XOM

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. ExxonMobil Holdings has enjoyed a strong run over the past few years, yet the stock still screens as attractively priced on broad valuation checks. This raises the question of how much of its recent strength is already reflected in the share price. Over 5 years, ExxonMobil Holdings has returned 180.2%, which puts current pricing in the context of a long, powerful compounding run. Investor expectations today are shaped by higher crude prices and earnings momentum on one side, while production disruptions in the Middle East and longer term damage to Qatari LNG capacity may cap how much value investors are willing to place on future cash flows. On Simply Wall St's checks, ExxonMobil Holdings looks cheap on most measures, with the broader valuation work suggesting the stock appears undervalued in 5 of 6 areas. The issue now is whether ExxonMobil Holdings' current price still offers a margin of safety after such strong multi year returns. ExxonMobil Holdings delivered 23.4% returns over the last year. See how this stacks up to the rest of the Oil and Gas industry. The P/E ratio is usually a straightforward way to compare what you pay for each dollar of profit at an established earner like ExxonMobil Holdings. ExxonMobil Holdings currently trades on a P/E of 22.5x. That sits above the Oil and Gas industry average of 13.3x, but below both the peer group average of 34.5x and a modelled fair P/E of 30.5x for ExxonMobil Holdings, which adjusts for its size, margins and risk profile. On this framework, the stock trades at a discount to where the market might typically price a company with similar characteristics. Despite recent optimism around higher crude prices and projected earnings support, the current multiple still prices ExxonMobil Holdings below this tailored fair P/E level. Taken together, the P/E analysis suggests the market is not fully crediting the company with the earnings power implied by its fair ratio and peer benchmarks. On the P/E multiple, ExxonMobil Holdings stock appears undervalued relative to both its tailored fair ratio and higher rated peers. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where the valuation puzzle for ExxonMobil Holdings...

Exxon Mobil Corporation XOM, a U.S. oil and gas giant, has an integrated business model spanning upstream operations, refining and trading. The majority of its earnings are generated by its upstream segment. While the exploration and production business is vulnerable to fluctuations in oil and gas prices, the current business environment seems favorable for XOM’s upstream activities. The conflict in the Middle East has disrupted global oil and gas flows, causing a major spike in crude prices, with the West Texas Intermediate benchmark surpassing the $100 per barrel mark in May 2026. In its latest 8-K filing, ExxonMobil has provided an update regarding its second-quarter results. The company indicated that higher crude prices and the impacts of the Middle East disruptions are expected to boost its second-quarter earnings compared with the first quarter. In fact, XOM estimates changes in liquids prices to add approximately $3.5-$3.9 billion to its earnings compared with first-quarter 2026. Moreover, the company mentioned in its filing that the Energy Products and Chemical Products segments are expected to benefit from changes in margins. The Energy Products segment is expected to gain between $2 billion and $2.4 billion, while the Chemical Products segment is expected to witness an increase between $1 billion and $1.2 billion. The Specialty Products segment is forecasted to add approximately $300-$500 million to its earnings compared with first-quarter 2026. The gains in refining and chemicals margins likely reflect stronger industry margins in the second quarter. However, ExxonMobil noted that the ongoing conflict in the Middle East has caused production disruptions and operational shutdowns, partially offsetting these benefits. ExxonMobil is scheduled to release its second-quarter results on July 31. The current market conditions, however, have changed significantly, and crude prices have retreated from the war-premium highs seen previously. Nevertheless, the current pricing environment remains supportive for ExxonMobil. Recent developments related to the conflict between the United States and Iran have again resulted in heightened uncertainty in global energy markets. The escalating geopolitical tensions may push oil prices higher in the near term, thereby supporting ExxonMobil’s upstream business. The company is well positioned to generate attractive upstr...

This article first appeared on GuruFocus. ExxonMobil Holdings Corp. (NYSE:XOM), a Spring, Texas-based oil supermajor, said second-quarter earnings increased by almost $4 billion as the Iran conflict helped lift crude prices. The company indicated that stronger crude markets added $3.7 billion to profit, while refining and chemical gains contributed another $3.3 billion, giving investors an early signal that the quarter may have benefited meaningfully from the sharp move in energy markets. Warning! GuruFocus has detected 1 Warning Sign with XOM. Is XOM fairly valued? Test your thesis with our free DCF calculator. ExxonMobil also noted that those gains were partly reduced by roughly $1.2 billion in losses tied to interrupted Middle East production. The company is scheduled to release full results on July 31 and is also expected to record about $2.6 billion in profit from derivative positions connected to physical cargo deliveries during the second quarter. The update followed Shell Plc (NYSE:SHEL), a major oil supermajor that earlier Tuesday reported robust trading results, suggesting investors may see similar windfall-profit signals across the sector. Still, the strength may be viewed cautiously, as ExxonMobil shares have declined since the conflict began at the end of February, while international crude prices have fallen 40% since topping $125 a barrel at the end of April.

