World Bulletin / News Desk
US oil giant Exxon Mobil reported another round of disappointing results on Friday, sending shares sharply lower at it moved to address rising criticism of its communications and operations.
"This quarter was a low point in terms of volumes in the upstream and downstream," senior vice president Neil Chapman said on a conference call.
Chapman said some of the decline in oil and natural gas production was due to the sale of low-quality projects and made sense as a strategy to boost profitability.
"There are some plays that are more productive... easier to extract and at lower cost," he said. "Volume is not our focus. Value is our focus."
Related to this strategy, Exxon Mobil has shifted its emphasis in US shale investment from natural gas to oil because of better returns, he said.
Net income at Exxon Mobil jumped 18 percent in the second quarter to $4.0 billion compared to the same period a year earlier. That translated into 92 cents a share, well below the $1.27 expected by analysts.
Revenues rose 26.6 to $73.5 billion, the company announced.
Rival oil giant Chevron reported quarterly profits had more than doubled to $3.4 billion, while revenues had climbed 22.5 percent to $42.2 billion.
Investors rewarded the company, as Chevron shares climbed 1.6 percent to $125.97.
The results follow jumps in profits reported Thursday for Royal Dutch Shell and Total and illustrate the bounce from oil prices. US crude futures mostly traded in a range of $65 to $75 a barrel during the quarter, up from the $45 to $50 range in the year-ago period.Last Mod: 28 Temmuz 2018, 16:38