Exxon Mobil Corp.'s (XOM) first-quarter earnings rose 0.5% on higher margins, though both its upstream and downstream operations posted lower profits and revenue fell short of Wall Street estimates.
Exxon Mobil Corp.'s (XOM) first-quarter earnings rose 0.5% on higher
margins, though both its upstream and downstream operations posted lower
profits and revenue fell short of Wall Street estimates.
The world's largest publicly traded oil company has seen declining production
levels of late as massive supplies of shale oil and gas unleashed in North
America by hydraulic fracturing change the energy industry's traditional trade
flows and investment patterns. But at the same time, the abundance of cheap oil
and gas in
North America
has allowed Exxon's
downstream operations to post improved profits.
Exxon has sought to boost its reserves and production by buying assets in the
prolific Bakken shale in
North Dakota
from
Denbury Resources Inc. (DNR) and forming joint ventures with heavyweights like
OAO Rosneft (ROSN.RS) to tap Arctic resources. Last month, Exxon said it plans
to increase its annual spending on energy projects by $1 billion, bringing its
capital spending levels to about $190 billion over the next five years, or $38
billion per year, a new record for the oil giant.
Exxon reported a profit of $9.5 billion, or $2.12 a share, up from $9.45
billion, or $2 a share, a year earlier. Revenue dropped 12% to $108.81 billion.
Analysts polled by Thomson Reuters had most recently forecast earnings of $2.05
a share on revenue of $119.83 billion.
Operating margin edged up to 14.7% from 14.1%.
Exploration and production earnings declined 9.8% to $7.04 billion as
production fell 3.5% on an oil-equivalent basis.
Refining and marketing earnings fell 2.6% to $1.55 billion while
refining-driven margins increased earnings by $780 million.
Shares were recently trading 47 cents higher at $89.90 premarket. The stock is
up 3% over the past year through Wednesday's close.
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