicators:

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EUR/USD

1.0658

-0.0008 (-0.07%)

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GBP/USD

1.2475

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USD/JPY

157.91

+0.12 (+0.07%)

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↑ Buy

Moving Avg:

Buy (12)

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

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USD/CAD

1.3780

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EUR/JPY

168.32

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EUR/CHF

0.9808

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Gold Futures

2,295.80

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Silver Futures

26.677

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4.5305

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Crude Oil WTI Futures

81.14

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Brent Oil Futures

85.62

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US Coffee C Futures

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Euro Stoxx 50

4,920.55

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S&P 500

5,035.69

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DAX

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FTSE 100

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US Small Cap 2000

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IBEX 35

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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RON 95-V25.44025.940
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