Lower oil prices hammered earnings of US petroleum giants ExxonMobil and Chevron Friday, adding to the industry’s woes amid its worst downturn since the late 1990s. ExxonMobil, the biggest US oil company, said second-quarter profits fell by 52.3 percent year-over-year to $4.2 billion as it reported a loss in its US exploration and production division. The carnage was even worse at Chevron, which reported about a 90 percent drop in
(Reuters) – Imperial Oil Ltd , Canada’s No.2 integrated oil producer and refiner, reported a lower-than-expected quarterly profit, hurt by the slump in crude prices. Global oil prices have nearly halved in the past year, hurting oil and gas companies and forcing them to cut expenditure and jobs. Imperial, majority owned by Exxon Mobil Corp , said on Friday that its capital expenditure fell about 41 percent to C$819 million
Graphic shows the national average price for a gallon of regular gasoline.; 1c x 3 inches; 46.5 mm x 76 mm;
Canada’s largest real estate investment trust RioCan said on Friday it is exploring a potential sale of its assets in the United States, valued by analysts at between $2 billion and $2.25 billion. The company, which acquired most of its assets on the cheap in the midst of the global financial crisis, said it has benefited from the growth in the value of its U.S. portfolio and the cash flow
With people around the world worried about the escalating crisis in Greece and conflicts in the Middle East and Ukraine, today former U.S. Treasury official, Dr. Paul Craig Roberts, warned King World News that we are in scary times as the Russians won’t comply and the risk of world war is rising.
US stocks traded mixed Friday after ExxonMobil and Chevron profits slumped on falling crude oil prices, dragging down the Dow, as investors digested a slew of corporate earnings reports. About 50 minutes into trade, the Dow Jones Industrial Average was down 26.36 points (0.15 percent) at 17,719.62. The broad-market S&P 500 was flat (0.00 percent) at 2,108.63, while the tech-rich Nasdaq Composite Index gained 6.60 (0.13 percent) at 5,135.39.
Hurt by falling oil prices, Chevron said Friday that its second-quarter net income plunged 90 percent from the same period a year ago. Shares of Chevron Corp. fell nearly 4 percent in morning trading Friday. …
