ExxonMobil Call Takeaways 2Q26

研报英文原文证据摘录

ExxonMobil Call Takeaways 2Q26

Global Research

31 July 2026ab

First Read

EquitiesExxonMobil

Call Takeaways 2Q26 United States

Oil Companies, Major

12-month rating Buy

Permian

Management reported that its Permian technology portfolio continues to 12m price target US$174.00

outperform expectations, with more than 40 technologies being deployed across

the basin to improve recovery rates, reduce well counts, and enhance capital

Price (30 Jul 2026) US$156.97

efficiency. Most technologies are complementary and deliver cumulative benefits

when deployed together. RIC: XOM.N BBG: XOM US

Exxon reiterated confidence in its long-term goal of doubling recovery rates, Trading data and key metrics

noting that the current technology pipeline has the potential to exceed that target. 52-wk range US$171.47-105.83

Management stated the program remains ahead of plan, with continued Market cap. US$660b

deployment expected to drive further productivity gains and value creation. Shares o/s 4,202m (COM)

Free float 100%

Management expects new Permian gas takeaway capacity to alleviate historical

transportation constraints, supporting continued production growth and reducing Avg. daily volume ('000) 4,886

market dislocations in regional gas markets. Avg. daily value (m) US$715.9

Common s/h equity (12/26E) US$255b

Guyana P/BV (12/26E) 2.6x

Guyana reached investment recovery earlier than previously expected, driven by

EPS (UBS, diluted) (USD)

faster-than-planned project execution, lower development costs, FPSO 12/26E

performance above design capacity, strong reliability (>98%), and higher UBS Cons.

commodity prices. Management noted investment recovery accelerated by Q1 2.11 1.16

roughly two years even excluding the benefit of higher oil prices. Q2E 3.30 3.60

Q3E 2.04 3.40