Exxon Results Slide Less Than Expected
30 Octobre 2015 - 2:00PM
Dow Jones News
Exxon Mobil Corp. said revenue and profit slid in its third
quarter as commodity prices tumbled, but results came in above Wall
Street expectations as the largest U.S. oil company cut back on
spending.
Shares of Exxon, down 11% this year, added 1.7% in premarket
trading.
The Irving, Texas, company reported a profit of $4.24 billion,
or $1.01 a share, down from $8.07 billion, or $1.89 a share, a year
earlier.
Revenue fell 37% to $67.34 billion.
Analysts polled by Thomson Reuters expected a per-share profit
of 89 cents and revenue of $63.75 billion.
Profit in the exploration and production, or upstream, business
plunged 79% to $1.36 billion in the latest quarter, as its U.S.
division swung to a loss of $422 million.
But Exxon was again helped by fatter profit in its downstream
and chemicals divisions, which are helped by low prices for oil and
gas. In the latest quarter, refining and marketing earnings, or
downstream, essentially doubled to $2.03 billion. Exxon cited
higher margins.
Chemical earnings edged up to $1.23 billion from $1.20 billion a
year earlier, with growth moderated by foreign exchange
impacts.
Exxon said it cut its capital spending by 22% from the prior
year to $7.67 billion.
Exxon has moved to conserve cash in a sign that it doesn't
expect a quick rebound in crude prices. The company has announced
it would slash its capital spending by this year and reduce its
stock buybacks in the near term.
Exxon said it plans to spend about $500 million on share
buybacks in the current quarter, matching the reduced level it
targeted in the third quarter.
Meanwhile, the company continues to grow its production. On an
oil-equivalent basis, upstream production grew 2.3% from the prior
year.
Chevron Corp., the second-biggest U.S. oil company in market
value behind Exxon, is also set to report its earnings on Friday.
On Thursday, ConocoPhillips reported a loss of $1.1 billion amid
heavy impairments and announced plans to trim its spending
further.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Access Investor Kit for "EXXON MOBIL CORP"
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US30231G1022
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 30, 2015 08:45 ET (12:45 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Exxon Mobil (NYSE:XOM)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Exxon Mobil (NYSE:XOM)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024