Exxon Mobil misses first-quarter profit estimates despite big gains in Guyana [Globe and Mail, The (Toronto, Canada)]
Exxon Mobil Corporation (XOM)
Last exxon mobil corporation earnings: 5/1 07:34 am
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Source: Globe and Mail, The
The largest U.S. oil company, which is in the process of closing a $60-billion deal for top shale oil producer Pioneer Natural Resources, posted first-quarter earnings of $8.22-billion, or $2.06 per share, compared to an $11.43-billion net profit a year ago. The stock was down 2 per cent in pre-market trading to $118.50 after reporting a profit per share of $2.06, 6 per cent shy of Wall Street analysts' consensus for $2.20 per share, LSEG estimates showed. Earnings from oil and gas production fell 14 per cent on lower natural gas prices and refining tumbled 67 per cent on weaker margins and investment and tax costs. The chemicals business, however, was a standout, with earnings more than doubling on lower input costs and higher margins, the company said. Earnings of $8.22-billion for the first quarter ended March 31 were off 29 per cent compared to adjusted profit of $11.62-billion a year earlier. But the results were the second highest for a first quarter in the past decade,
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