Exxon Mobil Profit Sinks, Chevron Rises As Both Boost Output

www.oann.com | 9/24/2018 | Staff
roxy2707 (Posted by) Level 3
HOUSTON (Reuters) – Weaker second-quarter refining and chemicals profits offset surging U.S. shale production at U.S. oil majors Exxon Mobil Corp and Chevron Corp , the two reported on Friday.

Exxon’s topped analysts’ reduced estimates for the quarter but net fell 21% from a year earlier, its third quarter in a row of weaker year-over-year profit, despite a near doubling in Permian shale oil output.

Chevron - Earnings - % - Line - Forecasts

Chevron earnings rose 26%, in line with forecasts, as it benefited from a one-time, $1-billion breakup fee from Anadarko Petroleum , which accepted a higher bid from Occidental Petroleum after agreeing to sell itself to Chevron.

Shares of both companies fell on Friday with Exxon off 1% at $71.75 a share and Chevron down a penny at $120.73 as the market fell on U.S.-China trade concerns.

Exxon - Earnings - Rivals - Royal - Dutch

Exxon’s weaker earnings mirrored those at rivals Royal Dutch Shell and Total SA , and both U.S. companies said natural gas prices and chemical margins fell from a year-earlier.

Shell’s profit was its smallest in 30 months, due to weaker chemicals, refining and tumbling natural gas prices. Total also cited weaker natural gas and refining operations for earnings that fell 19% from a year ago.

Exxon - Income - Cents - Share - Quarter

Exxon’s net income fell to $3.13 billion, or 73 cents per share, in the second quarter, from $3.95 billion, or 92 cents per share, last year. Analysts had slashed their estimates last month after the company disclosed weaker results in natural gas, chemicals and refining.

“Pretty weak quarter from them once again,” said Jennifer Rowland, analyst with Edward Jones. After spending on major projects and dividends, Exxon had a free cash flow...
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