Weaker crude oil and gas prices drove quarterly results sharply lower at Exxon M...
HOUSTON - Weaker crude oil and gas prices drove quarterly results sharply lower at Exxon Mobil Corp and Chevron Corp, pushing down shares at the two largest U.S. oil producers and signaling a weak start to the new year.
While one-time asset sales or write downs were large factors, the two companies said earnings suffered from weaker margins in crude oil, natural gas, chemicals and fuel production. They gave tepid outlooks for the near term. Shares of Exxon and Chevron were about 4% lower on Friday, pressured by the results and worries about global economic growth that drove the broader market lower. Exxon lost $2.67 to close at $62.12 and Chevron fell $4.26 to $107.14.
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