What's Going On With ExxonMobil Stock Friday?
ExxonMobil Holdings Corporation (NYSE:XOM) stock was trading mostly flat on Friday as the energy giant announced a $12.5 billion investment in its latest offshore Guyana development. ExxonMobil Advances $12.5 Billion Guyana Project On Thursday, ExxonMobil announced a final investment decision for its Longtail development after securing government and regulatory approvals. The project marks the…
On Friday, ExxonMobil stock remained mostly flat amidst news of a $12.5 billion investment in an offshore development in Guyana. The company finalized its Longtail project, marking the eighth development in the Stabroek block, with production expected to commence in 2030. The Longtail project involves a floating production vessel that can process 1.2 billion cubic feet of gas daily and produce up to 250,000 barrels of condensate daily.
The development will feature around 45 subsea wells. ExxonMobil currently produces about 900,000 barrels of oil daily from four Stabroek projects, with production expected to surpass 1 million barrels per day after the Uaru project launches in the fourth quarter. ExxonMobil's third-quarter adjusted earnings per share were $4.23, surpassing the $4.08 estimate, while revenue reached $113.16 billion, exceeding the $103.10 billion forecast.
Analysts have maintained a positive outlook on the stock, with an average price forecast of $184.83 and a consensus rating of Buy. Technical indicators suggest a longer-term strength for ExxonMobil, with the stock above its 50-day, 100-day, and 200-day simple moving averages. However, the stock trades 2.6% below its 20-day SMA, indicating weaker near-term momentum. Key resistance is near $188.50, while support is around $155.50.
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