Exxon Runs Low on Fuel -- WSJ
25 Avril 2016 - 9:02AM
Dow Jones News
By Kevin Kingsbury
How the mighty oil giants have fallen.
Exxon Mobil Corp. generated plenty of headlines earlier this
decade when it was posting quarterly profits in excess of $10
billion. But those records are a distant memory in the wake of
oil's price tumble.
Exxon, the industry's biggest publicly traded company, on Friday
is projected to post its smallest quarterly earnings this
century.
Analysts expect Exxon to report first-quarter net income of
$1.29 billion, according to consensus analyst estimates from
Thomson Reuters. Exxon hasn't logged a sub-$2 billion profit since
the third quarter of 1999, when it posted $1.5 billion. That
November, Exxon's merger with Mobil was completed.
The first quarter should be Exxon's earnings trough, according
to analysts' projections. Oil prices have rebounded sharply from
this winter's 13-year low. Of course, many on Wall Street predicted
that the first half of 2015 would be the earnings trough for energy
companies as well.
If things end up being even worse than Wall Street predicts,
keep in mind that Exxon last reported less than $1 billion of
earnings in the second quarter of 1994; they came in at $885
million.
$1.29 billion
The amount analysts expect Exxon Mobil Corp. to log in
first-quarter earnings, which would be its lowest quarterly profit
since the merger of Exxon Corp. and Mobil Corp. in 1999
(END) Dow Jones Newswires
April 25, 2016 02:47 ET (06:47 GMT)
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