Exxon voit ses profits diminuer, sa production diminuer ( -9.2 % en Afrique et -10 % sur place aux USA), son titre en bourse diminue de 4.9 %.
Et ils on l' air d' étre surpris !
"I'm surprised production declined,'' est dit dans le texte .....On rapelle que EXXON est la plus grande compagnie pétroliére du monde.
Exxon Profit Falls Unexpectedly as Oil Output Drops
July 26 (Bloomberg) -- Exxon Mobil Corp., the world's biggest oil company, reported its first profit decline in more than three years after oil prices fell and production dropped.
Second-quarter net income fell to $10.3 billion from $10.4 billion, the Irving, Texas-based company said today in a statement. Per-share profit, which rose to $1.83 from $1.72 as buybacks reduced the amount of stock outstanding, was 13 cents below the average of 17 analyst estimates compiled by Bloomberg.
OPEC limits curbed output in Africa, Exxon Mobil's biggest source of crude, and production slumped from decades-old fields in the U.S. Output had been expected by analysts to rise, in contrast with Royal Dutch Shell Plc and BP Plc. Exxon Mobil shares had their biggest decline in almost five years.
``We're starting to see a crack in the production side,'' said Barry James, who manages $2 billion, including Exxon Mobil shares, as chief equity strategist at James Investment Research in Alpha, Ohio.
Shares of Exxon Mobil, the world's largest company by market value, fell $4.56, or 4.9 percent, to $88.23 in New York Stock Exchange composite trading. The decline, the stock's biggest since September 2002, wiped out more than $25 billion in market value.
The profit decline was the first for Exxon Mobil since the first quarter of 2004, when the comparison suffered because the year-earlier period included $2.2 billion in one-time gains. Before today, the company had fallen short of analyst earnings estimates only once in six quarters.
Bigger Than Norway
The company's annual sales exceed the gross domestic products of most of the world's nations, including Indonesia, Poland, Venezuela and Norway.
Oil prices fell 8.1 percent from a year earlier to a second-quarter average of $65.02 a barrel in New York futures trading. Exxon Mobil said its revenue dropped 0.7 percent to $98.4 billion.
Production from Exxon Mobil's African wells, source of more than one-fourth of the company's crude, declined 9.2 percent. In the U.S., oil output fell almost 10 percent. New wells in Russia, Canada and the Middle East produced too little to make up for restrictions by the Organization of Petroleum Exporting Countries and declines elsewhere.
Profit from oil and gas sales, which account for more than two-thirds of the company's net income, dropped 17 percent to $5.95 billion. Spending on exploration and development of new wells fell 1.7 percent to $3.87 billion.
Surprising Decline
``I'm surprised production declined,'' said Douglas Ober, who manages $2.5 billion at Baltimore-based Adams Express Co., where Exxon Mobil is his largest holding. ``I would've thought they'd be higher.''
The world's biggest energy companies have expanded the search for oil to the deepest oceans and remotest corners of the globe as output wanes from U.S. and European fields first tapped decades ago. Oil deposits once regarded as too far away, costly or difficult to refine into fuels are now being drilled as easier-to-reach reserves disappear.
Exxon Mobil drilled more than seven miles to reach a subsea oil field off Russia's Pacific coast in April, the longest well ever bored. The 37,016-foot (11,282-meter) well tapped the Chayvo field, part of Exxon Mobil's $17 billion Sakhalin-1 project.
The search for new fields has been hampered by governments that won't allow foreign companies to harvest their oil and regimes in Venezuela and Russia that have forced oil companies to cede control of some projects.
No `Gushers'
``You've got countries demanding more,'' said James of James Investment Research. ``There's also quite a few more folks trying to get their hands on the same fields, and that means they're not going to have any huge new gushers rolling in.''
The failure of energy companies to find new sources of oil fast enough to keep up with demand will force prices higher, said Ryan King, who helps manage $1.5 billion at Rafferty Asset Management LLC in New York.
``All of this means oil is going to $80 a barrel,'' King said.
Exxon Mobil follows Europe's Royal Dutch Shell Plc and BP Plc and Houston-based ConocoPhillips in reporting second-quarter results. BP on July 24 said its net income rose 1.5 percent to $7.38 billion, while Shell today said a 42 percent jump in refining profit boosted net income to $8.67 billion.
ConocoPhillips, Chevron
ConocoPhillips, the third-largest U.S. oil company, yesterday posted a 94 percent drop in net income, to $301 million, because the producer wrote off assets in Venezuela that were seized by that country's government. Profit excluding the Venezuela writedown exceeded analyst expectations.
All of the companies had declines in production. San Ramon, California-based Chevron Corp., the No. 2 U.S. oil company, is scheduled to report its results tomorrow.
Exxon Mobil's refining profit jumped 37 percent to $3.39 billion. A surge in profit margins amid record U.S. gasoline prices and the sale of a German refinery more than made up for a 1.2 percent decline in fuel sales.
Chemicals earnings rose 21 percent to $1.01 billion as margins widened and sales increased, the company said.
Exxon Mobil pumps more oil than every member of the OPEC except Saudi Arabia and Iran. The company spent $7 billion on share repurchases during the quarter, reducing the number of shares outstanding by 1.5 percent.
The company had $33.6 billion in cash and cash equivalents at the end of the quarter.
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