NEW YORK (TheStreet) -- Exxon Mobil (XOM) shares are up 1.09% to $85.65 in afternoon trading on Thursday as rising oil prices due to a weakening dollar lifted the oil sector.
Industry standard Brent crude for July delivery is up 0.58%, or 37 cents, to $64.24 per barrel, while West Texas crude for July delivery is up 0.8%, or 48 cents, to $60.40.
Additionally, Exxon Mobil sold its 50% stake in Chalmette Refining in Chalmette, LA today to PBF Energy (PBF) for an undisclosed amount today.
"This decision is the result of a strategic assessment of the site and how it fits with our large US Gulf Coast Refining portfolio," said Jerry Wascom, president of ExxonMobil Refining & Supply Company.
"We regularly adjust our portfolio of assets through investment, restructuring, or divestment consistent with our overall global and regional business strategies," said Wascom.
PBF Energy shares are up 13.9% to $30.07 following its purchase, which is subject to regulatory approval. The company is expected to take over operations of the refinery by the end of 2015.
TheStreet Ratings team rates EXXON MOBIL CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXXON MOBIL CORP (XOM) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, poor profit margins and weak operating cash flow."