Oil giant ExxonMobil reported first quarter earnings Friday that missed lofty expectations on a quarter where oil and natural gas prices hit long term highs. The quarter included charges of $3.4 billion, or 79 cents a share, from $XOM’s exit of Russia. Exxon boosted its stock repurchase program to up to $30 billion through 2023. Chevron also reported today. ExxonMobil Inc. (NYSE: $XOM) Reported Earnings Before Open Friday $2.07 Missed $2.23 EPS and $90.50B Beat $82.8 billion revenue forecast Conference … Continue reading “ExxonMobil Earnings Miss Lofty Expectations on Weather and Timing Impacts, Takes Charges of $3.4 billion on Russian Exit.”
Occidental Petroleum reported better than expected fourth quarter earnings on Thursday from a year-ago loss on higher-than-forecast U.S. production and crude prices. $OXY is the biggest Permian Basin producer. ExxonMobil, Chevron and Diamondback reported earlier. Beyond The Survival Mode In The Oil Patch Guidance on exploration and production spending is key since oil prices collapsed and natural gas prices have continued to soar. Now with the change in shift in US politics and the COVID affect with the recent Russian attack … Continue reading “Occidental Petroleum Earnings Show the Difference a Year Makes with Oil Prices Up 85%”
Oil giant ExxonMobil reported better than expected fourth quarter earnings Tuesday as oil and natural gas prices hit long term highs. Cash flow generation saw XOM pay down debt by an additional $9 billion, bringing the full-year reduction to $20 billion. Last week Chevron missed on production and gave a tempered near-term outlook. $XOM shares hit a new 52 week high after the release. ExxonMobil Inc. (NYSE: $XOM) Reported Earnings Before Open Tuesday $2.05 Beat $1.93 EPS and $85.00B Missed … Continue reading “ExxonMobil Delivers Big Earnings, Continues to Pay Down Debt as Oil and Gas Prices Surge”
Exxon Mobil on Monday put it’s Barnett Shale holdings that include 2,700 wells across about 182,000 acres in North Texas up for sale. The producing properties are valued at between $400 million and $500 million, according a person familiar with the matter Reuters said. Barnett Shale was the site the first horizontally drilled shale wells. Exxon is in a position to take advantage of skyrocketing natural gas properties across the world. U.S. gas prices are up 75% year to date, … Continue reading “Exxon Puts Texas Barnett Shale Gas Properties Up For Sale”
Oil giant ExxonMobil reported better than expected third quarter earnings Friday as oil and natural gas prices hit long term highs. Crude oil and natural gas prices are now up 130% and 70% yr/yr . Cash flow generation saw XOM pay down $4 bln in debt this quarter, the year-to-date total to $11 bln.
Oil giant ExxonMobil reported better than expected second quarter earnings Friday as oil and natural gas prices hit long term highs after the Covid pandemic. The chemical segment hit record profits with surging plastic prices.
The big freeze from the arctic blast knocked out more than 18 of the Texas refineries just a month ago. For these refineries it has been a battle to repair and restart. 16 of those 18 plants shut by freeze have started some or all units. In that time demand has risen and already some are able to run at full rates on better margins.
Oil giant ExxonMobil reported its fourth quarter earnings Friday with its fourth quarterly loss in a row. The Covid pandemic caused plunging oil demand within a supply glut but early stages of demand recovery are seen. Q1 was $XOM’s first quarterly loss in 32 years, leading to the first annual loss in that time. XOM’s new focus is on carbon capture energy-transition technologies
Rating agancy S&P on Tuesday puts the majority major oil companies on negative ratings watch or lowered their outlook. Many of the energy sector has massive debt exposure which has exposed them to the lockdown economic collapse. To add salt we are seeing aggressive energy transition by the developed world.
Oil giant ExxonMobil reported better than expected third quarter earnings Friday with its third quarterly loss in a row. The Covid pandemic has caused plunging oil demand within a supply glut but Exxon said seeing “early stages of demand recovery.” . Q1 was $XOM’s first quarterly loss in 32 years.