- Exxon Mobil (XOM -2.9%) is dropping more than at any time in the past year after it forecast flat production in 2014 on reduced capital spending.
- However, RBC Capital's Peter Hutton isn't rattled by XOM's production guidance, noting that much of the downside has a relatively limited effect on cash flows and earnings as the production is in lower margin areas such as UAE and U.S. natural gas.
- Also possibly weighing on shares is the potential delay of XOM's biggest non-U.S. exploration opportunity - XOM owns drilling rights to 11.4M acres of Russian land - if the U.S. hits Russia with sanctions over Ukraine; also at risk are plans to begin drilling in the Russian Arctic later this year in partnership with Rosneft and the lucrative Sakhalin-1 oil license off Russia’s Pacific coast.
From other sites
at CNBC.com (May 22, 2015)
Video at CNBC.com (May 21, 2015)
at CNBC.com (May 5, 2015)
Video at CNBC.com (May 5, 2015)
Video at CNBC.com (Mar 19, 2015)
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