XOM Stock Fell 1.5% Intraday; Is Brazil Campaign Failure to Blame?

XOM Stock degraded over 1.50% on April 07, 2023, Trading session.
Exxon’s Brazil Oil finding expedition returns empty handed.

Exxon Mobil Corporation(NYSE: XOM) is headquartered in Irving, Texas. On April 07, 2023, XOM stock slipped and lost more than 1.50%.

XOM Stock began trading at $116.86 and hit a high of $117.18, and soon after the bounce, the stock lowest traded at $115.05 with a daily trading volume of 15.778 million. At press time, XOM stock is trading at $115.05. Exxon Mobil Corp. is one the giants the in the industry.

On December 14, 2009, Exxon Mobil acquired XTO Energy for $41 billion, Celtic Exploration Ltd. for $2.64 billion, InterOil Corporation for $2.5 billion, Jurong Aromatic Corporation was acquired for more than $2 billion, and MPM Lubricants was acquired for an undisclosed amount.

Recently on April 05, 2023, Reuters reported that Exxon Mobil had wrapped up their major oil finding campaign in Brazil. In an email conversation with Reuters, the company informed that Brazil’s initial exploration drilling program is now completed.

The oil and gas company has invested heavily in Brazil and will continue to explore options to grow and expand in the South American nation.

Exxon Mobil Corporation released its fourth quarter reports of 2022 on January 31, 2023. Per the report, the total reported revenue was $91.29 billion, out of which net income was $12.75 billion. The profit margin of 13.78%.

Major competitors of Exxon Mobil in the global market are Shell, Saudi Aramco, PetroChina, Chevron, China Petroleum & Chemical Corporation and among others. Major subsidiaries of Exxon Mobil are XTO Energy, Tengizchevroil, Imperial Oil, Esso Public Company Limited, SeaRiver Maritime, Aera Energy and Exxon Neftegas.

Exxon Mobil has over 3500 institutional shareholders. Vanguard Group holds 368,671; BlackRock Inc holds 291,193,841; JP Morgan Chase & Co holds 53,325,975; and Morgan Stanley holds 52,478,674.

According to Crunchbase, Exxon Mobil Corporation has invested in more than ten developing companies and institutions: Global Clean Energy Holdings, Biojet, Yoshi, The University of Texas at Austin and GeoDigital, including several others.

Exxon generates the majority of its revenue from the United States, United Kingdom, Canada, Singapore, France, Italy, Australia, and Belgium. The remaining portion is generated from other nations.

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing