Exxon Mobil Stock (NYSE:XOM)
Energy stocks (XLE) led all S&P sectors on the day despite slightly lower crude oil prices. At the same time, Exxon Mobil (NYSE:XOM) gained 1.9% on Friday. As a result, Exxon Mobil stock reached a new intraday high of $106.16.
With a record closing of $104.59 on June 8 and a year-to-date increase of 66%, the Exxon Mobil stock is now the world’s 10th most valuable publicly listed business, with a market worth of $439B.
IBES Refinitiv predicts that Exxon (XOM) will post another excellent quarter when it announces Q3 earnings on October 28. This would put the company on pace to earn a record $54.8B annual profit in 2018.
Midway through the year, the company’s oil and gas output averaged 3.7M boe/day, which is in line with the previous year but approximately 9% below the 4.1M boe/day record established in 2016.
Analysts predict Exxon to add $26 billion in cash flow this year. Exxon Mobil stock was upgraded this week by Jefferies to Buy on expectations that the business would continue to generate significant free cash flow at least through 2027.
According to a press release, Par Pacific (NYSE:PARR) has agreed to purchase Exxon Mobil’s (NYSE:XOM) Billings, Montana refinery and related marketing and logistics assets for $310M plus the value of hydrocarbon and other inventories as of closure.
Exxon’s stake in the Yellowstone pipeline, Yellowstone Energy LP, and its Montana and Washington product terminal assets are part of the package.
Par Pacific has said it is investigating potential renewable fuel prospects to enhance the conventional gasoline output at the 63K bbl/day Billings refinery, which processes low-cost Western Canadian and regional Rocky Mountain crude oil grades.
Featured Image- Megapixl @ Jetcityimage
Author Shariq Khan 
