ExxonMobil Stock: Is XOM Underperforming the Energy Sector?

Guyanese MP Sharma Solomon criticized the government's secrecy over a US$19.6B audit of ExxonMobil, arguing it undermines accountability. The audit, completed over a year ago, has not been disclosed to the public. Previous audits identified disputed expenses totaling US$279.5M. The government defends its silence, stating it protects national interests during negotiations.

Targa Resources (TRGP) and ExxonMobil (XOM) signed 20-year midstream agreements. TRGP reported Q2 2026 revenue of $4.44B and net income of $764.6M, while XOM reported $116B in revenue and $14.5B in net income. TRGP focuses on fee-based margins, while XOM benefits from scale and diversified operations. Institutional investors reduced holdings in both companies.

ExxonMobil's stock has risen 33% this year amid high oil prices and geopolitical uncertainty. The company reported strong Q2 results, with $23B in operating cash flow and $17B in free cash flow, returning $9.4B to shareholders. ExxonMobil is investing in low-cost assets and technology to reduce breakeven costs and grow production.

ExxonMobil awarded McDermott Energy Solutions an LOI for engineering services for the Rovuma LNG Phase 1 project in Mozambique. The project, expected to reach a final investment decision this year, aims to start production in 2031 with a capacity of 18.6 Mtpa. McDermott will collaborate with Saipem, Daewoo, and CPECC through the SMDC joint venture.

The article discusses financial beneficiaries of the US-Iran conflict, including defense contractors and energy companies. RTX (Raytheon) reported Q2 2026 sales of $24.7B, up 14%, with defense backlog at $119B. Lockheed Martin's backlog rose to $230.4B, with Q2 sales up 19%. Chevron's Q2 profit surged to $12.072B, driven by higher oil prices. ExxonMobil reported $14.5B net profit and $17.2B free cash flow. Cheniere Energy, a LNG producer, is also mentioned as a beneficiary.

ExxonMobil, LyondellBasell, Apollo, and Kuwait Petroleum Corp. are reportedly bidding for Shell's chemical assets, valued up to $8 billion. Shell is evaluating offers, though discussions are preliminary. Separately, local projects in Warren, Ohio, include an $11.5 million museum and a $2.4 million pedestrian bridge.