David Shankbone
The statement published today says that the results of the mining and chemical operations felt the severe impact from noticeably decreased raw material prices. Income from mining operations in the United States declined by $ 2 billion compared to the fourth quarter of 2014 and resulted in a net loss of $ 538 million. Proceeds from the production outside the United States totaled $ 1.4 billion, or $ 2.6 billion, what is less than a year earlier.
Total revenues from the oil and gas refining totaled $ 1.4 billion, or $ 854 million - more than the year before. The company attributed this increase to profitability of operations and optimizing costs. Sales of petroleum products amounted to 5.7 million barrels a day, which is 166 th. barrels per day lower than a year earlier. Revenues from refining operations in the United States made up $ 435 million, or $ 436 million more than in the last quarter of 2014. Proceeds from the recycling outside the US were $ 916 million or $ 418 million more than the year before. Chemical operations brought the company $ 963 million - this is $ 264 million less. Reduced profitability of such operations by $ 210 million was the main reason for shrinking the overall profit of chemical operations. "Our financial results reflect the difficult market situation, - said head of ExxonMobil Rex Tillerson.- However, we intend to focus our efforts on the fundamental things, such as performance of ongoing projects and effective cost optimization."
The sharp decline in quarterly and annual profit of ExxonMobil did not surprise the market - today British BP reported losses record for the last 20 years. Analysts polled by Thomson Reuters expected from ExxonMobil even larger decline in profit - to $ 0.64 per share, yet the company made it $ 0.67 per share. Nevertheless, once trading in the United States opened, ExxonMobil’s quotes met sharp decline by 2.5%. Amid falling oil prices since February of last year, ExxonMobil became cheaper by 17% - to $ 317 billion. Compared with the peak value of the company’s shares in June 2014, the quotations have decreased by 25%.
Recall that past November, US authorities have started an investigation against ExxonMobil on suspicion that the company is hiding data on the effect of fuel combustion on climate change from the public and investor. Environmentalists have long accused ExxonMobil and other energy companies in contributing to the spread of misinformation about the environmental threats and supporting researches designed to hide or understate the risks.
Environmentalist Kurt Davies, who previously worked with Greenpeace and now - with Climate Investigations Center, said: «For a whole generation, we watched ExxonMobil sowing doubt among scientists involved in climate change issues, and preventing the corresponding campaigns of environmentalists." According to Harvard University professor Naomi Oreskes, the policy of energy companies is one of the reasons that society has been reluctant to switch to alternative energy sources. "There are many reasons why this has not been done yet, but one of the most significant, in my opinion, is the role of ExxonMobil and other companies in dissemination of disinformation, undermining public support for such initiatives and lobbying against reducing our dependence on fossil fuels."
source: bloomberg.com
Total revenues from the oil and gas refining totaled $ 1.4 billion, or $ 854 million - more than the year before. The company attributed this increase to profitability of operations and optimizing costs. Sales of petroleum products amounted to 5.7 million barrels a day, which is 166 th. barrels per day lower than a year earlier. Revenues from refining operations in the United States made up $ 435 million, or $ 436 million more than in the last quarter of 2014. Proceeds from the recycling outside the US were $ 916 million or $ 418 million more than the year before. Chemical operations brought the company $ 963 million - this is $ 264 million less. Reduced profitability of such operations by $ 210 million was the main reason for shrinking the overall profit of chemical operations. "Our financial results reflect the difficult market situation, - said head of ExxonMobil Rex Tillerson.- However, we intend to focus our efforts on the fundamental things, such as performance of ongoing projects and effective cost optimization."
The sharp decline in quarterly and annual profit of ExxonMobil did not surprise the market - today British BP reported losses record for the last 20 years. Analysts polled by Thomson Reuters expected from ExxonMobil even larger decline in profit - to $ 0.64 per share, yet the company made it $ 0.67 per share. Nevertheless, once trading in the United States opened, ExxonMobil’s quotes met sharp decline by 2.5%. Amid falling oil prices since February of last year, ExxonMobil became cheaper by 17% - to $ 317 billion. Compared with the peak value of the company’s shares in June 2014, the quotations have decreased by 25%.
Recall that past November, US authorities have started an investigation against ExxonMobil on suspicion that the company is hiding data on the effect of fuel combustion on climate change from the public and investor. Environmentalists have long accused ExxonMobil and other energy companies in contributing to the spread of misinformation about the environmental threats and supporting researches designed to hide or understate the risks.
Environmentalist Kurt Davies, who previously worked with Greenpeace and now - with Climate Investigations Center, said: «For a whole generation, we watched ExxonMobil sowing doubt among scientists involved in climate change issues, and preventing the corresponding campaigns of environmentalists." According to Harvard University professor Naomi Oreskes, the policy of energy companies is one of the reasons that society has been reluctant to switch to alternative energy sources. "There are many reasons why this has not been done yet, but one of the most significant, in my opinion, is the role of ExxonMobil and other companies in dissemination of disinformation, undermining public support for such initiatives and lobbying against reducing our dependence on fossil fuels."
source: bloomberg.com