Exxon Mobil (NYSE:XOM) Climate Regulation Accounting Process “may be a sham”

Exxon Mobil (NYSE:XOM) Climate Regulation Accounting Process “may be a sham”

Exxon Mobil (NYSE:XOM) Climate Regulation Accounting Process “may be a sham”

  • ExxonMobil signed a production-sharing contract with the government of Equatorial Guinea for deepwater block EG-11 for an undisclosed amount, the Houston-based company said June 5.
  • Deepwater block EG-11, located west of Malabo, measures about 307,000 acres (1,242 sq km) and is adjacent to the Zafiro Field located in Block B.
  • “Block EG-11 is the jewel among a group of already very prospective blocks that we are signing in 2017,” said Gabriel Obiang Lima, the minister of mines and hydrocarbons in Sub-Saharan Africa’s third-largest producer.
  • New York’s Attorney General announced the discovery of documents allegedly showing that Exxon Mobil’s climate regulation accounting process “may be a sham.”
  • In contrast to the AG’s assertion, however, it appears that the investigation has instead come up with a damp squib despite a recent change in focus and scope.
  • The company’s alleged use of different assumed carbon prices in public and private documents is unlikely to have a major impact on its shareholders.
  • Exxon Mobile (XOM) believes the production and exports of liquefied natural gas from Qatar have not been disrupted by the increasing diplomatic conflicts in the Middle East, Reuters reports.
  • On Monday Saudi Arabia, the United Arab Emirates, Bahrain and Egypt all cut ties with Qatar, accusing the country of supporting extremism, something it has denied.
  • The issue has raised concerns of about global access to Qatar’s LNG, most notably after some regional ports in the Persian Gulf said they would turn away vessels with Qatari flags. Exxon helped Qatar to become the world’s largest LNG exporter.

Exxon Mobil Corporation is engaged in energy business. The Company is engaged in the exploration, production, transportation and sale of crude oil and natural gas, and the manufacture, transportation and sale of petroleum products. The Company also manufactures and markets commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics, and a range of specialty products. The Company’s segments include Upstream, Downstream, Chemical, and Corporate and Financing. The Upstream segment operates to explore for and produce crude oil and natural gas. The Downstream operates to manufacture and sell petroleum products. The Chemical segment operates to manufacture and sell petrochemicals. The Company has exploration and development activities in projects located in the United States, Canada/South America, Europe, Africa, Asia and Australia/Oceania.

Overall, the bias in prices is: Downwards.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

By the way, prices are vulnerable to a correction towards 82.70.

The projected upper bound is: 83.04.

The projected lower bound is: 79.38.

The projected closing price is: 81.21.

EXXON MOBIL closed up 1.090 at 81.210. Volume was 3% above average (neutral) and Bollinger Bands were 4% wider than normal.

Open        High       Low          Close      Volume
80.300    81.320    80.220    81.210    12,208,648

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period        50-period        200-period
Close:                       81.13                81.87                84.77
Volatility:                15                      14                     18
Volume:                   11,357,195      11,252,848      11,308,093

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary
EXXON MOBIL is currently 4.2% below its 200-period moving average and is in an downward trend. Volatility is Our volume indicators reflect volume flowing into and out of XOM at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on XOM and have had this outlook for the last 6 periods.

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 45.6587. This is not an overbought or oversold reading. The last signal was a buy 1 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 47.68. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 79 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -42. This is not a topping or bottoming area. The last signal was a buy 0 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 12 period(s) ago.

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John Heffernan

John Heffernan is a Junior Analyst at HEFFX. John is studying Economics and is a contributor on equities at Live Trading News.

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