Exxon, Other US Oil Majors Brace For Tropical Storm Francine: Report
Portfolio Pulse from Lekha Gupta
Exxon Mobil and other US oil majors are preparing for Hurricane Francine, which is expected to impact operations in the Gulf of Mexico. Exxon plans to reduce production at its Baton Rouge refinery, while Shell has shut down production at several assets. The storm is expected to bring severe weather conditions, affecting oil and gas production in the region.
September 11, 2024 | 1:47 pm
News sentiment analysis
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NEGATIVE IMPACT
The iShares U.S. Energy ETF, which includes Exxon, may face short-term volatility due to the impact of Hurricane Francine on oil production.
IYE, which includes Exxon, could experience short-term volatility as the hurricane affects oil production, impacting the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The Energy Select Sector SPDR Fund, which includes Exxon, may see short-term volatility due to the impact of Hurricane Francine on oil majors.
XLE, which includes Exxon, could see short-term volatility as the hurricane impacts oil production, affecting the fund's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Exxon Mobil is reducing production at its Baton Rouge refinery due to Hurricane Francine, which may impact its short-term operations and stock price.
Exxon's decision to cut production at a major refinery due to the hurricane is likely to affect its short-term operations and could lead to a decrease in stock price as investors react to potential disruptions.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90