(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;
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. …
Weak oil prices shriveled quarterly profit at Exxon Mobil Corp and Chevron Corp , compelling both companies to rethink operations and plan for what many expect to be a sustained period of cheap crude. Earnings at Exxon and Chevron, two of the world’s largest oil producers, also missed analysts’ expectations, adding to concerns that perhaps executives had not acted quickly enough to mitigate the impact of an over-50-percent drop in
Exxon Mobil shares fell 4 percent to $79.52 while Chevron was down 4.2 percent at $89.06 after quarterly profits slumped on falling oil prices. Amgen rose 4.7 percent to $179.64 after the world’s largest biotechnology company reported higher-than-expected second-quarter results. Wall Street opened higher after an historically weak reading of U.S wage growth lent weight to the view that the Fed could delay a rate increase.
NEW YORK (AP) — Exxon Mobil Corp. profit dropped by half in the second quarter on sharply lower oil and gas prices around the world, but the company’s oil and gas production, which has been generally declining in recent years, surged.
Chevron Corp. (CVX) on Friday reported second-quarter earnings of $571 million. On a per-share basis, the San Ramon, California-based company said it had net income of 30 cents. The results missed Wall …
Second-quarter profit at oil producer Chevron Corp tumbled 90 percent, missing analysts’ expectations, amid weakness in oil prices . Chief Executive John Watson bluntly said the results were “weak” and that he was working to slash costs by renegotiating supply contracts. Chevron earned a net income of $571 million, or 30 cents a share, compared with $5.67 billion, or $2.98 per share, a year earlier.
(Reuters) – Exxon Mobil Corp , the world’s largest publicly traded oil company, on Friday reported a 52 percent slide in second-quarter profit as tumbling crude oil prices weighed on results.