13/10/2023 09:54

Exxon Mobil Corp (XOM US) $US106.54

This move by Texas-based XOM, the largest US oil company, will more than double its footprint in the Permian Basin of the Southwest USA. Pioneer (PXD US) shareholders will receive 2.3234 shares in XOM for each PXD share held, an 8% premium based on Tuesday's closing price.

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10/10/2023 09:23

Exxon Mobil Corp (XOM US) $S110.92

XOM closed up +3.5% overnight, embracing the advance by crude oil but not getting carried away on the upside – we can see ongoing rotation between $US100 and $US120 over the foreseeable future.

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14/09/2023 09:19

Exxon Mobil Corp (XOM US) $US116.44

With crude oil making fresh multi-month highs not surprisingly $US466bn goliath XOM has followed suit although in its case it’s less than 3% below its all-time high. In July the world’s largest listed oil company delivered a slight miss on earnings although investors have forgiven all.

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28/02/2023 15:58

International Equities Portfolio – Amendment

We are making a number of changes to the International Equities Portfolio today

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15/02/2023 09:17

Exxon Mobil (XOM US) $US116.66

Exxon Mobil is the 2nd biggest energy company in the world (behind Saudi Aramco) with a market capitalisation of $US485bn, roughly 10x the size of ASX-listed Woodside Energy (WDS). In the December quarter, they generated revenue of $US95bn producing a net profit of $US14bn,  about double the amount CBA will do in FY23 overall. These earnings are simply huge and they’ve sent the share price soaring to new all-time highs – a win for MM and other holders, but a red flag from a political perspective at a time when the cost of living pressures are off the charts.

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02/02/2023 09:07

Is the local Energy Sector rolling over as China reopens?

The oil price has been range trading over the last 4 months albeit near the lower level of prices for the last 18 months. The US Energy Sector has significantly outperformed its Australian peers over the last year and although we believe both sectors are now looking tired its MM’s view that better risk/reward is now on offer locally however we’re conscious that in both absolute and relative terms trends have been extending post Covid hence we’re adopting a neutral bias at this stage until the next cycle shows its hand – our main concern is the market is too comfortably long the sector which has soared post Covid.

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02/11/2022 09:16

Exxon Mobil (XOM US) $111.91

This week, Exxon Mobil reported the strongest-ever quarterly profit in its 152-year history and soon after, President Biden called for a levy tax on energy companies if they don't use these high profits to bring down energy costs for consumers. While the stock prices didn’t really react to the news, this is a risk for energy companies around the globe as Governments grapple with the...

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21/10/2022 09:14

Where does MM anticipate reducing our energy exposure?

We discussed earlier how the market’s losers keep on taking but the reverse has also been true in 2022 with the winners continuing to give, the Energy Sector has been the standout, as most subscribers know coal stocks have dominated returns across the board year-to-date e.g. so far in 2022 we have Whitehaven (WHC) +284% and Hew Hope (NHC) 221+%. Yesterday...

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25/08/2022 09:18

Exxon Mobil (XOM US) $US98.58

Good things don’t last forever but in stock markets, they often have a habit of going on further than many imagine and this has been the case with global energy stocks even as the underlying crude oil price has faltered. Similar to WDS we believe that Exxon Mobil (XOM) will make new 2022 highs over the coming weeks/months before we may switch our stance from bullish to neutral i.e. resources are cyclical businesses and this could easily be yet another “failed pop” move.

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24/08/2022 09:33

International Equities Portfolio

The MM International Equities Portfolio fell during the week down by 1.79% while cash sits at 11%. The portfolio is now up 12.94% for the financial year to date, well ahead of the market. Strong gains in Energy stocks buoyed our position in Exxon Mobil (+8.59%) while weakness in technology /  high growth was most obvious in The Trade Desk (TTD US) -9.18%, a position we trimmed last week.  

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