ExxonMobil Eyes $16B Profit Projection, Plans Shift To Chemicals Amid Fuel Surge
Portfolio Pulse from Nabaparna Bhattacharya
ExxonMobil Corporation expects its motor fuels and chemicals profits to rise to $16 billion by 2027, a $4 billion increase from current levels, driven by continuous demand growth. The company anticipates gasoline demand to peak later this decade, a longer timeframe than other forecasters. Exxon's Baytown, Texas-based refinery, which can process 564,440 barrels per day, is located next to a chemical unit, allowing it to shift from producing fuels to also making chemicals.
September 21, 2023 | 2:10 pm
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POSITIVE IMPACT
ExxonMobil's projected increase in profits and its ability to shift production from fuels to chemicals could positively impact its stock. The company's shares are already trading higher in the premarket.
ExxonMobil's projected increase in profits by 2027 indicates a positive outlook for the company's financial performance. Additionally, the company's ability to shift production from fuels to chemicals could provide it with a competitive advantage, potentially leading to further increases in its stock price.
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IMPORTANCE 80
RELEVANCE 100