Lower Natural Gas Prices Squeeze Big Oil's Profits in Q1 2024 [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
Last exxon mobil corporation earnings: 5/1 07:34 am
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Source: Yahoo! Finance
U.S. supermajors ExxonMobil and Chevron, as well as France's TotalEnergies, all cited lower natural gas prices as a key downward pressure on earnings that couldn't be fully offset by stable crude oil and liquids realizations and refining margins. Exxon reported on Friday underwhelming earnings for the first quarter that were lower than consensus estimates due to declining natural gas prices and non-cash adjustments. The U.S. supermajor booked first-quarter earnings of $8.2 billion, down from $11.4 billion for the first quarter of 2023. Earnings per share were $2.06 for the first quarter of 2024, down from $2.79 for the same period last year. Exxon's Q1 2024 earnings per share were below the analyst consensus forecast of $2.19 compiled by The Wall Street Journal. "Natural gas prices moved back inside the 10-year range, reflecting continued high inventory levels and lower demand," Exxon's executives said on the conference call Related: Growing Shadow Fleet Makes Oil Price Cap
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- 5/17/24 - Form DEFA14A
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