$XOM

ExxonMobil plans to diversify its LNG portfolio but remains committed to the Middle East. CEO Darren Woods stated the region's importance to global energy markets. The company aims to make final investment decisions on Mozambique and Papua New Guinea LNG projects this year.

Petrobras and PetroChina each bought 500,000 barrels of oil from Brazil's 8th Spot Auction, competing against CNOOC, Equinor, ExxonMobil, Galp, and TotalEnergies. The auction, managed by PPSA, sold 1 million barrels from the Búzios field, with deliveries scheduled for late September to October. The oil comes from Brazil's production-sharing regime, where companies deliver excess oil to the government, which then sells it.

ExxonMobil reported 650,000 barrels per day of oil production from Guyana's Stabroek block, aiming for 900,000 bpd by late 2025. Future projects like Uaru, Whiptail, and Hammerhead could boost capacity to 1.5 million bpd by 2030. Guyana's GDP grew 33.8% in 2023, with oil driving much of the expansion. Suriname's GranMorgu project, led by TotalEnergies, targets 2028 production. Both countries are tightening local-content rules and face governance challenges.

QatarEnergy CEO Saad al-Kaabi reported that Iranian attacks damaged 17% of Qatar's LNG capacity, causing $20B in annual revenue loss and threatening supplies to Europe and Asia. Repairs may take 3-5 years, affecting 12.8M tons of LNG annually. QatarEnergy may declare force majeure on long-term contracts. ExxonMobil, a partner in the damaged facilities, holds significant stakes.

ExxonMobil (XOM) was excluded from a White House meeting on US gasoline prices due to its stance on Venezuela investments. The meeting, attended by peers like Chevron, focused on supply, pricing, and energy policy. The exclusion highlights political friction between ExxonMobil and the administration, which could impact its global asset strategy and relationships.

Exxon Mobil (XOM) shares fell 0.9% to $160.78, despite record diesel margins of $108.02 per barrel. The company reported $14.53 billion in Q2 earnings, with Energy Products contributing $5.47 billion. Operating cash flow was $23.56 billion, and free cash flow reached $17.2 billion. The stock is 26.75% above its GF Value estimate.

Chad nationalized oil assets previously owned by ExxonMobil, ending a dispute with Savannah Energy and canceling a US$407 million claim. The move may hinder future investment as fields age, with oil still funding 40% of the government's budget. Chad faces economic challenges, including poverty and refugee influxes from Sudan. The IMF projects 5.2% growth in 2026, driven by non-oil sectors.

Egypt's gas production declined 7% YoY to 109.3 million m3/d in Q2 2026, while demand reached 190 million m3/d. Cyprus' Cronos project, led by Eni and TotalEnergies, aims to supply 14.2 million m3/d of gas to Egypt for LNG export to Europe by 2028, addressing both countries' energy needs and infrastructure constraints.

Guyana's oil output nears 1 million barrels per day with the arrival of the Errea Wittu FPSO for the Uaru project. Current production is 869,000 barrels per day, with capacity at 900,000-920,000. ExxonMobil, Chevron, and CNOOC operate the Stabroek Block, aiming for 1.3 million barrels per day by 2027.

ExxonMobil (XOM) was excluded from a White House meeting with major oil executives discussing US gasoline prices, according to sources. The exclusion follows prior political tensions. ExxonMobil has a market value of $675.0b and operates in the US, Canada, and international markets. The move raises questions about ExxonMobil's access to policymakers and potential regulatory risks.