I experienced the Albuquerque International Balloon Fiesta on Sunday night and Monday morning. Oh sorry, excuse me, the Exxon Mobile Albuquerque International Balloon Fiesta. The oil and gas giant is now the event’s title sponsor from 2025 through 2029.
I had a great time at the event, and found myself reading some recent headlines related to Exxon Mobil Corp. (XOM). It was the right day to check the news.
A barrel of West Texas Intermediate (WTI) crude is now around $62. This is down from $79 in January and about 7% year over year. That might not seem like a lot, but it matters when talking about the massive quantities of oil moved by giant oil companies.
As consumers, we want to see lower crude prices trickle through to the gas pump. What we don’t want to see is shrinking margins for our investments. In July, XOM said its earnings could fall by $1 billion due to oil price fluctuations. It has since scaled back that pessimism with a forecast that includes a possible gain…