maybe a buying oppty here, too <s>
>>IRVING, Texas (Reuters) - Exxon Mobil Corp. (NYSE:XOM - News), the world's No. 1 publicly traded oil company, on Thursday reported a 41 percent drop in quarterly earnings alongside a downturn in profit margins in its oil refining business.
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Exxon Mobil, based in Irving, Texas, said net income fell to $2.64 billion, or 39 cents a diluted share, from $4.46 billion, or 65 cents a diluted share, a year earlier.
Profit from producing fuels such as gasoline, heating oil and jet fuel was undercut by the economic slowdown and the decline in travel after the Sept. 11 attacks on the United States.
It was the fourth consecutive quarter of lower earnings for the energy giant, after a string of record-breaking results. Profits fell well short of the average Wall Street forecast.
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>>Associated Press
Royal Dutch Shell reports 39 percent slide in quarterly earnings
By BRUCE STANLEY, AP Business Writer
LONDON (AP) -- Royal Dutch/Shell Group of Cos. announced Thursday a 39 percent drop in second-quarter net income, attributing the decline to higher operating costs and a weak market for refined petroleum products.
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Lower prices for oil and natural gas also had an effect on the group's results for the three months ending June 30. Prices for North Sea Brent declined by $2.35 a barrel, or 9 percent, from the same period last year, the company said.
Shell earned $2.21 billion in the quarter compared to $3.61 billion a year ago. Quarterly sales rose 25 percent to $57.6 billion from $46.0 billion, due partly to a boost from the acquisition this spring of Britain's Enterprise Oil PLC.
Shares for Shell Transport & Trading Co., the Shell entity listed on the London Stock Exchange, fell 3.2 percent to 422 pence ( $6.54) each in midday trading.
"Our second quarter earnings are below our aspirations ...," said chairman Philip Watts. "We have more work to do on costs and capital efficiency."
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You'll laugh, but I think puts on NG futures are a decent bet. |
