Exxon posted first-quarter earnings of $8.22-billion, or $2.06 per share, compared to an $11.43-billion net profit a year ago
on Friday missed analysts’ estimates with a 28 per cent year-on-year drop in first quarter profits as weaker refining margins and lower natural gas prices offset volume gains.
Earnings from oil and gas production fell 14 per cent on lower natural gas prices and refining tumbled 67 per cent on weaker margins and investment and tax costs. The chemicals business, however, was a standout, with earnings more than doubling on lower input costs and higher margins, the company said.
“Every quarter, we have some pluses and minuses associated with these one-off items,” she said. “Sometimes they are favourable, this time they were unfavourable.” Exxon’s capital spending last quarter was the lowest in seven quarters and its streamlining of operations expanded what it calls structural cost savings by $400-million.Exxon’s acquisition of Pioneer is expected to wrap up in coming weeks. Exxon has started the integration process with a team working separately from the business, Mikells said.
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