43.20 -0.44 (-1.01%)
Before hours: 6:12AM EDT
|Bid||43.27 x 800|
|Ask||0.00 x 3100|
|Day's range||43.25 - 43.90|
|52-week range||30.11 - 75.18|
|Beta (5Y monthly)||1.30|
|PE ratio (TTM)||25.99|
|Earnings date||30 Oct 2020 - 03 Nov 2020|
|Forward dividend & yield||3.48 (7.97%)|
|Ex-dividend date||12 Aug 2020|
|1y target est||47.92|
The Zacks Analyst Blog Highlights: Exxon Mobil, Chevron, Royal Dutch Shell, BP and TOTAL
(Bloomberg) -- Exxon Mobil Corp. warned that low energy prices may wipe as much as one-fifth of its oil and natural gas reserves off the books.If depressed prices persist for the rest of the year, “certain quantities of crude oil, bitumen and natural gas will not qualify as proved reserves at year-end 2020,” the company said in a regulatory filing on Wednesday. A 20% hit would impact the equivalent of almost 4.5 billion barrels of crude, or enough to supply every refinery on the U.S. Gulf Coast for 18 months.The company’s massive Kearl oil-sands mine in Alberta was the only specific asset singled as a potential victim of any year-end revision. Imperial Oil Ltd., which is about 70% owned by Exxon and run as a subsidiary, said in a separate filing that an undetermined portion of Kearl’s reserves may be imperiled.Exxon isn’t waiting until the traditional end-of-year period to reasses reserves. After slashing its drilling budget by $10 billion to cope with the virus-driven market collapse, the company on Wednesday said it removed about 1 billion barrels from its books. Most of that involved shale fields, according to the filing.Lone HoldoutThe supermajor also said it plans to increase a credit facility from $7.5 billion to $10 billion in the current quarter.Exxon rose 0.9% to $43.85 on Wednesday at in New York. Imperial rose 1.6%. Kearl accounts for 60% of Imperial’s 3.5 billion barrels of proved reserves.Separately, Chevron Corp. said in a filing Wednesday that it expects to revise its reserves downward by about 10%, mainly in the Permian Basin and Australia.Royal Dutch Shell Plc, BP Plc and Total SE have written off billions of dollars in reserves in recent weeks as the pandemic destroyed oil demand and prices, making some fields unprofitable to drill. Exxon had been the sole holdout during the current crisis, having not revised anything lower until now.Exxon’s last significant reserves revision was in 2016, when it removed some of its oil-sands assets in Canada from its books, though it later added some of these back.Exxon is currently undergoing its annual “very rigorous” process of reviewing the value of assets and should present the results to the board by November, Senior Vice President Neil Chapman said during a call with analysts July 31. While Exxon doesn’t publish commodity price forecasts, unlike European peers, Chapman said they’re “consistent with the range of third-party estimates.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Exxon Mobil Corp <XOM.N> is suspending the company's contribution to the U.S. employee retirement savings plan beginning in October, the company confirmed on Wednesday. Employees blasted the decision by the largest U.S. oil company, which last week vowed to deepen cost cuts after posting back-to-back quarterly losses for the first time in its history. "Given the current business environment, the corporation is taking steps to reduce costs," the company said in a message to employees seen by Reuters on Tuesday.