Exxon Mobil’s $2bn writedown slashes fourth-quarter profit
It was the ninth straight quarter of year-on-year profit declines — the longest streak since at least 1988
Chicago — Exxon Mobil’s biggest profit miss in at least a decade is the starkest sign yet that major oil explorers remain mired in the deepest market slump in a generation. After resisting the industry trend of discounting the value of oil and natural gas fields that turned into money-losers amid the two-and-a-half year market slump, Exxon capitulated on Tuesday and took a $2bn hit on the value of some Rocky Mountain gas. Shares were little changed at $84.89 ahead of regular trading in New York, after slipping 0.8% on Monday. For Exxon, it was the ninth straight quarter of year-over-year profit declines, the longest such streak since at least 1988. The bleak result in Rex Tillerson’s final quarter at the helm was presaged last week when Chevron disclosed its first annual loss in at least 37 years and may signal a string of disappointing results from rivals Royal Dutch Shell, BP and Total in coming days. The market collapse that crushed prices, dried up cash flow and prompted hundred...
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