Tuesday, September 2nd15.9°C
22817
22916

Exxon Mobil profit falls 16 per cent to $8.35 billion, revenue misses Wall Street expectations

Exxon Mobil's fourth-quarter profit fell 16 per cent as the company produced slightly less oil and gas and its refining business weakened.

Exxon has been criticized for failing to boost production, but the CEO says that new projects now in the works will produce profits and lift the business.

Exxon Mobil Corp. said Thursday that fourth-quarter net income was $8.35 billion, or $1.91 per share, matching Wall Street's forecast. That compares with profit of $9.95 billion, or $2.20 per share, a year earlier.

Revenue fell 3.3 per cent to $110.86 billion, below the $114.51 billion that analysts were expecting, according to a FactSet survey.

Production of oil and gas dropped 1.8 per cent.

In a statement, Chairman and CEO Rex Tillerson said disciplined investing and new projects were putting the company in position for sustained big profits.

"Over the next two years, ExxonMobil will start up numerous major projects delivering profitable new supplies of oil and natural gas while strengthening our refining and chemicals businesses," he said.

The Irving, Texas-based company spent $26 billion last year on dividends and buybacks that reduced the number of shares — moves designed to please shareholders.

As oil prices were stabilizing, Exxon's shares gained nearly 15 per cent during 2013, about on par with Chevron Corp. but trailing the broader indexes, including the Dow Jones industrial average.

In trading before Thursday's opening bell, Exxon shares were down $1.18 to $93.93.

Exxon is the world's biggest publicly traded oil company. It became the largest producer of U.S. natural gas with the 2010 acquisition of XTO Energy, a deal that has failed to produce immediate results due to stubbornly low gas prices amid a surge in drilling.

In the fourth quarter, Exxon's earnings from oil and gas production in the U.S. fell 26 per cent to $1.19 billion; outside the U.S. — easily the company's most profitable business — earnings dipped 9 per cent to $5.6 billion.

The sharpest decline came in refining and selling petroleum products, where earnings plunged 48 per cent to $916 million on weaker refining margins.

Exxon said it paid $23.11 billion in income, sales and other taxes, a decrease of 4.2 per cent from the fourth quarter of 2012.

The Canadian Press


Read more Business News

22929


Recent Trending




Today's Market
S&P TSX15593.00-32.73
S&P CDNX1014.00-9.99
DJIA17029.64-68.81
Nasdaq4580.026-0.246
S&P 5001996.38-6.99
CDN Dollar0.9154-0.004
Gold1287.40-3.30
Oil95.96+1.29
Lumber349.80+1.40
Natural Gas4.116+0.014

 
Okanagan Companies
Pacific Safety0.20+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.190.00
Cantex0.08+0.01
Anavex Life Sciences0.250.00
Metalex Ventures0.07-0.005
Russel Metals36.42-0.06
Copper Mountain Mining2.91-0.02
Colorado Resources0.17-0.01
ReliaBrand Inc0.10+0.001
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.225-0.02

 



23167

FEATURED Property
20093491090 Hume Avenue
3 bedrooms 3 baths
$539,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Manage your behaviour

You can’t manage what you can’t control! You can’t manage the number of sales you’re going to make but you can manage the behaviour that will help you make those sales. Obvious...


At the Core: Lessons in pricing from Apple

Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....


New Real Estate Brokerage in town

Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...

_



22692

22692


Member of BC Press Council


22810