Infogate reports Refining Margins down in Asia Pacific
By Laura Elizabeth Pohl
NEW YORK (Dow Jones via Infogate)--Despite beating the Street's second-quarter earnings
expectations, ExxonMobil Corp. (XOM) is not performing as well as it had hoped,
Peter Townsend, vice president of investor relations, said during a Tuesday
conference call.
"Not all cylinders are firing at the extent we hope, wish and expect in the
future," Townsend said.
Refining margins in Asia-Pacific and marketing margins overall continue to be
under pressure, he said.
Marketing margins in particular were "severely depressed in all areas,"
Townsend said, "as the industry continues to try to recover from the sharply
increased supply cost."
Earlier Tuesday, ExxonMobil said its second-quarter operating net excluding
the purchase of Mobil in late 1999 was $1.18 a share, well above the $1.07
First Call/Thomson Financial consensus. Revenue came in at $55.96 billion.
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