UBS Sticks by Exxon Buy Rating Amid Papua LNG Project Progress

UBS has reaffirmed its Buy rating on Exxon Mobil's stock, setting a price target of $174.00. This aligns with the broader analyst consensus, which ranges from $142 to $200.

The decision comes as TotalEnergies announced significant progress in the Papua LNG project, a joint venture involving Exxon Mobil. The project has achieved key contractual and commercial milestones, bringing it closer to a final investment decision.

TotalEnergies reported that approximately $4 billion in cost savings have been realized since 2024 through project optimization initiatives and the rebidding of engineering, procurement, and construction packages. This has reduced the estimated project capital expenditure to around $14 billion.