Apr 27, 2018

Exxon profits rise but fall short of production targets

Photo: Eric Piermont/AFP via Getty Images

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.

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U.S. coronavirus updates: Death toll tops 4,000

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The novel coronavirus has now killed more than 4,000 people in the U.S. — with over 1,000 deaths reported in New York City, per Johns Hopkins.

The state of play: President Trump said Tuesday it's "going to be a very painful two weeks," with projections indicating the virus could kill 100,000–240,000 Americans — even with strict social distancing guidelines in place.

Go deeperArrowUpdated 28 mins ago - Health

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 860,181 — Total deaths: 42,354 — Total recoveries: 178,359.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 3 a.m. ET: 189,633 — Total deaths: 4,081 — Total recoveries: 7,136.
  3. Business updates: Should you pay your rent or mortgage during the coronavirus pandemic? Find out if you are protected under the CARES Act.
  4. Public health updates: More than 400 long-term care facilities across the U.S. report patients with coronavirus — Older adults and people with underlying health conditions are more at risk, new data shows.
  5. Federal government latest: President Trump said the next two weeks would be "very painful," with projections indicating the virus could kill 100,000–240,000 Americans.
  6. Coronavirus in custody: Inmates in all U.S. federal prisons are set to enter a 14-day quarantine on April 1. A federal judge on Tuesday ordered U.S. Immigration and Customs Enforcement to release 10 detained immigrants who are at risk from COVID-19.
  7. U.S.S. Theodore Roosevelt: Captain of nuclear aircraft carrier docked in Guam pleaded with the U.S. Navy for more resources after more than 100 members of his crew tested positive.
  8. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

World coronavirus updates: UN warns of recession with "no parallel" to recent past

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The novel coronavirus pandemic is the "greatest test" the world has faced together since the formation of the United Nations just after the Second World War ended in 1945, UN chief António Guterres said Tuesday.

The big picture: COVID-19 cases surged past 859,000 and the death toll exceeded 42,000 early Wednesday, per Johns Hopkins data. Italy reported more than 12,000 deaths.

Go deeperArrowUpdated 58 mins ago - Health