Print Edition - 2018-07-29  |  Money Digest

Exxon Mobil shares slump on poor results


Jul 29, 2018-

US oil giant Exxon Mobil reported another round of disappointing results on Friday, sending shares sharply lower at it moved to address rising criticism of its communications and operations. The company’s share price fell 2.5 percent to $82.15 in midday trading following the report, the third quarter in a row that has seen Wall Street punish the company for weak results. “This quarter was a low point in terms of volumes in the upstream and downstream,” senior vice president Neil Chapman said on a conference call. Chapman said some of the decline in oil and natural gas production was due to the sale of low-quality projects and made sense as a strategy to boost profitability. “There are some plays that are more productive...easier to extract and at lower cost,” he said. (AFP)

Published: 29-07-2018 08:43

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