Exxon Mobil Corp and Chevron Corp on Friday reported lower profits, citing lower...
HOUSTON - Exxon Mobil Corp and Chevron Corp on Friday reported lower profits, citing lower margins and refining weaknesses, areas that have plagued the two oil companies off and on for more than a year.
Both reported top-line figures that missed Wall Street expectations and were lower than year-ago levels due to weaker crude pricing. Exxon continued to spend heavily to boost output, with capital spending up 42 percent over a year ago as it poured new investment into its shale and offshore operations. Investors have been pressing oil companies to cut back on spending and increase returns to shareholders.
At Chevron, investors ignored earnings that beat estimates and focused on its $33 billion bid for rival Anadarko Petroleum Corp. “We would not be surprised to see Chevron raise its offer,” wrote analysts at Edward Jones in a research note, saying they believed the company’s bid will “ultimately be the successful one.”
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