Exxon Mobil Corp (NYSE:XOM, XETRA:XONA) updated its second quarter 2026 earnings considerations after the market close on Tuesday, prompting UBS to slightly lower its earnings estimate while noting stronger quarter-over-quarter performance across the company's major business segments. Following the filing, UBS reduced its second quarter earnings per share estimate to about $3.14 from its prior forecast of $3.20. The revised estimate is below the current Wall Street consensus of approximately $3.43 per share. The analysts said the quarter-over-quarter improvement was driven primarily by higher crude oil prices, stronger refining margins and improved commodity chemicals margins. UBS also said it had lowered its 2027 forecasts after its commodities team revised its oil price outlook. The firm now expects West Texas Intermediate crude to average $75 per barrel in 2027, down from its previous estimate of $80 per barrel. Based on ExxonMobil's earnings considerations filing, UBS now expects upstream earnings of $8.63 billion for the second quarter, up from $5.7 billion in the first quarter and $5.4 billion in the year-earlier period. The bank also raised its estimate for Energy Products earnings to $3.45 billion, compared with a loss of $556 million in the first quarter and earnings of $1.4 billion a year earlier. For Chemical Products, UBS increased its forecast to $1.22 billion from $110 million in the prior quarter and $293 million a year earlier. Specialty Products earnings are now projected at $891 million, compared with $651 million in the first quarter and $780 million in the second quarter of 2025. UBS noted that production disruptions related to the Middle East would reduce earnings by an estimated $700 million in the upstream business, $300 million in Energy Products and $200 million in Specialty Products, lowering total earnings by about $1.2 billion, or $0.28 per share. "If these were to be treated as special items, earnings would be closer to $3.43 per share," the analysts wrote. The firm also noted that ExxonMobil expects to record a $1.1 billion charge related to other items, including reserves, which UBS excluded from its clean earnings estimate. In addition, UBS said timing effects would provide a $2.6 billion benefit to earnings. However, because those gains largely reverse first-quarter impacts, the firm included them in its clean earnings per sh...

Exxon Mobil (XOM) said Tuesday in a filing that changes in oil prices could raise its Q2 upstream ea

Chevron and Exxon are expected to report their best quarter since 2022 this month, as the war that the United States and Israel started against Iran on February 28 drove much tighter oil and gas supply. This could be a problem for President Trump who has already slammed Big Oil for keeping prices at the pump too high. The two biggest American oil companies are reporting second-quarter results at the end of this month and, according to Reuters, will book the best quarter since 2022, when Western sanctions on Russia following its incursion into Ukraine pushed international benchmarks to well over $100 per barrel. This year, the U.S. and Israeli strikes against Iran prompted the latter to close the Strait of Hormuz, which in turn caused oil and gas prices to skyrocket—although they never quite reached 2022 levels. As usual, when crude oil prices rise, so do the prices of the end products made from crude, boosting refiners’ bottom lines. In the latest supply crisis, U.S. crude played a central role in offsetting some of the lost supply from the Middle East, with U.S. producers selling abroad record volumes of crude and refined products, turning the country into the world’s largest oil and fuels exporter. This, however, has come at a price for Americans. Related: Saudi Arabia Ships 34 Million Barrels Through Hormuz Despite Thin Tanker Traffic Retail fuel prices flew higher in the wake of those strikes by the U.S. and Israel that started the war with Iran, and although they never really hit the highs from 2022 when a gallon of regular gasoline topped $5, they were high enough to anger the U.S. president. “The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping ‌like a rock! In other words, customers are being ‘gouged’,” Trump wrote on TruthSocial at the end of last month. “I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!” The news came as a surprise to many, seeing as the U.S. president has had a cordial relationship with Big Oil, which was a generous donor to his second presidential campaign. Trump also made the expansion of the U.S. oil and gas industry a priority for his second presidential administration, vowing to establish U.S. energy dominance over the world. In that,...

The Nasdaq Composite and S&P 500 Index were down in late-morning trading Tuesday, while the Dow Jone

