What's moving markets today: Live updates - CNN

ExxonMobil, the king of the surging oil industry, is not firing on all cylinders.

The world's largest public oil company suffered a 49% drop in first-quarter profit despite booming shale oil production. Exxon's (XOM) per-share profit of 55 cents badly missed the Street's view of 70 cents.

Blame Exxon's vast refinery business. The company swung to a downstream loss of $256 million due to higher scheduled maintenance and lower margins. Exxon also blamed swings in Canadian oil prices.

Wall Street penalized Exxon, sending its stock 2% lower in premarket trading Friday.

The good news is that Exxon's oil and gas production continues to recover from a yearslong slump.

Exxon reported a 2% increase in oil-equivalent output. Upstream liquids production jumped 5% -- led by a spike of nearly 140% from the Permian Basin. Exxon was late to the US shale boom but has since played catch-up by focusing on the Permian, the West Texas shale hotbed.

But that growth doesn't come cheap. Exxon's capital and exploration spending surged 42% in the first quarter, countering the industrywide trend toward capital discipline.

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https://www.cnn.com/business/live-news/stock-market-news-today-042619/index.html

2019-04-26 14:04:00Z
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