Exxon Mobil Corp.'s (XOM) first-quarter earnings rose 38% as lower refining margins partially offset the big benefit from surging oil prices.
The results slightly missed analysts' expectations, and shares fell 1.7% premarket to $68.03.
Exxon Mobil Corp.'s (XOM) first-quarter earnings rose 38% as lower
refining margins partially offset the big benefit from surging oil prices.
The results slightly missed analysts' expectations, and shares fell 1.7%
premarket to $68.03.
Oil producers have seen results bolstered as crude prices have rallied from
lows in the depths of the recession. However, the higher crude prices also add
to pressures on refining margins.
Exxon, the world's biggest non-governmental oil company, reported a profit of
$6.3 billion, or $1.33 a share, up from $4.55 billion, or 92 cents a share, a
year earlier. Revenue increased 41% to $90.25 billion.
Analysts polled by Thomson Reuters most recently forecast earnings of $1.41 a
share on revenue of $96.41 billion.
Production rose 4.5% on an oil-equivalent basis as segment earnings more than
doubled on surging crude-oil prices.
Refining earnings tumbled to $37 million from $1.1 billion on lower margins. Sales
also fell on reduced demand.
Exxon said it spent $2.5 billion in the quarter buying back 37 million shares,
helping cut the amount of outstanding shares by 0.6%.
The company expects to close its deal for XTO Energy Inc. (XOM) in the current
quarter, leading a rush among international oil titans to tap
U.S.
shale-gas resources for future growth.
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