Exxon Mobil first-quarter earnings missed expectations as the industry came under pressure from eroding refining margins and collapsing natural gas prices.
on Thursday reported first-quarter earnings that missed expectations as the industry came under pressure from eroding refining margins and collapsing natural gas prices.
Here is what Exxon reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:The nation's largest oil producer reported net income of $8.22 billion, or $2.06 per share, a 28% decrease from earnings of $11.43 billion, or $2.79 per share, in the same period a year ago.
Revenue beat expectations, coming in at $83.08 billion, but was lower than a year ago, when the company reported $86.56 billion. Oil and gas production profits fell 12% to $5.67 billion, compared with $6.46 billion in same quarter last year due to lower natural gas prices. Exxon produced 3.78 million barrels per day in the quarter, down slightly from the 3.83 million bpd of output in the year-ago period.
Exxon's fuel business saw earnings plummet 67% to $1.38 billion, compared with $4.18 billion in the prior year, due to lower refining margins.The company's chemical products segment saw profits more than double to $785 million compared with $371 million in the same quarter last year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
In 'Brazen Wealth Transfer', Exxon and Chevron Pay Out Record Sums to ShareholdersOlivia Rosane is a staff writer for Common Dreams.
Read more »
Exxon shares slip as Q1 earnings falls short of analyst estimatesExxon shares slip as Q1 earnings falls short of analyst estimates
Read more »
Exxon, Chevron Go Head-To-Head for Title of 'Geopolitical Safe-Heaven' TomorrowStocks Analysis by Investing.com (Damian Nowiszewski) covering: Chevron Corp, Exxon Mobil Corp, Brent Oil Futures, Crude Oil WTI Futures. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
Read more »
California to wrap up Exxon plastics probe 'in weeks', AG saysCalifornia to wrap up Exxon plastics probe 'in weeks', AG says
Read more »
Here are Wednesday's biggest analyst calls: Nvidia, Tesla, Exxon, Coinbase, Cava, Alphabet, Amazon, Block & moreHere are Wednesday's biggest calls on Wall Street.
Read more »
Chevron and Exxon Race to Scale Up Carbon Capture and Storage in the U.S.Chevron, Exxon, Baker Hughes and SLB are racing to scale up carbon capture and storage across the U.S. as the world races to reach net-zero emissions by 2050. The oil and gas industry is betting that carbon capture and storage will serve a large market of heavy industries like cement and steel that have few good options right now to slash emissions. A paper mill in a small Mississippi town could help demonstrate whether capturing carbon dioxide emissions and storing it deep underground is a viable path to fight climate change.
Read more »