Exxon's investment in oil and refinery capacity give its stock more upside going forward, according to Credit Suisse.
Exxon Mobil 's divergent corporate strategy has put it in position to capitalize on the jump in oil prices, according to Credit Suisse. Analyst Manav Gupta upgraded Exxon Mobil to outperform from neutral, saying in a note to clients Tuesday that the oil giant's continued investment in fossil fuels will pay off for investors in an era of higher prices.
Exxon is also investing in its refining capacity, which is at the front end of a highly profitable stretch, according to Credit Suisse. "XOM's reported net income of $1.3Bn and $2.1Bn from refining in 2020 and 2021, which were pandemic years. We estimate with strong rebound in refining margins, XOM could see refining net income of $7.5Bn in 2022 and $5.5Bn in 2023," Gupta wrote.
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