The refining business of Petroleo Brasileiro S.A., or Petrobras (PBR), had a strong first quarter, and the main reason was simple: its refineries ran harder and produced more fuel. In the first quarter of 2026, the company produced 1,816 thousand barrels per day (Mbpd) of refined products, up 6.7% from the previous quarter. Its refinery utilization rate reached 95%, and in March it climbed to 97.4%, the highest monthly level since December 2014. This shows that Petrobras is getting more out of its existing refining assets at a time when fuel demand and supply security remain important. The stronger performance came from making more of the products that matter most to customers and margins. Diesel, gasoline and jet fuel made up 68% of total oil products output in the quarter. The largest integrated energy firm in Brazil also reached a monthly record of 512 Mbpd of S-10 diesel production in March. Since S-10 diesel is a cleaner, high-demand fuel, producing more of it can help Petrobras improve its product mix and support downstream profitability. The higher use of pre-salt oil in refining also points to better flexibility in turning domestic crude into higher-value products. This is important beyond just quarterly numbers. Higher refinery output helped Petrobras reduce its need for imports, including LPG imports, which fell to 26 Mbpd. The company also signed a deal with mining behemoth Vale to supply S-10 diesel containing 15% biodiesel, showing how its refining business can support both customer relationships and lower-carbon fuel offerings. If Petrobras can keep utilization high while controlling costs, the downstream business could become a more reliable earnings driver. Petrobras’ stronger refining performance is not happening in isolation. A look at U.S. energy giants Chevron CVX and ExxonMobil XOM shows that downstream strength remains an important earnings lever for integrated energy majors, especially when higher utilization, better margins and product optimization come together. Downstream Momentum Extends Beyond Petrobras Chevron’s downstream had a mixed first quarter, but its refining assets showed clear operating strength. U.S. downstream earnings rose from a year earlier as margins improved, and U.S. refinery crude inputs increased 4% to 1,054 Mbpd, helped by Pasadena’s Light Tight Oil project. Chevron also achieved record U.S. crude throughput i...

Petroleo Brasileiro S.A., better known as Petrobras PBR, delivered a first-quarter report that was mixed on the surface but encouraging underneath. The company fell short of earnings and revenue expectations, yet the overall picture pointed to strong operational momentum. Petrobras reported higher year-over-year revenues and earnings, record production, healthy cash generation and continued improvement across its refining and offshore businesses. At a time when energy giants like ExxonMobil XOM and Chevron CVX are leaning on high-quality assets and disciplined execution, Petrobras is also showing signs of strong operational strength and long-term growth potential. Petrobras reported first-quarter earnings per ADS of 70 cents, below the Zacks Consensus Estimate of $1.02, while revenues of $23.5 billion missed the $26.4 billion consensus. Still, EPS improved from 62 cents a year earlier and revenues rose 11.7%. Excluding one-off items, net income attributable to Petrobras shareholders reached $4.5 billion, up from $4 billion, while adjusted EBITDA increased to $11.7 billion from $10.7 billion. Operating cash flow was $8.4 billion and free cash flow was $3.9 billion. The biggest positive was production. Petrobras achieved record oil, NGL and natural gas production of 3,225 thousand barrels of oil equivalent per day (MBOE/d), up 16.1% from the prior-year period. Growth was driven by stronger output from key offshore fields such as Búzios, Mero, Marlim and Voador. The company’s upstream business generated $16 billion in revenues and $4.8 billion in net income. Similar to ExxonMobil and Chevron, Petrobras is relying on efficient, low-cost production to support profits across commodity cycles. Image Source: Petrobras Petrobras also saw strong improvement in its refining, transportation and marketing operations. Segment revenues increased to $22.3 billion from $20 billion a year ago, while net income jumped sharply to $2.3 billion from just $367 million. Adjusted EBITDA more than tripled to $3.8 billion. The company produced 1,816 thousand barrels per day (Mbpd) of refined products during the quarter, while refinery utilization rose to 95%. Diesel, jet fuel and gasoline accounted for most of the output mix. Petrobras also continues to expand refining capacity. Its RNEST refinery set a record for S-10 diesel production in April, reaching 385 million liters, about 60%...

Europe’s largest oil company, Shell plc SHEL, delivered a strong bottom line in the first quarter of 2026, helped by solid operational execution and higher contributions from trading and optimization. Earnings came in at $2.44 per ADS (on a current cost of supplies basis, excluding items), translating from adjusted earnings per share of $1.22, up 32.6% from the year-ago quarter’s 92 cents. The bottom line beat the Zacks Consensus Estimate of $1.78 by 37.1%. However, total revenue and other income of $70.1 billion was essentially flat year over year and missed the consensus mark of $83.3 billion by 15.8%. Oil and gas production available for sale averaged 2,752 thousand oil-equivalent barrels per day (MBOE/d) during the quarter. Shell PLC Unsponsored ADR price-consensus-eps-surprise-chart | Shell PLC Unsponsored ADR Quote Shell posted adjusted earnings of $6.9 billion in the quarter, compared with $5.6 billion in the first quarter of 2025. Income attributable to Shell plc shareholders was $5.7 billion, underscoring that the quarter’s earnings power was supported by underlying performance across the portfolio. Management highlighted that strong operations supported higher contributions from trading and optimization. The company also rebalanced shareholder distributions, announcing a $3 billion share buyback program for the next three months and lifting the quarterly dividend 5% to 39.06 cents per share. Shell generated $69.7 billion in revenues in the first quarter of 2026, led by Marketing at $30.7 billion and Chemicals and Products at $19.2 billion. Integrated Gas contributed $7.7 billion, while Renewables and Energy Solutions delivered $10.6 billion, and Upstream reported $1.4 billion. In the Upstream segment, adjusted earnings rose to $2.4 billion from $2.3 billion in first-quarter 2025, reflecting higher realized pricing. Realized liquids prices edged up to $71.86 per barrel from $71.49, though realized gas prices fell more than 6% year over year. Total production averaged 1,843 MBOE/d, down from 1,855 MBOE/d in the March quarter of 2025. Marketing adjusted earnings jumped to $1.3 billion from $900 million, supported by seasonally stronger Lubricants performance, strong optimization margins and lower operating expenses. Marketing sales volumes were 2,627 thousand barrels per day (Mbbl/d) versus 2,674 Mbbl/d in Q1’25, pointing to margin and cost as the key...

