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A couple of analysts reiterated their rating and price forecast on ExxonMobil Corporation (NYSE:XOM) following its third-quarter earnings reported last week.
The company reported third-quarter 2025 earnings of $8.1 billion, or $1.88 per share, topping analyst expectations of $1.47.
Total production reached 4.8 million oil-equivalent barrels per day, up 139,000 oil-equivalent barrels per day sequentially, led by record production in Guyana and the Permian assets.
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Analyst Arun Jayaram notes that ExxonMobil disclosed $2.4 billion in inorganic investments, including Permian Basin acreage and a carbon materials asset acquisition.
The analyst says that most of the inorganic spend likely relates to ExxonMobil's buyout of its joint venture partner Sinochem in the Southern Midland Basin, expanding its Midland position by roughly 80,000 net acres.
Overall, the analyst writes that ExxonMobil's cube development approach, strong technology pipeline, and extensive high-quality acreage position it for sustained Permian growth well into the next decade.
This growth-driven strategy sets ExxonMobil apart from peers that have shifted toward maintenance or harvest mode, adds the analyst.
The analyst estimates fourth-quarter 2025 EPS of $1.74 and cash flow per share of $3.41, compared to Street estimates of $1.64 and $3.28, respectively.
Also, Jayaram updated 2025/2026 EPS to $7.02/$7.35 (vs. $6.98/$7.70 prior), and CFPS to $13.64/$14.33 (previously $13.77/$14.64). These forecasts assume oil and gas prices of $66.20/$63.12 per barrel and $3.37/$3.86 per Mcf for 2025/2026, respectively.
The analyst maintained an Overweight rating with a price forecast of $124.
The analyst Jean Ann Salisbury writes that after undershooting capital expenditure guidance in the first half of FY25, Exxon indicated it will finish below the FY25 range (excluding $2.4 billion in acquisitions), reflecting slower development in some early-stage markets, including low-carbon opportunities.
While project delays could provide a near-term tailwind to shareholder returns, and Permian efficiency gains support long-term potential, caution is warranted around near-term oil prices due to Saudi Arabia’s supply, adds the analyst.
Also, the analyst says the 2025 project starts are mainly downstream, where margins remain challenged, limiting near-term free cash flow upside.
The analyst maintained a Neutral rating with a price forecast of $119.
Price Action: XOM shares are up 0.37% at $114.75 at the last check on Monday.
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Posted In: XOM
