Skip to: Content
Skip to: Site Navigation
Skip to: Search

May 17, 2008 12:38:04 AM CDT

Learn about Newser Points »

Back to the grid

Exxon Profits Shoot Up 17%, But Still Miss Target  

Posted May 1, 08 8:54 AM CDT in Business    Most Covered

(newser) – Exxon Mobil’s profits jumped 17% in the first quarter, but still fell short of expectations, Bloomberg reports. Exxon’s number, which was held back by drops in productions and refinery profit margins, looks shabby compared to the world’s other two largest oil companies, which posted 25% and 63% gains respectively. “Exxon is having trouble raising production, and that's not a good sign,” said one money manager.

The production problems prevented the company from taking advantage of record prices. Refining profits were cut nearly in half. Revenue rose 34% to $116.9 billion, but even that disappointed investors, falling nearly $2.6 billion short of analyst estimates. Exxon fell 2.5% in pre-market trading to $90.77.

Source Bloomberg

open commentscomments (0)

Editor Recommended

Exxon's earnings deliver
Wall Street Journal | May 1, 08 Subscription

Stocks set for flat open
CNNMoney | May 1, 08

Oil prices dive
AFP | Apr 30, 08

Exxon Profits Shoot Up 17%, But Still Miss Target
In this Oct. 26, 2006 file photo, an Exxon gas station sign is shown in Dallas.   (AP Photo/LM Otero, file)
Exxon Profits Shoot Up 17%, But Still Miss Target
In this Jan. 27, 2007 file photo, a gasoline tanker delivers fuel to an Exxon station in Keller, Texas.   (AP Photo/Donna McWilliam, file)
prev   next
play

Threads (1 of 2)

Tags

oil prices  • earnings reports  • Exxon Mobil  • oil production  • first quarter earnings  • oil refineries


Loading...

Loading...

Related Threads: Energy, Gas Gets Pumped Up

Next story from this section »

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »