403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
ExxonMobil profits drop as oil and gas output falls
(MENAFN- Arab News) NEW YORK: ExxonMobil has reported a fall in quarterly earnings on lower oil and gas production and a weak US refining performance.
The biggest US oil company said fourth-quarter net income was $6.6 billion down 21.3 percent from the year-ago period.
Drivers of the decline included a 3.8 percent drop in oil and gas production and a $1 million loss in US downstream earnings due to poor refining margins in the company's domestic market.
The weak US refining performance was offset by a rise in non-US refining profits and higher global chemical profits.
The Exxon earnings came as oil companies such as Chevron and ConocoPhillips cut drilling budgets due to a steep decline in oil prices that has pressured earnings. Oil prices have fallen about 60 percent since June.
'ExxonMobil's results illustrate the value of our proven business model that integrates upstream downstream and chemical businesses' said Exxon chief executive Rex Tillerson.
'Our balanced portfolio uniquely positions ExxonMobil to deliver superior results throughout the commodity price cycle.'
Exxon's earnings translated into $1.56 per share above the $1.34 projected by Wall Street analysts.
Revenues dropped more than 20 percent compared with last year to $87.3 billion demonstrating the impact from lower crude prices on oil pumped from the ground.
However costs also fell 18.4 percent to $78.4 billion reflecting the benefit of lower crude oil costs to refining.
Exxon's annual profits were $32.5 billion down 0.2 percent from 2013.
Exxon shares rose 0.6 percent in pre-market trade.
The biggest US oil company said fourth-quarter net income was $6.6 billion down 21.3 percent from the year-ago period.
Drivers of the decline included a 3.8 percent drop in oil and gas production and a $1 million loss in US downstream earnings due to poor refining margins in the company's domestic market.
The weak US refining performance was offset by a rise in non-US refining profits and higher global chemical profits.
The Exxon earnings came as oil companies such as Chevron and ConocoPhillips cut drilling budgets due to a steep decline in oil prices that has pressured earnings. Oil prices have fallen about 60 percent since June.
'ExxonMobil's results illustrate the value of our proven business model that integrates upstream downstream and chemical businesses' said Exxon chief executive Rex Tillerson.
'Our balanced portfolio uniquely positions ExxonMobil to deliver superior results throughout the commodity price cycle.'
Exxon's earnings translated into $1.56 per share above the $1.34 projected by Wall Street analysts.
Revenues dropped more than 20 percent compared with last year to $87.3 billion demonstrating the impact from lower crude prices on oil pumped from the ground.
However costs also fell 18.4 percent to $78.4 billion reflecting the benefit of lower crude oil costs to refining.
Exxon's annual profits were $32.5 billion down 0.2 percent from 2013.
Exxon shares rose 0.6 percent in pre-market trade.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment