About: http://data.cimple.eu/news-article/3b0418108ebd52ebc8be09b49b6ed77811a6f1ba6a5bad97b0910a50

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About: http://data.cimple.eu/news-article/3b0418108ebd52ebc8be09b49b6ed77811a6f1ba6a5bad97b0910a50 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	After a string of losses, ExxonMobil said Friday it returned to profitability in the first quarter, bolstered by a significant jump in oil and natural gas prices. The oil giant, which reported losses in all four quarters in 2020, reported profits of $2.7 billion in the first quarter. Revenues rose 5.3 percent to $59.1 billion. The company said its average price for crude oil sold rose 42 percent compared with the fourth quarter, while natural gas prices rose by 33 percent. Those better conditions in the exploration and production business offset the anemic state of ExxonMobil's downstream business tied to refining crude into gasoline. Conditions in the downstream business improved from the fourth quarter, "but remained below 10-year lows driven by market oversupply and high product inventory levels," ExxonMobil said. But ExxonMobil enjoyed heady conditions in its chemical business, where profits surged due to "continued strong demand, global shipping constraints and ongoing supply disruptions, particularly in North America," the company said. ExxonMobil has been under scrutiny from Wall Street over its debt level, which exceeds that of Chevron and other rivals. The company pledged to maintain its 2021 capital budget in the previously-planned range, saying additional cash generated would go to paying down debt. The company also said it made progress on its "energy transition strategy," which is developing large scale projects for carbon capture and storage. At its annual meeting next month, the oil giant faces a challenge from activist investor group Engine No. 1, which has nominated competing directors to more forcefully shift the company's response to climate change. Shares of ExxonMobil fell 0.5 percent to $58.65 in pre-market trading. jmb/jm
schema:headline	ExxonMobil returns to profitability in Q1 on higher oil prices
schema:mentions	ExxonMobil Chevron Corporation Natural gas Petroleum North America Global warming Downstream (petroleum industry) Activist shareholder Carbon capture and storage Energy transition Price of oil
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-04-30 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	69 (xsd:integer)

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