Exxon profits rise but fall short of production targets
Exxon Mobil Corp. this morning reported $4.65 billion in first-quarter profits, an increase of 16% from the same period last year.
Why it matters: The U.S.-based multinational behemoth is the latest major oil-and-gas producer to report higher profits this week on the strength of the oil price recovery.
Yes, but per CNBC, the $1.09 earnings-per-share fell short of analysts' expectations. The company's stock price dipped around 2% in pre-market trading.
- Bloomberg notes that Exxon fell short of production targets: "The company pumped the equivalent of 3.889 million barrels a day during the first quarter, lower than all seven estimates from analysts in a Bloomberg survey," they report.
Chevron, the second-largest U.S.-based oil company behind Exxon also reported first quarter earnings Friday of $1.90 per share, easily beating the $1.48 forecast by Thomson Reuters. The results were fueled by rising oil and natural gas production and higher prices.
- Chevron, said it's quarterly profit was $3.64 billion, up from $2.68 billion during the same period last year.