Exxon Stays Flat as Kazakhstan Pauses a $5.06 Billion Threat

TotalEnergies will transfer operatorship of the Papua LNG project to ExxonMobil and sell a 9.1% stake, reducing its ownership to 20%. The move aims to align the project with ExxonMobil's nearby PNG LNG plant and maximize synergies. TotalEnergies and Santos will maintain LNG offtake shares, and project costs have been reduced by nearly $4 billion to about $14 billion. The partners have also finalized agreements with the Papua New Guinea government.

ExxonMobil's subsidiary, Pioneer Natural Resources, launched a $2.1B cash tender offer for senior notes. XOM's stock is near a 10-year high, with a 2.57% dividend yield and 4.1% 3-year growth. GF Value™ suggests 26.6% overvaluation. GF Score™ is 76/100, indicating strong financial health but mixed momentum and valuation.

TotalEnergies announced progress on the Papua LNG project, reducing costs by $4B to $14B. The project, with 5.6 MTPA capacity, is set to export LNG to Asia. ExxonMobil will operate, with partners including Santos and TotalEnergies. Contracts and agreements are pending approval.

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 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.