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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Denbury Resources Inc | NYSE:DNR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.241 | 0 | 01:00:00 |
By Melodie Warner
Exxon Mobil Corp.'s (XOM) first-quarter earnings rose 0.5% on higher margins, though both its upstream and downstream operations posted lower profits and revenue fell short of Wall Street estimates.
The world's largest publicly traded oil company has seen declining production levels of late as massive supplies of shale oil and gas unleashed in North America by hydraulic fracturing change the energy industry's traditional trade flows and investment patterns. But at the same time, the abundance of cheap oil and gas in North America has allowed Exxon's downstream operations to post improved profits.
Exxon has sought to boost its reserves and production by buying assets in the prolific Bakken shale in North Dakota from Denbury Resources Inc. (DNR) and forming joint ventures with heavyweights like OAO Rosneft (ROSN.RS) to tap Arctic resources. Last month, Exxon said it plans to increase its annual spending on energy projects by $1 billion, bringing its capital spending levels to about $190 billion over the next five years, or $38 billion per year, a new record for the oil giant.
Exxon reported a profit of $9.5 billion, or $2.12 a share, up from $9.45 billion, or $2 a share, a year earlier. Revenue dropped 12% to $108.81 billion.
Analysts polled by Thomson Reuters had most recently forecast earnings of $2.05 a share on revenue of $119.83 billion.
Operating margin edged up to 14.7% from 14.1%.
Exploration and production earnings declined 9.8% to $7.04 billion as production fell 3.5% on an oil-equivalent basis.
Refining and marketing earnings fell 2.6% to $1.55 billion while refining-driven margins increased earnings by $780 million.
Shares were recently trading 47 cents higher at $89.90 premarket. The stock is up 3% over the past year through Wednesday's close.
Write to Melodie Warner at melodie.warner@dowjones.com
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