Exxon profit dips with production, gas prices - NEWS.com.au

EXXON Mobil posted a 1 per cent drop in quarterly earnings overnight, missing expectations, as weaker output and natural gas prices offset higher margins from gasoline and chemicals. Besides lower production, the results were hurt by lower European natural gas prices, which fell nearly 14 per cent to $6. The company’s profit from its downstream unit - which includes its refineries and service stations - rose 36 per cent to $US3. Integrated oil companies that both produce and refine oil and gas were expected to have yet another in a series of stellar quarters as soaring refining margins picked up the slack for a year over year drop in oil prices. But British oil major BP said its profit fell 1 per cent as lower production and refinery outages prevented it from taking advantage of the refining boon. Through Wednesday’s close, Exxon’s stock was up about 21 per cent this year, just underperforming the Chicago Board Options Exchange’s oil index, which rose nearly 22 per cent in the same period. read more

[Tags]cent, , oil, companys, earnings, fell, gas prices[/Tags]

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