Exxon Drops to 15-Year Low Ahead of Annual Strategy Presentation
Comment of the Day

February 25 2020

Commentary by Eoin Treacy

Exxon Drops to 15-Year Low Ahead of Annual Strategy Presentation

This article by Kevin Crowley for Bloomberg may be of interest to subscribers. Here is a section:

 

Exxon Mobil Corp. fell to a 15-year low on Monday amid a broad selloff in equity and commodity markets and just over a week before Chief Executive Officer Darren Woods is scheduled to present the oil explorer’s long-term strategic plan to investors and analysts.

The shares have been under pressure since Exxon disclosed disappointing fourth-quarter results in late January and prospects for a near-term recovery were dimmed by the spreading coronavirus. Excess supplies of natural gas, chemicals and motor fuels also weighed on the oil supermajor.

Exxon fell 4.7% to close at $56.36 on Monday in New York as Brent crude tumbled to about $56 a barrel. The last time the Texas-based driller’s stock traded at this level was the end of 2005, when crude fetched $59.

Eoin Treacy's view

Exxon Mobil is one of the original cast of S&P500 Dividend Aristocrats. It has been decades since it cut its dividend so investors are looking on eagerly to hear how the company plans to retain a strong position in the global energy market that will allow it to sustain pay outs.

Click HERE to subscribe to Fuller Treacy Money Back to top