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More on Exxon Mobil's (XOM) Q3 results: Capex totaled $9.2B, up 7% Y/Y. Oil equivalent...

More on Exxon Mobil's (XOMQ3 results: Capex totaled $9.2B, up 7% Y/Y. Oil equivalent production fell 7.5% Y/Y to 3.96M boe/day; excluding impacts of entitlement volumes and other effects, production dropped 2.9%. Cash flow from operations and asset sales was $14B. Bought back $5.1B in stock during the quarter. Shares -0.2% premarket.
Comments (1)
  • Liquids production was weak, but strong US refining results helped XOM exceed estimates. XOM's vertical integration - a historic legacy from founder John D. Rockefeller - paid off in the quarter.

     

    If XOM is unable to increase production in the short run, the stock will be weaker over the next several years. This will create another good buying opportunity as - in the long run - XOM will either buy production or have better internal results.

     

    Look for XOM to produce a 7-9% total return per annum over the long run.

     

    Disclosure: I am long XOM and buy it on a regular basis.
    1 Nov 2012, 10:25 AM Reply Like
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