U.S. energy behemoth Exxon Mobil Corp. (XOM) recently sued FX Networks LLC and its studio affiliates to bar it from using an interlocking XX logo. The energy behemoth alleges that the logo is identical to its own.
Last month, FX Networks and its studio affiliates, Twentieth Century Fox Film Corp. and Twenty-First Century Fox Inc. (FOXA) launched the disputed FXX TV network logo. However, the network’s refusal to change it dragged the matter to court.
The news had little impact on Exxon Mobil’s stock price. By close of trade on Friday, Exxon Mobil settled at $86.32 per share, approximately 1.0% higher that the previous day.
Exxon Mobil is the world’s largest publicly traded oil company, engaged in oil and natural gas exploration and production, petroleum products refining and marketing, chemicals manufacture, and other energy-related businesses. Approximately 83% of Exxon Mobil’s earnings come from its operations outside the U.S.
Exxon Mobil is one of the world’s best-run integrated oil company given its track record of superior returns on capital employed. The energy giant has long been a core holding for investors seeking a defensive name with continued dividend growth. Exxon Mobil is fairly active in its investment program. The company plans to spend about $185 billion over the next five years, up 29% from the last five-year period.
Capital expenditure covers as many as 21 important oil and gas projects currently under the anvil and are estimated to accumulate over 1 million net oil-equivalent barrels per day by 2016. It includes the Kearl Oil Sands development project in Canada, four in West Africa and Kashagan Phase 1 in Kazakhstan. Exxon is also engaged in a large liquefied natural gas project in Papua New Guinea, which is expected to begin deliveries in 2014. It will unearth more oil from the development of the Hebron oil field, off the shore of Canadian provinces Newfoundland and Labrador. The development will help in recovering over 700 million barrels of oil and the platform is expected to yield its first oil toward the end of 2017.
Exxon Mobil holds a Zacks Rank #3 (Hold). However, in the near term, stocks like Swift Energy Co. (SFY) and Pioneer Energy Services Corp. (PES), with Zacks Rank #1 (Strong Buy), are expected to outperform the market.
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