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ExxonMobil (XOM) Projects Asset Write-Down to Ail Q4 Results
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Exxon Mobil Corporation (XOM - Free Report) , in a regulatory filing, announced that its results for the December quarter are likely to be favoured by higher margins from the chemical business, and improved prices for oil and natural gas.
However, the integrated energy giant warned that asset write-down of up to $20 billion will overshadow the positive developments. Importantly, the company has made sequential comparisons while putting forward projected numbers for the December quarter.
Since the prices of oil and natural gas have improved in the fourth quarter, ExxonMobil projects the upstream business’ results to improve by $200 million to $1 billion sequentially. For the September quarter, the company reported a loss of $383 million from its oil and gas operations.
Moreover, the chemical business unit is likely to witness an improvement in operating profit by $200 million to $400 million in the December quarter relative to the September quarter of 2020, thanks to higher chemical margin. However, the company expects the refining business to incur loss in the fourth quarter.
Investors should note that the range for impairment charge of assets, comprising mostly natural gas properties, has been narrowed from the prior estimation of $17-$20 billion, thanks to its regulatory filings.
Currently, ExxonMobil carries a Zacks Rank #3 (Hold). Meanwhile, some better-ranked players in the energy space include Summit Midstream Partners, LP (SMLP - Free Report) , DCP Midstream, LP and HighPoint Resources Corporation . While Summit Midstream carries a Zacks Rank #2 (Buy), DCP Midstream and HighPoint sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Summit Midstream has seen upward earnings estimate revisions for 2020 in the past seven days.
DCP Midstream has seen upward estimate revisions for 2020 earnings in the past 30 days.
HighPoint is likely to see earnings growth of 167.5% in 2020.
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ExxonMobil (XOM) Projects Asset Write-Down to Ail Q4 Results
Exxon Mobil Corporation (XOM - Free Report) , in a regulatory filing, announced that its results for the December quarter are likely to be favoured by higher margins from the chemical business, and improved prices for oil and natural gas.
However, the integrated energy giant warned that asset write-down of up to $20 billion will overshadow the positive developments. Importantly, the company has made sequential comparisons while putting forward projected numbers for the December quarter.
Since the prices of oil and natural gas have improved in the fourth quarter, ExxonMobil projects the upstream business’ results to improve by $200 million to $1 billion sequentially. For the September quarter, the company reported a loss of $383 million from its oil and gas operations.
Moreover, the chemical business unit is likely to witness an improvement in operating profit by $200 million to $400 million in the December quarter relative to the September quarter of 2020, thanks to higher chemical margin. However, the company expects the refining business to incur loss in the fourth quarter.
Investors should note that the range for impairment charge of assets, comprising mostly natural gas properties, has been narrowed from the prior estimation of $17-$20 billion, thanks to its regulatory filings.
Exxon Mobil Corporation Price
Exxon Mobil Corporation price | Exxon Mobil Corporation Quote
Currently, ExxonMobil carries a Zacks Rank #3 (Hold). Meanwhile, some better-ranked players in the energy space include Summit Midstream Partners, LP (SMLP - Free Report) , DCP Midstream, LP and HighPoint Resources Corporation . While Summit Midstream carries a Zacks Rank #2 (Buy), DCP Midstream and HighPoint sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Summit Midstream has seen upward earnings estimate revisions for 2020 in the past seven days.
DCP Midstream has seen upward estimate revisions for 2020 earnings in the past 30 days.
HighPoint is likely to see earnings growth of 167.5% in 2020.
Legal Marijuana: An Investor’s Dream
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
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