• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 2 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 14 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 22 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 14 hours The Federal Reserve and Money...Aspects which are not widely known
  • 5 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 21 hours "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 20 hours "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 8 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 9 days Goldman Betting on Cryptocurrencies
  • 12 days Сryptocurrency predictions
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Exxon’s Earnings Slump On Poor Petrochemical, Refining Results

ExxonMobil (NYSE: XOM) reported on Friday fourth-quarter earnings down from a year earlier, as lower natural gas prices and weak chemical and refining margins were not enough to offset cash flow from asset sales in the quarter.  

Exxon’s Q4 earnings slipped by 5 percent on the year to $5.69 billion, while earnings per common share assuming dilution dropped by 6 percent to $1.33.

Adjusted earnings per share came in at $0.41, lower than Wall Street expectations of $0.43.

In Q4, earnings included favorable identified items of about $3.9 billion, mainly a $3.7 billion gain from the sale of Exxon’s upstream assets in Norway. 

Exxon’s full-year earnings in 2019 also dropped, by 31 percent.

“Our operations performed well, while short-term supply length in the downstream and chemicals businesses impacted margins and financial results,” Exxon’s chairman and chief executive officer Darren W. Woods said in a statement.

Exxon’s oil-equivalent production in Q4 2019 was flat on Q4 2018, at 4 million barrels per day, the supermajor said, but noted the ramp-up of development in the Permian shale play, where production rose by 54 percent from the fourth quarter of last year.

While the upstream and the cash from the sale of the Norway upstream business helped Exxon weather the weaker crude oil and natural gas prices, the chemicals and the downstream businesses didn’t perform well in Q4.

“Industry fuels margins were significantly lower than third quarter, reflecting seasonally lower demand and increased supply from reduced industry maintenance,” Exxon said, while it also flagged further weakening of chemicals margins from already depressed levels.

The weaker Q4 performance didn’t come as a surprise amid the low commodity prices and weak profit margins in the chemicals and refining businesses at the end of last year. Yesterday, Shell also attributed its profit slump in Q4 to weak prices and margins.

After the results release, Exxon’s shares were down 2.6 percent in pre-market trade in New York.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News