Exxon Profit Rises Less Than Estimated on Output Drop (Update5)
By Joe Carroll
Posters note: I didn't post the entire story because the entire story wasn't the point. Just the headline.
May 1 (Bloomberg) -- Exxon Mobil Corp. posted the smallest earnings increase among the world's three largest oil companies, falling short of analyst estimates as production dropped and profit margins from refining narrowed.
Exxon Mobil fell 4.9 percent in New York trading after the Irving, Texas-based company said first-quarter net income rose to $10.9 billion, or $2.03 a share, from $9.28 billion, or $1.62, a year earlier. Per-share profit was 10 cents below the average of 17 analyst estimates compiled by Bloomberg.
Exxon Mobil's 17 percent profit increase lagged behind the gains of 25 percent and 63 percent by Royal Dutch Shell Plc and BP Plc. Oil and gas production fell 5.6 percent, leaving Chief Executive Officer Rex Tillerson unable to take full advantage of record prices. U.S. refining profit at Exxon Mobil, the world's largest company by market value, plunged by more than half.
``These numbers are a bit disappointing,'' said Douglas Ober, who helps manage $2.3 billion at Baltimore-based Petroleum & Resources Corp., where Exxon Mobil is his biggest holding. ``The major focus of disappointment is their international exploration and production.''
Revenue climbed 34 percent to $116.9 billion, Exxon Mobil said in a statement. That was almost $2.6 billion below analyst estimates. Earnings fell short of estimates for the third time in the past year.
$100 a Barrel
-VG
By Joe Carroll
Posters note: I didn't post the entire story because the entire story wasn't the point. Just the headline.
May 1 (Bloomberg) -- Exxon Mobil Corp. posted the smallest earnings increase among the world's three largest oil companies, falling short of analyst estimates as production dropped and profit margins from refining narrowed.
Exxon Mobil fell 4.9 percent in New York trading after the Irving, Texas-based company said first-quarter net income rose to $10.9 billion, or $2.03 a share, from $9.28 billion, or $1.62, a year earlier. Per-share profit was 10 cents below the average of 17 analyst estimates compiled by Bloomberg.
Exxon Mobil's 17 percent profit increase lagged behind the gains of 25 percent and 63 percent by Royal Dutch Shell Plc and BP Plc. Oil and gas production fell 5.6 percent, leaving Chief Executive Officer Rex Tillerson unable to take full advantage of record prices. U.S. refining profit at Exxon Mobil, the world's largest company by market value, plunged by more than half.
``These numbers are a bit disappointing,'' said Douglas Ober, who helps manage $2.3 billion at Baltimore-based Petroleum & Resources Corp., where Exxon Mobil is his biggest holding. ``The major focus of disappointment is their international exploration and production.''
Revenue climbed 34 percent to $116.9 billion, Exxon Mobil said in a statement. That was almost $2.6 billion below analyst estimates. Earnings fell short of estimates for the third time in the past year.
$100 a Barrel
-VG
