ExxonMobil earnings fell sharply in the first quarter as the big drop in oil prices crimped the petroleum giant's exploration and production results, the company said Thursday.
Earnings fell 45.7 percent to $4.9 billion. Revenues dropped 36.4 percent to $67.62 billion.
The drop reflected the effects of a big retreat in oil prices since June 2014, which has led to a difficult year-on-year comparison for energy companies.
Exxon's upstream division, which drills and produces petroleum prospects, saw profits sink 63.3 percent to $2.9 billion.
The hit from lower commodity prices more than offset the benefit from slightly higher output due to new developments in Papua New Guinea, Angola and other countries.
On the positive side, earnings from Exxon's refining segment more than doubled to $1.7 billion thanks to cheaper costs for crude oil.
"ExxonMobil's balanced portfolio delivered solid financial results in the quarter," said chief executive Rex Tillerson.
"Regardless of current market conditions, we remain focused on business fundamentals and competitive advantages that create longterm shareholder value."
On Wednesday, the oil giant announced it was raising its dividend by four cents to 73 cents per share. Exxon previously announced it would trim capital spending over the next few years due to low oil prices.
The earnings translated into $1.17 per share, well above the 83 cents projected by analysts.
Exxon shares rose 1.3 percent in pre-market trade to $89.05.
GMT 18:36 2017 Tuesday ,26 December
Scenting a recovery, oil producers ratchet up spendingGMT 20:43 2017 Monday ,25 December
Oil markets will witness balance in 2018: Iraqi Oil MinisterGMT 16:17 2017 Sunday ,24 December
Iraq invites bids for new oil pipelineGMT 14:26 2017 Friday ,22 December
Energy prices bump key US inflation index up in NovemberGMT 17:59 2017 Tuesday ,19 December
Japan trade surplus drops sharply on higher oil importsGMT 17:31 2017 Thursday ,14 December
Energy costs push US consumer inflation higher as Fed meetsGMT 15:30 2017 Wednesday ,29 November
Shell resumes all-cash dividend as oil price recoversGMT 13:22 2017 Sunday ,26 November
Chinese demand teaser to weigh on Vienna oil summitMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor