Exxon Mobil's stock falls after profit drops below expectations, as refining margins and natural gas prices dropped

Dow Jones04-26

MW Exxon Mobil's stock falls after profit drops below expectations, as refining margins and natural gas prices dropped

Shares of Exxon Mobil Corp. $(XOM)$ dropped 2.4% in premarket trading Friday, after the oil and gas giant reported first-quarter profit that fell below forecasts, even as revenue beat expectations by a wide margin. Net income dropped to $8.22 billion, or $2.06 a share, from $11.43 billion, or $2.79 a share, in the same period a year ago, as industry refining margins and natural-gas prices declined. Revenue fell 4% to $83.08 billion, above the FactSet consensus of $79.69 billion. Worldwide production increased 2.5%, as a 0.5% decline in the U.S. and a 5% drop in Asia was offset by a 15.2% jump in Canada and other Americas and a 1.8% increase in Africa. The stock has run up 21.4% year to date through Thursday, while the Energy Select Sector SPDR ETF $(XLE)$ has climbed 15.3% and the S&P 500 has gained 5.8%.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

April 26, 2024 06:44 ET (10:44 GMT)

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Net income dropped to $8.22 billion, or $2.06 a share, from $11.43 billion, or $2.79 a share, in the same period a year ago, as industry refining margins and natural-gas prices declined. Revenue fell 4% to $83.08 billion, above the FactSet consensus of $79.69 billion. Worldwide production increased 2.5%, as a 0.5% decline in the U.S. and a 5% drop in Asia was offset by a 15.2% jump in Canada and other Americas and a 1.8% increase in Africa. The stock has run up 21.4% year to date through Thursday, while the Energy Select Sector SPDR ETF <a href=\"https://laohu8.com/S/XLE\">$(XLE)$</a> has climbed 15.3% and the S&amp;P 500  has gained 5.8%. \n</p>\n<p>\n     -Tomi Kilgore \n</p>\n<p>\n     This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. 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Net income dropped to $8.22 billion, or $2.06 a share, from $11.43 billion, or $2.79 a share, in the same period a year ago, as industry refining margins and natural-gas prices declined. Revenue fell 4% to $83.08 billion, above the FactSet consensus of $79.69 billion. Worldwide production increased 2.5%, as a 0.5% decline in the U.S. and a 5% drop in Asia was offset by a 15.2% jump in Canada and other Americas and a 1.8% increase in Africa. The stock has run up 21.4% year to date through Thursday, while the Energy Select Sector SPDR ETF $(XLE)$ has climbed 15.3% and the S&P 500  has gained 5.8%. \n\n\n     -Tomi Kilgore \n\n\n     This content was created by MarketWatch, which is operated by Dow Jones & Co. 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