Tuesday February 2, 2016

// February 2nd, 2016 // Daily News

Exxon Mobil posts earnings of 67 cents a share vs 63 cents estimate

CNBC.com
Exxon Mobil reported a steep drop in as low oil prices hurt results at the world’s largest publicly traded oil company.
The company posted fourth-quarter earnings of 67 cents a share, compared to $1.32 a share in the year-earlier period.
Revenue for the quarter came in at $59.81 billion, against the comparable year-ago figure of $87.28 billion.
Analysts had expected the company to report earnings of about 63 cents a share on $51.36 billion in revenue, according to a consensus estimate from Thomson Reuters.
The oil giant also reported fourth quarter U.S. downstream revenue of $435 million, but an upstream loss of $538 million. Its oil and gas output rose 4.8 percent in the fourth quarter.
Exxon shares edged lower in premarket trading immediately following the announcement.
Exxon Mobil was under fire recently for declining to share U.S. tax information, a move that the Extractive Industries Transparency Initiative said was inhibiting American progress in energy transparency.
Raymond James senior energy analyst Pavel Molchanov, who has an underperform rating on the stock, told CNBC’s “Power Lunch” that Exxon has been one of the most defensive names in the beaten down energy sector.
“It has been the best performer on the downside, and it is probably going to be the weakest performer to play the recovery. To play the recovery, Exxon is probably the last oil stock you want,” Molchanov added.
Exxon was overtaken by Facebook as the fourth largest company in the S&P 500, after the social media giant hit $115 per share, an all-time high, on Monday morning. Facebook’s market cap was $327.6 billion versus Exxon’s $317.6 billion at the close on Monday.

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