US Shale Lifts Exxon, Chevron Profits
Exxon Mobil Corp and Chevron Corp, two of the world's largest oil producers, on Friday posted improved quarterly earnings that benefited from double-digit percentage increases in production from the top U.S. shale field.Shares of both companies rose about 3 percent.The two U.S. oil majors missed the first stage of the shale boom in the Permian Basin of West Texas and New Mexico and have been investing billions of dollars to make up for lost time.
ExxonMobil Profit Tops Estimates
Exxon Mobil Corp on Friday reported a quarterly profit that topped analysts' estimates, pushing it shares up nearly 3 percent in premarket trading as its oil and natural gas output rose slightly on a year-over-year basis.The company's fourth-quarter net income fell to $6 billion, or $1.41 a share, from $8.38 billion a year ago. But earnings excluding the impacts of tax reform and…
Chevron Will Boost Capital Spending in 2019
Chevron Corp plans to spend $20 billion next year on oil and natural gas projects, the second-largest U.S.
Exxon Mobil Profit Tops Estimates
Exxon Mobil Corp on Friday reported a quarterly profit that topped analysts' estimate on higher prices received for its oil and natural gas but its production volumes fell on a year-over-year basis.The company's third-quarter net income rose 57 percent to $6.24 billion, or $1.46 a share, compared with $3.97 billion, or 93 cents per share a year ago. Analysts had forecast a $1.23 a share profit…
Exxon, Chevron Shares Plunge
Exxon Mobil Corp and Chevron Corp posted rare quarterly earnings misses on Friday as cost cuts and rising oil prices failed to offset weakness in international refining operations, sending shares of both companies plunging. Investors were expecting the companies to deliver sharp gains due to stronger crude prices and a rebounding global economy. But excluding U.S. tax benefits, both fell short of expectations, casting a cloud over the U.S.
Halliburton Warns of Slower Growth as US Rig Count Drops
Oilfield services giant Halliburton Co on Monday warned of slower growth at its oil well drilling and evaluation business, reflecting a steady drop in rig counts in the United States. The outlook suggests Halliburton's current-quarter might not be as strong as its latest quarter, echoing warnings on Friday from its two bigger rivals, Schlumberger NV and Baker Hughes. Halliburton's shares fell about 1.5 percent.
Exxon's Big Bet on Brazil Oil Could Signal Major Pre-salt Role
Exxon Mobil Corp's big bet on Brazil's offshore Campos basin shows its willingness to pay up to replenish its reserves and may pave the way for hefty bids in October auctions in the country's rich pre-salt areas, analysts said. Marking a return to Brazilian exploration after a five-year absence, Exxon took eight blocks in the coveted basin, one of Brazil's most productive, at an auction on Wednesday.
Exxon Mobil profit disappoints Wall Street, Chevron shines
Exxon Mobil Corp posted a rare earnings miss on Friday, the only international oil producer to do so last quarter, as production slipped in its African and Canadian operations. Exxon's results were overshadowed by rival Chevron Corp , which easily exceeded Wall Street's expectations with a double-digit percentage increase in production. Royal Dutch Shell Plc, Total SA and Statoil ASA this week delivered profits that topped expectations also.
Exxon Probe Faces Uphill Task
New York Attorney General Eric Schneiderman faces an uphill climb in building a case against Exxon Mobil Corp for not writing down assets amid the oil-price slump because of the broad leeway that energy companies have enjoyed reporting under U.S. rules, accounting experts said. Schneiderman is investigating Exxon's accounting practices and why the oil giant has not taken writedowns even while oil prices have fallen, a person familiar with the matter told Reuters.
Next Exxon CEO Likely to be Internal Candidate
Exxon Mobil Corp's appointment of the head of its refining business as its new president makes him the probable successor to Chief Executive Rex Tillerson and was designed to avoid raising eyebrows on Wall Street, analysts said on Monday. The new president, Darren Woods, 50, a 23-year company veteran, and exploration and production executive Jack Williams, were named to Exxon's expanded five-member management committee in 2014.
Tumbling Prices Slam Profit at Exxon Mobil, Chevron
Weak oil prices shriveled quarterly profit at Exxon Mobil Corp and Chevron Corp on Friday, compelling both companies to rethink operations and plan for what many expect to be a sustained period of cheap crude. Earnings at U.S. oil majors Exxon, which were the worst in a decade, and Chevron missed analysts' expectations, adding to concerns that perhaps executives had not acted quickly…
Oil Spin-off Stocks Could Face Longer Road to Recovery
As falling oil prices have ripped through energy stocks this year, five U.S. corporate spin-offs in the sector have not escaped the share price carnage and face a tougher road to recovery than more-established companies. Shares of three of the newly independent companies have tumbled more than 60 percent each since separating this summer: Paragon Offshore Plc, Noble Corp's spin-off of drilling assets…
ConocoPhillips Profit Flat, Beats Estimates on Higher Prices
ConocoPhillips, the largest U.S. independent oil and gas company, reported a flat quarterly profit on Thursday that beat expectations on higher prices and output from North American shale and growth in its Canadian oilsands projects. "Higher commodity prices definitely helped Conoco," said Brian Youngberg, analyst at Edward Jones in Saint Louis. Conoco, which shed its refining operations in 2012…
