Exxon Mobil Profit Surges From Tax Law, But Misses Estimates
February 02 2018 - 9:41AM
Dow Jones News
By Allison Prang
Exxon Mobil Corp. reported a more than $8 billion profit for its
latest quarter as it recorded a $5.94 billion benefit from the new
tax law.
The company reported a profit of $8.38 billion, or $1.97 a
share, up from earnings for the same quarter a year ago of $1.68
billion, or 41 cents a share. But on an adjusted basis, which omits
the bump from the new tax law and impairments, earnings fell 2.2%
to $3.73 billion, or 88 cents a share.
Analysts polled by Thomson Reuters were expecting adjusted
earnings per share of $1.04.
World-wide net production of crude oil and other liquids fell
5.6% in the quarter compared with a year ago, while natural gas
production rose slightly.
Refinery throughput fell world-wide by 3.8%, while petroleum
product sales and chemical prime product sales both rose
globally.
Shares, which had gained 6.7% over the past year, fell 2.7% in
premarket trading.
Total revenue rose 18% to $66.52 billion. Money spent on capital
expenditures and exploration rose 86% to $9 billion.
Oil companies have recently jumped back into projects, but not
as extensively as they have in the past as the industry works to
recover from a tough few years. Exxon has said that over five
years, it wants to spend $50 billion to increase business in the
U.S.
Exxon narrowed its losses in its U.S. production business to $60
million on an adjusted basis from $193 million a year ago. Outside
of the U.S., upstream earnings rose 53% on an adjusted basis to
$2.58 billion.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
February 02, 2018 09:26 ET (14:26 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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