What's Going On With Exxon Mobil Shares Today?
Portfolio Pulse from Lekha Gupta
Exxon Mobil Corporation (NYSE:XOM) shut down its Joliet, Illinois refinery due to a power outage caused by a storm. The refinery processes Canadian crude oil and produces around 9 million gallons of gasoline and diesel per day. Exxon also announced plans to drill up to 30 wells for its Hammerhead project in Guyana, expected to produce 120,000-180,000 barrels of crude daily. Exxon will report Q2 FY24 results on August 2, 2024. Investors can gain exposure to Exxon via Energy Select Sector SPDR Fund (NYSE:XLE) and IShares U.S. Energy ETF (NYSE:IYE).
July 17, 2024 | 10:00 am
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NEGATIVE IMPACT
Exxon Mobil shut down its Joliet refinery due to a power outage caused by a storm. The refinery produces around 9 million gallons of gasoline and diesel per day. Exxon also announced plans to drill 30 wells for its Hammerhead project in Guyana.
The shutdown of the Joliet refinery could negatively impact Exxon's short-term revenue due to the loss of production. However, the announcement of the Hammerhead project in Guyana may offset some of the negative sentiment.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Investors can gain exposure to Exxon Mobil via the IShares U.S. Energy ETF (IYE). The ETF may experience short-term volatility due to Exxon's refinery shutdown and new project announcement.
IYE's performance is influenced by Exxon Mobil's activities. The refinery shutdown may cause short-term volatility, but the new project announcement could provide long-term growth potential.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
NEUTRAL IMPACT
Investors can gain exposure to Exxon Mobil via the Energy Select Sector SPDR Fund (XLE). The fund may experience short-term volatility due to Exxon's refinery shutdown and new project announcement.
XLE's performance is influenced by Exxon Mobil's activities. The refinery shutdown may cause short-term volatility, but the new project announcement could provide long-term growth potential.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50