Exxon Mobil shares fell 3.47% in pre-market trading. The decline followed the company's decision to withdraw an offer to sell two initial liquefied natural gas (LNG) cargoes from its Golden Pass plant in Texas. This move signals potential operational challenges and startup delays at the new export facility.
The plant currently operates at only one-third of its total capacity. These delays have raised concerns regarding the project's ability to meet near-term revenue targets.
Separately, BNP Paribas upgraded Exxon Mobil to Neutral from Underperform. The bank raised its price target to $165 from $125, citing a potential period of rising oil prices due to geopolitical tensions.