Friday, 23 August, 2019

Exxon Mobil misses first-quarter top and bottom line estimates, shares fall

Chevron 's logo is seen in Los Angeles The logo of Chevron is seen in Los Angeles California United States
Russell Knight | 28 April, 2019, 18:26

The No. 2 US oil and natural gas producer this week found itself in a takeover duel for Anadarko, a smaller oil and gas producer, when Occidental Petroleum Corp made a $38 billion offer that topped Chevron's $33 billion bid.

Exxon's refining business lost $256 million in the first quarter, compared with a profit of $940 million in the same period a year ago.

But the price for each barrel of US crude oil and natural gas liquids fell to $48 from $56 a year earlier.

Exxon earned $2.35 billion in the first quarter, compared with $4.65 billion a year ago.

Exxon, Chevron and independent USA refiners were hit by production declines in Venezuela and Canada that led to scarcity and higher prices for heavy oil, which can be highly profitable to refine because it has generally been cheaper than lighter grades.

While Exxon Mobil didn't provide Q2 earnings guidance, financial analysts expect a second-quarter earnings per share of $1.07.

Chevron's daily production of oil and gas rose to 3.04 billion of barrels, from 2.85 billions of barrels in the year-ago period.

Occidental Petroleum Corp. recently launched a potential bidding war for Anadarko, making public a $38 billion offer.

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Revenues were $63.63 billion, down 6.7% from a year ago and short of analysts' estimates for $64.82 billion.

Exxon's share price fell 2.4 per cent to US$80.25 in pre-market trading. JPMorgan Chase & Co. set a $87.00 price target on Exxon Mobil and gave the company a "neutral" rating in a report on Friday.

Last year, many refiners benefitted from steeply discounted crude in West Texas and Canada, where pipeline bottlenecks left oil landlocked and depressed regional prices. The company blamed lower margins due to high gasoline inventories, and an increase in refinery maintenance. But markdowns for heavier, more sulfurous oil have eroded in the wake of production curtailments in Canada and USA sanctions on Venezuela.

Valero Energy Corp. generated $141 million in net income during the first quarter, about 70% less than during the same period past year, the company said Thursday.

Exxon's refining margins have come under pressure from a heavy slate of refinery maintenance in recent quarters.

Chief Executive Darren Woods has said he believes the company has an opportunity to invest even as peers have focused more on improving cash flow and share buybacks.

Upstream liquids production grew by 5 percent compared with the first quarter of 2018, driven by Permian unconventional growth of almost 140 percent. Excluding entitlement effects and divestments, oil-equivalent production was up 3 percent from the first quarter of 2018.

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