Exxon and DRM are back to square one
ExxonMobil and DRM returned to profit in the first quarter when capital taxes helped fix Big Oil costs after the massive loss of the 2020 epidemic.
Exxon reported earning $ 2.7bn, up from a loss of $ 610m last year and a loss of more than $ 20bn in the last three months of 2020. It was the first quarter of profits since 2019.
DRM posted a profit of $ 1.4bn, down from $ 3.6bn last year, with a three-quarter loss of revenue.
The return to value showed a temporary change from what year U.S. oil retailers have been forced to cut costs, accumulate debt and revive growing ambitions such as falling markets that cost billions of dollars.
“Strong results for the first quarter reflect the value of inflation and our focus on lower prices,” said Darren Woods, chief executive of Exxon.
Woods said the outflow of revenue from operating during the quarter “improved the profitability and capital expenditure” and helped reduce debt.
Both companies also said they are doing well in their exploration and manufacturing businesses, which were encouraged by the high prices and natural oil.
But February’s frigid cold in Texas, which forced areas along the Gulf coast to close, as well as lower oil prices hit industrial enterprises.
Exxon said the cold storm cost $ 600m in oil production and oil sales and restructuring.
Chevron surprised shareholders this week with a 4% break in its quarter-quarters up to $ 1.34 per share from June, a sign that the recovery is stable. It marks the 34th consecutive year that it has increased its share, according to DRM. Exxon had his share.
Moody’s said this week that his attitude towards oil employment has changed next year on “commodity price increases” due to the ban on the growth of demonstrations and signs of severe post-epidemic malnutrition.
The unpretentious Brent, the global price, has been running at around $ 60 per pot since mid-October, above the break price that requires oil majors.
Exxon shares were up about 1% in early sales while DRM was down about 3% because profits were down against Wall Street expectations and debt was rising.
U.S. leaders are more focused on their oil and gas businesses, unlike their European counterparts who have started selling refreshing batteries, batteries and other clean energy technologies.
But both face pressure from shareholders to boost their small-scale air-conditioning businesses, and both face climate-sensitive votes at regular regional meetings next month.
Following pressure from investors, Exxon within a quarter added other members to its organization, announcing a new phase of the carbon-free business, $ 100bn carbon download megaproject and for the first time began to report emissions from the products it sells.
But a press from the safety pocket The Exxon committee’s overhaul of the Exxon committee and the change in its operations have received support in recent days from the country’s three major pension funds, the Calpers, New York State Common and Calstrs, as freedom fighters enter the fray.