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Exxon Mobil first quarter profits sink to lowest level in years as energy prices fade
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....xxon Mobil first quarter profits sink to lowest level in years as energy prices fade<BR>PTI News<BR>Dated:- 2-5-2025<BR>PTI<BR>New York, May 2 (AP) Exxon Mobil's first quarter profit slumped to the lowest level in years, stung by weaker crude prices and higher costs. The oil and gas giant earned $7.71 billion, or $1.76 per share, for the three months ended March 31. It earned $8.22 billion, or $....
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....2.06 per share, in the year-ago period. The results topped Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts polled by Zacks Investment Research expected earnings of $1.74 per share. Revenue totalled $83.13 billion, which fell short of the $84.15 billion that analysts were calling for. This week, a barrel of US ben....
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....chmark crude fell below $60, a level at which many producers can no longer turn a profit. “In this uncertain market, our shareholders can be confident in knowing that we're built for this,” Chairman and CEO Darren Woods said in a statement Friday. “The work we've done to transform our company over the past eight years positions us to excel in any environment.” Crude oil is down nearly ....
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....18% for the year to date, according to FactSet. Oil prices plummeted last month, at one point sinking to a four-year low in anticipation of slowing economic growth due to a burgeoning trade war. Trump announced far-reaching tariffs on nearly all US trading partners April 2 and then reversed himself a few days later after a market meltdown, suspending the import taxes for 90 days. Amid the unce....
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....rtainty for both US consumers and businesses, the Commerce Department said Wednesday that the US economy shrank 0.3% from January through March, the first drop in three years. Rapidly falling oil prices signal pessimism about economic growth and can be a harbinger of a recession as manufacturers cut production, businesses cut travel costs and families rethink vacation plans. And there appears ....
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....to be little appetite for turn off the spigots by some of the world's largest producers. In December eight members of the OPEC+ alliance of oil exporting countries signaled they would not cut production as they compete with production from non-allied oil producing countries. The OPEC+ members decided at the time to postpone production increases that had been scheduled to take effect Jan 1. The....
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.... plan had been to start gradually restoring 2.2 million barrels per day over the course of 2025. That process was pushed back to April 1 and production increases will gradually take place over 18 months until October 2026. Shares of Exxon Mobil rose slightly before the market open. (AP) SCY SCY<BR> News - Press release - PIB....