Exxon Reports Q3 Results, but Reserve Reporting Becomes the Focal Point
ExxonMobil reported a decline in third-quarter earnings as result of the fall in oil and gas prices and narrowing of refining margins. The results were largely in line with our expectations, and our fair value estimate and moat rating remain unchanged. We continue to view Exxon as the best-positioned integrated to withstand low oil prices with the lowest cash flow break-even levels (around $45/bb), but we think those characteristics are already recognized by the market, leaving shares fully valu...Exxon Mobil operates or markets products in United States and other countries through its divisions and affiliated companies. The company's business involves exploration for, and production of, crude oil and natural gas and manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and other products. In United States, the company's development activities are focused on the onshore United States, in the Permian Basin of West Texas and New Mexico and the Bakken oil play in North Dakota. Gas development activities are also focused on the Marcellus Shale of Pennsylvania and West Virginia, the Utica Shale of Ohio and the Haynesville Shale of East Texas and Louisiana.
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