NEW YORK: ExxonMobil earnings fell sharply in the first quarter as the big drop in oil prices crimped the petroleum giant’s exploration and production results, the company said.
Earnings fell 45.7 percent to $4.9 billion. Revenues dropped 36.4 percent to $67.62 billion.
The drop reflected the effects of a big retreat in oil prices since June 2014, which has led to a difficult year-on-year comparison for energy companies.
Exxon’s upstream division, which drills and produces petroleum prospects, saw profits sink 63.3 percent to $2.9 billion.
The hit from lower commodity prices more than offset the benefit from slightly higher output due to new developments in Papua New Guinea, Angola and other countries.
On the positive side, earnings from Exxon’s refining segment more than doubled to $1.7 billion thanks to cheaper costs for crude oil.
“ExxonMobil’s balanced portfolio delivered solid financial results in the quarter,” said CEO Rex Tillerson.
“Regardless of current market conditions, we remain focused on business fundamentals and competitive advantages that create longterm shareholder value.”
On Wednesday, the oil giant announced it was raising its dividend by four cents to 73 cents per share. Exxon previously announced it would trim capital spending over the next few years due to low oil prices.
The earnings translated into $1.17 per share, well above the 83 cents projected by analysts.
Exxon shares rose 1.3 percent in pre-market trade to $89.05.
ExxonMobil earnings fall on low crude prices
ExxonMobil earnings fall on low crude prices
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
