topher06 said:
I have sold calls on 50% of my shares at $110 expiring October 21, I fortunately repurchased the other 50% which were sold at $105. I'm debating selling 50% at $110 expiring in November, but may just wait until earnings because I agree that they will be outstanding and will likely be accompanied by a material dividend increase particularly as they bring on more production from that Guyana play. Exxon is in an amazing position right now, wish I had more money I could throw at it (being in O&G, I can't be too heavy in oil and gas stocks).
You gotta do you. I understand. I don't know who you work for and I'm not asking, but you have to ask yourself this question, do I see something material wrong or going bad in your O&G industry? If you don't, being heavier is okay. You don't have to keep a heavy position for a long time. If you have an ability to do a 3 month position, it's likely to be volatile and profitable through Dec. When those Russian Price Caps get forced into the market on Dec 5th, energy will get another boost. And, it's like a friend of mine states, Germans are the same people who walked all the way to Stalingrad and forgot to bring food and warm clothes. The mad scramble in Europe for all forms of energy is not stopping....soon...this winter....next spring...next summer....they got another problem next winter. The U.S. can support the crude oil market all by itself in 2023 just refilling the SPR.
I want as much juice as possible when selling my Calls and I think earnings or right after will do it. ALSO, I am hearing that credit agency ratings will be doing reviews and XOM is slated in the mix. If they can't upgrade XOM with $27 billion in cash and $12 to $14 per share earnings and buying $30 billion in share buy backs...something is wrong. XOM needs to be invited back to the DOW 30 and SalesForce needs to be removed. That will upset the apple cart, but too bad. Energy is a bigger piece of the economy. Think about that for a moment and how either, credit rating upgrade or a DOW 30 invite would effect share price. It would be great!