Why ExxonMobil, Chevron, and Core Labs Stocks Popped Today
Oil stocks had a good start to the morning on Thursday, with shares of Chevron (NYSE: CVX) gaining 2.2% through 10 a.m. ET, ExxonMobil (NYSE: XOM) up 2.8%, and oilfield services company Core Laboratories (NYSE: CLB) rising 3% -- and no wonder.
By all accounts, China seems to be relaxing its zero-Covid policies, which should benefit its economy and boost its oil demand. Oil prices logically moved higher in response, with West Texas Intermediate crude up 1.3% and Brent crude inching higher as well. Best of all, management at ExxonMobil just released a bullish forecast for the company's next five years.
In a conference call with investors Thursday morning, and in an accompanying press release, ExxonMobil CEO Darren Woods and CFO Kathryn Mikells explained how the energy giant intends to spend up to $25 billion annually on capital investments through 2027, reduce operating costs, pay down debt, and buy back $50 billion worth of stock over the next two years -- all while maintaining profits and cash flow at twice the levels ExxonMobil had in 2019, before the pandemic began.
Source Fool.com
