Oil giant ExxonMobil (XOM.US) is gaining more than 3% today and is back above the psychological barrier of $100 per share.
- The company has not crossed this level since 2014, when it held the title of the world's largest company.
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Create account Try a demo Download mobile app Download mobile app- The dynamic growth today, as well as recently, was supported by: global energy uncertainty and, consequently, a good situation on the oil market.
- The company's shares were also bullishly shaded by the world's major financial institutions, with Evercore seeing its shares at $120, Credit Suisse at $115, and Goldman Sachs at $117.
- The main reasons for high valuations are forecasted increases in hydrocarbon prices as well as higher revenues from refining.
- Exxon is currently trying to be among the winners of a tender for one of the largest gas projects in Qatar and in the world. All this in response to the Ukrainian-Russian crisis and the subsequent perturbations on the raw materials and energy markets. The details of the project itself are not yet known in detail, but sources claim that the project aims at increasing gas exports from Qatar and increasing annual production of liquefied natural gas to almost 130 million tons by 2027.
ExxonMobil (XOM.US) and OIL on the MN interval. Source: xStation5
