Although$Exxon Mobil (XOM.US)$Trading closed down more than 2 per cent on Monday, the eighth straight day of decline, but the stock remains Bank of America Corporation's most bullish oil and gas company. The bank believes that although the price of crude oil has fallen recently, Exxon Mobil Corp and$APA Group (APA.AU)$、$Hess Corp (HES.US)$和$Ovintiv (OVV.US)$Both provide sustainable free cash flow.

It is understood that energy stocks have also become part of a wide sell-off in the stock market recently, but Bank of America Corporation analyst Doug Leggate believes that oil and gas producers have sufficient resources to "benefit from what we think of as a long-term forward curve" and provide "sustainable free cash flow".

After Opec's "modest but significant production cuts", Leggate said Bank of America Corporation continued to believe that the oil market was experiencing a new era of Saudi intervention, which could change the profitable floor for oil and gas producers from $60 to $80 a barrel, "in line with our recently reset basis for long-term valuation of US oil".

Exxon Mobil Corp's shares have fallen 14 per cent in the past eight trading days, down 20 per cent from their record intraday price of $105.57 on June 8.