Exxon, Chevron fall as first-quarter earnings miss estimates [BNN Bloomberg (Canada)]
Hess Corporation (HES)
Last hess corporation earnings: 1/29 07:30 am
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Source: BNN Bloomberg
Exxon dropped as much as 3.2 per cent in pre-market trading and Chevron was down 1.5 per cent on Friday even as crude prices rose. Exxon posted adjusted per-share profit that was 13 cents below the Bloomberg Consensus due to higher costs from maintaining refineries and a series of accounting charges. Chevron, meanwhile, incurred higher-than-expected capital spending that caused free cash flow to miss expectations by US$900 million. The results come amid a shift in investor sentiment that favors oil-production growth to take advantage of concerns about global supplies that have supported crude prices. One bright spot for Exxon was cash flow from operations of $14.7 billion that came in $1 billion higher than forecasts, boosted by a substantial uplift in Guyanese crude production. “Any given quarter we'll have a number of non-cash, just a bit more unusual expenses that kind of ebb and flow,” Chief Financial Officer Kathy Mikells said in an interview. “This quarter we had a number
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HES
News
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HES
Earnings
- 4/25/24 - Beat
HES
Sec Filings
- 5/2/24 - Form 425
- 5/2/24 - Form 8-K
- 4/29/24 - Form 425
- HES's page on the SEC website