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ExxonMobil (XOM) Reduces Workforce for Structural Cost Savings
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Exxon Mobil Corp (XOM - Free Report) recently reported in its 10-K filing that its global workforce decreased by 1,000 to 62,000 personnel in 2022. This was due to cost-cutting measures intended to increase shareholder returns. It was Exxon's third consecutive year of staff reduction, down from 75,000.
The company also forewarned of potential risks for its operations in Kazakhstan, a nation in central Asia that borders Russia by a distance of 7,644 kilometers (4,750 miles). ExxonMobil’s combined oil and gas output in Kazakhstan was 246,000 barrels last year, which were exported via the Caspian Pipeline Consortium (CPC). According to the filing, Exxon may face an undeterminable loss in cash flow from its businesses in Kazakhstan if Russia interferes with the pipeline's functioning.
The U.S. oil giant, ExxonMobil, holds a 25% stake in the Tengizchevroil (TCO) oil production joint venture that manages the Tengiz and Korolev oil fields in Kazakhstan. The company also holds a 16.8% working interest in the Kashagan field. Per the filing, ExxonMobil's assets in Kazakhstan generated after-tax earnings of nearly $2.5 billion in 2022.
Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy space include Murphy USA Inc. (MUSA - Free Report) and Valero Energy Corporation (VLO - Free Report) both sporting a Zacks Rank #1 and PBF Energy (PBF - Free Report) carrying a Zacks Rank #2 (Buy).
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors.
Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed upward earnings estimate revisions for 2023 and 2024.
Valero Energy, a TX-based company, is one of the largest independent refiners and marketers of petroleum products in the US. With 15 refineries spread across Canada, the United States and the United Kingdom, it has a daily refining capacity of 3.1 million barrels. Over the past 30 days, VLO has seen an upward revision in earnings estimates for 2023.
PBF Energy is a leading crude oil refiner and offers end products that include heating oil, transportation fuels, lubricants, and many other related items through five oil refineries and accompanying infrastructure throughout the United States. Over the past 30 days PBF has seen an upward revision in earnings estimates for 2024.
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ExxonMobil (XOM) Reduces Workforce for Structural Cost Savings
Exxon Mobil Corp (XOM - Free Report) recently reported in its 10-K filing that its global workforce decreased by 1,000 to 62,000 personnel in 2022. This was due to cost-cutting measures intended to increase shareholder returns. It was Exxon's third consecutive year of staff reduction, down from 75,000.
The company also forewarned of potential risks for its operations in Kazakhstan, a nation in central Asia that borders Russia by a distance of 7,644 kilometers (4,750 miles). ExxonMobil’s combined oil and gas output in Kazakhstan was 246,000 barrels last year, which were exported via the Caspian Pipeline Consortium (CPC). According to the filing, Exxon may face an undeterminable loss in cash flow from its businesses in Kazakhstan if Russia interferes with the pipeline's functioning.
The U.S. oil giant, ExxonMobil, holds a 25% stake in the Tengizchevroil (TCO) oil production joint venture that manages the Tengiz and Korolev oil fields in Kazakhstan. The company also holds a 16.8% working interest in the Kashagan field. Per the filing, ExxonMobil's assets in Kazakhstan generated after-tax earnings of nearly $2.5 billion in 2022.
Zacks Rank & Key Picks
ExxonMobil currently carries a Zack Rank #3 (Hold).
You can see the complete list of today’s Zacks #1Rank (Strong Buy) stocks here.
Some better-ranked stocks for investors interested in the energy space include Murphy USA Inc. (MUSA - Free Report) and Valero Energy Corporation (VLO - Free Report) both sporting a Zacks Rank #1 and PBF Energy (PBF - Free Report) carrying a Zacks Rank #2 (Buy).
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors.
Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed upward earnings estimate revisions for 2023 and 2024.
Valero Energy, a TX-based company, is one of the largest independent refiners and marketers of petroleum products in the US. With 15 refineries spread across Canada, the United States and the United Kingdom, it has a daily refining capacity of 3.1 million barrels. Over the past 30 days, VLO has seen an upward revision in earnings estimates for 2023.
PBF Energy is a leading crude oil refiner and offers end products that include heating oil, transportation fuels, lubricants, and many other related items through five oil refineries and accompanying infrastructure throughout the United States. Over the past 30 days PBF has seen an upward revision in earnings estimates for 2024.