(Updated with details, stock exchange price)
Houston, April 26 (Reuters) – ExxonMobil and Chevron reported lower quarterly profits on Friday due to a decline in refining activity, lower petrochemical margins, and lower oil and gas prices. natural gas.
The two largest oil companies in the United States reported an increase in output, but a reduction in margins in their refining and chemical companies. Exxon even suffered the first loss in its 2009 refining business.
The leading US oil producer, Exxon, fell 49% in earnings in the first quarter.
"The market environment is tough for us in this quarter," High Exxon Executive Vice President Jack Williams said in a conference call with analysts.
On the New York stock exchange, Exxon lost 2.7% late in the morning. Chevron gave 1.67%.
Wall Street has eyes on Chevron and the battle that struggles with its small competitor Occidental Petroleum to buy Anadarko Petroleum. The West offered a $ 38 billion offer this week, which exceeds $ 33 billion proposed by Chevron.
Chevron CEO Michael Wirth said on Friday that the group was trying to reach an agreement with Anadarko. "We have a long tradition of successful business integration and we have often overcome our synergistic goals," he told conference analysts.
"We would not be surprised to see that Chevron boosted its offer," said Edward Jones analysts in a research note, adding that Chevron's offer would be "the one that will keep in the end."
AMERICAN MANUFACTURING IN THE REGION
Anadarko's acquisition battle prompted analysts to touch Exxon for mergers and acquisitions in Perm basin, West Texas and New Mexico, where a boom in drilling led to oil production in the United States to a record 12 million barrels a day.
"I'll be surprised if over time we did not have a bigger area in the Permians," Jack Williams replied to the analyst's questions about possible acquisitions, adding that "Exxon" does not need it. "
Exxon's growing production in the Perm basin was successful, reaching 226,000 barrels of oil per day (boe / d) in the first quarter. Exxon said it was well positioned to produce 1 million Boe / d by 2024 and by then it will use half of the existing inventory.
Exxon continues to invest heavily to increase the production of oil and gas. Executive Director Darren Woods said the group had the opportunity to invest, as its rivals increasingly focused on improving the cash flow and sharing the redemption.
In the first quarter, Exxon's profits fell to 2.35 billion dollars (2.11 billion euros), or 55 cents per share, versus $ 4.65 billion ($ 1.09) the year before. Analysts waited an average of $ 0.70, according to Refinitiv data.
Exxon's oil and gas production increased by 2% to 4 million barrels a day, an increase of 3.9 million a year earlier.
On the Chevron side, the production of oil and gas reached 3.04 billion barrels per day, which is $ 2.85 billion earlier. Revenues from research activities in the United States jumped by 15 percent from the first quarter of the previous year.
However, weak international margins are largely based on Chevron's quarterly net income, which fell 27% to $ 2.65 billion or $ 1.39 per share, compared with $ 3.64 billion ($ 1, $ 90) a year earlier. However, the Wall Street Consensus was $ 1.30 per share. (Jennifer Heller, Dominique Rodriguez for the French service, edited by Benoit Van Overstarten)