Exxon slips after flagging weak fourth-quarter earnings on refining squeeze [Yahoo! Finance Canada]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance Canada
top U.S. oil producer warned of a decline in refining profits in the fourth quarter and weak returns across its operations. The earnings snapshot from the industry bellwether signaled a challenging environment as companies grapple with pricing pressure amid demand volatility. Exxon expects fourth-quarter earnings to be lower by about $1.75 billion from the prior quarter. For much of last year, Exxon and other oil majors faced reduced profitability from refining crude oil and selling petroleum products as a post-pandemic boom in demand ended. The opening of big plants around the world also weighed on refining margins growth. In the third quarter, Exxon's profits fell 5% than the year-ago quarter, while Chevron's tumbled 21%. Exxon's earnings update is "consistent with revisions seen for independent refiners and other majors with heavy refining exposure," said Biraj Borkhataria, an oil analyst with RBC Capital Markets, in a note to investors. The snapshot will likely be view
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News
- Canada Energy Minister Warns Trump Against an Oil Trade War [BNN Bloomberg (Canada)]BNN Bloomberg
- Canada Energy Minister Warns Trump Against an Oil Trade War [Yahoo! Finance]Yahoo! Finance
- Exxon sees reduced Q4 earnings from lower oil prices, refining squeeze [Seeking Alpha]Seeking Alpha
- Exxon slips after flagging weak fourth-quarter earnings on refining squeeze [Yahoo! Finance Canada]Yahoo! Finance Canada
- Fires tear through Pacific Palisades, Altadena, Pasadena and Sylmar [Los Angeles Times (CA)]Los Angeles Times
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