High oil prices have helped Exxon Mobil maintain its double-digit growth in upstream revenue last quarter.
The company has aggressively added to its oil and natural gas liquids (NGLs) portfolio in recent months and recently made two major discoveries in the Gulf of Mexico region a couple of months ago. It also has on-going shale gas projects in Argentina, Canada, Columbia, Germany and Poland. This will help Exxon maintain its production momentum in light of low natural gas prices and high crude oil prices.
Exxon competes with other oil majors such as Chevron, ConocoPhillips, BP and the Royal Dutch Shell.
While we estimate Exxon’s crude oil and liquids production will increase from 1.8 million to 1.9 million barrels per day (bpd) by the end of our forecast period, Trefis members predict an increase from 1.86 million to 2.13 million during the same period. The member estimates imply an upside of 10% to the Trefis price estimate for Exxon Mobil’s stock.
We currently have a Trefis price estimate of $92.70 for Exxon Mobil’s stock which is about 20% above the current market price.
