Dallas, Texas 10/23/2013 (Financialstrend) – Exxon Mobil Corporation (NYSE:XOM) is a $392 billion market capitalized oil and gas major which is expected to come out with its 3Q operation results in the last week of October. In anticipation of the slew of expected results from big cap oil firms, J.P. Morgan came out with an estimate on how things might pan out over the next few couple of weeks on October 21. J.P. Morgan’s had put to work is dedicated energy research analysts to come out with individual forecast for a hand full of integrated oil producers in North America. As per the report over all the oil sector is expected to show growth in the range of 8% when compared on a quarter to quarter basis and by close to 9% when compared to previous year. If the results do mirror the analyst forecast, then it would mean a good turn of events for the oil sector since most of the small cap players are struggling due to dip in price of oil.
In what might be considered disturbing news for share holders of Exxon Mobil Corporation (NYSE:XOM) J.P. Morgan has slotted Chevron and Exxon under the under performers tag while showing a thumbs up for Marathon Oil , Hess and Occidental Petroleum.
The earnings call for Exxon might turn into a media circus which will concentrate on October 22 released report which “Interior Department’s Office of Natural Resources”. The report has indicated that Exxon’s fully owned sub XTO Energy was fined $684 K for preventing an audit at its Kansas oil property. Readers should know that federal government retains the right to audit all its leased properties to determine output and tally it with royalties being reported by oil firms. At close of business on October 22, the stock of XOM was trading at $87.98 per share.
