ExxonMobil: quarterly profit falls short of Wall Street view
(CercleFinance.com) - ExxonMobil on Friday reported a sharp fall in quarterly profit due to weak margins at its downstream and chemical divisions.
The US oil giant reported first-quarter net profit of 2.35 billion dollars, or 0.55 dollar per share, down 49% from 4.65 billion, or 1.09 dollar per share in the same period a year ago.
By comparison, the consensus was looking for 0.69 dollar.
Oil production reached 4 million barrels per day, up 2% from the first quarter of 2018.
However, Exxon's US downstream business made a loss of 161 million dollars last quarter, due to high gasoline inventory levels.
Moreover, its chemical unit saw its profit fall by two-thirds after recent industry capacity additions, it said.
Exxon shares were down 2.1% in early morning trading on Friday.
Copyright (c) 2019 CercleFinance.com. All rights reserved.