Exxon (XOM) Reports First Quarter 2024 Earnings

Exxon Mobil First Quarter Results Fall Short of Expectations

An Exxon gas station in Brooklyn, New York City. Photo: Michael M. Santiago | Getty Images

Exxon Mobil recently announced its first-quarter earnings, which disappointed analysts as the industry faced challenges from declining refining margins and natural gas prices. The company’s stock saw a slight decline of less than 1% in early trading after the news broke.

Key Highlights of Exxon’s First Quarter Report

Here’s a breakdown of Exxon’s first-quarter performance compared to Wall Street’s expectations:

The company reported a net income of $8.22 billion, or $2.06 per share, marking a 28% decrease from the previous year’s earnings. Despite a rally in oil and gasoline prices, Exxon faced challenges due to declining natural gas prices and lower refining margins.

Chevron encountered similar issues, with revenue slightly exceeding expectations but falling below the previous year’s figures. Exxon’s fuel business saw a significant 67% drop in earnings, while its chemical products segment experienced a more than double increase in profits compared to the previous year.

Legal Dispute with Chevron

Exxon is currently embroiled in a legal dispute with Chevron over the latter’s acquisition of Hess Corp. The disagreement revolves around Exxon’s claim to Hess’ assets in Guyana under a joint operating agreement. Chevron expects the Hess deal to close in 2024.

For more detailed information on Exxon’s first-quarter results, you can read the full earnings release here.

Read More of this Story at www.cnbc.com – 2024-04-26 10:35:20

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