ExxonMobil Corporation is an American multinational oil and gas company. The firm is the direct descendant of John D. Rockefeller’s Standard Oil. It was formed by the merger of Exxon and Mobil and is vertically-integrated across the whole oil firm and gas industry, besides its chemical divisions.
XOM Stock’s Bullish Start
Exxon Mobil Corp (NYSE: XOM) stock price noted the rise in its two-days of trading session. On Monday morning the stock price of XOM was at $103.50 with the trading volume of 2.2 Million. It then closed at the price of $106.09 with an increase of around 2.50%. The next morning, the stock opened at the price of $107.86 with just 468 trading volume and closed with 2.8 Million of trading volume at $107.32 with around 0.51% of decrease.
In recent 5-days the stock price of XOM noted an increase of around 2.84%.
The recent performance of most of the oil stocks seemed bullish. Such as Shell PLC (NYSE:SHEL) is 1.81% up at the price of $57.38, Chevron Corporation (NYSE:CVX) is 2.23% up at $173.53, BP plc (NYSE:BP) is also up with 2.67% at $35.01 and ConocoPhillips (NYSE: COP) is 1.46% up at $113.41.
According to the WSJ, the rise in the oil prices was due to the reopening of China after COVID restrictions. The price of oil rose around 3.4% to $80.68 a barrel which was notably the biggest one-day jump in more than a month. Additionally, the positive sentiment rippled through markets on the back of the inflation data.
The CEO Talk
The Chief Executive Officer of Exxon Mobil Corp. Darren Woods shared the success of his firm’s investment in the oil producing and refining business. Earlier this month, the Exxon CEO joined the WSJ’s CEO Council Summit. He talked about the hefty profit gained by his firm in this year. While Russia’s invasion of Ukraine was the key-factor that played a vital role in the price hike of oil and natural gas.
In addition, the firm updated its $XOM 2022 Corporate Plan, which states 2X earnings and cash flow growth potentially by 2027 versus 2019. While its annual capital investments remain at $20 to $25 Billion through 2027 and $23 to $25 Billion in next year.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.