ExxonMobil’s quarter earnings results were “good,” said Phil Weiss, senior energy analyst at Argus Research Company. He maintained his "positive view" on the stock.
“The strong performance was driven a lot by chemicals—which had a record result—they had a good production,” Weiss told CNBC.
ExxonMobil is the second-largest United States-based chemical maker, after Dow Chemical.
Weiss has a “buy” rating on Exxon and has had a $100 price target on the stock since February.
The oil giant posted a better-than-expected quarterly profiton Thursday, but handed in a revenue that fell slightly below what analysts were expecting. Weiss also added that refining margins were up strongly year-over-year.
Unrest in the Middle East and North Africa and improving global demand have fueled a rally in crude oil, with current prices over $100 per barrel. An improving global economy has also increased demand for crude.
“If oil prices were to fall, the income would go down and the cash flow would go down and the stock price would come down some, but it’s not just oil prices that drive price of the stock.”
Scorecard—What He Said:
- Weiss' Previous Appearance on CNBC (Mar. 30, 2011)
More Market Intelligence:
- Cramer: This Oil ETF Is 'Toxic'
- Killer Combo of High Gas, Food Prices at Key Tipping Point
- At New York Auto Show, Biggest Fear Is ... $5 Gallon Gas
CNBC Data Pages:
More Oil Giants:
Royal Dutch Shell
Weiss does not own shares of XOM.