Exxon’s stock price gains in wake of ‘unprecedented’ hurricanes

Exxon’s stock price gains in wake of ‘unprecedented’ hurricanes

September 30, 2021 Comments Off on Exxon’s stock price gains in wake of ‘unprecedented’ hurricanes By admin

Oil giant ExxonMobil shares jumped by nearly 2% in early trading after the Federal Emergency Management Agency declared a state of emergency over Hurricane Harvey.

The increase comes as the company reported a 2% increase in fourth-quarter profits, and the stock is up 5.8% in 2017.

The stock also rose nearly 4% in 2016 and 7.6% in 2015.

ExxonMobil’s shares are up about 4% since the start of the year, when the company announced the hurricanes Harvey and Irma.

ExxonMobil stock has gained more than 10% each of the last five years.

Read more about ExxonMobil: ExxonMobil stocks up by nearly 8% after hurricane landfall: Exxon Mobil shares up by about 6% after Hurricane Harvey: Exxon shares up about 2% after Harvey: Expedite oil company ExxonMobil reported $1.5 billion in revenue for the fourth quarter, up from $1 billion in 2017, and operating profit was $1,072 million.

The company’s profit in the first half of 2018 was $6.4 billion, up slightly from $6 billion in the same period last year.

On Thursday, ExxonMobil announced that it will invest $100 million in a new $2 billion refinery in South Carolina.

“The oil business has a very long way to go to catch up to where it was when the hurricane hit,” ExxonMobil CEO Rex Tillerson said in a statement.

“But, we are confident that in the coming months, we will make tremendous progress.

We are also very confident that the American public will recognize that this is not a day to be complacent.”

Expelled from ExxonMobil, a Texas-based oil company, after the hurricanes of 2017 and 2018, former chief executive Rex Tillerson and his son, Tillerson Jr., continue to run the company. 

“It’s good for the company to be back and to have a company that is taking the next step forward,” Tillerson said.

“I think that this country is going to need more people who have experience in business, especially with energy and natural resources.”

The company’s stock gained more in 2017 than it did during the entire 2017 and 2016 years.

Exxon shares rose more than 6% in the fourth-week of trading.

After ExxonMobil’s earnings report Thursday, the stock jumped by more than 5% in a matter of minutes, jumping nearly 6% the next day.

The stock has risen nearly 4.5% in each of 2017, 2018, and 2019.

For the fourth quarters of 2018, Exxon stock gained 6.4% and 5.6%, according to FactSet.