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Exxon Mobil profit down 59%, Chevron slips to loss

Chevron reported net loss for the second quarter of $1.47 billion or $0.78 per share

Baku. 2 August. REPORT.AZ/ Oil company Exxon Mobil Corp. reported a 59 percent fall in profit for the second quarter from last year, while Chevron Corp. declared a loss for the quarter, both on lower revenues. The results were impacted by the low crude oil and natural gas prices, as well as weaker refining margins.

Report informs, reviews of the companies declared.

Exxon Mobil's results for the quarter missed analysts' estimates, while Chevron's revenues beat their estimates.

The company noted that lower commodity prices and weaker refining margins were partly offset by continued strong results at its chemical segment.

Total revenues and other income declined 22 percent to $57.69 billion from $74.11 billion last year. Analysts were looking for revenue of $60.41 billion.

Exxon Mobil's upstream, or exploration and production earnings for the quarter fell 86 percent from the prior-year period to $294 million, primarily reflecting lower liquids and natural gas realizations.

Meanwhile, the company's downstream, or refining and marketing earnings declined 45 percent from last year to $825 million, reflecting weaker refining margins.

Chemical segment earnings declined 2 percent to $1.22 billion from $1.25 billion, reflecting continued benefits from gas and liquids cracking as well as growing product demand.

Exxon Mobil's oil-equivalent production was essentially unchanged from last year at 3.96 million oil-equivalent barrels per day.

Meanwhile, Chevron reported net loss for the second quarter of $1.47 billion or $0.78 per share, compared to net earnings of $571 million or $0.30 per share in the prior-year quarter.

The latest quarter's results include impairments and other non-cash charges totaling $2.8 billion, partially offset by gains on asset sales of $420 million.

On average, analysts expected the company to report earnings of $0.32 per share for the quarter.

Total revenues and other income declined 27 percent to $29.28 billion from $40.36 billion in the same quarter last year, but topped analysts' consensus estimate of $28.54 billion.

Sales and other operating revenues decreased 24 percent to $27.84 billion from $36.83 billion in the prior-year quarter.

The company's worldwide net oil-equivalent production was 2.53 million barrels per day in the quarter, down from 2.60 million barrels per day in the year-ago period.

Chevron's upstream segment reported a loss of $2.46 billion that widened from loss of $2.22 billion in the year-ago period. The loss was due to lower crude oil and natural gas realizations.

Chevron's downstream earnings fell 57 percent from the year-ago period to $1.28 billion, reflecting lower margins on refined products and the absence of a $1.6 billion gain from the sale of the company's interest in Caltex Australia Limited last year.

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