Exxon Mobil Corp.'s (XOM) first-quarter earnings fell 11% on reduced production and sales volumes, as well as higher operating expenses at its exploration and production business.
Exxon Mobil Corp.'s (XOM) first-quarter earnings fell 11% on reduced
production and sales volumes, as well as higher operating expenses at its
exploration and production business.
Shares fell 1.1% to $85.90 in premarket trading as the results missed
expectations.
The world's largest publicly traded oil company by market value, which has bet
heavily on natural-gas production in recent years, was expected to see profit
drop a bit because prices for the commodity had hit decade-low levels.
Exxon Mobil reported a profit of $9.45 billion, or $2 a share, down from $10.65
billion, or $2.14 a share, a year earlier. Revenue increased 8.8% to $124.05
billion.
Analysts polled by Thomson Reuters most recently projected earnings of $2.09 on
revenue of $124.76 billion.
Exploration and production earnings fell 10% amid higher operating expenses and
as production was down more than 5% on an oil-equivalent basis.
Refining and marketing earnings were up 44% mainly on asset sale gains and
improved volume as margins weakened.
During the quarter, Exxon Mobil repurchased 66 million common shares at a cost
of $5.7 billion, including $5 billion to reduce shares outstanding.
ConocoPhillips (COP) on Monday reported its first-quarter profit fell 3% as
lower production and weaker refining margins offset higher oil prices, in the
final quarter before its splits into two companies. Chevron Corp. (CVX) is set
to report its first-quarter results Friday.
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