Wells Fargo raised the firm’s price target on Exxon Mobil (XOM) to $158 from $156 and keeps an Overweight rating on the shares after the company held a virtual Corporate Plan Update and IR hosted a small group follow-up call. Exxon announced a $5B increase to Upstream earnings power at constant commodity prices by 2030, and increased structural cost savings by $2B to $20B in aggregate. 2026 production and capex guidance was in line with Wells’ model, but 60% of Upstream profitability increase comes from the Permian, the firm notes.
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