ExxonMobil Profits Pumped Higher On Natural Gas Price Boost
May 1 (Reuters) - Exxon Mobil Corp, the world's largest publicly traded oil company, posted a quarterly profit on Thursday that hands down beat Wall Street's expectations as a bitterly cold winter throughout much of the United States boosted natural gas prices.
The past winter, which affected much of the U.S. in January and February, pushed Exxon Mobil's average U.S. natural gas sale price up 49 percent, helping offset a dip in global production.
Prices for natural gas rose globally as well, even as the price the company receives for its crude oil slipped both in the U.S. and internationally.
Exxon Mobil reported first-quarter net income of $9.10 billion, or $2.10 per share, compared with $9.50 billion, or $2.12 per share, in the year-ago quarter.
The results surpassed analysts' expectation for profit of $1.88 per share, according to Thomson Reuters I/B/E/S.
Total production fell about 6 percent to 4.2 million barrels of oil equivalent per day (boed).
Exxon reported weakening margins in both its chemicals and refining units. Part of the dip was due to a cut in production at its 560,500 barrel per day Baytown, Texas refinery after an oil barge spill caused the closure of the Houston Ship Channel in March.
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Offshore Australia Project Marks Step-Change (Jan 16)
- Venezuela Will Remap its Caribbean Oil, Gas Prospects (Jan 09)
- Offshore Guyana Wildcat Spuds (Jan 07)