- Exxon Mobil (XOM) +0.3% premarket after Q1 earnings fell 4.2% Y/Y but beat Wall Street estimates, as higher natural gas prices offset a dip in oil production.
- Q1 earnings from XOM's E&P business rose 11% to $7.8B, reflecting higher natural gas price realizations.
- Production fell 5.6% Y/Y on an oil-equivalent basis; excluding the impact of the Abu Dhabi onshore concession expiration, production fell 2.9%..
- Refining and marketing earnings tumbled 47% to $813M on weaker margins, mostly in its refining business; chemical segment earnings fell 7.9% to $1.05B.
- Q1 capex totaled $8.4B, down 28% Y/Y, reflecting the absence of the $3.1B Celtic Exploration acquisition.
at CNBC.com (Nov 18, 2014)