Cheaper energy is great for consumers, who save with every fill-up, but oil-producing nations and big exploration companies like Chevron and Exxon are paying the price.
Advertisement
Tap into millions of public records, notices and articles on The Daily News with our ever-growing line of services.
Alphabet was up 5 percent at $810, a day after the internet giant’s quarterly profit handily beat estimates. That helped Exxon avoid the fate of rival Chevron Corp., which lost money in the fourth quarter.
BP said Tuesday it would reduce the head count in its refining and marketing arm by 3,000 by the end of 2017, bringing the total number of job reductions announced this year to 7,000.
The company’s buyback programme peaked in 2008, when it repurchased almost $35 billion in shares – a year when the stock price averaged $81.36 a share.
Exxon’s stock dropped by 16 percent previous year for the worst annual performance since 1981.
“Unfortunately, until there is some stabilization in oil prices, China resolves its “monetary flight”, the dollar solves its “dollar-might”, and investors back off their recession fears, the drivers for any market bounce are fairly limited and emotionally based”, Stringfellow noted via e-mail. The S&P 500 has fallen more than 5 percent this year.
Global production exceeds demand by more than 1 million barrels a day, and inventory depots around the world are full to overflowing. Independent Research GmbH set a $83.00 price target on Exxon Mobil and gave the company a “neutral” rating in a research note on Wednesday, November 11th.
Exxon said its oil and gas output rose 4.8 per cent in the fourth quarter as it pumped more crude oil. He said the company will finish projects under construction but won’t start new long-term projects and will be judicious with short-term ones. Another steep drop in oil and natural gas prices is pulling the stock market lower in early trading. The 52-week high of the share price is $93.45 and the company has a market cap of $324,085 M. The 52-week low of the share price is at $66.55.
Crude prices first fell below $30 last month from above $100 in mid-2014.
Fourth quarter earnings fell to $2.8 billion from $6.6 billion in the same quarter a year ago.
Analysts, on average, expected Exxon to earn 63 cents per share, according to Thomson Reuters I/B/E/S.
BP plc (ADR) (BP) – The company is projected to post its earnings for the current quarter at $0.14 a share on $40.62 billion sales.
Advertisement
Name SearchWatch Service’ Darren Woods president and gave him a board seat, which made him the heir apparent in the eyes of investors. Woodbury said that is up to the board.
