At Exxon Mobil Corp, CEO Darren Woods' plan to revive earnings at the large...
HOUSTON - At Exxon Mobil Corp, CEO Darren Woods’ plan to revive earnings at the largest U.S. oil and gas company is being sidetracked by the two businesses he knows best: chemicals and refining.
Those advantages have slipped in recent years, however, with the drop in once-steady earnings from chemicals. Its total shareholder returns of negative 13% in the five years through this month compare with a 25% gain at Chevron Corp and 82% at BP Plc, according to Refinitiv. The company recently telegraphed weak fourth-quarter results because of chemicals and refining businesses. Wall Street cut profit forecasts through 2021 on the sour outlook for both. Exxon “seems to be tracking way behind their own expectations,” said Evercore ISI analyst Doug Terreson, who slashed his quarterly forecast by a third, to 55 cents a share.
This month, an Exxon regulatory filing implied a loss in chemicals of about $200 million for the fourth quarter, and refining earnings of just $400 million.
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