It's the same story as Halliburton, just bigger. Oil is expensive, supply is tight, the Strait is still a mess, and Exxon's own executives are warning that inventories could hit record lows soon. You would think the stock would be flying. Instead, it's down for the month. Slipped about six percent in the last thirty days and just had its longest losing streak in a while.
People keep saying the bo-m is coming. Barclays just raised their target to one eighty two, and Morgan Stanley still likes it. But then I read that the first quarter earnings actually dropped almost in half because of derivative losses. Something about a timing mismatch between contracts and shipments. Wall Street says it's a one time thing and that next quarter will be huge. I hope they are right.