Argus Sees Stronger Production Growth Ahead for Exxon Mobil (XOM)

Exxon Mobil Corporation (NYSE:XOM) is included among the 10 Best Inflation-Hedge Stocks to Buy for 2026.

On May 7, Argus analyst Bill Selesky raised the firm’s price recommendation on Exxon Mobil Corporation (NYSE:XOM) to $169 from $166. It reiterated a Buy rating on the shares. The firm pointed to Exxon’s Q1 earnings beat, while noting that results were still affected by lower production volumes tied to Middle East impacts, operational disruptions in Kazakhstan, and Winter Storm Fern in the U.S. Higher depreciation expenses also weighed on earnings. Argus added that it raised its 2026 EPS estimate by $0.30 to $7.91 following the quarter’s results and expectations for stronger production growth from the company’s Permian and Guyana assets in 2026.

During the Q1 2026 earnings call, Chairman, President, and CEO Darren Woods highlighted several operational milestones. He said Exxon increased production in the Permian year over year and also achieved record production levels in Guyana. Woods added that the Golden Pass project reached its first LNG production milestone. He also noted that refinery throughput in March increased by about 200,000 barrels per day compared with February.

Discussing LNG operations and future growth projects, Woods said Train 1 at the Golden Pass facility started producing LNG in March. He added that once the third train becomes operational, the project is expected to increase current U.S. LNG export capacity by around 15%. Woods also said Exxon continued moving toward final investment decisions for LNG projects in Papua New Guinea and Mozambique, both of which are expected later this year.

Exxon Mobil Corporation (NYSE:XOM) is one of the largest energy companies in the world. The company operates across the full energy value chain, including oil and gas production, refining, and petrochemicals, while continuing efforts to improve efficiency and streamline operations across the business.

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