Exxon Mobil’s Q1 Earnings Miss Expectations amidst Plummeting Natural Gas Prices

Exxon Mobil released their first quarter earnings on Thursday and disappointingly they did not meet analyst predictions. The entire industry has been grappling with sliding refining margins coupled with a precipitous plummeting in natural gas prices. When we compare the results that Exxon reported for Q1 against forecasts generated from a poll conducted by LSEG, it becomes apparent that while net income was $8.22 billion or $2.06 per share, this figure represents a 28% decrease when compared to earnings of $11.43 billion, which translates into $2.79 per share during the same period last year. Even though Exxon reported higher than anticipated revenues totalling at $83.08bn for Q1, this figure is lower as opposed to a year ago when they recorded an impressive revenue of $86.56 billion. This story is still developing and we will provide further updates soon.