HOUSTON (Reuters) - Exxon Mobil Corp Chief Executive Darren Woods is reorganizing the company's refining and chemical operations, part of a push to boost profits amid volatile oil and natural gas prices, a spokeswoman said.
In some ways, it is understandable that the global trend toward cleaner energy products has made stocks like Exxon Mobil (XOM) much less attractive for investors that are viewing the market from a multi-decade perspective.
Now that the price of oil appears to have found some consistent support, investors are once again taking a closer look at integrated oil and gas companies, as they start to generate better results after a prolonged period of weak performances.
Exxon Mobil announced a smashing third-quarter 2017 results in spite of impacts related to Hurricane Harvey. Upstream earnings jumped 2.5 times, thanks to higher realization from both crude oil and natural gas.
Exxon Mobil (NYSE:XOM) will continue to raise its dividend payout, long term. The energy company reported robust financial results for the quarter ending September, which saw profit growth in both upstream and downstream segments.
While growing renewable technology certainly has a critical role to play in the energy makeup of the future, the shear scale of global demand means hydrocarbons will have a place in the industry for decades to come, Cochrane said.