Exxon shares fall as profits disappoint

Exxon Mobil, the world’s largest quoted oil and gas producer, has posted a lower-than-expected quarterly profit due to falling production and weakness in its chemical and refining operations.

Even though oil prices have jumped from last year’s lows, helping Exxon’s production operations, the company’s refining and chemical arms struggled in the quarter, especially outside the US.

Although Texas-based Exxon posted fourth-quarter net profits of $8.4bn – a big jump from the $1.7bn for the period last year – analysts were expecting more.

The rare earnings miss saw Exxon shares fall 5% at the start of trading on Wall Street.

 

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