Exxon Mobil’s profit declined in its first quarter as natural gas prices fell and industry refining margins dropped
Exxon Mobil's profit declined in its first quarter as natural gas prices fell and industry refining margins dropped. The energy company earned $8.22 billion, or $2.06 per share, for the three months ended March 31. A year earlier it earned $11.43 billion, or $2.79 per share. The results didn't meet Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as assets sales.
Two months later, the Federal Trade Commission, which enforces federal antitrust law, asked for additional information from the companies about the proposed deal. The request is a step the agency takes when reviewing whether a merger could be anticompetitive under U.S. law. Pioneer disclosed the request in a filing in January. Elevated levels of cash for all big producers drove a massive consolidation in the energy sector. In October Chevron said it would buy Hess Corp. for $53 billion.
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