ExxonMobil Seizes Control of Papua LNG From France's TotalEnergies

Piper Sandler raised its price target for ExxonMobil (XOM) to $185, citing strong fundamentals, cost savings, and growth in Guyana. XOM's Q2 earnings beat expectations, with high free cash flow and shareholder returns. However, risks include exposure to Middle East conflicts and potential crude price normalization. XOM's stock has risen 30% in 2026, with a 16% upside implied by the new target.

TotalEnergies announced Papua LNG project milestones, including $4B in savings, reduced capital expenditure to $14B, and operational changes. ExxonMobil will operate the project, with TotalEnergies retaining a 20% stake. A revised gas agreement with Papua New Guinea was finalized, and a marketing JV was formed. Partners' stakes were adjusted, with ExxonMobil holding 34.1%.

TotalEnergies announced Papua LNG achieved key milestones, reducing costs to $14B. ExxonMobil will take over operatorship, and TotalEnergies will sell a 9.1% stake. A gas agreement was finalized with Papua New Guinea, and an LNG marketing joint venture was established. TotalEnergies will retain a 20% stake and secure 1.5 Mtpa of LNG.

TotalEnergies will transfer operatorship of the Papua LNG project to ExxonMobil and sell a 9.1% stake, retaining 20%. Project costs have been reduced to $14bn. Santos will buy an additional 3.3% stake for $189m, increasing its share to 21%. A final investment decision is planned for Q4 2026.

TotalEnergies will transfer operatorship of the Papua LNG project to ExxonMobil and reduce its stake. ExxonMobil's ownership will increase to 34.1%, with a final investment decision expected by yearend. The project aims to process gas from the Elk and Antelope fields, with cost savings bringing expenditure down to around $14 billion.

TotalEnergies has given Exxon Mobil control of the Papua LNG project and sold a 9.1% stake to partners, advancing the project toward a final investment decision this year.