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US stocks mostly flat as Exxon leads Dow lower

A disappointing production forecast from oil giant ExxonMobil Wednesday pushed the Dow into negative territory on an otherwise flat day for US stocks. At the closing bell, the Dow Jones Industrial Average fell 31.53 (0.19 percent) to 16,364.35. The broad-based S&P 500 was barely changed, rising 0.05 of a point at 1,873.96. The tech-rich Nasdaq Composite Index added 6.00 (0.14 percent) to 4,357.97.

ExxonMobil trims production forecast following snags

ExxonMobil Wednesday cut its forecast for oil and gas production after a number of major projects hit snags in the ramp-up phase. The US oil giant now projects that petroleum output will hit 4.3 million barrels per day in 2017. While that is higher than the 4.0 million per day in 2013, it is well below the company's previous forecast of 4.8 million barrels per day in 2017. The company also said it would pump 4.0 million barrels in 2014, the same as last year. The updated forecast follows a string of recent travails that have hit production.

Exxon profits down 18 percent on weak refining margins

US oil giant ExxonMobil reported an 18 percent decline in quarterly profits Thursday due to weaker refining earnings, but results bested expectations as oil and gas output stabilized. Exxon, the largest US oil company, said third-quarter profits were $7.9 billion on revenues of $112.4 billion, down from $9.6 billion on revenues of $115.1 billion in the year-ago period. Those results translated into earnings per share of $1.79, two cents above analyst estimates. Revenues bested expectations by about $5 billion.

Exxon profits fall 57 pct amid lower refinery margins

US oil giant ExxonMobil Thursday reported a 57 percent drop in earnings due to exceptional items and lower refinery margins, missing analyst expectations by a wide margin. Exxon, the largest US oil company, said second-quarter earnings came in at $6.9 billion on revenues of $106.5 billion, compared with year-ago profits of $15.9 billion on revenues of $127.4 billion. The results translated into $1.55 per share, compared with expectations of $1.90.

ExxonMobil to spend more to reverse output decline

US oil giant ExxonMobil Wednesday outlined a massive capital spending program to boost production growth over the next five years in a bid to reverse recent output declines. Exxon, delivering its annual analyst presentation at the New York Stock Exchange, said it would spend an average $38 billion per year in the 2013-2017 period, up $1 billion from the prior year's forecast. Exxon ended 2012 with oil and gas output of 4.24 million barrels a day, down 5.9 percent from 2011 and nearly double the decline Exxon had projected a year ago.

ExxonMobil to boost capital spending, output

US oil giant ExxonMobil Wednesday outlined a massive capital spending program that it projected would lead to annual output increases of two to three percent between 2013 and 2017. Exxon, delivering its annual analyst presentation at the New York Stock Exchange, said it would spend an average $38 billion per year over the five-year period, up from the $37 billion forecast at last year's meeting. Exxon projected the capital plan would boost its output from 4.2 million barrels a day of oil-equivalent in 2012 to 4.8 million barrels a day in 2017.

ExxonMobil profits rise on refining, chemicals

US oil giant ExxonMobil Friday reported higher fourth-quarter profits on better results in its refining and chemical divisions, which offset a drop in oil and gas production. The US's largest oil company said net income for the fourth quarter came in at a $9.95 billion, up 6 percent from the year-earlier period of $9.4 billion. Exxon's annual 2012 profit came in at $44.9 billion, up 9.3 percent from last year, and the company's highest profit since 2008. But the results underscored anew the challenge the oil giant faces growing its oil output.

ExxonMobil profits rise on refining, chemicals

US oil giant ExxonMobil Friday reported higher fourth-quarter profits on better results in its refining and chemical divisions, which offset a drop in oil and gas production. The US's largest oil company said net income for the fourth quarter came in at a $9.95 billion, up 6 percent from the year-earlier period of $9.4 billion. The results overcame a five percent decline in Exxon's oil-equivalent production compared with the year-earlier period.
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