) plan to accelerate asset sales, a way of delivering needed cash to finance shareholder returns and major projects, is getting off to a slow start as oil companies pull back on big deals.
On Friday, the largest U.S. oil company is expected to report a 79-cents-a-share profit, down from 92 cents a year earlier, according to data provider Refinitiv. With little cash from asset sales and a third straight quarter of weaker year-over-year earnings, Exxon cannot resume share buybacks sought by investors this year, said analysts.
But those goals are proving difficult. In its first quarter, proceeds from sales were just $107 million, the lowest in at least 11 quarters, and analysts expect the second quarter to come in at a similar level. Exxon last quarter agreed to sell a U.S. Gulf of Mexico property for $200 million.
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