On April 27, 2023, Exxon Mobil received the green light from Guyana’s Environmental Protection Agency to commence work on the Uaru project, the company’s fourth offshore oil endeavor in the country. This approval is valid for a period of five years. The Uaru project is part of Exxon Mobil’s consortium with Hess and CNOOC, which has made over 30 discoveries in Guyana’s offshore waters since 2015. The consortium’s first two producing platforms are poised to deliver up to 400,000 barrels of oil and gas per day by the end of the year.
The Guyana EPA permit for the Uaru project prohibits routine flaring and venting of natural gas during operation. Exxon is also required to maintain an undersea device known as a capping stack, which can seal a well in the event of an accident. Additionally, the permit mandates that the consortium have insurance to cover any environmental damages and provide a guarantee that indemnifies Guyana in the event that they fail to meet their obligations.
According to a statement by the Guyana EPA, the permit “comprehensively addressed all environmental and social safeguards that are reasonably necessary to protect human health and the environment.”
Exxon Mobil Corporation (XOM) Stock Analysis: Market Cap, Earnings Growth, Revenue Growth, and More
On April 27, 2023, Exxon Mobil Corporation (XOM) opened at $115.73 and traded between $114.90 and $117.00, with a volume of 15,473,592 shares traded. XOM has a market cap of $470.9B, making it one of the largest companies in the energy sector. The company’s earnings growth for the past year was 145.95%, but the earnings growth for this year is projected to be -27.60%. XOM’s revenue growth for the past year was a healthy 42.75%, and the company’s P/E ratio is 8.8. XOM’s next reporting date is on April 28, 2023, with an EPS forecast of $2.60 for the quarter. The company’s annual revenue for the past year was $400.4B, with an annual profit of $55.7B. XOM operates in the energy minerals sector, specifically in the integrated oil industry, and is headquartered in Irving, Texas.
Exxon Mobil Corps Stock: Analysts Predict Bullish Future with Significant Growth Potential
On April 27, 2023, Exxon Mobil Corp’s stock (XOM) closed at a price of 116.86, below the median target price of 127.50 predicted by 24 analysts offering 12-month price forecasts for the company. However, the median estimate still represents a +9.10% increase from the last price, indicating bullishness on the stock’s future performance. The high estimate of 148.00 suggests significant growth potential, while the low estimate of 110.00 indicates caution. The current consensus among 29 polled investment analysts is to buy stock in Exxon Mobil Corp, with a buy rating unchanged since April. The company is set to report its earnings for the current quarter on April 28, 2023, with expected earnings per share of $2.60 and sales of $85.6B. Overall, the data suggests that Exxon Mobil Corp’s stock is viewed favorably by analysts and investors, with significant upside potential.