Why is ExxonMobil stock sliding today?

ExxonMobil (XOM) raised its 2030 LNG sales target to 50 million tons, double its current output. The company aims for a 10% global LNG market share, up from 6%, despite recent disruptions. Exxon plans to expand existing projects and may acquire additional capacity to meet this goal, which could support its earnings and cash flow targets.

ExxonMobil plans to increase Yellowtail production in Guyana's Stabroek Block by optimizing the ONE GUYANA FPSO, potentially raising capacity to 290,000 barrels per day. The FPSO, operational since 2025, already exceeded its 250,000 b/d design capacity, reaching 270,000 b/d in July 2026. Total block production hit 163.3 million barrels in H1 2026, up from 115.7 million in H1 2025. ExxonMobil operates the block with a 45% stake, alongside Chevron, Hess, and CNOOC.

ExxonMobil (XOM) is nearing a deal to explore oil fields in Venezuela, 19 years after nationalization. Shares are near $163.54, up 37% in 2026. The deal is preliminary, with no terms or timing confirmed. Analysts see a mid-target price of ~$170, with a potential total return of ~4%.

ExxonMobil (XOM) is expanding its carbon capture and storage (CCS) business, aiming to handle up to 100 million metric tons of CO2 annually. The company has partnerships with Linde, Nucor, and others, and Texas regulators approved its Rose CCS project. XOM's shares rose 46% over the past year, trading at a 12-month EV/EBITDA of 9.13X. Occidental Petroleum (OXY) and Baker Hughes (BKR) are also advancing carbon capture technologies.

ExxonMobil (XOM) shares fell 2.7% to $159.13 on Monday due to a 2% drop in crude oil prices, with WTI at $98.34 and Brent at $101.75. The decline follows stable Saudi export volumes despite geopolitical tensions. RBC Capital reaffirmed a $180 price target, citing strong refining operations.

Tanzania's $42 billion LNG project, involving Equinor, ExxonMobil, and Shell, is nearing a Final Investment Decision (FID) within weeks, according to industry sources. The project aims to develop offshore gas reserves and position Tanzania as an LNG exporter to European and Asian markets. Progress on commercial terms and tax framework has cleared major hurdles, with binding contracts remaining.