Exxon Mobil today reported a 5.2 percent decline in profit for the fourth-quarter quarter from last year, while Chevron Corp. (CVX) posted quarterly loss from a profit a year ago.
Exxon Mobil's adjusted earnings missed analysts' expectations, but its revenues beat estimates. Meanwhile, Chevron's adjusted earnings topped expectations, however, revenues missed view.
Exxon Mobil Corp. reported that its fourth-quarter net income attributable to the company declined 5.2 percent to $5.69 billion from the prior year's $6.00 billion, with earnings per share decreasing to $1.33 from $1.41 last year. The latest-quarter result included favorable identified items of about $3.9 billion or $0.92 per share, mainly a $3.7 billion gain from the Norway upstream divestment.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share for the quarter. Analysts' estimates typically exclude special items.
"Our operations performed well, while short-term supply length in the downstream and chemicals businesses impacted margins and financial results," said Darren Woods, chairman and chief executive officer of Exxon Mobil.
Oil-equivalent production was in line with the fourth quarter of 2018, at 4 million barrels per day, with a 4 percent increase in liquids offset by a 5 percent decrease in gas. Excluding entitlement effects and divestments, liquids production increased 2 percent driven by Permian Basin growth, while natural gas volumes decreased 4 percent.
Total revenues and other income for the quarter declined to $67.17 billion from $71.90 billion in the prior year. Analysts expected revenues of $64.17 billion for the quarter.
ExxonMobil's upstream segment earnings surged to $6.14 billion from last year's $3.31 billion, reflecting gain from the Norway upstream divestment, partly offset by lower gas prices, higher maintenance and unfavorable tax impacts.
ExxonMobil's downstream segment earnings dropped to $898 million from $2.70 billion last year, due to lower margins, partly offset by portfolio/projects contribution and favorable foreign exchange.
Chemicals segment's net loss was $355 million, compared to net income of $737 million in the previous year. ■