Exxon Mobil Corp on Friday missed analysts’ estimates with a 28% year-on-year drop in first quarter profits as weaker refining margins and lower natural gas prices offset volume gains. The largest U.S. oil company, which is in the process of closing a $60 billion deal for top shale oil producer Pioneer Natural Resources, posted first-quarter earnings of $8.22 billion, or $2.06 per share, compared to an $11.43 billion net profit a year ago. The stock was down 2% in pre-market trading to $118.50 after reporting a profit per share of $2.06, 6% shy of Wall Street analysts’ consensus for $2.20 per share, LSEG estimates showed.
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