At Exxon, CEO's promised turnaround sapped by chemicals, refining

HOUSTON - At Exxon Mobil Corp, CEO Darren Woods’ plan to revive earnings at the largest U.S. oil and gas company is being sidetracked by the two businesses he knows best: chemicals and refining.

Those advantages have slipped in recent years, however, with the drop in once-steady earnings from chemicals. Its total shareholder returns of negative 13% in the five years through this month compare with a 25% gain at Chevron Corp and 82% at BP Plc, according to Refinitiv. The company recently telegraphed weak fourth-quarter results because of chemicals and refining businesses. Wall Street cut profit forecasts through 2021 on the sour outlook for both. Exxon “seems to be tracking way behind their own expectations,” said Evercore ISI analyst Doug Terreson, who slashed his quarterly forecast by a third, to 55 cents a share.

This month, an Exxon regulatory filing implied a loss in chemicals of about $200 million for the fourth quarter, and refining earnings of just $400 million.

Source: News Formal (newsformal.com)

Ask him if he going to pay to cleanup the planet.... Him and all the Oil companies.... Thanks to them we have all this polution.

Exxon Valdez Oil Spill of March 1989 Resulted in The Killing of Yukon T. First Nation Elder Elijah Smith over Proposed Alaska Hwy Pipeline.

“On Monday, Exxon shares traded under $65 - close to their level of 10 years ago.”

“Another year of poor profit could require Exxon to re-evaluate its bold spending plans or weaken its ability to weather the next oil-price downturn, say oil analysts. Exxon already must borrow or sell assets to help cover shareholder dividends.”

bonus paid

He’s full of shit Exxon Mobil has caused more damage to our atmosphere and earth that could ever be repaired the damage they have caused irreparable those fossil fuels are never coming back and how was gas at three dollars a gallon it’s the same shit we used to 20 years ago

Once the Proxy Government of the western world. Standard Oil takes a hit. I could care less.

What a dog the once great tiger has become.

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