Achieved record quarterly revenue and free cash flow, driven by a 19% year-over-year increase in oil and gas royalty production to approximately 37,001 boe/d. Maintained a deliberate unhedged commodity position to capture direct upside from elevated oil prices, utilizing a strong net cash balance sheet as the primary risk hedge. Attributed royalty growth to robust completion activity by major operators including Occidental, BP, Devon, and Exxon across the Delaware and Midland Basins. Observed only a marginal uptick in recent operator activity due to uncertainty regarding global supply disruptions, though the company expects the industry to ramp rig and frac spread activity over coming quarters if elevated oil prices persist. Reported that operators are increasingly utilizing longer laterals, with new permits and spuds averaging in excess of 13,000 feet, enhancing the value of the existing inventory. Emphasized the company's unique ability to solve developer problems by bundling surface land, water rights, and aggregates for large-scale capital projects. Acknowledged the passing of long-time major shareholder Murray Stall, reaffirming a commitment to his long-term vision for the company's real property assets. Anticipates a potential ramp in rig and frac spread activity in coming quarters if elevated oil price signals persist and global inventories continue to deplete. Projects that Texas will become a dominant global hub for large-scale power and compute, driven by hyperscalers seeking 'behind-the-meter' gas power generation. Expects to provide additional details in the coming months regarding a $43 million land sale agreement structured over 20 years for a power and data development. Aims to evaluate the economic viability of produced water desalination at scale through the imminent startup of the Phase 2B 10,000-barrel-per-day facility. Targets the development of multiple multi-gigawatt energy campuses on company acreage to meet rising demand from AI labs and hyperscalers. Noted that Surface Leases, Easements, and Materials (SLEM) revenue can be 'lumpy' due to the timing of large infrastructure projects like gas pipeline buildouts. Identified 'accrual noise' in the water segment, suggesting a three-quarter trend is more reflective of actual contractual and functional volume growth. Highlighted that while grid power is largely exhausted, the shift to gas-fi...

Cenovus Energy CVE is set to report first-quarter 2026 results on May 6, before the opening bell. The Zacks Consensus Estimate for first-quarter earnings is pegged at 56 cents per share, implying a 75% surge from the year-ago reported number. CVE has witnessed no estimate revision in the past seven days. The Zacks Consensus Estimate for first-quarter revenues is pegged at $9.3 billion, which suggests no change from the year-ago reported figure. CVE beat on earnings in the trailing four quarters, delivering an average surprise of 51.2%. This is depicted in the graph below: Image Source: Zacks Investment Research Our proven model does not conclusively predict an earnings beat for CVE this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is just the case here. The Canadian integrated energy player has an Earnings ESP of 0.00% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter. To understand how oil prices performed during the March-end quarter, we can look at data from the U.S. Energy Information Administration (EIA). Per the EIA, the average Cushing, OK, WTI spot prices were $60.04 per barrel in January, $64.51 in February and $91.38 in March of 2026. This favorable pricing environment, particularly in March, likely supported Cenovus’s exploration and production activities, and may have contributed positively to its production. Cenovus has a production mix that includes a substantial proportion of heavy oil. Therefore, its realized prices are influenced not only by WTI but also by the differential between WTI and Western Canadian Select. The Zacks Consensus Estimate projects total upstream production at 965 thousand barrels of oil-equivalent per day (Mboe/d), up from 819 Mboe/d in the year-ago quarter. Meanwhile, U.S. refining crude throughput is estimated at 352 thousand barrels per day (Mbbls/d), whereas it reported 554 Mbbls/d in the March quarter of 2025. The downstream segment is therefore expected to weigh on the company’s overall performance in the upcoming earnings. Cenovus’s stock has skyrocketed 153.2% over the past year, outperforming the industry’s 107.6% whopping growth. BP plc BP, another integrated ma...