Exxon Mobil Corp
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Energy : Oil, Gas & Consumable Fuels | Large Cap Value
Company profile

Exxon Mobil Corporation is engaged in energy business. The Company is engaged in the exploration, production, transportation and sale of crude oil and natural gas, and the manufacture, transportation and sale of petroleum products. The Company also manufactures and markets commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics, and a range of specialty products. The Company's segments include Upstream, Downstream, Chemical, and Corporate and Financing. The Upstream segment operates to explore for and produce crude oil and natural gas. The Downstream operates to manufacture and sell petroleum products. The Chemical segment operates to manufacture and sell petrochemicals. The Company has exploration and development activities in projects located in the United States, Canada/South America, Europe, Africa, Asia and Australia/Oceania.


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UPDATE: Warren Buffett just made this group of traders almost $200 million

2:54 pm ET May 5, 2020 (MarketWatch)

By Shawn Langlois, MarketWatch

Warren Buffett told shareholders Saturday (http://www.marketwatch.com/story/buffett-dumps-entire-airline-stake-saying-the-world-changed-for-airlines-2020-05-02) that Berkshire Hathaway(BRKA)unloaded all of its positions in the airline sector. "I was wrong about that business," he admitted.

For one group of investors, him being wrong had to feel so right.

According to S3 Partners, short-sellers made $188 million in mark-to-market profits in Monday's session as airline stocks, led by United(UAL) , American(AAL), Delta(DAL)and Southwest(LUV) , took a hit after Buffett's announcement.

Here's how it broke down by company:

And there could be more to come, according to S3 Partners managing director Ihor Dusaniwsky,

"We should see continued short selling in AAL, UAL and DAL and a resumption of short selling in LUV after Buffett's comments and today's price action," he wrote in a blog post on Monday (https://www.shortsight.com/buffett-crashes-the-u-s-airline-sector/). "Shorts, who are already deep in the money, should be letting their profits run as long as the airline stock prices trend downward. But if prices start to rebound, we can expect a quick rush to cover some of their short exposure in order to realize their mark-to-market profits."

Even before Buffett's move, shorting the airline industry this year has paid off in a big way, with the entire sector delivering $4.13 billion in net-of-financing mark-to-market profits. That's almost a double since the beginning of 2020, S3 Partners data shows.

On Tuesday, airline stocks were under pressure yet again, sitting out a rally in the broader market that lifted the Dow Jones Industrial Averagemore than 300 points higher. The S&P 500and Nasdaq Compositewere also firmly in the green.

-Shawn Langlois; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

May 05, 2020 14:54 ET (18:54 GMT)

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