Commodities
UBS Sticks with 'Buy' on Exxon Mobil Amid Papua LNG Progress
UBS has maintained its 'Buy' rating on Exxon Mobil stock, setting a price target of $174.00. This aligns with the broader analyst consensus, which ranges from $142 to $200.
The rating comes after TotalEnergies announced that the Papua LNG project has reached key contractual and commercial milestones, bringing it closer to a final investment decision. Exxon Mobil is a partner in this joint venture.
TotalEnergies reported cost savings of approximately $4 billion through project optimization initiatives since 2024, reducing estimated project capital expenditure to about $14 billion. The Papua LNG project aims to produce 5.6 million tonnes per annum of liquefied natural gas for Asian markets.