What's Going On With Exxon Mobil Shares Today?
Portfolio Pulse from Shivani Kumaresan
Exxon Mobil Corp. (NYSE:XOM) shares are trading lower in premarket after finalizing a deal to sell its Malaysian oil and gas assets to Petronas. This move is part of Exxon's strategic shift towards focusing on more lucrative operations in the Americas. Despite the sale, Exxon remains a major energy producer in Malaysia. The company will report its second-quarter FY24 results on Aug. 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 19, 2024 | 1:23 pm
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Exxon Mobil shares are trading lower in premarket after selling its Malaysian oil and gas assets to Petronas. This sale is part of a strategic shift towards focusing on more lucrative operations in the Americas.
The sale of Malaysian assets indicates a strategic shift for Exxon Mobil, which may cause short-term uncertainty and a negative impact on the stock price. However, the focus on more lucrative operations in the Americas could be beneficial in the long term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
iShares U.S. Energy ETF (IYE) might experience minor fluctuations due to Exxon's asset sale in Malaysia, as Exxon is a significant component of the ETF.
IYE, which includes Exxon Mobil as a significant component, may experience minor fluctuations due to the news. However, the overall impact is likely to be limited given the diversified nature of the ETF.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Energy Select Sector SPDR Fund (XLE) may see minor fluctuations due to Exxon's asset sale in Malaysia, as Exxon is a significant component of the fund.
XLE, which includes Exxon Mobil as a significant component, may experience minor fluctuations due to the news. However, the overall impact is likely to be limited given the diversified nature of the ETF.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50