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ExxonMobil (XOM) CEO Foresees Lengthy Guyana-Venezuela Dispute
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Exxon Mobil Corporation’s (XOM - Free Report) CEO Darren Woods indicated that the ongoing territorial dispute between Venezuela and Guyana over the Essequibo region is unlikely to see a resolution for a couple of years. He shared this perspective during a corporate update call on Wednesday.
Woods anticipates that the ongoing process will persist, emphasizing the importance of both nations acknowledging and respecting the arbitration's outcome. He highlighted the global support for the ongoing efforts, citing the support of the United States, Europe and other Caribbean nations for the diplomatic resolution mechanism being pursued by Guyana and Venezuela.
The president of Venezuela, Maduro, directed state-owned energy and mineral firms to initiate the issuance of exploration licenses for deposits in the oil-rich region. He asserted that he has instructed foreign oil companies operating in Essequibo to withdraw, although he hasn’t deployed any military force to enforce his directives.
In addition to the aforementioned details, Woods also provided insights into the company's 2023 corporate plan, emphasizing that ExxonMobil prioritizes investing in industry-advantaged, accretive growth opportunities organically and through acquisitions. The company aims to shift its product portfolio to a higher-value mix and high grade its asset portfolio through the divestment of non-core assets.
ExxonMobil is actively engaged in the energy transition, focusing on low-carbon businesses such as carbon capture and storage, hydrogen, biofuels and lithium. The company emphasizes the need for technology-neutral policy support, transparent carbon pricing and customer commitments to accelerate emission reduction.
Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared with most of its peers. Its strong relationship with high-quality customers provides revenue visibility and business certainty.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.
Viper Energy is a variable distribution MLP based in Midland, TX. It generates strong and steady royalty income from mineral interests in Eagle Ford and the Permian Basin. The business strategies of the partnership include acquiring mineral interests from third parties and the parent company.
VNOM’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 92.62%.
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ExxonMobil (XOM) CEO Foresees Lengthy Guyana-Venezuela Dispute
Exxon Mobil Corporation’s (XOM - Free Report) CEO Darren Woods indicated that the ongoing territorial dispute between Venezuela and Guyana over the Essequibo region is unlikely to see a resolution for a couple of years. He shared this perspective during a corporate update call on Wednesday.
Woods anticipates that the ongoing process will persist, emphasizing the importance of both nations acknowledging and respecting the arbitration's outcome. He highlighted the global support for the ongoing efforts, citing the support of the United States, Europe and other Caribbean nations for the diplomatic resolution mechanism being pursued by Guyana and Venezuela.
The president of Venezuela, Maduro, directed state-owned energy and mineral firms to initiate the issuance of exploration licenses for deposits in the oil-rich region. He asserted that he has instructed foreign oil companies operating in Essequibo to withdraw, although he hasn’t deployed any military force to enforce his directives.
In addition to the aforementioned details, Woods also provided insights into the company's 2023 corporate plan, emphasizing that ExxonMobil prioritizes investing in industry-advantaged, accretive growth opportunities organically and through acquisitions. The company aims to shift its product portfolio to a higher-value mix and high grade its asset portfolio through the divestment of non-core assets.
ExxonMobil is actively engaged in the energy transition, focusing on low-carbon businesses such as carbon capture and storage, hydrogen, biofuels and lithium. The company emphasizes the need for technology-neutral policy support, transparent carbon pricing and customer commitments to accelerate emission reduction.
Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Matador Resources Company (MTDR - Free Report) , Liberty Energy Inc. (LBRT - Free Report) and Viper Energy, Inc. (VNOM - Free Report) . While Matador Resources sports a Zacks Rank #1 (Strong Buy), both Liberty Energy and Viper Energy carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared with most of its peers. Its strong relationship with high-quality customers provides revenue visibility and business certainty.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.
Viper Energy is a variable distribution MLP based in Midland, TX. It generates strong and steady royalty income from mineral interests in Eagle Ford and the Permian Basin. The business strategies of the partnership include acquiring mineral interests from third parties and the parent company.
VNOM’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 92.62%.