What's Driving Our $96 Per Share Price Estimate For Exxon Mobil?

The percentage contribution of liquids to Exxon's total hydrocarbon production increased to 53.2% last year, up from 51.5% and 52.7% in 2012 and 2013, respectively. Although, lower weather-related demand in Europe exaggerated the decline in Exxon's natural gas production in 2014, we expect the overall trend of improving volume-mix to manifest itself in the company's results this year as well. This is expected to improve its average price realization per barrel of oil equivalent and potentially h...