IRVING (dpa-AFX) - Oil company Exxon Mobil Corp. (XOM) on Friday reported a 63 percent fall in profit for the first quarter from last year, while Chevron Corp. (CVX) reported a loss for the quarter, both on lower revenues.
The results were impacted by the fall in crude oil prices and weaker refining margins. However, Exxon Mobil's earnings beat analysts' estimates, while Chevron's loss was wider than their expectations. Both companies' revenues beat analysts' estimates.
Irving, Texas-based Exxon Mobil's first-quarter net income was $1.81 billion or $0.43 per share, down from $4.94 billion or $1.17 per share in the prior-year quarter.
On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share. Analysts' estimates typically exclude one-time items.
The company noted that lower commodity prices and weaker refining margins were partly offset by strong results at its chemical segment.
Total revenues and other income declined 28 percent to $48.71 billion from $67.62 billion last year. Analysts were looking for revenue of $48.14 billion.
Exxon Mobil's upstream, or exploration and production earnings for the quarter were a loss of $76 million, primarily reflecting lower liquids and natural gas realizations.
Meanwhile, downstream, or refining and marketing earnings declined 46 percent from last year to $906 million, reflecting weaker margins. Chemical segment earnings increased 38 percent to $1.4 billion, reflecting stronger margins and higher margins.
The company's oil-equivalent production rose 1.8 percent from last year.
San Ramon, California-based Chevron reported net loss for the first quarter of $725 million or $0.39 per share, compared to net earnings of $2.57 billion or $1.37 per share in the prior-year quarter.
On average, analysts expected the company to report loss of $0.20 per share for the quarter.
The company noted that foreign currency effects decreased earnings for the quarter by $319 million, compared to an increase of $580 million in the year-ago quarter.
Total revenues and other income declined 32 percent to $23.55 billion from $34.56 billion in the same quarter last year, but topped analysts' consensus estimate of $21.43 billion.
Sales and other operating revenues decreased 29 percent to $23.07 billion from $32.32 billion in the prior-year quarter.
The company's worldwide net oil-equivalent production was flat with the year-ago period.
Chevron's upstream segment reported a loss of $1.46 billion, compared to earnings of $1.56 billion in the year-ago period. The loss was due to lower crude oil and natural gas realizations.
Chevron's downstream earnings fell 48 percent from the year-ago period to $735 million, reflecting lower margins on refined products.
Copyright RTT News/dpa-AFX