Exxon Mobil’s profit declined in its first quarter as natural gas prices fell and industry refining margins dropped
FILE - Delegates meet at the Exxon Mobil booth during the LNG2023 conference in Vancouver, British Columbia, Tuesday, July 11, 2023. Exxon Mobil reports their earnings Friday, April 26, 2024. Exxon Mobil's profit declined in its first quarter as natural gas prices fell and industry refining margins dropped.
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. Analysts polled by Zacks Investment Research were expecting earnings of $2.19 per share.The Spring, Texas-based company's revenue totaled $83.08 billion, down from $86.56 billion a year earlier. Wall Street forecast revenue of $86.6 billion.
In October Exxon topped that deal by announcing that it would buy shale operator Pioneer Natural Resources for $60 billion. 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.
Oil markets are being stretched by cutbacks in oil production from Saudi Arabia and Russia, and the war between Israel and Hamas still potentially runs the risk of igniting a broader conflict in the Middle East. While attacks on Israel do not disrupt global oil supply, according to an analysis by the U.S Energy Information Administration, “they raise the potential for oil supply disruptions and higher oil prices.
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