Published by yourcollegebars on July 29, 2017

Exxon Mobil profit disappoints Wall Street, Chevron shines

Exxon Mobil profit disappoints Wall Street, Chevron shines

HOUSTON (Reuters) – Exxon Mobil Corp (XOM.N) posted a loss of scarce revenue on Friday, the sole international oil producer for the last quarter, while production fell in its African and Canadian operations.

Exxon’s results were overshadowed by rival Chevron Corp. (CVX.N), which easily surpassed Wall Street expectations with a two-digit increase in production.

Royal Dutch Shell Plc (RDSA.L), Total SA (TOTF.PA) and Statoil ASA (STL.OL) achieved profits that exceeded expectations.

Chevron annually downplayed the benefits of going largely megaprojects in Australia, the United States, the Gulf of Mexico, and elsewhere.

Now expenses increase Chevron’s earnings, Exxon, while it has a smaller number of projects about to go online and many of its larger assets require more capital to maintain.

Although earnings increased significantly compared to the previous year, the Irving, Texas-based production company fell 1.0 percent.

“Exxon continues to really fight for its production,” said Edward Youngberg, an analyst with Edward Jones.

“Chevron shifts from a liquidity-providing cash generator, even if commodity prices do not improve,” he said.

Exxon shares fell 2.0 percent to $ 79.17 on Friday afternoon, while Chevron shares have gained more than 2.0 percent to $ 108.53 per share. CLc1 oil prices rose Friday to a two-month high.

The Exxon stock was the worst drag for the Dow Jones industrial average closed unofficially, while Chevron stocks led the index higher.

The two companies said they would continue to deploy drilling rigs and other equipment in the Permian basin, the largest oil park in the United States.

This expansion, as well as similar plans by other US shale pairs, is likely to further irritate OPEC, which attempted, with uneven success this year domesticate oversupply crude oil.

Exxon posted a net profit of $ 3.35 billion, or 78 cents a share, compared with $ 1.7 billion, or 41 cents a share, a year earlier. Analysts had expected a gain of 84 cents per share, according to Thomson Reuters I / B / E / S.

PHOTO CARD: Chevron Corp logo is seen at its booth at Gastech, the world’s largest exhibition for the gas industry, in Chiba, Japan April 4, 2017.
Toru Hanai / Photo archive
In Africa, where Exxon produced in Nigeria, Angola and other countries, output fell 16 percent due to lower field rates and delays in projects.

Imperial Oil Ltd (IMO.TO), which is majority owned by Exxon and operates in the Canadian tar sands region, recorded a net loss, damaging Exxon’s results in this country.

Bituminous sands operations in Alberta Exxon Kearl were partially shut down, damaging Canadian production.

However, Exxon wanted to highlight the positive aspects, highlighting growth opportunities in liquefied natural gas (LNG), particularly in Qatar, where one billion dollars have been invested.

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