Aug. 1, 2014, 9:19 AM
- Chevron (NYSE:CVX) is flat premarket after reporting better than expected Q2 earnings, as high crude oil and natural gas prices offset rising expenses and falling production.
- Earnings from exploration and production rose to $5.26B from $4.95B a year ago, while refining, marketing and chemical operations fell to $721M from $766M.
- Q2 production fell 1.5% Y/Y to 2.55M boe/day amid planned maintenance activity at Tengizchevroil in Kazakhstan
- CVX's reliance on higher energy prices to boost results as production falls like a lot like yesterday's results from Exxon Mobil (NYSE:XOM), which prompted concerns that global energy majors are not replenishing reserves fast enough.
- CVX is currently funding five major expansion projects it hopes will boost production by 20% by 2017; CVX expects Gulf of Mexico production to benefit in the near-term from start-up of the Jack/St. Malo Project later this year and the Big Foot Project in 2015, and the Gorgon LNG project in Australia remains on track for expected start-up in mid-2015.
Jul. 31, 2014, 9:15 AM
- Exxon Mobil (NYSE:XOM) -1.4% premarket after Q2 earnings rose 28% on strength in its exploration and refining segments and easily beat expectations, but total production fell.
- Earnings in XOM's exploration and production business rose 25% Y/Y to $7.88B, helped by higher prices and a $1.2B boost tied to divestitures in Hong Kong and other items.
- Refining and marketing earnings surged 80% to $711M, as weaker refining margins were offset by lower operating expenses, increased petroleum sales and other impacts.
- Q2 production fell 5.7% Y/Y to 3.8M boe/day; excluding the expiry of its Abu Dhabi onshore concession, the decline was 2.3%.
- The average price XOM receives for its crude oil rose 3% in the U.S. and 5% internationally.
Jul. 31, 2014, 8:07 AM
May 1, 2014, 9:16 AM
- 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.
May 1, 2014, 8:04 AM
Jan. 30, 2014, 8:59 AM
- ExxonMobil (XOM) -1.4% premarket as Q4 earnings dropped 16% Y/Y as it pumped less crude and natural gas; revenues fell 3.3% Y/Y to $110.86B, below $114.94B analyst consensus estimate.
- E&P operating earnings fell 13% to $6.79B, as production declined 1.8% on an oil-equivalent basis.
- Operating earnings in the refining and marketing business fell 48% to $916M on weaker margins, mainly in refining.
- XOM and Statoil (STO) announce a fifth discovery in Block 2 offshore Tanzania; the discovery of an additional 2T-3T cf of natural gas in place in the Mronge-1 well brings total gas resource estimate to 17T-20T cf.
Jan. 30, 2014, 8:04 AM
Oct. 31, 2013, 2:49 PM
- "We’re starting to deliver,” ExxonMobil (XOM +1.9%) exec David Rosenthal says in today's earnings call after Q3 results beat expectations - "We are starting to deliver on the commitments that we made... Our main projects are on schedule and on budget.”
- Operations are running well this year, with little downtime and good turnaround in liquid volumes, Rosenthal says; because of shipping schedules, XOM didn’t load as much crude in Q3 as it could have, so that oil was not counted in overall production figures - if it had been, XOM would have earned ~$100M more, he says.
- Says XOM is considering other logistical options to transport crude from its Kearl oil sands field crude, including construction of a terminal in Edmonton to load the oil on rail cars for shipment to U.S. refineries.
Oct. 31, 2013, 8:52 AM
- Exxon Mobil's (XOM) Q3 earnings fell 18% Y/Y on weaker margins, mainly in refining, but results slightly beat analyst expectations.
- Total revenues fell 2.4% to $112.37B, but that also came in ahead of estimates of ~$106B.
- Upstream earnings, which include XOM's E&P businesses, rose 12% to $6.71B, with more than half of the gains coming from higher proceeds of oil and gas sales; oil-equivalent production rose 1.5%, with liquids production rising almost 4% while natural gas production fell 1.3%.
- Downstream earnings, which include the refining and marketing operations, plunged 81% to $592M.
- U.S. refining profit margins fell 43% to an average of $17.54/bbl during the quarter, the first time the average quarterly spread fell below $20 since late 2010.
- Shares +0.5% premarket.
Oct. 31, 2013, 8:09 AM
Aug. 1, 2013, 8:47 AM
- ExxonMobil's (XOM) $1.55 EPS, which fell far short of expectations, was the company's lowest EPS since Sept. 2010. (Q2 results)
- Earned $6.86B on revenue of $106.47B billion after earning $15.9B on revenue of $127.36B in the year-ago quarter when results were inflated by the sale of the Japanese lubricants division; removing those effects, net income fell 19%.
- Upstream earnings were $6.3B, down 24.5% Y/Y; downstream earnings were $396M, down from $6.6B a year ago which included a $5.3B gain related to the Japan sale.
- Oil and gas production fell 1.9%.
- Shares -1.4% premarket.
Aug. 1, 2013, 8:05 AM
Apr. 25, 2013, 11:41 AMExxon's (XOM -1.1%) headline earnings beat isn't holding up to investor scrutiny, as shares slide on concerns about declining production, lower profits and a reduction in money set aside for share buybacks. Earnings for XOM’s bread and butter upstream E&P business were lower. The earnings beat was mostly focused in the corporate segment with modest outperformance from operational segments. | Apr. 25, 2013, 11:41 AM | 1 Comment
Apr. 25, 2013, 8:49 AMMore on Exxon Mobil's (XOM) Q1 results: E&P earnings declined 9.8% to $7.04B as total oil and natural gas production fell 3.5% Y/Y to 4.395M boe/day. Refining and marketing earnings fell 2.6% to $1.55B while refining-driven margins increased earnings by $780M. Chemical profits rose 62%; corporate and financing expenses fell sharply due to "favorable tax impacts." Shares -0.5% premarket. | Apr. 25, 2013, 8:49 AM | 1 Comment
Apr. 25, 2013, 8:16 AM
Feb. 1, 2013, 8:19 AMMore on Exxon's (XOM) Q4 results: On an oil-equivalent basis, production fell 5.2% Y/Y; excluding impacts of entitlement volumes, OPEC quota effects and divestments, production fell 2.1%. Upstream earnings were $7.76B, -12% Y/Y. Downstream earnings were $1.76B vs. $425M in the year-ago period, driven by stronger refining margins. Shares +0.8% premarket. | Feb. 1, 2013, 8:19 AM | Comment!
Exxon Mobil Corporation is engaged in energy, involving exploration for, and production of, crude oil and natural gas, manufacture of petroleum products and transportation and sale of crude oil, natural gas and petroleum products.
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